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Coming to Terms with Financial Literacy

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Consumer Knowledge and Financial Decisions

Part of the book series: International Series on Consumer Science ((ISCS))

Abstract

The topic of financial literacy has risen to prominence in recent years. Despite the general recognition of the importance of financial education and literacy among researchers, practitioners and policymakers, little has been done to clearly define the concept. The present chapter highlights some of the general difficulties inherent in studying the area of financial literacy and education, noting the variety of definitions and measures that have been used in previous studies of the topic. Without a universally recognized measure of knowledge or literacy, it is difficult to develop relevant initiatives, assess current education policy, and advance the knowledge base of the field in regards to financial literacy and its significance. The chapter concludes by highlighting some current steps that are being taken to achieve a more unified concept of financial literacy in the United States.

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Authors and Affiliations

  1. Department of Consumer Sciences, University of Alabama, 870158, Tuscaloosa, AL, 35487, USA

    Cliff A. Robb

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  1. Cliff A. Robb
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Correspondence to Cliff A. Robb .

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Editors and Affiliations

  1. Dept. Economics, University of Maryland, Baltimore County, Hilltop Circle 1000, Baltimore, 21250, Maryland, USA

    Douglas J. Lamdin

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Robb, C.A. (2011). Coming to Terms with Financial Literacy. In: Lamdin, D. (eds) Consumer Knowledge and Financial Decisions. International Series on Consumer Science. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-0475-0_1

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