The Outlook for Financial Literacy

Abstract

As the world becomes more financially integrated and complex, average individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible financial decisions.Nowhere is this more evident than with regard to retirement decision-making.Indeed, the global financial crisis suggests that poor financial decision-making can have substantial costs not only for individuals but also society at large.This paper focuses on key lessons for financial decision-making in the wake of that crisis, exploring how financial literacy can enhance peoples' skills and abilities to make more informed economic choices.

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