Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/161256
Authors: 
Montagnoli, Alberto
Moro, Mirko
Panos, Georgios A.
Wright, Robert E.
Year of Publication: 
2017
Series/Report no.: 
IZA Discussion Papers 10633
Abstract: 
This study combines novel financial-literacy data with measures of attitudes to redistribution from the British Election Study. We find a significant negative relationship between financial literacy and attitudes in favour of government intervention for income redistribution. The effect is robust to several specifications, samples, longitudinal models and instrumental variable regressions. Falsification tests show that these results are independent of generic attitudes towards other types of inequality/discrimination, e.g. based on gender, race or sexual orientation. An inquiry into the mechanisms of the effect indicates that the homo oeconomicus effect does not exert an impact on attitudes to redistribution for the less financially literate.
Subjects: 
financial literacy
redistribution
inequality
attitudes
Great Britain
JEL: 
D14
D31
I24
Document Type: 
Working Paper

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