Aristotle’s wisdom that “education is the best provision for old age”, understood also in this specific sense, therefore still holds today; and it should provide guidance for public policy. Programmes to enhance people’s ability to understand some basic financial and economic concepts (such as interest compounding, percentages, etc.) have demonstrated their usefulness, especially for less-educated participants.
The best way, however, to enhance financial literacy so as to fully realise the benefits of financial development is to further invest in education, for there is clear evidence of a strong relationship between the level of schooling and financial literacy.