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Research papers on Financial literacy

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  1. Convergent and discriminant validation by the multitrait-multimethod matrix.

    Donald T. Campbell, Donald W. Fiske · 1959 · Psychological Bulletin · 17,225 citations

    This data set was collected to examine the eHealth Literacy Scale as a means of assessing eHealth literacy among German athletes. In this context, we pursued two objectives with this study: first, to test the factorial structure of the GR-eHEALS and assess its construct validity by examining both convergent and discriminant validity; and second, to examine the associations between eHealth literacy and health-related outcomes (i.e., substance use and injuries). This digital survey was conducted as a cross-sectional study, adhering to the approval guidelines of the Ethics Committee of the Faculty of Medicine at the University of Duisburg-Essen (19-8947-BO). Prior to the survey, each participan

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  4. Conceptualizing AI literacy: An exploratory review

    Davy Tsz Kit Ng, Jac Ka Lok Leung, Samuel Kai Wah Chu, et al. · 2021 · Computers and Education Artificial Intelligence · 1,890 citations

    Artificial Intelligence (AI) has spread across industries (e.g., business, science, art, education) to enhance user experience, improve work efficiency, and create many future job opportunities. However, public understanding of AI technologies and how to define AI literacy is under-explored. This vision poses upcoming challenges for our next generation to learn about AI. On this note, an exploratory review was conducted to conceptualize the newly emerging concept “AI literacy”, in search for a sound theoretical foundation to define, teach and evaluate AI literacy. Grounded in literature on 30 existing peer-reviewed articles, this review proposed four aspects (i.e., know and understand, use a

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  5. Financial Literacy and Planning: Implications for Retirement Wellbeing

    Annamaria Lusardi, Olivia Mitchell · 2011 · National Bureau of Economic Research · 1,269 citations

    Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns.This paper reports on a purpose-built survey module on planning and financial literacy for the Health and Retirement Study which measures how people make financial plans, collect the information needed to make these plans, and implement the plans.We show that financial illiteracy is widespread among older Americans, particularly women, minorities, and the least educated.We also find that the financially savvy are more likely to plan and to succeed in their planning, and they rely on formal methods such as retirement calculators, retirement

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  7. Exploring the Interconnected Dynamics and Long term Implications of Financial Literacy, Retirement Planning, and Household Wealth

    Raghvendra, Tulika Saxena, Sneha Chaurasiya · 2025 · Journal of Economic Studies and Financial Research · 947 citations

    Financial literacy plays a pivotal role in shaping household wealth and retirement planning, particularly in emerging economies like India. This study examines the connection between wealth accumulation in Indian households, retirement planning practices, and financial literacy. Leveraging comprehensive financial literacy measures, the study highlights the impact of financial knowledge on wealth management and the critical role of retirement planning in long term financial security. By analyzing data on financial behavior, this paper provides new insights into how informed decision making can drive wealth accumulation, particularly through stock market participation and structured retirement

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  8. The Economic Importance of Financial Literacy: Theory and Evidence

    Annamaria Lusardi, Olivia S. Mitchell · 2013 · National Bureau of Economic Research · 833 citations

    In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy.We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital.Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population.Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups.This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere.While the literature is stil

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  10. Financial literacy, financial advice, and financial behavior

    Oscar Anselm Stolper, Andreas Walter · 2017 · Journal of Business Economics · 473 citations

    In this survey, we review the voluminous body of literature on the measurement and the determinants of financial literacy. Wherever possible, we supplement existing findings with recent descriptive evidence of German households’ financial literacy levels based on the novel Panel on Household Finances dataset, a large-scale survey administered by the Deutsche Bundesbank and representative of the financial situation of households in Germany. Prior research not only documents generally low levels of financial literacy but also finds large heterogeneity in financial literacy across the population, suggesting that economically vulnerable groups are placed at further disadvantage by their lack of

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  11. Against Financial Literacy Education

    Lauren E. Willis · 2008 · 384 citations

    The dominant model of regulation in the United States for consumer credit, insurance, and investment products is disclosure and unfettered choice. As these products have become increasingly complex, consumers’ inability to understand them has become increasingly apparent, and the consequences of this inability more dire. In response, policymakers have embraced financial literacy education as a necessary corollary to the disclosure model of regulation. This education is widely believed to turn consumers into “responsible” and “empowered” market players, motivated and competent to make financial decisions that increase their own welfare. The vision is of educated consumers handling their own c

