Financial literacy quickens monetary policy reaction – study
Improving people’s knowledge of money matters could strengthen transmission
Consumers with higher levels of financial literacy react more quickly to changes in monetary policy, according to a post on the European Central Bank (ECB) blog.
The authors – Evangelos Charalambakis, Omiros Kouvavas and Pedro Neves – say people’s predictions of monetary policy and their decisions on whether to borrow or save changed during the inflationary wave of 2022. However, people with higher levels of financial literacy were quicker to adjust.
“The way monetary tightening affects consumers’
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial inclusion
IMF tracks sharp rise in deposit accounts in emerging economies
Latest survey highlights inclusion trends in bank accounts, card usage and digital services
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
Banks begin tailoring offers to Gen Z’s needs – MNB report
First “fully digital” generation expects 24/7 digital payments solutions
Informal labour reduces financial inclusion – BIS research
Study of data in Peru suggests large informal economies create obstacles to development
Sexual orientation impacts financial wellbeing – Fed research
Gay, lesbian and bisexual people “significantly more financially vulnerable than previously understood”
Syrian central bank says lenders must expand bank accounts
Citizens need accounts to receive cash transfers as government cuts subsidies
New measurement shows ‘historically high’ Canadian financial stress
Financial fragility is concentrated among renters and some mortgage holders, paper says
AI threatens labour’s share of income, research finds
AI could increase inequality and social unrest, Philadelphia Fed paper argues