91̽»¨

Program
13.00-13.45 Dilan Ölcer and Peter van Santen, Riksbanken
Households´ indebtedness in Sweden.

13.45 – 14.30 Gianni Nicolini, University of Rome, Tor Vergata
Financial literacy in European countries

14.30-15.00 Coffee break

15.00 – 15.45 Emanuele Bajo, University of Bologna
Financial literacy and mortgage refinancing

16.00 – 17.00 Panel discussion

Households’ indebtedness relative to GPD and disposable income has in the EU countries increased dramatically since the 1990s. Both households’ total loan burden and the rate at which indebtedness grows have been identified as precursors of a dysfunctional economy. In Sweden credit-financed consumption has increased for a long time and the household debt as a percentage of disposable income is today among the highest in Europe. Recent governmental studies of over-indebtedness as well as academic research foresee that the high credit use will lead to negative consequences for both individuals and the economy.
A low degree of financial literacy has been identified as a likely co-determinant of over-indebtedness in making households take up loans with repayment conditions that threatens their economic status. In the workshop, research will be presented that addresses the level of indebtedness of Swedish households, how financial literacy should be measured, the level of financial literacy in European countries, and how it affects credit behavior.
A panel discussion will focus on the role of financial literacy for the prevention of overindebtedness and what are feasible means to increase financial literacy.