Measuring Financial Literacy

Research output: Contribution to journalArticle

395 Scopus citations

Abstract

Financial literacy (or financial knowledge) is typically an input to model the need for financial education and explain variation in financial outcomes. Defining and appropriately measuring financial literacy is essential to understand educational impact as well as barriers to effective financial choice. This article summarizes the broad range of financial literacy measures used in research over the last decade. An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments.

Original languageEnglish
Pages (from-to)296-316
Number of pages21
JournalJournal of Consumer Affairs
Volume44
Issue number2
DOIs
StatePublished - Jun 2010

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