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Social Indicators Research
Erschienen in: Social Indicators Research 3/2020

20.11.2019 | Original Research

On Multidimensional Approaches to Financial Literacy Measurement

verfasst von: Albert Hizgilov, Jacques Silber

Erschienen in: Social Indicators Research | Ausgabe 3/2020

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Abstract

Financial literacy has become an important research topic in recent years. This paper uses data on financial literacy collected in 2012 by Israel’s Central Bureau of Statistics. To measure financial literacy it first adopts ideas originally suggested by Lusardi and Mitchell (Am Econ Rev 98(2):413–417, 2008, J Pension Econ Finance 10(4):509–525, 2011). Then it proposes to measure financial literacy by borrowing concepts commonly used in the literature on multi-dimensional poverty measurement. The paper thus introduces three approaches to financial literacy measurement, the so-called “fuzzy” approach, that of Alkire and Foster (J Public Econ 95(7–8):476–487, 2011) and that of Rippin (Distributional justice and efficiency: integrating inequality within and between dimensions in additive poverty indices. Georg-August-Universität Göttingen, Göttingen). The empirical analysis shows that in Israel the overall level of financial sophistication is quite low. Men are generally more financially literate than women, and Jews more than non-Jews. The relationship between age and financial literacy is U-shaped. Financial literacy, and its components, increase with the level of education and are generally higher among married individuals and those who are employed.
Vorheriger Artikel Discussing Measures of Financial Inclusion for the Main Euro Area Countries
Nächster Artikel Construction of a Composite Index of European Identity

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Fußnoten
1
For more information on the Financial Literacy Framework in PISA, see: http://​www.​oecd.​org/​pisa/​pisaproducts/​46962580.​pdf.
 
2
The survey included three aspects of finacial literacy: financial knowledge, behavior and attitude. The final score of a country is a combination of a maximum of 7 for knowledge, 9 for behavior and 5 for attitudes. Out of thirty countries participating in the survey, 17 are OECD countries (For more information about the survey: http://​www.​oecd.​org/​daf/​fin/​financial-education/​OECD-INFE-International-Survey-of-Adult-FInancial-Literacy-Competencies.​pdf).
 
3
The case where each question may have a different weight is examined in “Appendix 1”.
 
4
The weights \(\omega_{j}\) may be computed as were computed the weights in the so-called fuzzy approach, or they may be the same for all questions, in which case \(\omega_{j} = \left( {\frac{1}{J}} \right)\forall j.\)
 
5
See footnote 4.
 
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Metadaten
Titel
On Multidimensional Approaches to Financial Literacy Measurement
verfasst von
Albert Hizgilov
Jacques Silber
Publikationsdatum
20.11.2019
Verlag
Springer Netherlands
Erschienen in
Social Indicators Research / Ausgabe 3/2020
Print ISSN: 0303-8300
Elektronische ISSN: 1573-0921
DOI
https://doi.org/10.1007/s11205-019-02227-4

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