A large share of the global workforce lacks access to employer-sponsored retirement plans. In Colombia, where labor informality is high, the government introduced the Beneficios Economicos Periodicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to...

Amidst the global ascent of financial technologies (FinTech), Argentina presents a critical case for examining how these platforms shape debt relations among marginalized households. Employing a mixed-methods approach, this article draws on quantitative data from the Central Bank of the Republic...

We extend previous research on factors related to workers stating that they would never retire, by analyzing the impact of financial knowledge variables on the expectation. The never retire rate is related to objective financial knowledge, with a 20% rate for those who missed all questions,...

A financial advisor may either act as a consultant or may be delegated the entire financial advising process. In both cases, researchers tend to conclude that advisors have an impact on their clients' financial outcomes. However, there is no agreement on the nature and extent of this impact. We...

This paper investigated the wealth puzzle by examining the relationships among personal finance (PF), expenditure behavior (EB), and financial management (FM). Data from a diverse sample of 2000 indi-viduals across regions such as Kosovo, Ghana, Kenya, Nigeria, Turkey, Pakistan, Nepal, Uganda,...

A growing literature examines the roles of financial literacy in an individual's income, saving behavior, and the use of financial products including financial technology (fintech). However, no study has examined the effects of the financial literacy of family business owners on fintech use and...

We examine the impact of financial education on credit decisions during COVID-19. The pandemic presented economic challenges, but policy responses provided opportunities for savvy borrowers. Using variation in state-mandated financial education during high school, we find that mandated borrowers...

Household financial resilience is related to the availability of financial resources but also to the ability to anticipate and assess future situations and prepare for them accordingly. Overplacement describes the tendency of individuals to rate themselves better than others, i.e. they believe...

This research aims to identify the factors explaining the level of financial literacy, divided into three levels, low, medium and high, of the Mexican population over the age of 18. This study fills a gap in microeconomic studies, which essentially lack an analysis of financial literacy and the...

The financial industry is complicated, with a wide range of goods, services, and ideas that people may find challenging to understand independently without the right training and direction. Many consumers lack the knowledge to comprehend financial language, investment possibilities, and debt...

This paper surveys what we have learned on financial literacy and its relation to financial behavior from data collected in the Dutch Central Bank (DNB) Household Survey, a project done in collaboration with academics. A pioneering survey fielded in 2005 included an extensive set of financial...

We use the 529 college savings plan setting to investigate whether and why households make suboptimal choices to invest in local assets. We estimate that 67% of open accounts between 2010 and 2020 were located suboptimally due to the plans' tax inefficiencies and high expenses. Over the...

Financial advice seeking is associated with many positive benefits for consumers.  Yet, most U.S. households are not working with a financial planner and research has pointed to the lack of racial and ethnic diversity among those who do. This study examines racial/ethnic disparities in using a...

This paper draws information from a micro-lender and a credit bureau to identify causal effects of small loans on financial health of small U.S. business owners. To achieve this, we exploit temporal variations in the loan disbursements and use an estimation strategy that controls for potential...

America has evolved into an ownership society. Home-buying decisions, resource allocation, debt exposure, and financial planning for the future are now left to individuals, with little guidance from the companies or institutions they work for. Economics, with its insistence on quantifying ideas...

In this paper, we are motivated by the growing complexity of financial service products amidst an unending wave of Ponzi schemes as well as the low levels of financial literacy reported by prior studies. Particularly, while the extant literature has focused on various determinants of financial...

We examine the financial resilience of Austrian households, relating it to their experience of financial shocks earlier in life and to their financial literacy. We find that previous negative (positive) financial shocks are negatively (positively) related to financial resilience. Financial...