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The antecedents and consequences of financial literacy: a meta-analysis

Fernando De Oliveira Santini (Universidade do Vale do Rio dos Sinos, São Leopoldo, Brazil)
Wagner Junior Ladeira (Universidade do Vale do Rio dos Sinos, São Leopoldo, Brazil)
Frederike Monika Budiner Mette (Escola Superior de Propaganda e Marketing – Campus ESPM Sul, Porto Alegre, Brazil)
Mateus Canniatti Ponchio (Department of Marketing, Escola Superior de Propaganda e Marketing, São Paulo, Brazil)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 17 May 2019

Issue publication date: 15 August 2019




The purpose of this paper is to determine the antecedents and consequences of financial literacy by using meta-analytic techniques.


The authors conducted a meta-analysis of 44 valid studies, which generated a total of 690 observations (effect sizes).


The findings showed that the factors influencing financial literacy were as follows: educational level, financial attitude, financial knowledge, financial behaviour, gender, household income and investments. The consequences of financial literacy were the behaviour of incurring avoidable credit and checking fees, credit score, and the willingness to take investment risks. The authors also find some methodological, cultural, economic and theoretical moderations effects between financial literacy and antecedent/consequent constructs.

Research limitations/implications

This meta-analysis reviewed the relationships found worldwide in the literature on financial literacy. The authors also identified new avenues for future research. Some specific limitations, such as the non-use of qualitative studies, are registered.


This research tested the impact of the antecedents, consequences and moderators of financial literacy via a meta-analytical review. This meta-analysis contributes to the marketing and financial literature by offering a set of empirical generalisations about the direct and moderation effects investigated.



Santini, F.D.O., Ladeira, W.J., Mette, F.M.B. and Ponchio, M.C. (2019), "The antecedents and consequences of financial literacy: a meta-analysis", International Journal of Bank Marketing, Vol. 37 No. 6, pp. 1462-1479.



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