Financial literacy, stock market participation, and financial well-being in Germany


Bucher-Koenen, Tabea ; Janssen, Bennet ; Knebel, Caroline ; Tzamourani, Panagiota


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URN: urn:nbn:de:bsz:180-madoc-669743
Document Type: Working paper
Year of publication: 2024
The title of a journal, publication series: ZEW Discussion Papers
Volume: 23-071
Place of publication: Mannheim
Publication language: English
Institution: Business School > Finanzmärkte (Bucher-Koenen 2019-)
Außerfakultäre Einrichtungen > Graduate School of Economic and Social Sciences- CDSS (Social Sciences)
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G53 , D14 , G51 , I3,
Keywords (English): financial knowledge , financial well-being , inflation , investment behavior
Abstract: We examine financial literacy in Germany and its relevance for financial well-being. Using data from the Panel on Household Finances collected in 2021, we show that about 62% of German households answer the Big Three financial literacy questions correctly. Those with lower education, who are out of the labor force, women, and those living in East Germany have lower levels of financial literacy. Identifying groups with lower financial literacy and developing strategies to reach them and enhance their abilities should therefore be an integral part of the German national financial literacy strategy. Financial literacy is linked to financial well-being: we document that those with higher financial literacy have a higher stock market participation rate and are less likely to report financial difficulties




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