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Rethinking financial literacy in the aftermath of the Global Financial Crisis

Gallery, Gerry T. & Gallery, Natalie (2010) Rethinking financial literacy in the aftermath of the Global Financial Crisis. Griffith Law Review, 19(1), pp. 30-50.

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Abstract

Systemic risks and other factors that contributed to the global financial crisis have highlighted the need to reconsider the scope and nature of financial literacy initiatives and programs. In this article, we argue the case for rethinking financial literacy and the need for integrated solutions that explicitly incorporate solutions to behavioural shortcomings exhibited by individuals in their financial decision-making. While recognising the need to consider behavioural biases in individuals’ financial decisions, to date regulatory responses have largely ignored those biases in their proposed education and other strategies designed to address poor financial literacy and improve financial disclosure that, in turn, will improve financial decision-making.

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ID Code: 37687
Item Type: Journal Article
Additional Information: Special issue - The future of financial regulation : lessons from the Global Financial Crisis
Keywords: Financial literacy, Global Financial Crisis, Disclosure, Financial Education, Superannuation, Regulation
ISSN: 1038-3441
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2010 Socio-Legal Research Centre, Griffith Law School, Griffith University
Deposited On: 06 Oct 2010 10:17
Last Modified: 01 Mar 2012 00:19

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