The Institute for Financial Literacy’ mission is to research and improve the financial literacy of the Icelandic nation.
Improved financial literacy means that individuals are better able to take control of their financial matters and assures financial stability as well as giving them the chance to shape the future, in accordance to the economic environment.
Furthermore it enhances an open and informed channel of communication and endorses confidence in dealing with finances. Not only does improved financial literacy lay the foundation for increased quality of life, it also leads to a more responsible and healthier society.
The Institute’s goal is that all Icelanders will...
- Be able to make informed decisions regarding their own economic wellbeing and prepare for different needs relating to different ages.
- Become aware of effective ways to take control of their finances and can act accordingly within their means.
- Have a reason to be content with their financial decisions and lower their financial worries.
- Care for their economic wellbeing and in doing so increase their quality of life.
Research
One of the bases of the Institute for Financial Literacy is research as it is of utter importance that all our work is evidence based. The Institute takes initiative and participates in research related to financial literacy in Iceland and overseas. The Institute gains expertise in gathering and disseminating financial literacy information, in the field of research as well as education.
Please do not hesitate to contact if you are interested in receiving information regarding our research or if you are looking to partner for an international project.
Financial Literacy in Iceland 2012
Two new reports due in September 2012. Financial literacy compared to teh financial literacy in 2009 and also to that of 14 other countries throughout the world.
Available in Icelandic and English.
Financial Literacy in Iceland 2009
The research was based on a random sample of 966 Icelanders aged 18-80 with a response rate of 64.6%. Data was collected through a telephone survey conducted 5th-15th December 2008. Questions covered knowledge, attitude and behavior.
The participants’ "average grade" in the knowledge part proved to be 4,28 on the scale of 0-10. Other main findings include that 38% of homes keep household accounts. Two thirds of the participants have a personal pension plan. Four out of five are paying off a loan of some sort. The highest overdraft by a single person was ISK 3.8 million. Half of the participants worry about their finances and approx. 40% want to get more financial. Only one in ten are aware of the actual annual expense of operating a car.
Education, income, sex and marital status independently predict the performance of the knowledge section of the survey.
Available in Icelandic and English.
Financial Literacy of Icelandic College Students
The first financial literacy research made in Iceland. Currently available in Icelandic.
For further information please feel free to contact