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1.
Economists are beginning to investigate the causes and
consequences of financial illiteracy to better understand
why retirement planning is lacking and why so many
households arrive close to retirement with little or no
wealth. Our review reveals that many households are
unfamiliar with even the most basic economic concepts
needed to make saving and investment decisions. Such
financial illiteracy is widespread: the young and older
people in the United States and other countries appear
woefully under-informed about basic financial concepts,
with serious implications for saving, retirement planning,
mortgages, and other decisions. In response, governments
and several nonprofit organizations have undertaken initiatives
to enhance financial literacy. The experience of other countries, including a saving campaign in Japan
as well as the Swedish pension privatization program,
offers insights into possible roles for financial literacy
and saving programs.
JEL Classification A2, G2 相似文献
2.
Financial literacy (or financial knowledge) is typically an input to model the need for financial education and explain variation in financial outcomes. Defining and appropriately measuring financial literacy is essential to understand educational impact as well as barriers to effective financial choice. This article summarizes the broad range of financial literacy measures used in research over the last decade. An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments. 相似文献
3.
The articles in this special issue of The Journal of Consumer Affairs focus on financial literacy. The scope of the content spans conceptualization and measurement as well as factors influencing financial literacy and its impact. This editorial prelude suggests one way that educators might use this issue as well as a previous (Summer 2008) special issue of the journal that also focused on financial literacy. 相似文献
4.
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. 相似文献
5.
Past research has suggested that black and white consumers differ in their concern for the environment. The general consensus has been that whites are significantly more concerned than blacks about environmental issues. Most of this research, however, Is limited in scope and fails to account for variables, such as education and income, which may help to explain these differences. This study investigates and analyzes black and white consumer environmental concern. Results of this study indicate that there are significant differences between African-Americans and white Americans in their environmental concern at lower income and educational levels. However, as income and education rise, the gap in environmental concern between blacks and whites significantly decreases. These findings provide important implications for policy makers in making decisions related to environmental education and protection as well as for businesses intending to target consumers with environmentally focused promotional campaigns. 相似文献
6.
This study uses data from the 2009 and 2012 waves of the National Financial Capability Study to examine the effects of neighborhood characteristics on financial literacy. Controlling for individual characteristics, multivariate regression analysis shows that a zip code's education level has a significant impact on financial literacy. This finding is consistent with social learning as a mechanism of financial knowledge acquisition, with neighborhood education serving as a proxy for the level of financial knowledge of one's social network. Although social effects are not the only possible explanation for this finding, the result is robust even after controlling for a host of other factors such as getting advice from financial professionals, receiving financial education, and living in a zip code with greater employment in the financial industry. This study additionally documents that zip code education effects are present with various savings and credit measures. 相似文献
7.
Seeking professional financial advice to assist with financial decision making is an important option for consumers faced with increased responsibility for their own financial circumstances. We explore the role of two potential barriers/enablers to accessing financial advice. First, we explore the role of a variety of financial literacy measures to explain observed financial advice consultation. Second, we introduce a newly developed measure of financial adviser anxiety. We define adviser anxiety as (an existing or prospective clients') concerns involving the prospect of meeting with a financial adviser. The notion of adviser anxiety is inspired by evidence from medical settings that suggest individuals may refrain from seeking advice when objectively, it is in their best interests to do so. This anxiety may be due to embarrassment, worry, or other forms of apprehension associated with the consultation process. A new scale is presented which has strong validity and a demonstrated ability to explain reported future levels of professional advice seeking. 相似文献
8.
To meet the challenges of an ageing population, eligibility ages for state pensions have increased, early retirement arrangements have been abolished, and a substantial part of the risk and responsibility for an adequate standard of living after retirement has been shifted from the government, employers and pension funds to individuals and private households. Consequently, policy makers have become more concerned with whether individuals are able to make pension-related decisions that are in their own best interest. 相似文献
9.
Despite increasing interest in and funding for financial literacy and financial education programs in the private and public sectors, the field of financial literacy still has a major obstacle to overcome: the lack of a widely disseminated measure of financial literacy, developed through rigorous psychometric analyses. In this article, we develop such a measure, focusing specifically on financial knowledge. Using item response theory (IRT), we analyze items from three national surveys, resulting in a psychometrically sound 20‐item financial knowledge scale. By using IRT, the current analysis uses individuals' answers to inform which questions to include in the scale in the first place, rather than simply confirming relationships between these answers and other financially relevant outcomes post hoc. Widespread use of this index and the continued use of modern psychometric techniques would allow for the comparison of financial knowledge, measured consistently and reliably, across studies, populations, and programs. 相似文献
10.
金融素养是近年来消费者金融研究的一个新兴领域,这不仅仅是消费者金融知识的积累,更是消费者进行金融实践的指向标,能够促使消费者做出正确的金融决策并实现其财产的保值升值。文章以西宁市为例,通过问卷调查分析发现居民家庭金融素养的总体水平偏低,金融知识匮乏,缺少必备的金融技能,并针对此问题提出相关对策。 相似文献
11.
The purpose of this study is to test the notion that the use of digital payment methods, such as paying with a mobile phone, increases the risk of financial vulnerability. Research from the USA indicates such a relationship, and we study whether this finding can be generalized to other countries. Motivated by recent changes in EU legislation related to financial transactions, we also examine willingness to use social media companies for money transfers along with sharing bank account information with third-party financial services. Exploiting data collected from a representative sample of the Norwegian adult population (n?=?2202), we identify differences in financial behaviour and characteristics between users and nonusers of different digital payment methods. In contrast to US studies, we find that mobile payment users were less financially vulnerable than nonusers and those women were more likely users of digital payment technologies than men. Younger generations and those with low financial literacy were more financially vulnerable than others, although we did not find this to be related to the use of mobile payment or other digital payment methods. The results show that there is a need for more research from different countries outside of the USA to obtain an understanding of the consequences of increased digitalization of financial services. In addition, as COVID-19 has shifted a vast amount of spending online and these newer payment technologies have become more available, we need to gain a better understanding of how they influence financial behaviour. 相似文献
12.
