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Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.

Access & Equity in Basic Education --- Access to Finance --- Business Training --- Education for All --- Finance and Financial Sector Development --- Financial Capability --- Financial Literacy --- Primary Education --- Private Sector Development --- Randomized Evaluation