A key step in delivering financial education is the evaluation of its impact and effectiveness. It is not a simple exercise; it requires the assessment of the changes of individuals’ behaviour. But the causal connection that binds knowledge, skills and behaviour cannot be taken for granted, despite their correlation.
As Panel II speakers told us, some information on that issue can be provided by behavioural economics. Individuals do not act as rational agents: they recall information selectively, make little use of statistical analysis, have unstable preferences, have cognitive and emotional limitations, are vulnerable to social pressures.