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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
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This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental knowledge of economics and finance needed to function as effective decision-makers. We find that levels of financial literacy are low not only in the United States. but also in many other countries including those with well-developed financial markets. Moreover, financial illiteracy is particularly acute for some demographic groups, especially women and the less-educated. These findings are important since financial literacy is linked to borrowing, saving, and spending patterns. We also offer new evidence on financial literacy among high school students drawing on the 2012 Programme for International Student Assessment implemented in 18 countries. Last, we discuss the implications of this research for policy.
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“Financial literacy is found to have the strongest impact in the Netherlands, where knowing the right answer to one additional financial literacy question is associated with a 10 percentage point higher probability of planning (Mitchell and Lusardi, 2015).”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Mitchell and Lusardi, 2015
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Financial literacy and the need for financial education: evidence and implications
Lusardi, A. (2019) · Swiss Journal of Economics and Statistics · doi:10.1186/s41937-019-0027-5 · Cited by 1,135
“Financial literacy is found to have the strongest impact in the Netherlands, where knowing the right answer to one additional financial literacy question is associated with a 10 percentage point higher probability of planning (Mitchell and Lusardi, 2015).”
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“Financial skill is conceptualized as the numerical and cognitive abilities of individuals, which may encourage them to analyze information, gain new skills, and even search the market for what is available (Lusardi 2012; Mitchell and Lusardi 2015).”
Financial Literacy in Developing Countries
Karakurum-Ozdemir, K., Kökkızıl, M., & Uysal, G. (2018) · Social Indicators Research · doi:10.1007/s11205-018-1952-x · Cited by 207
“Even though it is impossible to distinguish age and cohort effects on financial literacy level here, similar results are found, an inverted U-shaped pattern of financial literacy, especially for Uruguay, Turkey and Colombia with respect to the previous findings studied for the countries such as Germany, Romania, Switz…”
ResultInfluentialEMPLOYEE FINANCIAL LITERACY AND RETIREMENT PLAN BEHAVIOR: A CASE STUDY
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“For recent reviews, see Lusardi and Mitchell (2007, 2014, 2015).”
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“It is also the ability to make sound financial and wealth-generation decisions (Mitchell and Lusardi, 2015).”
BackgroundHousehold’s Overindebtedness during the COVID-19 Crisis: The Role of Debt and Financial Literacy
Kurowski, Ł. (2021) · Risks · doi:10.3390/risks9040062 · Cited by 93
Understanding the Determinants of Saving in Ghana: Does Financial Literacy Matter?
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“This, in the long run, enables them to generate higher returns along with lowering the non-systematic risks (Mitchell and Lusardi, 2015).”
BackgroundFinancial literacy is not enough: The role of nudging toward adequate long-term saving behavior
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Lusardi, A., & Mitchell, O. S. (2023) · National Bureau of Economic Research · doi:10.3386/w31145 · Cited by 61
Self-citationConsumer debt attitudes: The role of gender, debt knowledge and skills
Białowolski, P., Cwynar, A., Cwynar, W., & Węziak‐Białowolska, D. (2019) · International Journal of Consumer Studies · doi:10.1111/ijcs.12558 · Cited by 47
Blasch, J., Boogen, N., Daminato, C., & Filippini, M. (2020) · Economics of Energy and Environmental Policy · doi:10.5547/2160-5890.10.2.jbla · Cited by 41
“Mitchell and Lusardi (2015) summarize that more financially literate individuals are more likely to engage in financial planning and saving, are more likely to invest in the stock market and in more sophisticated assets, manage their credit card debt and mortgages more wisely, and consequently…”
Financial well-being: Capturing an elusive construct with an optimized measure
Aubrey, M., Morin, A. J. S., Fernet, C., & Carbonneau, N. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.935284 · Cited by 49
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“There is growing recognition that people need stronger financial capability and assets to avoid and recover from financial difficulties, crises, and poverty (Mitchell & Lusardi, 2015).”
