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Author: Peter, Paula C.
Resulting in 1 citation.
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Tang, Ning Baker, Andrew Peter, Paula C. |
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Investigating the Disconnect between Financial Knowledge and Behavior: The Role of Parental Influence and Psychological Characteristics in Responsible Financial Behaviors among Young Adults Journal of Consumer Affairs 49,2 (Summer 2015): 376-406. Also: http://onlinelibrary.wiley.com/doi/10.1111/joca.12069/abstract Cohort(s): NLSY97 Publisher: Wiley Online Keyword(s): Financial Behaviors/Decisions; Financial Literacy; Gender Differences; Parental Influences; Self-Control/Self-Regulation Permission to reprint the abstract has not been received from the publisher. Financial knowledge is an essential component in financial decision making; however, knowledge is insufficient to ensure responsible financial behavior. We investigate the weak association between financial knowledge and behavior by simultaneously testing the roles financial knowledge, parental influence, and individual psychological characteristics (self-discipline and thoroughness) play in young adults' financial behaviors. Results from 2,712 respondents from the 1997 National Longitudinal Survey of Youth confirm there is a weak association between financial knowledge and behavior. Parental influence and self-discipline positively associate with responsible financial behavior. We also investigate the moderating role of gender and observe that financial knowledge and parental influence improve women's financial behavior more than men, whereas being thorough has a larger impact among males. These findings suggest that considering social and individual psychological factors in financial education programs could improve program efficiency. The results also highlight the importance of adopting tailored financial education to suit gender differences. |
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Bibliography Citation
Tang, Ning, Andrew Baker and Paula C. Peter. "Investigating the Disconnect between Financial Knowledge and Behavior: The Role of Parental Influence and Psychological Characteristics in Responsible Financial Behaviors among Young Adults." Journal of Consumer Affairs 49,2 (Summer 2015): 376-406.
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