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Financial Literacy in the Twenty-First Century: An Introduction to the International Handbook of Financial Literacy

  • Carmela ApreaEmail author
  • Eveline Wuttke
  • Klaus Breuer
  • Noi Keng Koh
  • Peter Davies
  • Bettina Greimel-Fuhrmann
  • Jane S. Lopus
Chapter

In the twenty-first century, the ability to deal effectively with money and financial matters is becoming increasingly important—not just for professionals in the sector of investment and banking, but for every person responsible for managing his/her financial affairs in everyday life. This ability is usually subsumed under the term ‘financial literacy’. The increasing importance of financial literacy is attributable to several demographic, societal and economic trends such as the baby boom and increases in life expectancy, changes in pension arrangements and income, growing involvement in financial markets as well as the complexity and increase in the number of financial products (e.g., OECD 2005). As a result, a wide-ranging transfer of risk has occurred from governments and employers to employees and consumers (e.g., reduced state-supported pensions and healthcare benefits). This imposes a responsibility on individuals to care for their own financial security in case of, for...

Keywords

Financial Risk Financial Literacy Citizenship Education Financial Education International Student Assessment 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

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  6. Xu, L., & Zia, B. (2012). Financial literacy around the world. An overview of the evidence with practical suggestions for the way forward. The World Bank, Development Research Group, Finance and Private Sector Development Team.Google Scholar

Copyright information

© Springer Science+Business Media Singapore 2016

Authors and Affiliations

  • Carmela Aprea
    • 1
    Email author
  • Eveline Wuttke
    • 2
  • Klaus Breuer
    • 3
  • Noi Keng Koh
    • 4
  • Peter Davies
    • 5
  • Bettina Greimel-Fuhrmann
    • 6
  • Jane S. Lopus
    • 7
  1. 1.Chair of Business and Economics EducationFriedrich Schiller University JenaJenaGermany
  2. 2.Goethe University FrankfurtFrankfurtGermany
  3. 3.Johannes Gutenberg University MainzMainzGermany
  4. 4.Nanyang Technological UniversitySingaporeSingapore
  5. 5.University of BirminghamBirminghamUK
  6. 6.Vienna University of Economics and BusinessViennaAustria
  7. 7.California State UniversityLong BeachUSA

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