The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions

Gerrans, Paul; Heaney, Richard

doi:10.1111/acfi.12247

Cited by 63 publications

(49 citation statements)

References 38 publications

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“…A number of studies recommend financial education programs to improve people's financial literacy (Gerrans and Heaney, 2016). However, those who are much older and face declining health are less likely to engage in those education programs.…”

Section: Discussionmentioning

confidence: 99%

Financial literacy amongst elderly Australians

Xue

Gepp

O'Neill

et al. 2018

Accounting & Finance

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Financial illiteracy is widespread amongst the elderly. Financially illiterate people are more likely to experience asset loss and outlive their savings after retirement. This paper measures financial literacy of elderly Australians using Item Responses Theory. Using a Lasso regression, we find that younger, married males with higher income and greater net wealth are more likely to be financially literate. Better financial literacy is also associated with good health, higher educational attainment, better occupation and outright home ownership. Our findings suggest policy makers take action and we make informed and practicable policy recommendations.

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Section: Discussionmentioning

confidence: 99%

Financial literacy amongst elderly Australians

Xue

Gepp

O'Neill

et al. 2018

Accounting & Finance

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Section: Previous Researchmentioning

confidence: 99%

“…Studies which have explored the impact of personality or behavioural traits on financial literacy find that extroversion is negatively linked to financial literacy (Gerrans & Heaney, 2016;Killins, 2017). In the Killins (2017) study conscientiousness had a positive effect on financial literacy, whereas in Gerrans and Heaney (2016) it was only significant for advanced financial literacy concepts. From a gender perspective it may be that the observed gender gaps in financial literacy derives from gender differences in psychological characteristics, including characteristics such as confidence (Bucher-Koenen et al, 2017).…”

Section: Previous Researchmentioning

confidence: 99%

Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Preston

Wright

2019

Economic Record

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Using micro‐data from the Household, Income and Labour Dynamics in Australia Survey, and the Oaxaca–Blinder decomposition technique, this paper examines the determinants of the gender gap in financial literacy. The analysis suggests that human capital variables, such as age and education, are not important in explaining the gender gap in financial literacy. Labour market variables, such as sector, occupation, industry, union membership and labour market status, are important and explain around 16 per cent of the gap. This finding is dependent on the assumption that these variables are exogenous. There is a large unexplained gap, suggesting that the main determinants are neither human capital nor labour market factors.

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“…In the United States, policymakers improve and strengthen consumer financial capabilities through education on basic financial knowledge. A survey from the undergraduates at an Australian university showed that financial education led to a positive increase in objective and subjective financial literacy, which improved personal financial decision-making [16]. In general, financial education can be divided into professional financial education and public financial education [17].…”

Section: Introductionmentioning

confidence: 99%

Sustainable Financial Education and Consumer Life Satisfaction

Chen

Wang

et al. 2020

Sustainability

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Sustainable financial education is defined as the continuous input of money and time on financial knowledge education after formal schooling. The purpose of this paper is to examine the impact of sustainable financial education on consumer life satisfaction. Utilizing the dataset of Household Consumer Finance of Chinese Urban Residents in 2012 by the China Financial Research Center of Tsinghua University, the variable of sustainable financial education is constructed through the variables of the necessity of financial education, the money spent on financial education, and the time spent on financial education. To improve the estimation results, order probit regression is utilized. The results indicate that financial education is significantly positive to consumer life satisfaction only for a consumer with higher education. Consumers who regard financial education to be of high necessity will feel more satisfied. The results also show that consumers who spend more money and time on financial education after formal schooling will be more satisfied. Moreover, the sustainable impacts of financial education on consumer life satisfaction are verified. In addition, this study provides empirical evidence that suggests that sustainable financial education positively contributes to consumer life satisfaction. The results have implications for policymakers to take measures in enhancing sustainable financial education to improve consumer life satisfaction.

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The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions

Cited by 63 publications

References 38 publications

Financial literacy amongst elderly Australians

Financial literacy amongst elderly Australians

Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Sustainable Financial Education and Consumer Life Satisfaction

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