Purpose This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of sectors which could be considered applicable for jurisdictions across globe. Design/methodology/approach To build measure, this followed development process by collecting 698 priori items from 81 respondents. Later, it generated an item pool through analysis with e...

This paper uses data from a finance-related theme park located at Junior Achievement in Los Angeles to explore how financial education changes investment, financing, and consumer behavior. In the Finance Park, students were assigned fictitious life situations and asked to create household budgets for these roles. Some students received a 19-hour financial literacy curriculum before going to the...

We provide new empirical evidence on the importance of defined contribution pension wealth in England, and the nature of annuitization decisions taken by older adults who retire with such sources of wealth. Other things equal, financial literacy, and numeracy in particular, are important factors governing individuals' choices over whether to shop around for an annuity as opposed to taking the '...

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that...