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Self-citationInnovative solutions in the development of households’ financial awareness: A Hungarian example
Sági, J., Vasa, L., & Lentner, C. (2020) · Economics & Sociology · doi:10.14254/2071-789x.2020/13-3/2 · Cited by 34
“It expected to accomplish the above to improve, or at least to prevent further deterioration in the standard of living and welfare for the individuals living in the given society (Mitchell & Lusardi 2015; Atkinson & Messy, 2012), with prospects for the elderly as well.”
BackgroundFinancial literacy and its determinants: the case of rural farm households in Ghana
Twumasi, M. A., Jiang, Y.-S., Adhikari, S., Adu-Gyamfi, C., & Asare, I. (2021) · Agricultural Finance Review · doi:10.1108/afr-06-2021-0078 · Cited by 30
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“From previous studies (COLE et al. 2011; JAPPELLI et al. 2013; LUSARDI & MITCHELL, 2007; MITCHELL & LUSARDI, 2015; VAN ROOIJ et al. 2011), lack of financial education might be the cause of rural households low demand for financial services including holding savings or transaction account, insurance…”
Białowolski, P., Cwynar, A., & Węziak‐Białowolska, D. (2020) · International Journal of Bank Marketing · doi:10.1108/ijbm-01-2020-0023 · Cited by 37
Siegfried, C., & Wuttke, E. (2021) · Frontiers in Psychology · doi:10.3389/fpsyg.2021.663254 · Cited by 37
Ammer, M. A., & Aldhyani, T. H. H. (2022) · Sustainability · doi:10.3390/su142013454 · Cited by 28
“Financial literacy is defined by Mitchell and Lusardi [41] as the capability of individuals to obtain, analyze, and interpret financial information and utilize it for making efficient and thorough financial decisions in terms of financial issues (i.e., planning, investment, and liabilities management).”
Shan, L. H., Lee, K. C. S., & Leong, S. (2023) · SAGE Open · doi:10.1177/21582440231188308 · Cited by 28
“When compared with earlier empirical evidence around the world, it is clear that both subjects have received inadequate attention during the last decade (Lusardi, 2019; Mitchell & Lusardi, 2015).”
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Birkenmaier, J. M., & Fu, Q. J. (2019) · Journal of Consumer Policy · doi:10.1007/s10603-019-09418-z · Cited by 26
“Within this context, consumer personal financial behavior and financial access for financially vulnerable populations are of increasing interest for researchers, policymakers, and human service practitioners (Miller et al. 2014; Mitchell and Lusardi 2015; Xiao 2016).”
BackgroundFinancial Knowledge and Household Saving: Evidence from the Survey of Consumer Finances
Kim, K. T., & Yuh, Y. (2018) · Family and Consumer Sciences Research Journal · doi:10.1111/fcsr.12270 · Cited by 25
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Birkenmaier, J. M., Maynard, B. R., & Kim, Y. (2022) · Campbell Systematic Reviews · doi:10.1002/cl2.1225 · Cited by 28
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How is Consumer Financial Capability Measured?
Birkenmaier, J. M., Rothwell, D. W., & Agar, M. (2022) · Journal of Family and Economic Issues · doi:10.1007/s10834-022-09825-4 · Cited by 22
“Financial management behavior is especially important for low-income consumers and families, and other financially vulnerable populations that have less room for error (Miller et al., 2014a, 2014b; Mitchell & Lusardi, 2015; Xiao, 2016).”
BackgroundExploring the missing link:Financial literacy and Cognitive biases in Investment Decisions
Ashfaq, M., Shafique, A., & Selezneva, V. (2023) · Journal of Modelling in Management · doi:10.1108/jm2-11-2022-0266 · Cited by 33
Islamic Financial Literacy and Financial Behavior: The case of Muhammadiyah Community in Medan City
Gunawan, A., Asmuni, A., & Siregar, S. (2021) · Journal of Accounting and Investment · doi:10.18196/jai.v22i3.10043 · Cited by 20
“Good financial behavior is an illustration that someone has the knowledge and ability to manage finances well because of the wise financial decisions in the use of their finances (Mitchell & Lusardi, 2015).”
