Wealth and credit compliance
does economic literacy matter?
DOI:
https://doi.org/10.61190/fsr.v23i4.3205Keywords:
Wealth, Over-indebtedness, Financial literacy, Economic literacyAbstract
The purpose of this work is to empirically examine the influence of economic literacy upon individuals’ over-indebtedness and households’ wealth. It may be argued that the lack of economic- financial knowledge may have detrimental consequences, in particular reflected in higher exposure to credit and financial risk. There is scarce literature testing the importance of economic-financial literacy for individuals’ over-indebtedness and household wealth. This article provides empirical evidence on the importance of financial literacy, for both individuals’ over-indebtedness and household wealth, exploring the case of Portugal, a country about which there is scant empirical evidence on these matters.
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