ABSTRACT

The recent global financial crisis has drawn the attention of both scholars and supervisory authorities to the issue of financial education in the hope that it might contribute to the development of more efficient markets. By the most basic definition, financial education is the series of measures designed to improve financial literacy. The latter relates to a person’s competence for managing money and addresses the area of individual knowledge, capability and motivation (Noctor et al. 1992). Financial literacy requires confidence in more than just one topic of personal finance such as credit, budgeting, investment processes and planning (Remund 2010).