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Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title Sustainable finance literacy and the determinants of sustainable investing
Organization Unit
  • Massimo Filippini
  • Markus Leippold
  • Tobias Wekhof
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Journal Title Journal of Banking and Finance
Publisher Elsevier
Geographical Reach international
ISSN 0378-4266
Volume 163
Page Range 107167
Date 2024
Abstract Text In this paper, we survey a large sample of Swiss households to measure sustainable finance literacy, which we define as the knowledge and skill of identifying and assessing financial products according to their reported sustainability-related characteristics. To this end, we use multiple-choice questions. Furthermore, we measure Swiss private investors' level of awareness about sustainable financial products using open-ended questions. We find that Swiss households, which are generally highly financially literate by international standards, exhibit low levels of sustainable financial literacy compared to the current working definitions of sustainable finance. Moreover, despite its low level, knowledge about sustainable finance is a significant factor in the reported ownership of sustainable products. The empirical results also show a relatively low level of awareness. Generally, these empirical findings suggest a need to create transparent regulatory standards and strengthen information campaigns about sustainable financial products.
Free access at DOI
Digital Object Identifier 10.1016/j.jbankfin.2024.107167
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Keywords Sustainable finance literacy, Sustainable finance products, ESG, Household finance, Open-ended questions, Gender gap, Natural language processing