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“Mitchell and Lusardi [29] defined financial literacy as the capacity of an individual to obtain, comprehend, and use financial data to make effective and complete financial judgments regarding financial matters (i.e., planning, investment, and liabilities management), that is, if people or families want…”
BackgroundInterviewer Effects and the Measurement of Financial Literacy
Crossley, T. F., Schmidt, T. F. N., Tzamourani, P., & Winter, J. (2020) · Journal of the Royal Statistical Society Series A (Statistics in Society) · doi:10.1111/rssa.12617 · Cited by 20
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Johri, A., Wasiq, M., Kaur, H., & Asif, M. (2023) · Heliyon · doi:10.1016/j.heliyon.2023.e19524 · Cited by 15
“Additionally, a person with financial literacy has the knowledge and skills to manage their finances well, including budgeting, saving, and paying off debt [29].”
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Peñarreta, M., Salas-Tenesaca, E. E., Álvarez‐García, J., & del Río‐Rama, M. D. L. C. (2023) · Revista Mexicana de Economía y Finanzas · doi:10.21919/remef.v19i1.920 · Cited by 15
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Yadav, M., Banerji, P., & Garg, A. (2025) · American Journal of Business · doi:10.1108/ajb-12-2023-0221 · Cited by 16
Socio-Economic Factors and Rural Competitive Advantage: The Moderating Role of Economic Literacy
Rustantono, H., Soetjipto, B. E., Wahjoedi, W., & Sunaryanto, S. (2020) · Journal of Asian Finance Economics and Business · doi:10.13106/jafeb.2020.vol7.no8.151 · Cited by 14
Mushtaq, R., Murtaza, G., Yahiaoui, D., Ishizaka, A., & Talpur, Q. (2023) · International Studies of Management and Organization · doi:10.1080/00208825.2023.2281207 · Cited by 16
“Following Mitchell and Lusardi (2015) and Van Rooij, Lusardi, and Alessie (2011b), we measure financial literacy in two parts.”
BackgroundA Decomposition Analysis of Racial/Ethnic Differences in Financial Knowledge and Overconfidence
Lee, S. T., & Kim, K. T. (2021) · Journal of Family and Economic Issues · doi:10.1007/s10834-021-09795-z · Cited by 15
Financial Knowledge, Personality Traits, and Risky Borrowing Behaviors in Iranian Households
Cude, B. J., Chatterjee, S., & Tavosi, J. (2020) · Sustainability · doi:10.3390/su12187608 · Cited by 16
Kang, S. H. K., Eglington, L. G., Schuetze, B. A., Lu, X., Hinterstoisser, T. M., & Huaco, J. (2023) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-2021-0032 · Cited by 13
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
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Self-citationNdou, A. (2023) · International Journal of Applied Economics Finance and Accounting · doi:10.33094/ijaefa.v17i2.1110 · Cited by 11
“Lower financial knowledge has been linked to a higher tendency to engage in risky financial practices amongst college students (Mitchell & Lusardi, 2015).”
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Birkenmaier, J. M., Maynard, B. R., & Kim, Y. (2019) · Campbell Systematic Reviews · doi:10.1002/cl2.1020 · Cited by 11
“…growth in income and wealth inequality to unprecedented levels in recent U.S. history, there is growing recognition that people need stronger financial capability to avoid and recover from financial difficulties and poverty (Miller, Reichelstein, Salas, & Zia, 2014; Mitchell & Lusardi, 2015).”
Maloney, M. A., & McCarthy, A. M. (2016) · Human Resource Management Review · doi:10.1016/j.hrmr.2016.08.001 · Cited by 11
“As discussed by Mitchell and Lusardi (2015) above, individuals must have the ability to process the information.”
