Policy-effective Financial Knowledge and Attitude Factors

Gabriel Garber and Sergio Koyama

No 430, Working Papers Series from Central Bank of Brazil, Research Department

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.

Date: 2016-04
New Economics Papers: this item is included in nep-pr~ and nep-knm
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