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The influence of the media on financial literacy
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This thesis investigates how the media affect financial literacy. This is done by analysing the
change in behavior of retail investors after an outbreak of news. Evidence suggests that the
media helped improve financial knowledge in Portugal in 2022, as the households became
more responsive to returns on savings after the media published a series of informative
articles. Using a difference-in-differences approach, it appears that the media likely had a
causal impact on the improved investments. While this research would benefit from larger
samples, the findings indicate an interesting potential for the media to improve financial
literacy.
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Palavras-chave
Financial literacy Interest-elasticity Behavioral finance Retail investors Difference-in-differences News