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1.
Elizabeth Ooi 《The Journal of consumer affairs》2020,54(3):931-950
Prior research consistently finds a gender gap in financial knowledge where males appear to outperform females. Despite the wealth of studies attempting to explain this gap, none have considered whether the gender gap may be a product of measurement method. This study re-examines the gender gap with item response theory (IRT) which can account for guessing behavior and differential item functioning. Survey data on 184,869 individuals from 39 countries and territories is analyzed. Results show that when IRT is employed, a gender gap exists in only 54% of the sample. In contrast, when a conventional measurement approach is used, there is a gender gap in financial knowledge in 81% of the sample. These results reveal that prior measurements may underestimate women's financial knowledge and inflate the gender gap. 相似文献
2.
A large and growing segment of global society is comprised of capable but unwilling readers. Despite the proliferation of aliteracy and extant research on illiterate consumers, the topic of consumer aliteracy is unexplored. To address the issue, an eight‐item unidimensional measure of the construct is developed and validated. This consumer aliteracy scale captures reading attitudes and behaviors across a variety of written marketing materials. Results indicate that consumer aliteracy is predictive of how consumers approach written versus visual marketing information and the amount of time devoted to these information formats in a choice setting. Understanding the phenomenon of consumer aliteracy is essential for researchers studying consumer responses to a wide variety of written marketing materials. In addition, consideration of consumer aliteracy may help research that employs written marketing messages as stimuli to better detect other processing effects. 相似文献
3.
Andrea Lučić Dajana Barbić Marija Uzelac 《International Journal of Consumer Studies》2023,47(1):373-399
This paper investigates the multidisciplinary theoretical context of financial capability and provides a critical examination of 14 relevant theoretical frameworks. To this end, the paper defines financial capability and develops a new theoretical framework of financial capability termed the personal financial management system. Financial capability is defined as the capacity of consumers to undertake comprehensive financial activities and thereby achieve personal financial well-being. The exploration of financial capability includes the concepts of financial literacy and psychological financial capability, where the latter represents automatic and controlled mental processes. Recent advances in behavioural science have profoundly changed the realm of personal finances, and it is, therefore, essential to acknowledge the importance of the intuitive reasoning that shapes our financial decision making. As part of the financial management system's throughput, together with individual motivation and opportunity within the personal financial management system, financial capability forms financial behaviour. The framework identifies three groups of relevant antecedents of financial capability including sociodemographic factors, cognitive and affective factors and personality and values. By constructing a comprehensive theoretical model, this paper contributes to the literature by providing greater consistency in the definitions of capability and its related terms, encouraging academic discussion and affirming the much-needed directions for future research. 相似文献
4.
Jing Jian Xiao Nilton Porto Irene McIvor Mason 《The Journal of consumer affairs》2020,54(4):1383-1401
Effective consumer financial education provides relevant information to meet special needs of targeted audiences. The purpose of this study is to examine differences in financial capability among student loan holders who are college students, graduates, and dropouts. Using data from the 2015 U.S. National Financial Capability Study, the results show that student loan holders who have completed their education program have higher scores in all financial capability indicators than college students and dropouts. Further analyses show differences in specific financial knowledge items among college students, graduates, and dropouts. In addition, college graduates are more likely to perform several specific desirable financial behaviors than college students and dropouts. The findings suggest that financial educators should emphasize action taking when they provide financial education for student loan holders who are college students and dropouts. 相似文献
5.
Dajana Barbi&#x; Andrea Lu
i&#x; James Ming Chen 《International Journal of Consumer Studies》2019,43(1):102-112
Sound consumption decisions determine individuals’ well‐being; responsible financial consumption behaviour (RFCB) affects not only their finances but also their societal status and emotional state. The failure to manage personal finances responsibly may result in serious long‐term consequences for individuals and society overall. In order to evaluate the concept of RFCB, this study combines two established theoretical frameworks—the family management system and the theory of planned behaviour. The paper investigates the relationships among RFCB, responsible financial attitudes, financial literacy and behavioural control. Its theoretical model is tested on a random sample of 494 respondents and analysed using PLS‐SEM. The results confirm the formation of responsible consumption behaviour by six formative elements: self‐control in spending, planning for the future, seeking information, education, rational decision‐making and solvency. The findings also indicate that all three focal variables have a direct effect on RFCB. 相似文献
6.