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  12. Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

    Tim Kaiser, Lukas Menkhoff · 2017 · The World Bank Economic Review · 351 citations

    Abstract In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle–income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offerin

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  13. Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications

    Carlo de Bassa Scheresberg · 2013 · Numeracy · 292 citations

    This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. The paper finds that most young adults lack basic financial knowledge. Financial literacy is especially low among certain demographic groups, such as women, minorities, and lower-income or less-educated people. A high level of education, however, is not a guarantee of financial literacy. Only 49% of young respondents with a college education and 60% of young respondents with postgraduate education could correctly answer three simple questions designed to assess financial literacy. Results show that respondent

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  15. Influence of Financial Literacy and Use of Financial Technology on Financial Satisfaction through Financial Behavior

    Mamik Nur Farida, Yoyok Soesatyo, Tony Seno Aji · 2021 · International Journal of Education and Literacy Studies · 29 citations

    Financial behavior is a means by which a person treats, manages, and uses available financial resources. This research aims to determine the effect of financial literacy and the use of financial technology on financial satisfaction through financial behavior as an intervening factor. Data were collected from 112 economics teachers using purposive proportional random sampling technique. Structural Equation Modeling (SEM) with AMOS 26 software was used to analyze the data. The results of this research indicate that financial literacy has no effect on financial behavior, but the use of financial technology has an effect on financial behavior, financial literacy and the use of financial technolo

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  16. The Role of Financial Literacy in Investment Decision-Making: A Review

    Pooja Parsai, Arpita Kelkar Chandok · 2025 · International Journal of Innovations in Science Engineering And Management · 14 citations

    In order to facilitate economic development, financial services are essential in that they offer individuals and enterprises access to capital, risk management, and financial products. Understanding the necessity and raising awareness of financial literacy is crucial for the expansion of the financial sector in this context. Understanding how financial literacy affects investing choices is the main focus of this essay. This study underscores the pivotal role of financial literacy in shaping investment decisions. Individuals with higher financial knowledge exhibit greater confidence in making informed investment choices, while those lacking such knowledge tend to avoid risks. Financial educat

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  17. Exploring Gamification as a Tool to Enhance Financial Literacy and Improve Financial Behavior

    Meneroka Gamifikasi, Alat Pemankin, Meningkatkan Literasi, et al. · 2024 · Jurnal Pengurusan · 8 citations

    The education sector is changing towards digitalization, notably through the integration of gamification learning techniques in classrooms. This approach has been proven effective in increasing student motivation and engagement. However, the complexity of financial concepts, especially in investment education, can indeed present challenges for students. This study was therefore conducted to assess the effectiveness of gamification in teaching investment subjects. A quantitative survey was conducted using questionnaires distributed to 98 students who participated in the gamified intervention. Data were collected twice, at week 1 and week 10 of the intervention, to compare outcomes and evaluat

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  18. Impact of Financial Literacy and Peer Influence on Financial Behavior of the Members of the Self-help Groups: A PLS SEM-Based Study

    Nishi Malhotra, P. Baag · 2023 · IIMS Journal of Management Science · 8 citations

    UN has adopted poverty reduction and women empowerment as one of the sustainable development goals. Financial literacy is emerging as an essential tool to achieve financial inclusion through microfinance. Particularly with the advent of a pandemic such as COVID-19, the use of technology has increased manifold. Thus, the importance of financial literacy to ensure the sustainability of self-help groups has grown tremendously. There is a shortage of literature that measures the impact of financial literacy on the financial behavior of the members of self-help groups in India. Moreover, research establishes that rote financial education leads to dormant knowledge with financial outcomes. Through

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  19. The Effect of Financial Literacy, Income and Self Control on Financial Behavior Generation Z (Study on Generation Z Financial Behavior in Bekasi Regency)

    Gea Trivani, Erin Soleha · 2023 · Economic Education Analysis Journal · 6 citations

    Financial behavior is an important thing to pay attention to, with good financial behavior a person will beable to meet his needs both from the short and long term.  The purpose of this study was to determine and analyze the effect  of financial literacy, income and self-control on thelimited financial behavior of  generation Z.  The population of this study is generation Z in Bekasi Regency.  This studyused quantitative research with data collection techniques using questionnaires.  The sampling technique in this study is by using urposive sampling techniques, so that the number of samples inthis study was 100 respondents. And the technique of data analysis inthis research is using Structur

