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on Financial Literacy and Education |
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Issue of 2025–09–08
six papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Andlib, Zubaria |
| Abstract: | This study examines the effectiveness of a digital financial literacy intervention aimed at improving financial knowledge, confidence, and behaviour among rural women in Pakistan. Using a randomized controlled trial conducted in two selected villages in the Rawalpindi district, women were assigned to receive digital financial literacy training either individually or jointly with a male household member. The intervention, delivered in person and via mobile phones, focused on core topics including budgeting, saving, and secure digital transactions. The training substantially improved women's financial knowledge, digital confidence, and self-efficacy. The intervention also increased the use of mobile wallets, greater engagement with formal savings mechanisms, and encouraged more consistent budgeting practices. When male household members participated alongside women, the intervention further enhanced women's financial autonomy and promoted more active joint decision-making over household finances. These findings demonstrate the potential of contextually grounded digital interventions to expand women's financial inclusion and highlight the value of household engagement in reinforcing women's economic agency. |
| Keywords: | Digital Financial Literacy, Financial Inclusion, Women's Empowerment, Behavioral Interventions, Randomized Controlled Trial |
| JEL: | C93 D14 O16 J16 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1656 |
| By: | Saon Ray (Indian Council for Research on International Economic Relations (ICRIER)); Vasundhara Thakur |
| Abstract: | The urgent need to address climate change has placed environmental degradation and sustainable development at the centre of policy discussions. This highlights the importance of examining how the financial system directs funds toward green investments or emission-intensive industries. Expanding financial inclusion integrates more individuals into the formal financial system, influencing capital allocation. India has introduced several initiatives in recent years to enhance financial inclusion. In this context, this study explores the impact of financial inclusion on carbon emissions in India from 1990 to 2018. It also examines the interplay of financial inclusion and financial development on carbon emissions in India. The study uses the ARDL bounds testing approach to find a long-run relationship between financial inclusion and carbon emissions. However, the interaction between financial inclusion and financial development does not significantly impact emissions in the long run. These findings contribute to understanding the role of financial inclusion in shaping India's environmental trajectory. |
| Keywords: | financial inclusion, carbon emissions, financial development, banking, green finance, icrier |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:bdc:wpaper:427 |
| By: | Natasha Dawn Harris (Marymount University, USA); Darrell Norman Burrell (Marymount University, USA) |
| Abstract: | This narrative literature review interrogates the racialized dimensions of financial literacy in the United States, with a specific focus on the African American community. While conventional frameworks define financial literacy as a set of objective skills necessary for budgeting, saving, and investing, such approaches often overlook the socio-structural realities that constrain financial decision-making among marginalized populations. Drawing from a synthesis of empirical studies, policy reports, and theoretical literature, this review reconceptualizes financial literacy as a multidimensional construct shaped by systemic inequality, economic precarity, and adaptive expertise. Disparities in financial knowledge and capability are shown to be tightly linked to broader patterns of racial wealth stratification, income volatility, and discriminatory access to credit. Although African Americans demonstrate resourceful financial behavior, particularly in debt management, persistent gaps in areas such as insurance literacy and investment knowledge reflect both historical exclusion and contemporary neglect in financial education policy. The review critiques deficit-based models that ascribe financial fragility to individual failure, instead advocating for a more expansive approach of engagement, education, and strategy. This inquiry underscores the urgent need for equity-centered policies that go beyond instructional remedies to address the racialized architecture of economic opportunity. Ultimately, the findings call for a paradigmatic shift in how scholars, educators, and policymakers conceptualize, measure, and promote financial literacy in racially diverse contexts. |
| Keywords: | Financial Literacy, Racial Wealth Gap, African American Finance, Structural Inequality, Critical Financial Literacy, Financial Precarity, Financial Education Policy |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0536 |
