Arbeitspapier

Banks Information Policies, Financial Literacy and Household Wealth

We investigate the causal effect of financial literacy on financial assets, exploiting banks information policies for identification. In Italy, banks who belong to the PattiChiari consortium have implemented policies aimed at increasing transparency and procedural simplification. These policies may affect individuals' financial literacy without involving any direct cost for clients in terms of time, effort or resources, as we show in the paper. We exploit confidential information on whether individuals have their main bank account in one bank in the PattiChiari consortium to instrument their financial literacy level. We show that these policies have a positive and significant effect on both knowledge of financial instruments and household financial assets. Our results suggest that banks information policies have the potential to be an effective tool to increase individuals' financial literacy and that the relationship between financial literacy and wealth is largely underestimated by standard regression models.

Sprache
Englisch

Erschienen in
Series: Quaderni - Working Paper DSE ; No. 852

Klassifikation
Wirtschaft
Household Saving; Personal Finance
Portfolio Choice; Investment Decisions

Ereignis
Geistige Schöpfung
(wer)
Fort, Margherita
Manaresi, Francesco
Trucchi, Serena
Ereignis
Veröffentlichung
(wer)
Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
(wo)
Bologna
(wann)
2012

DOI
doi:10.6092/unibo/amsacta/3721
Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Fort, Margherita
  • Manaresi, Francesco
  • Trucchi, Serena
  • Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)

Entstanden

  • 2012

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