Consumer financial education and risky financial asset holding in China

Zhu, Ting; Xiao, Jing Jian

doi:10.1111/ijcs.12643

Cited by 26 publications

(16 citation statements)

References 130 publications

(169 reference statements)

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“…As explained above, the economic knowledge concerned in the school context is limited and is often combined with moral and political curricula which, from the pupils' perspective, is not considered as a core subject similar to mathematics and foreign languages (cf. Zhu and Xiao, 2022). On the other hand, these pupils do not have much time and desire to acquire economic knowledge that is not relevant in the entrance examination to upper secondary school (cf.…”

Section: Comparison and Discussion Of The Results Between Countriesmentioning

confidence: 99%

Economic knowledge among pupils in Austria, India and China: Empirical evidence and cross-country comparison

Pilz

Chen

Mies

et al. 2022

Research in Comparative and International Education

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Knowledge of economics is becoming essential for citizens to adapt to economic life. Against this backdrop, the economic education of young people in the general education system has, in recent years, assumed greater importance at the level of education policy in many countries. For this reason, an empirical study was conducted in Austria, India and China. The survey tool examines the economic knowledge, self-assessment, personal interest, and attitude towards economic topics among pupils who are about to finish lower secondary school. The findings are presented and compared based on the respective education system and cultural background. The results demonstrate the feasibility of measuring economic knowledge in a standardised way across three different countries. From a comparative perspective, the results indicate the differences in implementing economic education in compulsory education in these countries and that it is critical to exchange good practices and cooperate for innovation to improve the economic education.

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Section: Comparison and Discussion Of The Results Between Countriesmentioning

confidence: 99%

Economic knowledge among pupils in Austria, India and China: Empirical evidence and cross-country comparison

Pilz

Chen

Mies

et al. 2022

Research in Comparative and International Education

View full text Add to dashboard Cite

show abstract

“…Furthermore, using samples with different demographic characteristics (e.g., undergraduates and mTurk samples), we demonstrated the robustness of our results but did not explicitly control for the effects of socio‐demographic variables. However, the prior literature shows that one's gender (e.g., Białowolski et al., 2020), income (e.g., Potocki & Cierpiał‐Wolan, 2019; Son & Park, 2019), or financial education (e.g., Zhu & Xiao, 2021) can influence his/her financial behaviours. Hence, future research should consider including consistent socio‐demographic factors to better understand our proposed effects on financial behaviours.…”

Section: Discussionmentioning

confidence: 99%

“…(e.g.,Potocki & Cierpiał-Wolan, 2019;Son & Park, 2019), or financial education (e.g.,Zhu & Xiao, 2021) can influence his/her financial behaviours. Hence, future research should consider including consistent socio-demographic factors to better understand our proposed effects on financial behaviours.…”

mentioning

confidence: 99%

A penny saved is a penny earned: How money‐view and self‐view jointly influence consumer financial behaviour

Kim

Huang

Chen

2021

Int J Consumer Studies

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The prior literature suggests that money offers symbolic or exchange values, thereby directly or indirectly motivating behaviours (i.e., money as a direct or an indirect behavioural incentive). Building on this distinction, the current research argues that the way consumers perceive the value of money (i.e., money‐view) affects their preferences for financial strategies in enhancing their financial positions. Specifically, our finding shows that consumers tend to prefer financial strategies that focus on financial gains (vs. losses) when they perceive money as a direct (vs. indirect) behavioural incentive (Study 1). We further show that consumers are more motivated to enhance their financial positions, that is, have a higher hypothetical savings rate (Study 2) or a higher self‐reported savings rate (Study 3), when there is a fit between their preferences for financial strategies predicted by their money‐views (e.g., direct or indirect) and by their self‐views (e.g., independent or interdependent). This research contributes to existing knowledge on the psychology of money as well as consumer financial behaviour. Practically, the results offer valuable guidance in the development of more effective personal finance management.

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“…Although we provide evidence on the association between exercise behavior and financial literacy and financial education as proxies for rational decision-making ability, the channel through which they are associated needs more investigation. For example, Xiao and Porto [82] found that financial literacy, behavior and capability mediated the association between financial education and financial satisfaction while Zhu and Xiao [83] found that financial literacy, financial and economic information search and risk tolerance mediated the association between financial education and risky financial asset holding. Similarly, there could be some mediating variables in the association between exercise behavior and financial literacy and financial education.…”

Section: Discussionmentioning

confidence: 99%

Financial Literacy and Exercise Behavior in the United States

2021

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Lack of exercise is an important public health issue in the United States due to its link to obesity and other health risk factors. Despite several policy interventions, many Americans do not exercise sufficiently. Given recent findings that financial literacy helps to improve people’s rational decision-making ability and encourages people to exercise in Japan, we conduct a similar study for the United States, which has also been experiencing lack of exercise but has a different cultural setting. Culture has important influences on decision making and exercise behavior. This study investigates whether financial literacy is associated with exercise behavior in the United States. We used Osaka University’s 2010 Preference Parameters Study dataset and performed a probit regression analysis to test our hypothesis that financially literate people are likely to exercise more. In support of our hypothesis, we find that Americans with better financial literacy are more likely to exercise at least once a week. Additionally, financial education has a similar association with exercise behavior. Our results suggest that authorities could consider using financial literacy as an alternative policy intervention to promote regular exercise among the American population.

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Consumer financial education and risky financial asset holding in China

Cited by 26 publications

References 130 publications

Economic knowledge among pupils in Austria, India and China: Empirical evidence and cross-country comparison

Economic knowledge among pupils in Austria, India and China: Empirical evidence and cross-country comparison

A penny saved is a penny earned: How money‐view and self‐view jointly influence consumer financial behaviour

Financial Literacy and Exercise Behavior in the United States

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