Financial literacy: A comparative study across four countries

This study analysed differences in financial literacy across four countries: Canada, Italy, the UK and the US. The purpose was to understand whether factors associated with financial literacy in one country can be generalized to other countries as well or whether unique national characteristics make...

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Bibliographic Details
Published inInternational journal of consumer studies Vol. 37; no. 6; pp. 689 - 705
Main Authors Nicolini, Gianni, Cude, Brenda J., Chatterjee, Swarn
Format Journal Article
LanguageEnglish
Published Oxford Blackwell Publishing Ltd 01.11.2013
Subjects
Canada
Comparative analysis
Comparative studies
Consumer behavior
Cultural differences
Finance
financial behaviour
Financial literacy
Household economics
Households
Italy
Knowledge
Literacy
multinational study
National characteristics
Personal finance
Policy makers
Studies
U.S.A
United Kingdom
Canada
Italy
United Kingdom > UK
United States > US
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Summary:This study analysed differences in financial literacy across four countries: Canada, Italy, the UK and the US. The purpose was to understand whether factors associated with financial literacy in one country can be generalized to other countries as well or whether unique national characteristics make it necessary to examine financial literacy in each country individually. A financial literacy index, based on the number of correct answers to four multiple‐choice questions, was used to test the relevance of country of origin to financial literacy. Results suggest significant differences among countries indicating that there are national and cultural differences in what households know and need to know about their personal finances. Policy makers should consider these differences when developing financial literacy assessment tools for their respective countries.
Bibliography:istex:1BFA709F308DE21BFDD2C9DBAB0547BCB4995080
ark:/67375/WNG-JQMB0FWF-4
ArticleID:IJCS12050
ObjectType-Article-2
SourceType-Scholarly Journals-1
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ISSN:1470-6423
1470-6431
DOI:10.1111/ijcs.12050