Financial Counseling, Financial Literacy, and Household Decision-Making

Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas D. Evanoff

in Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Published in print October 2011 | ISBN: 9780199696819
Published online January 2012 | e-ISBN: 9780191732089 | DOI:

Series: Pensions Research Council

Financial Counseling, Financial Literacy, and Household Decision-Making

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The recent financial crisis has brought renewed attention to household financial decision-making and highlighted the need for improving financial literacy. In this chapter, we survey the current literature on financial literacy. We evaluate the evidence on the effectiveness of education programs in improving participants' financial choices and outcomes. We pay particular attention to whether the impact of educational programs results from increases in literacy or from auxiliary influences. Overall, it appears that some education programs are associated with improved financial outcomes; however, it is difficult to differentiate the factors contributing to this improvement.

Keywords: financial literacy; household finance; financial literacy; consumer behavior

Chapter.  10245 words. 

Subjects: Pensions

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