1. See Definition of financial literacy for 15 year old students, OECD (2013a), "Financial Literacy Framework": Financial literacy is knowledge and understanding of financial concepts and risks, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life.


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Yoong, J. (2011). Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel. In A. Lusardi and O. S. Mitchell (Eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace: Oxford University Press.

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