Research

Here is a list of highlights in Australian and international financial literacy research publications.

Australian research

2013 Programme for the International Assessment of Adult Competencies, Australia, 2011-12
Australian Bureau of Statistics
October 2013
See report on ABS website
The 2011-12 Programme for the International Assessment of Adult Competencies (PIAAC) is an international survey coordinated by the Organisation for Economic Co-operation and Development (OECD) to provide a greater understanding of the availability of key skills in society and their use at work and at home, in participating countries. This ABS release contains the Australian survey results.
  National Financial Literacy Stocktake Survey
ASIC
October 2013
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ASIC conducted a National Financial Literacy Stocktake Survey from May to August 2013, to provide a snapshot of financial literacy initiatives in Australia. This report summarises 112 initiatives submitted by 64 organisations in response to the survey and thus provides a snapshot of current financial literacy offerings in Australia.
  Measuring Financial Exclusion in Australia
The Centre for Social Impact for National Australia Bank
June 2013
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The findings of the third NAB Survey Measuring Financial Exclusion in Australia. Based on a survey of 50,000 Australians, supplemented by data from an additional 1500 online interviews, the 2013 Report includes sections on the use of insurance, the demographic profile of financial exclusion and a summary of current initiatives aimed at addressing financial exclusion.
 2011 ANZ Survey of Adult Financial Literacy in Australia
ANZ and Roy Morgan Research
December 2011
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The findings of the fourth ANZ Survey of Adult Financial Literacy in Australia. The survey of over 3,500 adult Australians focussed on behaviours indicative of a person's financial literacy, and links between those behaviours and a person's demographic characteristics.
  Measuring Financial Exclusion in Australia
The Centre for Social Impact for National Australia Bank
May 2011
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This research aims to measure financial exclusion in Australia, and in doing so to define and deepen the understanding of financial exclusion in Australia and its relationship with social and economic disadvantage. It is based on on a number of sources, including a survey of over 50,000 Australians.
  Financial Literacy and Behavioural Change
ASIC
March 2011
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A stock-take of what ASIC and others have learned about financial literacy to date based on research about people's financial knowledge and behaviour, and the strategies and tools that might influence financial decision-making. It includes a comprehensive list of other financial literacy research sources.
2010 Evidence Versus Emotion: How Do We Really Make Financial Decisions?
Citi Australia and The Australia Institute
December 2010
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Drawing on the results of an online survey of 1,180 adult Australians in October 2010, this report assesses the variety of ways Australians make financial decisions. It draws on the emerging field of behavioural economics to shed light on why people do not behave as rationally as economics textbooks would suggest.
2008 ANZ Survey of Adult Financial Literacy in Australia
ANZ and the Social Research Centre
October 2008
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The findings of the third ANZ Survey of Adult Financial Literacy in Australia. This survey of 3500 adult Australians monitored the benchmark measures, including direct measures of financial literacy, and attitudinal and behavioural information.
Financial Literacy: Women Understanding Money
Financial Literacy Foundation
April 2008
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This report examines the gender findings from Financial Literacy: Australians Understanding Money data (see report below). In particular, it focuses on the 4,138 women aged over 18 who were surveyed in the original study.
2007 Financial Literacy: Australians Understanding Money
Financial Literacy Foundation and DBM Consultants
September 2007
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The findings of a survey of 7,500 Australians aged 12 to 75 who were asked to self-assess their money management ability, understanding, attitudes and behaviour.
2005 ANZ Survey of Adult Financial Literacy in Australia
ANZ and AC Nielsen
November 2005
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The findings of the second ANZ Survey of Adult Financial Literacy in Australia. This survey of 3,500 adult Australians monitored the benchmark measures, including direct measures of financial literacy, and attitudinal and behavioural information.
2003 ANZ Survey of Adult Financial Literacy in Australia
ANZ and Roy Morgan Research
May 2003
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The findings of the first ANZ Survey of Adult Financial Literacy in Australia. A survey of the financial literacy levels of more than 3,500 adult Australians conducted to establish benchmarks for the ongoing measurement of financial literacy across the Australian population.

International research

2013 The Financial Capability of the UK
The Money Advice Service
November 2013
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This report draws insights from a major longitudinal study (called Money Lives) into UK financial behaviour, and a  large scale quantitative survey that provides a benchmark for financial capability in the UK.
  Skilled for Life? Key Findings from the Survey of Adult Skills
OECD
October 2013
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This report presents the key findings of an OECD survey on adult skills, focusing on adult competencies relating to literacy, numeracy and problem solving. 
  Advancing National Strategies for Financial Education
G20 Russia Presidency/OECD
September 2013
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This joint report by the G20 Russia Presidency and the OECD presents several recommendations to advance national financial education, including the  establishment of clearer financial education mandates, and the assessment of financial literacy on an internationally comparable level.
  Financial Literacy and Financial Behavior Among Young Adults: Evidence and Implications
De Bassa Scheresberg, C. (Global Center for Financial Literacy)
July 2013
See report on the Scholar Commons website
This paper uses data from the 2009 US National Financial Capability Study to examine financial literacy and financial behaviour in a sample of approximately 4,500 young adults aged 25 to 34. The paper finds that most young adults lack basic financial knowledge. Financial literacy is especially low among women, minorities, and lower-income or less-educated people.
  Financial Literacy and Credit Card Behaviours: A Cross-Sectional Analysis by Age
Allgood, S. and Walstad, W.
July 2013
See report on the Scholar Commons website
This study uses a measure of financial literacy that includes both a test score of actual financial literacy and a self-rating of perceived financial literacy to investigate how financial literacy affects credit card behaviours. The research analyses credit card behaviours of a large nationally representative sample of US adults divided into groups to reflect the five major decades in the adult life cycle.
2010 Money Guidance Pathfinder - Key Findings and Lessons Learned
Consumer Financial Education Body (CFEB), United Kingdom
July 2010
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Findings from the £12m Money Guidance Pathfinder project. It targeted regions of England from April 2009 to March 2010, and was delivered through three channels: the Moneymadeclear website, a telephone helpline, and face-to-face sessions. This is a summary of two reports: the project evaluation report, and a summary of an independent evaluation of the Pathfinder marketing and engagement approach.

Transforming Financial Behaviour: Developing Interventions that Build Financial Capability
Consumer Financial Education Body (CFEB), United Kingdom
July 2010
See report on MAS website
A report on research into ten behaviour interventions and their effects as drivers of improved financial capability. It shows how psychology and sociology can be applied alongside more traditional policy interventions to foster behaviour change.
2008 Financial Capability: A Behavioural Economics Perspective
Prepared for the Financial Services Authority, United Kingdom, by David de Meza, Bernd Irlenbusch and Diane Reyniers, London School of Economics
July 2008
See report on FSA website
A review of behavioural economics literature on the likely impact of financial capability initiatives on behaviour.
2006 Levels of Financial Capability in the UK: Results of a Baseline Survey
Prepared for the Financial Services Authority (FSA), United Kingdom, by Adele Atkinson, Stephen McKay, Elaine Kempson and Sharon Collard, Personal Finance Research, University of Bristol
March 2006
See report on FSA website
The results of the FSA survey to measure levels of financial capability in the UK.
2005 Measuring Financial Capability: An Exploratory Study
Prepared for the Financial Services Authority (FSA), United Kingdom, by Personal Finance Research, University of Bristol
June 2005
See report on FSA website
The exploratory study by the FSA to design a questionnaire that could be used to measure levels of financial capability.

For more information on international research and other financial education developments, visit the OECD International Gateway for Financial Education (IGFE).

Last updated: 22 Jan 2014

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