Financial Literacy in the Developing World

24 Pages Posted: 12 Apr 2013

See all articles by Lisa Xu

Lisa Xu

Harvard University - Harvard Kennedy School (HKS)

Bilal Zia

World Bank - Development Research Group (DECRG)

Date Written: January 1, 2013

Abstract

Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly, how best do we measure it, and what do we know of its effectiveness in developing countries? This paper collects insights from the literature thus far and summarizes evidence on financial literacy measurement and evaluations in the developing world. We conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.

Keywords: Financial Literacy, Financial Education, Financial Capability, Randomized Evaluation

JEL Classification: D14, D18, L26, O16

Suggested Citation

Xu, Lisa and Zia, Bilal, Financial Literacy in the Developing World (January 1, 2013). Available at SSRN: https://ssrn.com/abstract=2248863 or http://dx.doi.org/10.2139/ssrn.2248863

Lisa Xu

Harvard University - Harvard Kennedy School (HKS) ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
United States

Bilal Zia (Contact Author)

World Bank - Development Research Group (DECRG) ( email )

MC3-445
1818 H Street, N.W.
Washington, DC 20433

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