National culture and financial literacy: international evidence

The role of national culture in financial literacy:Cross‐countryevidence

“…While this is an interesting study, culture is not made explicit nor does it examines the effect of culture across countries. Recently, Ahunov and Van Hove (2020) combine the 2014 Standard & Poor's Global Financial Literacy survey with Hofstede's cultural dimensions for a sample of 92 countries. Their results show that some cultural dimensions such as individualism and uncertainty avoidance help to explain variation in financial literacy across countries.…”

“…Their results show that some cultural dimensions such as individualism and uncertainty avoidance help to explain variation in financial literacy across countries. However, the empirical analysis in Ahunov and Van Hove (2020) is based only on aggregated financial literacy data. In order to disentangle the link between culture and financial literacy, individual‐level financial literacy data would be more insightful.…”

“…In addition, the dataset with individual‐level observations enables us to disentangle the link between culture and financial literacy. This is a clear advantage compared to the aggregated financial literacy data used in recent cross‐country studies establishing a link between national culture and financial literacy (Ahunov and Van Hove, 2020). Third, we employ multilevel models to estimate predictors of financial literacy.…”

National culture and (dis)trust in banks: Cross‐country evidence

“…Without claiming to be exhaustive, let us also mention the results of Ahunov and Van Hove (2019) and Xu (2019). The first cross‐country study finds that financial literacy is lower in countries where power distance is high and that the opposite is true for individualism.…”

The Interplay of Financial Education, Financial Literacy, Financial Inclusion and Financial, Stability: Any Lessons for the Current Big Tech Era?

“…The OECD/INFE (OECD, 2013), in particular, shows that gender differences in financial literacy are strongly correlated with differences in the socio-economic conditions between men and women in terms of access to education, employment and formal financial markets Cupak et al (2018). also point at the importance of institutional factors, with a country's level of financial knowledge being associated with its level of life expectancy, social contribution rate, math scores and internet usage Ahunov and Van Hove (2019). show that cultural aspects, such as power distance and individualism, explain a substantial portion of cross-country variations in financial literacy.…”