Financial literacy and numeracy of consumers and retail investors

Financial literacy and numeracy levels affect the ability of consumers to read, understand, process and reflect on the information presented to them. This article provides a comprehensive review of financial literacy studies and surveys conducted recently to assess and determine financial literacy and numeracy levels across different countries. It suggests that low levels of financial literacy and numeracy found amongst consumers significantly limit the effect of disclosures as a means of consumer protection. © 2017 Author.