Chapter 3: Financial education and financial behavior
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The global financial system’s diversity and complexity means that financial education is essential for acquiring OECD specified competencies, resulting in the inclusion of financial literacy under educational guidelines in many countries. Previous studies revealed that, although financial education increased financial knowledge, its impact on judicious financial behavior is controversial. This chapter reviews the effectiveness of financial education on financial literacy and financial behavior, and shows how promoting judicious financial behavior of financial socialization at home, implementing international comparative surveys for investigating the cultural differences, delivering personally tailored affluence, elucidation, effective programs to increase individuals’ financial wellbeing, and financial education incorporating behavioral change programs such as social cognitive theory or positive psychology could lead to sustainable wellbeing in the Sustainable Development Goals era. Future research on financial education toward promoting desirable financial behavior should incorporate behavioral economics, positive psychology, and marketing theory for enhanced sustainable wellbeing.

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