"Financial literacy: a growing concern in modern society" by Sonia Marcolin and Anne Abraham

Faculty of Commerce - Papers (Archive)

Title

Financial literacy: a growing concern in modern society

Authors

Sonia Marcolin, University of Wollongong
Anne Abraham, University of WollongongFollow

Document Type

Conference Paper

Publication Details

Bird, S. & Abraham, A. (2006). Financial literacy: a growing concern in modern society. In A. Kilgore (Eds.), Proceedings of Asian Academic Accounting Association 7th Annual Conference (pp. 1-29). Sydney: Macquarie University.

Abstract

This paper highlights the ongoing need for financial literacy research in a rapidly changing society with deregulated markets, new financial products, .ready availability of credit and an emphasis on self-reliance. A discussion of the importance of financial literacy for both individuals and the economy is followed by a review of studies conducted in Australia, the United States and the United Kingdom. The studies are compared and analysed to determine areas of both commonality and inconsistency. As a result of this analysis, the paper presents recurrent themes that could be extended, together with potential new areas for financial literacy research.