Researchers from Kozminski University – Prof. Dorota Węziak-Białowolska and Prof. Piotr Białowolski – together with Prof. Andrzej Cwynar (WSEI University in Lublin) received the ACCI National Endowment for Financial Education (NEFE) Paper Award for their article “The Role of Language, Gender and Cognitive Engagement in Shaping Financial Literacy: Evidence from a Large-Scale Randomized Experiment.” The award is granted to authors of publications that make a significant contribution to advancing knowledge in financial education and economic decision-making.
The American Council on Consumer Interests (ACCI) is an international non-profit organization founded in 1953, bringing together scholars and professionals specializing in consumer and family economics. Its mission is to enhance the economic well-being of consumers and families through research, education, and knowledge exchange.
The study examines the extent to which financial literacy reflects actual knowledge of economic concepts, and to what extent it depends on question design, language, and the level of cognitive engagement. The authors demonstrate that language can influence the measurement of financial literacy. Gender differences are linked not only to knowledge, but also to the perception and interpretation of information, while cognitive engagement plays a key role in economic decision-making.
The research was conducted on a large scale using randomization, which strengthens its reliability and relevance for further studies in behavioral economics and financial education. The findings have important implications for the design of financial literacy measurement tools, public policies, and educational programs, showing that effective financial education should take into account not only knowledge transfer, but also how information is communicated and received.
