Uuriintua Batsaikhan and Maria Demertzis, (2018), “Financial literacy and inclusive growth in the European Union”, Bruegel, 9 Μαΐου
Growing financialization and complexity demands financial literacy to be an integral part of the research agenda and policy design globally. It applies particularly to developed countries, since research findings suggest that financial literacy becomes more important with higher levels of economic development.
Financial literacy is financial education, such as basic economics, statistics and numeracy skills combined with the ability to employ these skills in making financial decisions. Research has shown that as people become more financially literate, they make better saving and borrowing decisions, are more likely to plan for retirement and hold more diverse assets in their balance sheet. As more and more households are asked to make their own decisions about such issues, financial illiteracy can become a serious threat to their life-time welfare.
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