A growing body of literature shows that financial literacy affects household savings and investment choices. Less attention has, however, been devoted to its effect on debt behavior. This paper contributes to filling this gap by considering how financial literacy influences household attitudes...

The low level of financial literacy across households suggests they are at risk of taking sub-optimal financial decisions. In this paper we assess to what extent financial advisors can substitute for low financial knowledge. We analyze the effect of investors' financial literacy on their demand...