Victoria Abena Nutassey;Siaw Frimpong;Samuel Kwaku Agyei;Doris Amoako; 《Thunderbird国际商业评论》2024,66(4):325-337
We investigated the mediating role of financial inclusion in the relationship between financial literacy and financial well-being in Ghana. Using PLS-SEM, we found that financial inclusion indeed mediates financial literacy and financial well-being in Ghana. We also documented a positive and significant relationship between Ghanaians' financial literacy and financial well-being. Again, financial literacy has a direct positive effect on financial inclusion. Hence, to enhance the impact of financial literacy on financial well-being in Ghana, policymakers should grant financial institutions enough freedom to offer a variety of financial services; financial institutions that have lost credibility in Ghana (such as insurance companies) should be put in check to build the trust of Ghanaians in them; and the cost of using a mobile phone and internet services to access financial services in Ghana should be reduced. The management of financial institutions can utilize the freedom offered to them by policymakers to offer various financial services to the public, build trust in customers, and offer lower-cost services to help improve the financial well-being of Ghanaians. 相似文献
7.
Gintautas Silinskas Arto K. Ahonen Terhi-Anna Wilska 《The Journal of consumer affairs》2023,57(1):593-618
This study investigates the associations of adolescents' financial socialization factors—financial education in school and families—with financial confidence (i.e., confidence in using financial and digital financial services). In addition, we examine how financial socialization factors indirectly relate to financial literacy skills through financial confidence and the role of demographic factors (adolescent gender, grade level, parental education, family wealth) on financial socialization, financial confidence, and financial literacy scores. We used data on the 4328 Finnish 15-year-olds participating in the 2018 Programme for International Student Assessment (PISA). We measured financial literacy by cognitive test items and assessed financial socialization and financial confidence by adolescent questionnaires. First, the results showed that financial education in school positively predicted adolescents' confidence in using financial and digital financial services. Second, financial education at schools and in families indirectly predicted students' financial literacy through confidence in using digital financial services. Third, older adolescents were more exposed to financial education at school and in families, whereas adolescents from wealthier families and girls (vs. boys) were exposed to a more frequent discussion of financial matters with parents at home. Furthermore, the boys were more confident in using financial services than the girls, although the financial literacy score did not differ by gender; older adolescents were more confident in using financial services and achieved better financial literacy than younger ones. Finally, higher parental education in the family related to higher financial literacy but not to higher financial confidence, whereas family wealth was related to higher financial confidence but not financial literacy. 相似文献
8.
Brenda J. Cude Swarn Chatterjee Jamal Tavosi 《International Journal of Consumer Studies》2019,43(6):503-513
This research is the first to describe financial knowledge in the Islamic Republic of Iran. Data were collected from a convenience sample of investors in the Tehran Stock Exchange. The data were used to examine objective and subjective knowledge as well as overconfidence in one's financial knowledge. The results indicated that compared with other populations, Iranians did not perform well on either basic or advanced financial knowledge questions, especially when the questions dealt with interest rates. This is likely related to the Islamic law ban on usury‐based investing. Regression analysis indicated that demographic charactristics related to basic financial knowledge were income, labour force status and being a student. Demographic characteristics related to advanced financial knowledge were education, labour force status and age. Higher income and education reduced the odds of being overconfident about one's financial knowledge, while being a student and male increased the odds. The article concludes with recommendations about future research as well as building a national financial education strategy. 相似文献
9.
Kenneth De Beckker Kristof De Witte Geert Van Campenhout 《International Journal of Consumer Studies》2019,43(5):490-501
Targeted policy interventions are more effective than one‐size‐fits‐all initiatives. This paper proposes the use of k‐means cluster analysis to identify vulnerable groups with respect to financial literacy. Using a rich sample of 12 countries, we distinguish 4 groups with varying financial literacy levels, and examine their socio‐economic characteristics. The results suggest that individuals in the most vulnerable financially illiterate groups are on average, single, less‐educated and unemployed with low incomes. This contrasts with those in the strongest group: individuals with the highest financial knowledge, financial behaviour and financial attitudes scores are on average highly educated males who live together with a partner. They earn a high income and hold several financial products. Integrating these insights into national strategies which promote financial literacy will not only lead to more effective but also to more efficient policy initiatives by focusing on the particular weaknesses of certain subgroups and using the appropriate transmission channels. 相似文献
10.