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  20. Economics Learning Outcomes of Jambi University Students Given Financial Literacy Analysis and Consumptive Behavior

    R. Rosmiati, Z. Hutabarat · 2023 · AL-ISHLAH: Jurnal Pendidikan · 3 citations

    In part and concurrently, this study intends to ascertain the economic literacy, learning results, and consumption habits of students majoring in economics education at Jambi University. Regression analysis was used to examine this quantitative study. 101 members of Jambi University's 2019 Economics Education major class served as the research subjects. Using surveys and documentation, research data was gathered, and SPSS was used to process it. The analysis's findings indicate that: 1) College students lack excitement for saving, and their excessive spending habits make it challenging for them to be wise consumers. 2) The learning outcomes attained in economic learning may be used to gauge

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  21. Pengaruh Financial Literacy, Financial Attitude, Financial Technology, Sefl-Control, dan Hedonic Lifestyle terhadap Financial Behavior pada Generasi Z di Jawa Timur

    Nabila Ganes Putri Utami, Yuyun Isbanah · 2023 · Jurnal Ilmu Manajemen · 2 citations

    Generasi Z merupakan populasi terbesar di Indonesia. Namun, generasi Z memiliki kualitas perilaku keuangan yang terus menurun. Penelitian ini bertujuan untuk mengetahui pengaruh financial literacy, financial attitude, financial technology, self-control, dan hedonic lifestyle terhadap financial behvaior pada generasi Z di Jawa Timur. Jenis data yang digunakan adalah data kuantitatif yang bersumber dari data primer. Populasi penelitian ini adalah generasi Z di Jawa Timur. Teknik pengambilan sampel menggunakan purposive sampling dan diperoleh 297 responden sebagai sampel dalam penelitian ini. Adapun karakteristik responden merupakan generasi Z yang berusia 17-26 tahun serta memiliki atau pernah

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  22. How do financial literacy, fintech risk, and green risk perception influence investment planning behavior oriented towards green finance?

    Firman Gani, Andri Hardian Nata, Sapriki, et al. · 2025 · International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM) · 1 citations

    This research investigates the connections between financial literacy, financial technology (fintech) risk, and green risk perception influence investment planning behaviors oriented towards green finance in Indonesia. With the increasing global awareness of environmental issues, it is crucial to understand how these factors affect upcoming finance professionals. The objective of this research is to analyze the combined impact of financial literacy, awareness of fintech risks, and perceptions of green risks on the investment planning behavior of accounting students in Indonesia. Employing a quantitative methodology, this research uses an online survey via google forms and utilizes SPSS versi

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  23. The Effect of Financial Literacy on Financial Well-Being of Lecturers Mediated by The Financial Behavior

    Dini Iskandar, Maya Malinda, Bram Hadianto · 2026 · International Journal of Economics and Management Research · 1 citations

    Financial wellness is an essential indicator of an individual’s standard of living, including that of lecturers. In Indonesia, lecturer welfare often receives limited attention, despite its direct impact on education quality and student learning outcomes. Lecturer welfare is influenced not only by income level but also by the ability to manage that income effectively. As educators, lecturers are expected to strengthen their understanding of financial management. A solid grasp of financial concepts supported by sound economic behavior is anticipated to enhance lecturers’ awareness and understanding of financial management, ultimately improving their financial well-being. However, despite thei

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  24. Financial Education, Parent's Income, Financial Literacy on Financial Management Behavior through Self-Financial Efficacy in Students

    Muhammad Syarifuddin Ahzab, Dies Nurhayati, Etta Mamang Sangadji · 2023 · International Journal of Economic Research and Financial Accounting (IJERFA) · 1 citations

    Globalization is marked by the rapid advancement of technology, which will impact human thinking patterns and tend to encourage individuals to get trapped in consumer behavior. The lack of financial literacy makes society vulnerable to financial problems. Therefore, the importance of the role of both the community and the government in providing education on financial literacy is crucial. One of the government's roles, through OJK, is to provide education on Financial Literacy to the public, especially students and scholars. The community's role can start from within the family circle, by educating children about family financial management from an early age. Consequently, financial educatio

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