2017
DOI: 10.1007/s11573-017-0853-9
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Financial literacy, financial advice, and financial behavior

Abstract: In this survey, we review the voluminous body of literature on the measurement and the determinants of financial literacy. Wherever possible, we supplement existing findings with recent descriptive evidence of German households' financial literacy levels based on the novel Panel on Household Finances dataset, a large-scale survey administered by the Deutsche Bundesbank and representative of the financial situation of households in Germany. Prior research not only documents generally low levels of financial lit… Show more

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Cited by 232 publications
(217 citation statements)
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References 161 publications
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“…Differences in financial literacy can be explained partially by standard sociodemographic characteristics such as gender, age, education, income and ethnicity (Stolper & Walter, ). However, in light of the existing empirical evidence, the effect of gender on financial literacy is much more puzzling than other characteristics of sociodemographic and economic status.…”
Section: Introductionmentioning
confidence: 97%
“…Differences in financial literacy can be explained partially by standard sociodemographic characteristics such as gender, age, education, income and ethnicity (Stolper & Walter, ). However, in light of the existing empirical evidence, the effect of gender on financial literacy is much more puzzling than other characteristics of sociodemographic and economic status.…”
Section: Introductionmentioning
confidence: 97%
“…Despite the increased importance of financial literacy in today's society, financial illiteracy is widespread (Lusardi & Mitchell, ; Stolper & Walter, ). Some subgroups in the population are more vulnerable.…”
Section: Introductionmentioning
confidence: 99%
“…Rooij et al (2012) found a strongly positive relationship between financial literacy and household wealth, even after controlling for many factors of wealth. Additionally, many studies argue that financial literacy is essential for financial decision-making (Austin & Arnott-Hill, 2014;Fernandes, Lynch, & Netemeyer, 2014;Mishkin, 2008;Stolper & Walter, 2017;Xiao & Porto, 2017).…”
Section: Financial Literacymentioning
confidence: 99%