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Financial Capability and Asset Development$
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Julie Birkenmaier, Jami Curley, and Margaret Sherraden

Print publication date: 2013

Print ISBN-13: 9780199755950

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199755950.001.0001

Building Blocks of Financial Capability

Chapter:
(p.3) 1 Building Blocks of Financial Capability
Source:
Financial Capability and Asset Development
Author(s):

Margaret Sherraden

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199755950.003.0012

Families lack financial knowledge and skills to make optimal financial decision in an increasingly complex financial landscape. Simultaneously, they lack access to appropriate and beneficial financial services that create conditions for financial stability, well-being, and confidence in the future. People need both financial knowledge and financial inclusion to build financially secure and hopeful lives. The concept of financial capability bridges the disciplines of economics, psychology, and sociology, taking into account how individual action and behavior, human psychology, and social structure influence household financial management and decision making. This chapter explores the idea of financial capability and calls for greater attention to research and professional training in building financial capability, especially in low-income and financially vulnerable households.

Keywords:   financial capability, financial literacy, financial inclusion

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