Recent changes in deregulation and technology have made banking one of the most competitive sectors in the global economy. Within this background, corporate image management has gained importance as a way of differentiating companies. This paper aims to develop a scale to analyse the corporate image in banking. Derived from a review of the literature, a scale with the most cited dimensions of analysis is developed. This scale is then tested by means of an empirical study of 450 individuals, where dimensionality, reliability and validity requirements are confirmed. Both theoretical and managerial implications are presented. 相似文献
11.
Retailers lure consumers with clever use of choice architecture; examples include “bargains” heavily restricted in the fine print and discounts structured to exaggerate the true saving. Given that financial literacy is a key competency for managing money, good financial literacy may provide protection from these “sludges.” In an exploratory experiment, we measure 48 university students' retail literacy and financial literacy, while concurrently tracking their emotional reactions and decision time using FaceReader software. We then test hypotheses on a larger sample using an online survey. We find that strong financial literacy supports retail literacy and vice versa, but the two constructs are distinct. The differences are identified through mathematical and methodological reasoning, gender, and emotion. While gender remains a factor for financial literacy, it is less prominent in retail literacy, and women respond more positively to retail literacy performance measurement. We recommend future investigation into building women's financial literacy performance using materials that are aesthetically pleasing and based on familiar financial frames and scenarios. 相似文献
12.
13.
Kristjan Pulk;Leonore Riitsalu; 《The Journal of consumer affairs》2024,58(2):432-450
Financial literacy is an important life skill, but to date, it is mostly studied on the individual level. To investigate the role of national culture in financial literacy, we analyze data from 20 countries participating in the Program for International Student Assessment (PISA) 2018 financial literacy assessment with four approaches to measuring national culture: Hofstede, Schwartz, Inglehart–Welzel, and Minkov–Kaasa cultural dimension frameworks. This is the first study that links PISA financial literacy scores to these four culture models simultaneously, filling a gap in research on youth financial literacy. We find that culture explains an important part of within-country variance in financial literacy. The results indicate that individualism is positively associated with youth financial literacy scores, with the Schwartz embeddedness dimension remaining consistent after a set of control variables. Therefore, financial education initiatives need to consider in their design and implication the cultural context of the participants. 相似文献
14.
Elise Frølich Furrebøe Ellen Katrine Nyhus Andrew Musau 《The Journal of consumer affairs》2023,57(1):69-91
The OECD/INFE international surveys of adult financial literacy (OECD/INFE 2016, 2020) show gender differences in financial literacy in developed countries in Europe. In this study, we examine whether these differences can be explained by gender differences in parental economic socialization using the Dutch 2018 DHS household survey. We investigate whether respondents' recollection of economic socialization when young predict their adult economic behavior and self-assessed financial knowledge. The results from ordinal logit and logistic regressions and for nonlinear equations decompositions reveal gender differences in the recollection of economic socialization and in how socialization practices are related to economic behavior and self-assessed financial knowledge. Men have to a greater degree than women been socialized in terms of having paid work outside the home, while women more often than men report that their parents controlled their spending. Moreover, we find gender differences in how men and women benefitted from the same socialization practices. 相似文献
15.
The authors suggest that the process of shopping for a home and choosing between alternative property features depletes individuals’ cognitive resources, which in turn results in sub‐optimal home financing decisions. Thus, in the span of time that follows the shopping experience, consumers will devote less attention to choosing a mortgage, resulting in a higher propensity to select higher‐risk, adjustable‐rate mortgage products. The results of two controlled experiments demonstrate that participants in an online house shopping simulation were more likely to select one of the high‐risk mortgage offers, and spent less time selecting a mortgage than participants in the control condition. In addition, contrary to expectations, warning participants about cognitive resource depletion exacerbated these effects. These findings imply that consumer decisions could be improved by imposing a temporal separation between shopping for a home and shopping for financing. 相似文献
16.