| By: | Samuel Fiifi Eshun (Institute of Economic Studies, Charles University, Prague, Czech Republic); Evzen Kocenda (Institute of Economic Studies, Charles University, Prague, Czech Republic; Environment Centre, Charles University, Prague, Czech Republic; CESifo Munich; IOS Regensburg) |
| Abstract: | We present a comprehensive meta-analysis of the determinants of financial inclusion, synthesizing 3, 817 estimates from 102 studies published between 2013 and 2024. To reconcile divergent findings, we convert all results to a common unbiased metric-the partial correlation coefficient corrected via the UWLS+3 approach-and apply recent advances in meta-analysis methodology. The evidence shows that while reported effects are small and positive, they are systematically inflated by publication bias; once corrected, the underlying impact is more modest but remains economically meaningful. Among determinants, income-related factors play only a minor role, whereas technology, infrastructure, and persistence over time have far greater influence. Regional variation is substantial: Sub-Saharan Africa and MENA benefit more consistently from inclusion drivers than Europe or Asia. The results temper overly optimistic interpretations of individual studies and provide robust benchmarks for policymakers seeking to design effective and realistic strategies for advancing inclusive finance worldwide. |
| Keywords: | Financial inclusion, banks, meta-analysis, model uncertainty, publication bias, Bayesian model averaging |
| JEL: | C83 G21 O16 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:fau:wpaper:wp2025_14 |
| By: | Guglielmo Briscese; John A. List; Sabrina Liu |
| Abstract: | With higher education costs consistently outpacing inflation and public funding declining, college affordability has become a critical barrier to economic mobility for middle- and low-income families. While College Savings Accounts (CSAs), or 529 plans, offer tax-advantaged vehicles for college savings, their adoption patterns and educational impacts remain poorly understood. Using comprehensive administrative data from over 900, 000 Illinois 529 accounts (2000-2023) linked to educational outcomes, plus complementary surveys of account owners and parents, we provide the first large-scale analysis of CSA participation and effectiveness. We find that while CSA adoption has expanded to every ZIP code in Illinois, participation remains concentrated among higher-income, more educated families. Financial literacy emerges as a key barrier: 61% of parents who could save enough to cover half of future college costs still perceive their potential savings as meaningless. Among participants, higher savings are strongly correlated with better educational outcomes, including four-year college enrollment, attendance at selective institutions, and the pursuit of post-graduate degrees. These findings suggest that targeted interventions addressing financial literacy gaps and misperceptions about modest savings could significantly expand CSA effectiveness as a tool for educational equity. Beyond state-level 529 program optimization, our findings suggest several promising avenues for federal policy coordination and institutional innovation. |
| JEL: | D14 G53 H31 I22 I24 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34126 |
| By: | Carmen González‐velasco (Universidad de León [León]); Isabel Feito‐ruiz (Universidad de León [León]); Marcos González‐fernández (Universidad de León [León]); Pilar Sierra‐fernández (Universidad de León [León]); Yolanda Fernández‐santos (Universidad de León [León]); Rubén Arrondo‐garcía (Universidad de Oviedo = University of Oviedo); Sigrid Vandemaele (UHasselt - Hasselt University); Souad Lajili Jarjir (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine); Anneleen Michiels (UHasselt - Hasselt University) |
| Abstract: | Many initiatives worldwide aim to improve financial knowledge through training programmes at different levels of education. In this context, it is worth highlighting that sustainable finance knowledge should receive attention in line with the global challenges (climate change, social and economic inequalities, etc.) society is facing. Implementing (short) training programmes in educational curricula may be an effective way to improve students' knowledge and practical skills. The aim of this paper is to analyse the efficacy of short sustainable finance training programmes in fostering sustainable financial awareness and attitudes among university students. This research focuses on how these programmes influence participants' understanding of sustainability, interest in financial matters, and decision-making competencies. Our results, based on validated questionnaires carried out by students from different universities, reveal that short training programmes positively influence knowledge of and interest in sustainable financial matters. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made. |
| Keywords: | students, sustainable finance, training programmes, financial literacy, Financial education |
| Date: | 2025–07–22 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05226683 |