Fort, Margherita
[Verfasser:in]
;
Manaresi, Francesco
[Sonstige Person, Familie und Körperschaft];
Trucchi, Serena
[Sonstige Person, Familie und Körperschaft]
Adults' Financial Literacy and Households' Financial Assets
Erschienen in:CESifo Working Paper Series ; No. 5047
Umfang:
1 Online-Ressource (41 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2519460
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 24, 2014 erstellt
Beschreibung:
We investigate the role of banks information policies in fostering the accumulation of financial knowledge. In Italy, banks belonging to the PattiChiari Consortium implement policies aimed at increasing transparency and procedural simplification, without offering services at lower cost with respect to other banks. We exploit this feature of the Italian banking system and show that these policies promote financial literacy. The increase in financial knowledge attributable to banks information policies significantly affects household financial assets. We use these policies as instruments to estimate the effect of financial literacy on financial assets, showing that it is significantly underestimated by OLS correlation