Oscar Anselm Stolper|Andreas Walter
Financial literacy, financial advice, and financial behavior
Philipps University of Marburg|University of Giessen
survey review voluminous body literature measurement determinants financial literacy wherever possible supplement existing findings recent descriptive evidence german households financial literacy levels based novel panel household finances dataset largescale survey administered deutsche bundesbank representative financial situation households germany prior research documents generally low levels financial literacy also finds large heterogeneity financial literacy across population suggesting economically vulnerable groups placed disadvantage lack financial knowledge addition assess literature evaluating financial education means improve financial literacy financial behavior survey suggests evidence respect effectiveness programs rather disappointing also review role individuals financial literacy use professional financial advice assess whether expert intervention serve substitute financial literacy conclude discussing several directions future research