Investment in Financial Literacy and Saving Decisions
Investment in Financial Literacy and Saving Decisions
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DOI：
10.1016/j.jbankfin.2013.03.019
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发表时间：
2011-02
期刊：
影响因子：
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通讯作者：
T. Jappelli;M. Padula
中科院分区：
文献类型：
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作者：
T. Jappelli;M. Padula
本文提出了金融知识投资的跨期消费模型。消费者从这种投资中受益，因为金融知识使他们能够增加财富的回报。由于读写能力会随着时间的推移而贬值，并且在当前消费方面有成本，因此该模型提供了对读写能力的最佳投资。此外，识字率和财富是共同决定的，并且在整个生命周期中呈正相关。该模型推动了我们的实证方法来分析金融知识对财富和储蓄的影响，并表明生命早期的金融知识存量是财富对金融知识回归的有效工具。通过使用微观经济和总体数据，我们发现模型的预测得到了强有力的支持。
We present an intertemporal consumption model of investment in financial literacy. Consumers benefit from such investment because financial literacy allows them to increase the returns on wealth. Since literacy depreciates over time and has a cost in terms of current consumption, the model delivers an optimal investment in literacy. Furthermore, literacy and wealth are determined jointly, and are positively correlated over the life-cycle. The model drives our empirical approach to the analysis of the effect of financial literacy on wealth and saving and indicates that the stock of financial literacy early in life is a valid instrument in the regression of wealth on financial literacy. Using microeconomic and aggregate data, we find strong support for the model’s predictions.