ISET

In September 2015, United Nations member states adopted the 2030 Agenda for Sustainable Development (the “Agenda”) and seventeen Sustainable Development Goals (SDGs). The Agenda and the SDGs propose that countries achieve sustainable development in economic, social and environmental dimensions simultaneously.

The Agenda stipulates that international trade is expected to play a role in the implementation of achieving the SDGs. The United Nations Conference on Trade and Development (UNCTAD) has a long-standing tradition, going back at least to 1964, of recognizing international trade as a means of promoting socioeconomic development: “Economic and social progress throughout the world depends in large measure on a steady expansion of international trade. The extensive development of equitable and mutually advantageous international trade creates a good basis for the establishment of neighborly relations between States, helps to strengthen peace and an atmosphere of mutual confidence and understanding among nations, and promotes higher living standards and more rapid economic progress in all countries of the world.”

People face complicated financial decisions starting from a young age. Financial mistakes made early in life can be costly. Thus, Financial literacy could play an important role in sound financial decision-making. Financial illiteracy has implications for many household behaviors. People with the lack of financial literacy participate less in the stock market (van Rooij et al. 2011), choose mutual funds with higher fees (Hastings and Tejeda- Ashton, 2008), and accumulate less retirement wealth (Behrman et al. 2010). There is also evidence that the less literate people are more likely to have costly mortgages (Moore, 2003) and more likely to engage in highcost borrowing.

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