Culture and adult financial literacy: Evidence from the United States

Abstract

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Understanding financial literacy and associated factors among adult population in a low-middle income country

“…In this study, the results revealed that Vietnamese adults' level of financial literacy was at an average level. The results of this study are consistent with studies around the world that show that people in low- and middle-income countries have moderate to low levels of financial literacy ( Davoli and Rodríguez-Planas, 2020 ; De Beckker et al., 2020 ; Klapper et al., 2015 ). Meanwhile, in high-income countries like European countries, people were trained in personal financial management from an early age; hence, the financial literacy of people in these countries was higher ( Davoli and Rodríguez-Planas, 2020 ; Klapper et al., 2015 ).…”

“…These results are consistent with some previous studies showing racial and religious differences in financial literacy and financial attitudes ( Brown et al., 2018 ; Grable et al., 2009 ; Marks et al., 2009 ). Davoli and Rodríguez-Planas (2020) argued that in the United States, people who come from countries that emphasized their values of patience, orientation in the long run, and risk aversion had significantly higher financial literacy ( Davoli and Rodríguez-Planas, 2020 ). Kenneth De Beckker et al.…”

“…To put it differently, we decide to evaluate the impact of the internet, smartphones and banking use on the level of financial literacy as financial services and products are in digital form since the Vietnamese government focuses on non-cash payment ( Son et al., 2020 ). Moreover, our study exploits the cultural variation of the Vietnamese population since culture may affect the financial knowledge of individuals ( Davoli and Rodríguez-Planas, 2020 ).…”

Empowering Emerging Adults with Type 1 Diabetes: Crafting a Financial and Health Insurance Toolkit through Community-Based Participatory Action Research

“…Additionally, CAB members emphasized the impact of family culture on diabetes nances. Individuals' beliefs and cultural beliefs about risk-taking, savings, and reliance on families affect their nancial decision-making (41). Navigating these new responsibilities as an emerging adult can be overwhelming.…”

Effect of a Financial Education and Coaching Program for Low-Income, Single Mother Households on Child Health Outcomes

“…While the FSP intervention integrated some adaptations to account for Spanishspeaking individuals, more work is needed to understand how cultural backgrounds and traditions are optimally addressed within similar types of interventions addressing not only finances but other SDOH [26].…”