Financial Literacy: The Role of the Local Context

Doriana Cucinelli · Paolo Trivellato · Mariangela Zenga

67 citations0/0 files storedJournal of Consumer Affairs

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Financial Literacy, Pension, Retirement Analysis Financial Literacy and Behavior Housing, Finance, and Neoliberalism

Abstract

In this article, we investigate the role of local factors associated with the financial literacy of Italian adults (no. 945). Using a multilevel regression model, together with the common socioeconomic and sociodemographic variables already used in previous studies, we also add certain environmental variables at the local level. We separately analyze the three indexes that define the OECD financial literacy index—Financial Attitude Index (FAI), Financial Knowledge Index (FKI), and Financial Behavior Index (FBI)—because they show a dynamic of their own in each region. Our findings confirm that the FKI and the FAI are associated to some extent with environmental traits, while the FBI is not. We conclude that not only the sociodemographic and socioeconomic conditions of individuals but also certain features of the regional context where they live have an impact on their financial literacy. Consequences for financial education programs are highlighted.

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References

1994Making Democracy Work 2014The Economic Importance of Financial Literacy: Theory and Evidence 2007Financial Literacy and Stock Market Participation 2004The Role of Social Capital in Financial Development 2014Financial Literacy, Financial Education, and Downstream Financial Behaviors 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 1998An Analysis of Personal Financial Literacy Among College Students 2010Financial Literacy among the Young

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