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      Adolescents’ and Young Adults' Naïve Understandings of the Economic Crisis


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          Over the last decade, Financial Literacy (FL) and interventions aimed at improving it, that is Financial Education (FE), have been the focus of increased attention from economists, governments, and international organizations such as the world Bank and OECD, but much less by scholars in the fields of Learning and Instruction. We examined open-ended written answers on the causes of the economic crisis that started in 2007-2008, as given by 381 Italian secondary school and university students, and 268 Swiss Italian-speaking secondary school students. Most Italian students mentioned internal political causes (i.e., corrupt politicians or inefficiency of the government), whereas Swiss students mentioned banks more often. International factors were rarely mentioned by either group, and explanations were generally very poor, listing a few causes without making connections between them. These findings indicate the need for economics education aimed at making people more knowledgeable of the workings of the economic system and the effects of financial systems on the real economy.

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          The Economic Importance of Financial Literacy: Theory and Evidence

          This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy.
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            Financial Literacy, Financial Education, and Downstream Financial Behaviors

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              Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy


                Author and article information

                Eur J Psychol
                Europe's Journal of Psychology
                Eur. J. Psychol.
                03 March 2017
                : 13
                : 1
                : 143-161
                [a ]Department of Philosophy, Sociology, Pedagogy, and Applied Psychology, Università di Padova , Padova, Italy
                [b ]Department of Social and Developmental Psychology, Sapienza Università di Roma , Rome, Italy
                [c ] Friedrich-Schiller-University Jena , Jena, Germany
                [d ]Department of Humanities and Social Sciences, Università degli Studi di Bergamo , Bergamo, Italy
                [e ]Research Unit on Theory of Mind, Department of Psychology, Università Cattolica del Sacro Cuore , Milan, Italy
                [f ] Swiss Federal Institute for Vocational Education and Training (SFIVET) , Lugano, Switzerland
                [7] University of Neuchâtel , Neuchâtel, Switzerland
                Author notes
                [* ]Largo Gemelli, 1 – 20123, Milan, Italy. elisabetta.lombardi@ 123456unicatt.it

                All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles are distributed under a http://creativecommons.org/licenses/by/4.0/.

                : 06 May 2016
                : 14 November 2016
                Self URI (journal-page): https://journals.psychopen.eu/
                Research Reports

                secondary school,university students,economic crisis,student's conceptions,lay explanations,Financial Literacy,Financial Education


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