From Financial Literacy to Financial ActionPosted on January 6, 2012 by McGraw-Hill Research Foundation
A policy paper released by The McGraw-Hill Research Foundation, “From Financial Literacy to Financial Action” by Barbara Kiviat and Jonathan Morduch contend more than ever, Americans need to be financially savvy. The past few years have shown that mortgages can be complicated, business-cycle downswings severe, and investing far from obvious. And, for many of us, saving is not easy. Creating a successful financial life takes a high level of know-how and stamina. Not surprisingly, efforts to increase financial literacy among Americans have won wide support.
Getting better financial knowledge may seem like a no-brainer. How can people make good decisions if they don’t know the facts?
But new studies show that the relationship between financial literacy and the ability to make and stick with good financial choices is a complicated one. Financial literacy is necessary, but often insufficient.
To read more, download the full white paper at http://bit.ly/Financial_Literacy
In category: White Paper Tags: barbara_kiviat, financial_education, financial_literacy, jonathan_morduch, New_York_University