This study conducted meta-analyses of the relationships between financial literacy and both financial behavior and financial well-being. Peer-reviewed articles published on financial literacy in the field of consumer studies were collected by July 29, 2020. Fourteen articles were eligible for the meta-analyses. The results showed positive relationships of financial knowledge with desirable financial behavior and financial well-being. Our comparison of objective and subjective financial knowledge indicated that subjective knowledge had stronger relationships with both financial behavior and financial well-being than objective knowledge. These two types of knowledge also had different paths to financial well-being in that subjective knowledge had both direct and indirect effects on financial well-being through financial behavior, whereas objective knowledge only had an indirect effect. The relationship between financial knowledge and financial behavior appeared stronger in cross-sectional data than in longitudinal data. The implications of these results and possible directions for future consumer science research were discussed. 相似文献
17.
Trang M. T. Phung Quoc N. Tran Phuong Nguyen-Hoang Nhut H. Nguyen Tho H. Nguyen 《The Journal of consumer affairs》2023,57(1):529-563
Using survey data from 730 undergraduates in Vietnam, we find that learning motivation and its components, especially self-efficacy, finance learning value, and achievement goals, significantly correlate with students' financial literacy performance. In addition, these correlations are moderated by student characteristics, among which academic seniority, university type, parents' education, and extra math study during high school matter the most. Our results raise significant implications to policymakers, researchers, and educators that include understanding the role of motivation and incorporating it in financial literacy education and intervention programs and considering the moderation roles that individuals' characteristics play in the motivation-financial literacy link. We encourage more research in these areas. 相似文献
18.
Kutlu Ergün 《International Journal of Consumer Studies》2018,42(1):2-15
This study analysed the level of financial literacy among university students in Estonia, Germany, Italy, Netherlands, Poland, Romania, Russian Federation and Turkey. The purpose of the study was to determine the level of financial literacy among university students, and to find out the relationship between financial knowledge and demographic characteristics of students. Online survey instrument was used to collect data. 409 fully completed questionnaires were accepted for analysis. Logistic regression was used to analyse of impact of the demographic characteristics on financial literacy. Overall mean of correct answers for the survey was 72.2%. This result represents a medium level of financial literacy about personal finance. Results indicate that male students, business major students, PhD students, those who live in a rental house, those whose parents have high level income, those who get advice on financial matters from their friends, those who took financial course before, those who get financial information about financial issues from university education, and students from Poland are more knowledgeable on personal finance. More financial courses should be provided in university education programmes, which could help more students handle their finances better and improve their financial wellbeing. It should be taken into consideration that in recent years, environmental and technological influences on financial literacy may be more important than parental influence. 相似文献
19.
Beatrice Magistro 《The World Economy》2020,43(8):2050-2069
Recent events in Europe and the United States suggest that open economies are increasingly under stress as nationalist, protectionist and populist political entrepreneurs are gaining significant ground across the Western world. Many theories have been formulated as to which factors are more likely to explain such policy preferences. The hypothesis tested in this paper is that financial literacy affects economic policy preferences. I analyse data from the British Election Study and test my theory on support for free trade in the United Kingdom. Findings suggest that financial literacy does affect economic policy preferences. On average, financially literate individuals are more likely to think that free trade is good for the British economy. Furthermore, this is true regardless of economic self-interest, as both financially literate winners and losers from globalisation are more likely to support free trade than their illiterate counterparts. 相似文献
20.
Propensity to plan is an indicator of financial capability that contributes to consumer financial well‐being. Previous research has shown that propensity to plan is positively related to objective financial well‐being but little research was found to examine its association with subjective financial well‐being. Using financial satisfaction to measure subjective financial well‐being, this study addressed this research gap and had three objectives: (1) to explore factors associated with propensity to plan, (2) to examine the association between propensity to plan and financial capability factors, and (3) to examine the association between propensity to plan and financial satisfaction. Using data from the 2015 US National Financial Capability Study, the results showed socioeconomic differences in propensity to plan. The results suggest consumers with more economic resources had higher scores in propensity to plan. In addition, propensity to plan was positively associated with financial capability factors, suggesting financial planning is a desirable financial behavior. Finally, propensity to plan made unique contributions to financial satisfaction after controlling for socioeconomic and other financial capability factors. 相似文献