“…Due to its important role in consumers’ financial decisions, in the last 10 years, numerous researchers and institutions around the world have begun to take an interest in financial literacy (for a systematic review of the literature on the topic, see Goyal & Kumar, 2020). Studies have analysed financial literacy, so far, from two different points of view: its determinants (Agnew & Cameron‐Agnew, 2015; Atkinson & Messy, 2012; Beal & Delpachitra, 2003; Bongini et al., 2015, 2016; Chen & Volpe, 1998, 2002; Cucinelli et al., 2019; Cude et al., 2019; Ergün, 2018; Kadoya & Khan, 2020; Murendo & Mutsonziwa, 2017; Nicolini et al., 2013) and the relationship between consumers' financial literacy and their financial decisions (Bernheim, 1998; Delavande et al., 2008; Hamid & Loke, 2020; Hilgert et al., 2003; Jappelli & Padula, 2013; Lusardi, 2008; Mandell & Klein, 2009; Müller & Weber, 2010; Willis, 2009; Xiao et al., 2014; Xiao & O'Neill, 2016).…”