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Archive » January 2024 » Financial Education between Market and State: Economic Analysis and Italian Case

Financial Education between Market and State: Economic Analysis and Italian Case

Carolina Guerini, Donato Masciandaro
January 2024 - n. 1
Keywords: Educazione finanziaria, alfabetizzazione finanziaria, fiducia, marketing educazionale, trasparenza, conflitti di interesse, certificazione, indipendenza
Jel codes: D72, G28, G53, L15, M3

In every country, the supply of financial education depends on the interactions between the market and State. Conflicts of interest may arise in both perimeters, given the nature of credence good of Financial Education. On the one hand, private firms can offer education, but the need for quality and the existence of potential conflicts require the State to play the role of third-party certifier. On the other hand, the public role of certification evokes problem areas: also in this case potential conflicts of interest may arise, while there is the risk of capture of the certifier by specific interests. The aim of the article is to use marketing and economics as complementary methodological tools to offer a general analysis in which financial education is the outcome of both market and state forces. The framework is then applied to the case of Italy where, in recent years, private and public players have proposed financial-education initiatives, while a public certifier has also been active in this field.

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