Social and psychological infl uences on fi nancial literacy
Diffi culty understanding and profi ciently using fi nancial services has been documented for consumers of all income levels in developed and emerging markets (for example, Al-Tamimi and Kalli 2009 , Bolton et al. 2011 , Cole et al. 2011 , Fogel and Schneider 2011 , Lusardi and Mitchell 2007 , Nga et al. 2010 , OECD 2005 , Worthy et al. 2010 , van Rooij et al. 2011 ). Diffi culties have also been documented across a wide range of fi nancial services (for example, Fogel and Schneider 2011 , Powers et al. 2011 , Tennyson 2011 ).