Journal ArticleDOI
Measuring Financial Literacy
TLDR
An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments as mentioned in this paper, which is essential to understand educational impact as well as barriers to effective financial choice.Abstract:
Financial literacy (or financial knowledge) is typically an input to model the need for financial education and explain variation in financial outcomes. Defining and appropriately measuring financial literacy is essential to understand educational impact as well as barriers to effective financial choice. This article summarizes the broad range of financial literacy measures used in research over the last decade. An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments.read more
Citations
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Journal ArticleDOI
The Economic Importance of Financial Literacy: Theory and Evidence
TL;DR: An assessment of a rapidly growing body of economic research on financial literacy and thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy are offered.
Posted Content
Financial Literacy, Financial Education and Downstream Financial Behaviors (full paper and web appendix)
TL;DR: A meta-analysis of the relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies finds that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples.
Journal ArticleDOI
How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being.
TL;DR: In this paper, the authors conceptualize perceived financial well-being as two related but separate constructs: (i) stress related to the management of money today (current money management stress), and (ii) a sense of security in one's financial future (expected future financial security).
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Financial Knowledge and Best Practice Behavior
Cliff A. Robb,Ann Woodyard +1 more
TL;DR: In this article, the authors examined the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior, and found that both objective financial knowledge and subjective financial knowledge influenced financial behavior.
Journal ArticleDOI
Financial literacy: A systematic review and bibliometric analysis
Kirti Goyal,Satish Kumar +1 more
References
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Journal ArticleDOI
Measurement, Design and Analysis: An Integrated Approach
TL;DR: A survey of approaches to measurement in socobehavioral research can be found in this paper, where the authors present a survey of the most common approaches to measuring in sociology research.
Book
Measurement, Design, and Analysis: An Integrated Approach
TL;DR: Aiming to remedy what they see as the fragmentary nature of texts on statistics, the authors of this textbook explore both design and analytic questions, and analytic and measurement issues.
Book
Factor Analysis: Statistical Methods and Practical Issues
Jae-on Kim,Charles W. Mueller +1 more
TL;DR: Describes various commonly used methods of initial factoring and factor rotation and various methods of constructing factor scales are presented.
Journal ArticleDOI
Financial Literacy and Stock Market Participation
TL;DR: In this article, the authors evaluated the importance of financial literacy by studying its relation to the stock market: are more financially knowledgeable individuals more likely to hold stocks? To assess the direction of causality, they make use of questions measuring financial knowledge before investing in the stock markets.
Posted Content
Household Financial Management: The Connection between Knowledge and Behavior
TL;DR: In this paper, the authors focus on four financial management activities (cash-flow management, credit management, saving, and investment) and analyze the connections between knowledge and behavior, finding that those who knew more were more likely to engage in recommended financial practices.