Tullio Jappelli|Mario Padula
Investment in financial literacy and saving decisions
Centre for Studies in Economics and Finance|University of Naples Federico II|Ca' Foscari University of Venice
present intertemporal consumption model investment financial literacy consumers benefit investment financial literacy allows increase returns wealth since literacy depreciates time cost terms current consumption model delivers optimal investment literacy furthermore literacy wealth determined jointly positively correlated lifecycle model drives empirical approach analysis effect financial literacy wealth saving indicates stock financial literacy early life valid instrument regression wealth financial literacy using microeconomic aggregate data find strong support models predictions