Financial Education and Risk Literacy

Edited by Riccardo Viale, Department of Economics, University of Milano-Bicocca; School of European Public Economics, LUISS, Rome, Umberto Filotto, University of Rome “Tor Vergata”, Barbara Alemanni, University of Genoa, Italy and the late Shabnam Mousavi, formerly Center for Artificial Intelligence (CENTAI), Turin, Italy

Contents:

Foreword by Salvatore Rossi x
Introduction 1
Riccardo Viale and Umberto Filotto

PART I FINANCIAL LITERACY AND FINANCIAL
EDUCATION: RECOMMENDATIONS, EVIDENCE
AND POLICY IMPLICATIONS
1 Broadening the scope of financial literacy to incorporate
self-control, budgeting and heuristics 5
Hersh Shefrin
2 How financial decisions are affected by financial literacy levels,
behavioral aspects and individual propensities: an empirical
analysis of Italian young adults 29
Gian Paolo Stella, Umberto Filotto and Enrico Maria Cervellati
3 From financial education to economic education for
citizenship 48
Anna Emilia Berti
4 Financial education in times of digitalization and FinTech
(r)evolution 60
Rossella Locatelli and Alessandra Tanda
5 Financial and demographic education effectiveness in
academic and vocational high schools: a randomised
experiment 75
Luca Maria Pesando, Francesco C. Billari, Carlo Favero and
Francesco Saita
6 Business education: do values make a difference? 96
Malte Petersen, Monika Keller, Jürgen Weibler and
Wasilios Hariskos
7 Learning to wait, be altruistic, and fair: a primary school
training in economic education 112
Antonella Marchetti, Teresa Rinaldi, Elisabetta Lombardi,
Davide Massaro and Annalisa Valle
8 Financial education in action for socially fragile groups 123
Giovanna Paladino
9 Enhancing financial knowledge and risk literacy through
edutainment:
CONSOB’s experience 135
Nadia Linciano

PART II RISK LITERACY AND FINANCIAL
DECISION-MAKING
10 Boosting and nudging: two paths toward better financial
decisions 150
Ralph Hertwig and Till Grüne-Yanoff
11 Cultural Finance: how is financial information received? 181
Barbara Alemanni and Shabnam Mousavi
12 Using experiments to inform consumer protection policy
in financial services 197
Shane Timmons and Peter D. Lunn
13 Risk seeking or risk averse? Phenomenology and perception 220
Caterina Lucarelli, Mario Maggi and Pierpaolo Uberti
14 Old age and the decline in investment performance 236
Michael S. Finke and Sandra J. Huston
15 The need for entrepreneurs’ risk literacy: evidence from
Italian SMEs and a call to arms 250
Enrico Maria Cervellati
16 The effect of ex-post information in choice under ambiguity 262
Francesco D. Zaffuto, Mateus Joffily and Giorgio Coricelli
17 Financial education among Italian SMEs 272
Fabrizio Guelpa
18 Finance, technology and financial education 279
Cristina Giorgiantonio and Zeno Rotondi

Index 291