Summary of How Not to Spend It

How Not to Spend It summary
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Rating

8

Qualities

  • Overview
  • For Beginners
  • Engaging

Recommendation

In this informative podcast, economist Annamaria Lusardi and researchers Maria Demertzis and Nick Barrett discuss the alarmingly poor state of financial literacy around the world. Their engaging conversation focuses on how fintech users are developing some bad financial habits and on how digital apps won’t make up for a lack of basic economic knowledge. This clear and accessible discussion will interest fintech fans and foes alike.

About the Podcast

Maria Demertzis is a deputy director at Bruegel. Nicholas Barrett is the producer and presenter of Bruegel’s podcast, The Sound of Economics, a series on major issues confronting Europe. Annamaria Lusardi is a professor of economics and accountancy at the George Washington University School of Business.

 

Summary

Financial literacy levels are low worldwide.

Finance has moved into the digital sphere, but that doesn’t change the fact that most people’s financial literacy is poor. Money is about more than just mathematics; you need to know your legal rights in financial transactions, where to find credible information and what questions to ask. According to global surveys, financial literacy is weak in most countries, regardless of people’s income levels and ages; about two-thirds of respondents struggle to grasp simple concepts about interest rates, inflation and risk diversification. Without basic financial knowledge, individuals...


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