nep-fle New Economics Papers
on Financial Literacy and Education
Issue of 2018‒07‒23
one paper chosen by

  1. Measuring the financial literacy of the adult population: the experience of Banca d’Italia By Antonietta di Salvatore; Francesco Franceschi; Andrea Neri; Francesca Zanichelli

  1. By: Antonietta di Salvatore (Bank of Italy); Francesco Franceschi (Bank of Italy); Andrea Neri (Bank of Italy); Francesca Zanichelli (Bank of Italy)
    Abstract: At the beginning of 2017, Banca d’Italia conducted a survey to investigate financial literacy and inclusion among Italian adults. The survey is part of an OECD project to create an internationally comparable dataset on this important topic. The questionnaire was developed by the OECD International Network on Financial Education (INFE). The Italian sample consists of about 2,500 persons interviewed using two different methods: 40 per cent of them had a face-to-face interview while the others used a tablet to record their responses. Our findings show the existence of a substantial financial literacy gap between Italy and the other G20 countries, which is most evident among less educated respondents, among the elderly and among women. Compared with other countries, Italians are more aware of their limits or at least more cautious when assessing their level of financial knowledge. We also discuss some critical aspects of the OECD’s methodology that should be addressed in order to improve the measurement of financial literacy and to increase cross-country comparability.
    Keywords: financial literacy; financial inclusion; mode effect
    JEL: A20 I20
    Date: 2018–06

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