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on Financial Literacy and Education |
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Issue of 2026–08–10
five papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Bertola, Giuseppe; Lo Prete, Anna |
| Abstract: | A propensity to guess randomly rather than to admit ignorance answering "Don’t know" is a plausible reason why frequent wrong answers are given to survey questions that aim to assess competence. We model this source of measurement error and assess its empirical relevance in two consecutive waves of a survey of financial literacy. Misclassification of standard financial literacy indicators is very likely, especially in some demographic groups. Respondents who answer correctly in both waves of the survey are less likely to have guessed in the first wave, and have a lower probability of reporting financial difficulties than those who guessed and were lucky enough to appear literate. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20013 |
| By: | Karl Taylor (School of Economics, University of Sheffield, Sheffield S10 2TU, UK) |
| Abstract: | This paper explores the gender gap in sub-components of financial wealth using data from the Wealth and Assets Survey for Great Britain (GB). Detailed sub-categories of financial wealth are investigated with the existing literature typically only exploring total overall financial wealth or specific types of assets – predominantly stocks. The analysis considers the gap in different types of financial assets at both the extensive margin (i.e., the probability of holding a given component of financial wealth, e.g. stocks and shares ISAs) and the intensive margin (the proportion of financial wealth held in each asset, conditional on ownership), using decomposition techniques. The results reveal that females hold a higher (lower) proportion of their financial wealth in liquid (illiquid) assets such as savings accounts (stocks and bonds). A range of covariates influence the explained gap at the extensive margin, such as time preference and financial literacy for the likelihood of owning stocks and/or bonds; whilst total annual income and home ownership reduces the gender gap for each type of asset. However, in common with the existing literature the majority of the gender gap for each component of financial wealth remains unexplained. |
| Keywords: | Financial wealth; gender gap; decomposition. |
| JEL: | D14 D31 G11 G51 J16 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:shf:wpaper:2026007 |
| By: | Fort, Margherita; Loviglio, Annalisa; Tinti, Susanna |
| Abstract: | We study the impact of a program designed to enhance data literacy on graduate students’ skills and academic outcomes in a large Italian university. The program (i.e. a minor) targets students who are expected to have weak quantitative competences and offers 120-hours training focused on improving the ability to interpret and process data, in addition to the regular courses of the master program in which students are enrolled (i.e. their major). The admission process to the minor is characterized by rationing, resolved by random assignment of available slots to applicants. Exploiting the resulting exogenous variation for identification, we find that the program largely improved digital literacy of participants with low pre-treatment levels of numeracy. Despite the additional effort required by the program, we can rule out any slowdown in the progress of the academic career in the major master program of participating students. |
| JEL: | I20 J24 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20287 |
| By: | Yeandle, Alex; Doyle, David |
| Abstract: | Mobile money platforms are ubiquitous in many emerging economies. Hailed for raising financial inclusion and economic wellbeing, governments have now turned to mobile payments as a source of tax revenue. Transaction levies are often regressive, unpopular, and can encourage a return to cash. We present experimental evidence that they may also harm tax morale, a core component of the social contract between citizen and state. We present results from a survey experiment in Ghana, in which priming a controversial mobile transaction levy significantly lowers support for the state's right to collect taxes and willingness to comply with tax laws. We combine this with focus group discussions and analyse effect heterogeneity to examine two pre-registered explanations: transaction taxes cost citizens more than they expect to gain (reciprocity) and provoke particular backlash from non-government voters (partisanship). Our findings suggest that taxing mobile money can undermine efforts to expand fiscal capacity, while raising important mechanistic and policy questions for future research. |
| Keywords: | Africa;experiment;mobile money;public opinion;tax morale |
| JEL: | J1 E6 |
| Date: | 2026–06–24 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140135 |
| By: | Glenzer, Franca; Michaud, Pierre-Carl; Staubli, Stefan |
| Abstract: | In many retirement income systems, people forgo a higher stream of public pension income by claiming early. This paper provides survey-and quasi-experimental evidence on how increasing financial incentives, educating individuals, and changing the framing of the claiming decision affect pension claiming and the present value of expected pension benefits. We find that all three types of interventions induce delays, but they have heterogeneous financial consequences. Educating participants about the claiming decision and life expectancy leads to claiming ages with higher pension wealth. In contrast, changing the framing of the claiming decision and strengthening financial incentives do not improve, and may even worsen, financial outcomes. |
| Keywords: | Annuities; Retirement; Financial education; Framing |
| JEL: | D91 H55 J14 J26 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20234 |