Financial literacy, financial advice, and financial behavior

Stolper, Oscar Anselm; Walter, Andreas

doi:10.1007/s11573-017-0853-9

Cited by 235 publications

(224 citation statements)

References 161 publications

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“…Differences in financial literacy can be explained partially by standard sociodemographic characteristics such as gender, age, education, income and ethnicity (Stolper & Walter, ). However, in light of the existing empirical evidence, the effect of gender on financial literacy is much more puzzling than other characteristics of sociodemographic and economic status.…”

Section: Introductionmentioning

confidence: 97%

Consumer debt attitudes: The role of gender, debt knowledge and skills

Białowolski

Cwynar

et al. 2020

Int J Consumer Studies

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The link between financial attitudes and consumer financial market behaviour is well documented. However, little is known about the role of financial knowledge and skills—the main components of the financial literacy construct—in shaping debt attitudes. This link is especially absent from the gender perspective. This study focuses on consumer debt literacy and debt attitudes. A representative sample of adult Poles (N = 1,004) was participated in a computer‐assisted telephone interview. Latent class analysis was employed to reveal their debt attitudes, and subsequently, links between debt literacy and debt attitudes were studied with multinomial regression models. The results show that respondents in Poland can be grouped into five classes exhibiting different attitude profiles. The structure of debt attitudes is complex and differs from a simple unidimensional pro‐debt/ anti‐debt construct. Although this study did not find significant gender differences either in the conceptualization of debt attitudes or in their drivers, the results showed that in all but one class, consumer attitudes are strongly linked to either debt knowledge or debt skills or to both. Debt skills were revealed to be a particularly strong predictor of consumer debt attitudes.

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Section: Introductionmentioning

confidence: 97%

Consumer debt attitudes: The role of gender, debt knowledge and skills

Białowolski

Cwynar

et al. 2020

Int J Consumer Studies

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“…Despite the increased importance of financial literacy in today's society, financial illiteracy is widespread (Lusardi & Mitchell, ; Stolper & Walter, ). Some subgroups in the population are more vulnerable.…”

Section: Introductionmentioning

confidence: 99%

Identifying financially illiterate groups: An international comparison

Beckker

Witte

Campenhout

2019

Int J Consumer Studies

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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.

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“…Rooij et al (2012) found a strongly positive relationship between financial literacy and household wealth, even after controlling for many factors of wealth. Additionally, many studies argue that financial literacy is essential for financial decision-making (Austin & Arnott-Hill, 2014;Fernandes, Lynch, & Netemeyer, 2014;Mishkin, 2008;Stolper & Walter, 2017;Xiao & Porto, 2017).…”

Section: Financial Literacymentioning

confidence: 99%

Exploring the learning effectiveness of financial literacy from the microworld perspective: Evidence from the simulated transactional interactive concurrent system

Liu

Chueh

2019

Computer Assisted Learning

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Because the microworld can create a learning environment that allows learners to interact with the real world, the view of the microworld has been widely used in education and training. In this study, the simulated transactional interactive concurrent system (STICS) was used to provide an environment that simulates the stock market trading of the Taiwan Stock Exchange; the goal is to explore the effectiveness of using STICS in enhancing the financial literacy of students. This study adopts a quasi‐experimental design approach and divides students into two groups. The intervention group was made up of 42 students who learned financial knowledge aided by STICS, with a comparison group consisting of 43 students who learned with traditional lecturing and dictating methods. The study found that learners who used the STICS as an aid to learn financial knowledge had significantly better learning effectiveness than those who did not use STICS, in terms of motivation, attitude, and achievement. The intervention group also made significant improvements in average scores in learning motivation and achievement after 8 weeks of experimental teaching and learning.

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Financial literacy, financial advice, and financial behavior

Cited by 235 publications

References 161 publications

Consumer debt attitudes: The role of gender, debt knowledge and skills

Consumer debt attitudes: The role of gender, debt knowledge and skills

Identifying financially illiterate groups: An international comparison

Exploring the learning effectiveness of financial literacy from the microworld perspective: Evidence from the simulated transactional interactive concurrent system

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