BackgroundInfluentialPENINGKATAN PENGALAMAN KEUANGAN REMAJA UNTUK LITERASI KEUANGAN SYARIAH YANG LEBIH BAIK
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Saharan, A., Saharan, A., Pandey, K. K., & Rao, T. J. (2023) · International Journal of Social Economics · doi:10.1108/ijse-11-2022-0746 · Cited by 10
Torma, J., Barbić, D., & Ivanov, M. (2023) · South East European Journal of Economics and Business · doi:10.2478/jeb-2023-0019 · Cited by 21
“…of Mandell (2008) and Drexler et al. (2014) and shows that traditional financial education, while important for financial literacy, is no longer sufficient in today’s society (Austin and Arnott-Hill 2014; Fernandes et al. 2014; Hastings et al. 2013; Miller et al. 2014; Mitchell and Lusardi 2015).”
BackgroundDelgadillo, L. M., & Lee, Y. G. (2021) · Family and Consumer Sciences Research Journal · doi:10.1111/fcsr.12414 · Cited by 14
“Empirical studies have shown that not participating in FE had devastating effects on financial well-being (Bell et al., 2009; Mitchell & Lusardi, 2015).”
BackgroundAn intersectional approach to evaluating consumer financial literacy
Nejad, M. G., & O’Connor, G. E. (2016) · Journal of Financial Services Marketing · doi:10.1057/s41264-016-0014-1 · Cited by 11
“…from around the globe continue to focus on ways to identify and help the financially illiterate (e.g., Brimble and Blue, 2013; Drew, 2013; Mitchell and Lusardi, 2015; Worthington, 2013), while journalists urge a call to action claiming that ‘‘financial illiteracy is killing us’’ (Nelson,…”
BackgroundInfluentialBhatia, S., Singh, N., & Jain, H. (2021) · The Journal of Wealth Management · doi:10.3905/jwm.2021.1.141 · Cited by 9
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“Mitchell and Lusardi (2015) provide a comprehensive overview of the relationship between financial literacy and economic outcomes, highlighting the global context of financial literacy.”
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Debt management literacy among credit cards users
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“…decision when coming to economic issues because they do not understand the benefits of compounding, inflation and risk diversification of such financial complex products including mortgages, student loans and credit cards (Karakurum-Ozdemir et al., 2019; Lusardi, 2019; Mitchell & Lusardi, 2015).”
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Korankye, T., & Pearson, B. M. (2023) · Journal of risk and financial management · doi:10.3390/jrfm16020132 · Cited by 8
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Financial Literacy and Economic Outcomes
Puelz, D., & Puelz, R. (2018) · Statistics and Public Policy · doi:10.1080/2330443x.2022.2086191 · Cited by 14
“Mitchell and Lusardi (2015) found that increased education and financial literacy are positively correlated, yet they find less than 50% of college-educated students can successfully answer three key financial literacy questions, and less than 64% of students with a post-graduate education can…”
The Power of Application in Learning Life Skills
Wilson, S. N., Williams, L. A., Thompson, W. F., Kuehn, E., Black, J. E., Dean, S. G., Elizondo, J., Terry, R., & Garn, G. A. (2020) · doi:10.1002/9781119399926.ch32 · Cited by 5
Miccoli, M. R., Shevchenko, Y., Iannello, P., & Reips, U. (2025) · PLoS ONE · doi:10.1371/journal.pone.0320725 · Cited by 12
“Despite the lack of consistency in results [31], we consider it essential to evaluate the role of financial literacy given the generally demonstrated positive correlation with subjective financial well-being [27] and financial behavior [25,32].”
The Level of Financial Literacy among Muslim Millennial Students
Bayram, K., Olasubomi, S. S., & Thartori, V. (2021) · Al Qasimia University Journal of Islamic Economics · doi:10.52747/aqujie.1.2.69 · Cited by 4
Han, K., Tan, J., Fan, J., & Lao, Z. (2025) · Environment Development and Sustainability · doi:10.1007/s10668-024-05941-3 · Cited by 4
“…has demonstrated that financial literacy not only plays a role in financial activities but also extends to production and social behaviors, including land trans - fer, agricultural investment, happiness, and entrepreneurship (Mitchell & Lusardi, 2015; Struckell et al., 2022; Tan et al., 2022 ).”
