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Policy-effective Financial Knowledge and Attitude Factors

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  • Gabriel Garber
  • Sergio Mikio Koyama

Abstract

In this paper, we consolidate two objectives of the financial inclusion literature: producing meaningful measures of financial knowledge and financial attitudes and providing guidance to policymakers in cost-benefit analysis for the comparison of financial education interventions. We call them policy-effective factors. For this, we estimate a system of equations in which the dependent binary variables represent financial behavior and explanatory variables include knowledge and attitude variables and controls. Using Brazilian data from OECD/INFE survey 2015, we find one knowledge factor and two attitude factors that help predict behavior outcomes.

Suggested Citation

  • Gabriel Garber & Sergio Mikio Koyama, 2016. "Policy-effective Financial Knowledge and Attitude Factors," Working Papers Series 430, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:430
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps430.pdf
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    Cited by:

    1. Atmaningrum, Siska & Kanto, Dwi Sunu & Kisman, Zainul & Institute of Research, Asian, 2021. "Investment Decisions: The Results of Knowledge, Income, and Self-Control," OSF Preprints k4dzs, Center for Open Science.
    2. Elisa Bocchialini & Beatrice Ronchini, 2021. "A Pilot Study Assessing Attitudes toward Finance among Italian Business Students," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(10), pages 1-44, July.
    3. María José Roa & Ignacio Garrón & Jonathan Barboza, 2019. "Financial Decisions and Financial Capabilities in the Andean Region," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(2), pages 296-323, June.
    4. Gabriel Garber & Sergio Mikio Koyama, 2018. "Policy-effective Financial Knowledge and Attitude Factors in Latin America," Investigación Conjunta-Joint Research, in: María José Roa García & Diana Mejía (ed.), Financial Decisions of Households and Financial Inclusion: Evidence for Latin America and the Caribbean, edition 1, volume 1, chapter 3, pages 51-94, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    5. Archillies Kiwanuka & Athenia Bongani Sibindi, 2023. "Insurance Literacy: Significance of Its Dimensions for Insurance Inclusion in Uganda," Economies, MDPI, vol. 11(2), pages 1-17, January.

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