Discussion paper
DP18363 Financial literacy and financial resilience: Evidence from Italy
In this paper, we examine financial literacy and financial resilience in Italy. We show that financial literacy is particularly low among the young, women, and the less-educated. We also highlight regional differences in financial knowledge, with individuals in Southern Italy performing worse. We find that the lack of financial literacy increases the probability of being unable to face financial shocks and leads to an over-accumulation of debt. Hence, our results support the hypothesis that financial literacy can be considered an enabling factor for financial resilience.
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