The global financial crisis has drawn the attention of both scholars and supervisors to the issue of financial education as an instrument for the development of efficient markets. The aim of this paper is to test the hypothesis that financial experience, gained with the daily use of different...

Financial literacy or “what consumers know about finance” has become part of the scientific discussion in recent years. In Germany, as in many other countries, the structure of social security benefits has changed substantially. Using the German SAVE study conducted by the Mannheim Institute...

Adult financial illiteracy is a major problem in the US and elsewhere. Financial fraud and poor performance in managing personal finances go hand in hand. The nation’s bankruptcy and home mortgage foreclosure rates rate have continued to climb despite improving employment opportunities, rapid...

Frugal expenditure habit is no less important than the basic illiteracies such as reading, writing and arithmetic. Present day youth are seemed to show callous expenditure, being independent, competitive and free-of-behaviour, that eventually lead them perpetually in debt. The present study...

Consumers in most countries are generally not well informed about pensions. Both general facts about the structure of the pension system and specific data on their own pension entitlements are lacking. Many people, as a result, might have unrealistic expectations of their retirement incomes. But...

This research studies the propensity of individuals to violate implications of expected utility maximization in allocating retirement savings within a compulsory de- �ned contribution retirement plan. The paper develops the implications and describes the construction and administration of a...

Pension reforms are on the political agenda of many countries. Such reforms imply an increasing responsibility on individuals’ side in building an efficient portfolio for retirement. In this paper we provide a model describing workers’ choices on the allocation of retirement savings in...

This study examines the impact of financial literacy, accounting information, openness to experience and information asymmetry on the shortterm investment decisionmaking of the stock market investors. For this purpose 23item questionnaire was developed and distributed among 185 stock market...

This paper explores the existing pattern and the levels of disparity of the functional financial literacy in the Sri Lankan context. The study, mainly using quantitative data, selected the sample representing the three main settlement types: urban, rural and estate sector using multi-stage...

There is a consolidated empirical literature providing evidence of the fact that financial literacy, human capital, savings and stock market participation are interconnected decisions. However, to the best of our knowledge, a theoretical explanation of such connections is missing. In this paper...