nep-fle New Economics Papers
on Financial Literacy and Education
Issue of 2017‒12‒18
two papers chosen by

  1. Financial Literacy and Financial Behavior: Evidence from the Emerging Asian Middle Class By Antonia Grohmann
  2. FinTech and Financial Inclusion in China By Kellee S. Tsai

  1. By: Antonia Grohmann
    Abstract: This paper analyses financial literacy and financial behavior of middle class people living an urban Asian economy. Other than most papers on financial literacy that focus on people in developed countries, we surveyed people living Bangkok. Using standard financial literacy questions, we find that financial literacy levels are largely comparable to industrialized countries, but understanding of more advanced financial concepts is lower. Similarly, savings accounts are held by most people, but more sophisticated products are a lot less common. We further show, in line with the literature, that higher financial literacy leads to improved financial decision making.
    Keywords: Financial literacy, Saving, Borrowing, Household finance
    JEL: D14 G11 D91
    Date: 2017
  2. By: Kellee S. Tsai (Head, Department of Social Science , Hong Kong University of Science and Technology; Chair Professor, Division of Social Science, Hong Kong University of Science and Technology)
    Abstract: Professor Kellee Tsai, Faculty Associate at the Institute, offers insights on the Chinese government’s 2016-2020 plan to encourage digital technologies in order to promote financial inclusion and social stability. This brief examines the explosive growth of China’s fintech in response to demand for web-based services, and the government’s attempts to regulate this space.
    Keywords: Fintech, financial inclusion, china, entrepreneurship
    Date: 2017–11

General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.