This 2013 study for the National Bureau of Economic Research published in the Annual Review of Economics, “Financial Literacy, Financial Education and Economic Outcomes,” investigates the role that governments could play in helping consumers achieve better financial outcomes.
The researchers — Justine S. Hastings of Brown University, Brigitte C. Madrian of the Harvard Kennedy School and William L. Skimmyhorn of West Point — analyze existing papers and studies on whether financial education improves financial literacy or personal financial outcomes.