MEASURING THE ENTREPRENEUR’S FINANCIAL KNOWLEDGE: EVIDENCE FROM SMALL MEDIUM ENTERPRISES IN SURABAYA
Memarista, G. (2016) · DOAJ (DOAJ: Directory of Open Access Journals) · doi:10.9744/jmk.18.2.132–144 · Cited by 4
“According to Mitchell and Lusardi (2015), the more sophisticated young people in financial knowledge will make them have better knowledge in financial products, financial services, along with financial information than their parents do.”
BackgroundBounded Rationality in Political Science and Politics
Bendor, J. (2020) · Oxford University Press eBooks · doi:10.1093/oxfordhb/9780190634131.013.21 · Cited by 3
Akhtar, M. N., Hameed, S. M. Z., & Aftab, R. (2021) · doi:10.34091/ajss.14.1.04 · Cited by 4
Financially Competent Behaviour of Russian People: Factors of Forming
Аликперова, Н. В., & Vinogradova, K. V. (2019) · Living Standards of the Population in the Regions of Russia · doi:10.19181/1999-9836-2019-10082 · Cited by 4
Palacios, J. R., & Ortega, K. P. (2021) · Interdisciplinaria Revista de Psicología y Ciencias Afines · doi:10.16888/interd.2022.39.1.15 · Cited by 4
Macroeconomics E-book development: The role of literacies in blended learning
Suparno, S., Saptono, A., Febriantina, S., Narmaditya, B. S., & Disman, D. (2022) · Cypriot Journal of Educational Sciences · doi:10.18844/cjes.v17i7.7592 · Cited by 4
“Basic knowledge of finance, debt, investment, savings, and spending is essential for policymakers (Mitchell & Lusardi, 2015).”
BackgroundHow Will State-Run Auto-IRAs Affect Workers?
Harris, T. F., Troske, K. R., & Yelowitz, A. S. (2018) · The Journal of Retirement · doi:10.3905/jor.2018.6.2.027 · Cited by 4
Analysis of the Value and Advantages of Financial Literacy and Digitalization to the Individual
Munna, A. S., & Khanam, R. (2021) · International Journal of Asian Education · doi:10.46966/ijae.v2i2.80 · Cited by 4
“Mitchell and Lusardi (2015) indicated that unplanned borrowing decisions, lack of financial planning, and market participants could be determined by fundamental financial training.”
BackgroundResultInfluential
Metadata
- Authors
- Mitchell, O. S., & Lusardi, A.
- Affiliations
- National Bureau of Economic Research (US)
- George Washington University (US)
- Corresponding author
- Lusardi, Annamaria
- Venue
- The Journal of Retirement
- Publisher
- With Intelligence LLC
- Published
- 2015-06-30
- Volume
- 3
- Issue
- 1
- Pages
- 107-114
- ISSN
- 2326-6899 (ISSN-L)
- 2326-6902
- PMC
- PMC5445906
- OpenAlex
- W3122426078
- Cited by
- 235
- References
- 43
- Citations by year
- 2026: 24 · 2025: 31 · 2024: 23 · 2023: 34 · 2022: 17 · 2021: 38 · 2020: 20 · 2019: 16 · 2018: 13 · 2017: 3 · 2016: 11 · 2015: 4
- FWCI
- 42.57
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- The Journal of Retirement (publishedVersion)
- SSRN Electronic Journal (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- ScholarlyCommons (University of Pennsylvania) (submittedVersion)
- Funders
- National Institute on Aging (U01AG009740)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- financial literacy, financial decision-making, financial illiteracy, economic knowledge, gender differences, educational attainment, household borrowing, saving and spending, high school students, PISA, financial education policy
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