Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2011
We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such … depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The … aggregate data, we find a strong effect of financial literacy on wealth accumulation and national saving, and also show that …