This article reports the results of a controlled field experiment designed to estimate the short‐term effects of a 45‐minute financial education program on the financial literacy and savings behavior of children in Dutch primary schools. Among fifth and sixth graders, the program led to a pre‐ to posttest improvement in financial literacy on almost one of eight questions, with about one‐third of the increase in correctness attributable to the program. It also raised the probability of willingness to save by 4 percentage points. Nonetheless, whereas the program appears effective in respect to questions that explicitly address program content, its significant effects on financial literacy seem primarily driven by the results for girls, although we cannot reject homogeneous treatment effects with respect to gender. 相似文献
13.
In this article, we investigate the role of local factors associated with the financial literacy of Italian adults (no. 945). Using a multilevel regression model, together with the common socioeconomic and sociodemographic variables already used in previous studies, we also add certain environmental variables at the local level. We separately analyze the three indexes that define the OECD financial literacy index—Financial Attitude Index (FAI), Financial Knowledge Index (FKI), and Financial Behavior Index (FBI)—because they show a dynamic of their own in each region. Our findings confirm that the FKI and the FAI are associated to some extent with environmental traits, while the FBI is not. We conclude that not only the sociodemographic and socioeconomic conditions of individuals but also certain features of the regional context where they live have an impact on their financial literacy. Consequences for financial education programs are highlighted. 相似文献
14.
In this paper, we study the relationship between financial literacy and self‐employment. We use established financial literacy questions to measure literacy levels. The analysis shows a highly significant and positive correlation between the index and self‐employment. We address the direction of causality by applying instrumental variable techniques based on information about maternal education. We also exploit information on financial support and family background to account for concerns about the exclusion restriction. The results provide support for a positive effect of financial literacy on the probability of being self‐employed. As financial literacy is acquirable, the findings suggest that entrepreneurial activities might be increased by enhancing financial literacy. 相似文献
15.
The acknowledged widespread lack of financial literacy casts serious doubts on the ability of individuals to make financial decisions. Some studies suggest that financial experience can affect financial knowledge and that household financial wealth can be a factor leading to the acquisition of financial literacy. This article investigated the determinants of financial literacy using the 2006 wave of the Italian survey on household income and wealth. Empirical results indicated that wealth has a positive but small effect on the degree of financial knowledge. 相似文献
16.
ABSTRACTBased on the premise that financial literacy take place in networks to influence the level of financial inclusion, the study examined whether networks moderate in the relationship between financial literacy and financial inclusion among poor households in rural Uganda. Studies have revealed that financial literacy affects the level of financial inclusion. However, these studies have failed to incorporate the moderating role of networks in the relationship between financial literacy and financial inclusion. The results showed that networks positively and significantly moderates in the relationship between financial literacy and financial inclusion with both financial literacy and networks having direct and significant effects. 相似文献
17.
This paper examines effects of academic networks in a Stackelberg differential game between journal editors and authors. Authors
choose research papers to maximize satisfaction, while editors determine research quality to maximize journal reputation.
Verifying the system for stability, results show that academic networks neither affect the number of publications nor the
quality of an author’s papers. Networks only affect the number of an author’s citations. Editors’ preferences for publishing
an author because of her network membership seem irrelevant. This happens because editors compete to increase their journal’s
reputation by publishing high quality papers. Consequently, there is little room for editorial bias. Further, increased journal
competition has the potential to erode the citation gains. The equilibrium research quality is below the maximum possible
quality. Increases in publication benefits are shown to leave citations unaffected, increase the number of publications, and
decrease research quality. The results generally carry through when publishing markets tend to a monopoly. 相似文献
19.
Data from 929 product tests in Consumer Reports between January 1975 and November 1984 were used to estimate the potential payoffs to consumer search. A “best choice’ and a “worst choice’ were identified in each product test using three different selection methods. In methods 1 and 2, the worst choice was qualitatively inferior to the best choice. However, the method 1 worst choice was the most expensive lower-quality option, while in method 2 it was the least expensive alternative. In method 3, both the best and worst choices were selected randomly without regard to quality rankings or price. When the worst choice in a product test was more costly than the corresponding best choice, the price difference (in percent) was computed to estimate the returns to search in 12 product classes. Implications for consumers and consumer educators are also identified. 相似文献
20.
We provide an empirical investigation of leadership characteristics and social justice issues in the context of financial literacy service-learning. Using a unique dataset of student self-ratings, we find that students experience statistically significant increases in 8 of the 10 leadership dimensions and 7 of the 7 social justice issues examined in this study. Leadership dimensions include: persuasion, building community, “commitment to the growth of people,” stewardship, empathy, awareness, foresight, and listening. Interest in social justice issues include: dignity of the human person, community and the common good, rights and responsibilities, option for the poor, dignity of work, solidarity, and care for God’s creation. The statistically significant increases in these dimensions following the completion of the service-learning suggest positive effects on students’ self-perception of leadership qualities and interests in social justice issues: business school students sense improvement in nurturing growth of employees and colleagues, commitment to serving the need of others, understanding and empathizing with others, ethics, ability to foresee the likely outcome of a situation, and listening intently to others. As a consequence of the financial literacy service-learning, we believe that business students become more prepared toward becoming ethical leaders and citizens with compassion to serve the world for the well-being of all people, rich and poor alike. 相似文献
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