Advance in the Theory and Applications of Financial Literacy

Dear Colleagues,

Economic theory postulates that investors act rationally in making financial decisions. However, such behaviour often deviates from economic theory’s predictions. In the past decades, intensive theoretical and empirical research has been concentrated on discovering which theories are most robust and persuasive in describing empirical investors’ behavior. These studies have revealed considerable heterogeneity in observed behaviour, and that there is not one single theory capable of describing it. Moreover, behavioural economists have shown that psychological factors (such as emotions), demographic characteristics (age, gender, race, etc.), and social norms may not only explain deviations from rational financial predictions but also differences between and within individuals, ceteris paribus. 

By the same token, the main differences in investment decisions, both between and within individuals, may be driven by investors' level of financial knowledge. Therefore, differences in investment decisions and in risk and/or ambiguity propensity can be explained by looking at differences in the levels of financial literacy and financial sophistication, whose measures can reach different levels of refinement. 

This Special Issue welcomes submissions mainly, but not exclusively, on experimental, empirical, and theoretical contributions on this topic. We encourage the submission of studies focusing on financial literacy's effect on financial decision-making and financial well-being, as well as on socio-economic inequalities. Contributions based on survey data, proposals for new measures of financial literacy, as well as literature reviews or appraisals of the existing literature are also encouraged.

Topics of interest include, but are not limited to, the following:

• Behavioural finance and financial literacy;
• Risk aversion and financial literacy;
• Reverse causality between financial literacy and financial/economic behaviour;
• Financial literacy and financial well-being;
• Gender gaps in financial literacy;
• Financial literacy and ageing (pensions);
• Alternative measures of financial literacy;
• Financial literacy in the wake of the COVID-19 pandemic;
• Theoretical and econometric modelling of financial literacy and risk;
• Crypto and financial literacy.

Prof. Dr. Anna Conte
Prof. Dr. Marcella Corsi
Dr. Paola Paiardini
Dr. Zacchia Giulia
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

• financial literacy
• financial knowledge
• behavioural finance
• gender gaps in financial literacy
• financial wellbeing