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The Financial Wellbeing Index: “Donne al quadrato” and the relevant impact measurement

  • Claudia Segre
  • Serena Spagnolo
  • Valentina Gabella
  • Valentina Langella

How can we reduce economic violence? Can financial literacy and education enhance economic wellbeing? The present paper reports the results of a research conducted by ALTIS – Università Cattolica and Global Thinking Foundation for the evaluation of changes, improvements and consequences produced by the educational course in financial literacy ‘Donne al quadrato’, provided by the Foundation among the policies against economic violence implementation. In this study, impacts’ measurement refers to conceptual framework of financial wellbeing, a composite notion constructed of objective and subjective dimensions related to people’s financial behaviour. The expression ‘Financial Wellbeing’ highlights how economic issues are inextricably bound to individual and social wellness. Helping people enhancing their own financial wellbeing – in a broad sense – should then be the very first purpose of economic education activity. In the present research, financial wellbeing has been measured by the implementation of a synthetic index, based on studies of World Bank and University of Bristol. The index is intended to measure people’s self-sufficiency and independence about their financial situation, resources and capabilities. The indicator takes into account both micro and macro features, being the first ones specific of the sample analysed and latter territorial context variables employed for the removal of the macroeconomic changes affecting the entire population from the specific changes proceeding from the training. The trial, involving different Italian regions, has been fulfilled by the administration of a tailoredmade survey pre and post the “Donne al Quadrato” course, during academic year 2019/2020, in order to register the change occurred in the respondents’ perception of their knowledge, behaviour, personality and aptitudes. The results of the experimentation demonstrated that financial education could engender the modification not only of knowledge but also of awareness and proficiency in financial behaviours, as well as the increase of course participants’ financial wellbeing.

  • Keywords:
  • financial wellbeing,
  • financial literacy,
  • economic violence,
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Claudia Segre

Global Thinking Foundation, Italy

Serena Spagnolo

Global Thinking Foundation, Italy

Valentina Gabella

Catholic University of Sacro Cuore of Milan, Italy

Valentina Langella

Catholic University of Sacro Cuore of Milan, Italy

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  2. Atkinson, A. and F. Messy (2012), Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing, Paris, (FR).
  3. Delafrooz, N., Paim, L. H. (2011). Determinants of financial wellness among Malaysia workers. African Journal of Business Management, 5(24), 10092-10100.
  4. Gerrans, P., Speelman, C., Campitelli, G. (2014). The relationship between personal financial wellness and financial wellbeing: A structural equation modelling approach. Journal of Family and Economic Issues, 35(2), pp. 145-160.
  5. Hayes, D., Evans, J., Finney, A. (2016). Momentum UK Household Financial Wellness Index: Wave one. Personal Finance Research Centre (PFRC), University of Bristol for Momentum UK.
  6. Holzmann, R., Mulaj, F., & Perotti, V. (2013). Financial capability in low-and middle-income countries: measurement and evaluation, World Bank, Washington, DC, (USA).
  7. Kempson, E., Perotti, V., Scott, K. (2013a). Measuring financial capability: a new instrument and results from low-and middle-income countries, World Bank, Washington, DC, (USA).
  8. Kempson, E., Perotti, V., Scott, K. (2013b). Measuring Financial Capability: Questionnaires and Implementation Guidance for Low-, and Middle-Income Countries, World Bank, Washington, DC, (USA).
  9. Kempson, E., Finney, A., & Poppe, C. (2017). Financial well-being, a conceptual model and preliminary analysis, SIFO Working Paper No. 3-2017, Oslo and Akershus University College of Applied Sciences, Oslo, (NO).
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  • Publication Year: 2021
  • Pages: 77-82
  • Content License: CC BY 4.0
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  • Publication Year: 2021
  • Content License: CC BY 4.0
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Chapter Information

Chapter Title

The Financial Wellbeing Index: “Donne al quadrato” and the relevant impact measurement

Authors

Claudia Segre, Serena Spagnolo, Valentina Gabella, Valentina Langella

Language

English

DOI

10.36253/978-88-5518-304-8.16

Peer Reviewed

Publication Year

2021

Copyright Information

© 2021 Author(s)

Content License

CC BY 4.0

Metadata License

CC0 1.0

Table of Contents

Book Title

ASA 2021 Statistics and Information Systems for Policy Evaluation

Book Subtitle

Book of short papers of the opening conference

Editors

Bruno Bertaccini, Luigi Fabbris, Alessandra Petrucci

Peer Reviewed

Publication Year

2021

Copyright Information

© 2021 Author(s)

Content License

CC BY 4.0

Metadata License

CC0 1.0

Publisher Name

Firenze University Press

DOI

10.36253/978-88-5518-304-8

eISBN (pdf)

978-88-5518-304-8

eISBN (xml)

978-88-5518-305-5

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Proceedings e report

Series ISSN

2704-601X

Series E-ISSN

2704-5846

137

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