Essays In Financial Literacy And Financial Behaviors
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Financial Literacy Motivated Reasoning And Gender
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Author : Thérèse Lind
language : en
Publisher: Linköping University Electronic Press
Release Date : 2019-05-16
Financial Literacy Motivated Reasoning And Gender written by Thérèse Lind and has been published by Linköping University Electronic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-16 with categories.
I wrote this thesis to create a better understanding of how individual characteristics influence our feelings, our behavior and our way of interpreting information. My focus is on financial behavior and financial information, however I also consider a political context. I investigate the (usually) enabling abilities of financial literacy and numeracy. I also consider impediments such as stereotype threat and motivated reasoning, which can prevent people from engaging in certain behaviors or from interpreting information objectively. Both processes stem from valued beliefs and psychological foundations, consequently peoples’ efforts, decisions, and evaluations are based on them. The first essay, “Competence, confidence, and gender: The role of perceived and actual financial literacy in household finance,” broadens our understanding of the benefits of financial competence. I contrast perceived and actual levels of financial literacy, and consider the role of numeracy and cognitive reflective ability. I conclude that perceived and actual levels of financial literacy positively affect behavior and wellbeing; however, perceived financial literacy more so than actual financial literacy. No such effect is observed for numeric ability and cognitive reflection. Furthermore, women are more anxious about financial matters even though they tend to engage more frequently in the considered financial behaviors. The second essay, “Threatening finance? Examining the gender gap in financial literacy,” continues my exploration of the relationship between gender and financial literacy. In a series of studies, I investigate whether the observed gender gap in financial literacy can be identified in nonnumerical contexts, if it can be associated with confidence in financial matters, and if it can be attributed to stereotype threat, which posits that inbuilt prejudices about gender and finance undermine women’s performance of tasks that involve finance. The results show that the observed gender gap in financial literacy is robust even in nonnumerical financial contexts and suggest that a stereotype threat for women in the financial domain might be present. The gender gap in financial literacy could not be attributed to a difference in (displayed) confidence. In the third essay, “Preferences for lump-sum over divided payment structures,” I investigate whether or not people display systematic preferences for lump–sum or divided payment structures and how these preferences differ in gain (benefit) and loss (payment) situations. I investigate what happens when payments belong to a single underlying event, such as when people can choose to pay immediately or in installments. I also examine whether or not individual differences in time preferences, risk preferences, numeracy, and financial literacy are associated with preferences for one payment structure or the other. The aggregate results show a tendency for people to prefer obtaining and paying money in lump sums. I find no systematic indication that the considered individual differences play a role in this type of decision. The fourth essay, “Motivated reasoning when assessing the effect of refugee intake,” inquires into differences in worldview ideology, whether people identify as nationally or globally oriented, hinder them from objectively interpreting information. I use an experiment to find out if people display motivated reasoning when interpreting numerical information about the effects of refugees on the crime rate. Our results show evidence of motivated reasoning along the lines of worldview ideology. However, individuals with higher numeric ability were less likely to engage in motivated reasoning, leading to the conclusion that motivated reasoning is more likely to be driven by feelings and emotional cues than by deliberate analytical processes.
Essays In Financial Literacy And Financial Behaviors
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Author : Majdi Debbich
language : en
Publisher:
Release Date : 2015
Essays In Financial Literacy And Financial Behaviors written by Majdi Debbich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
In the recent years, households have been facing a process of increasing financial responsibility given a globa trend of pension systems privatization, loan markets liberalization and credit expansion. Meanwhile the supply of financial products has become more complex. In this context, do people have the ability to process economic and financial information and take sound decisions in terms of financial planning, wealth accumulation, debt and pensions? What remedies can be considered so as to mitigate the adverse effects of poorly informed financial decisions? This thesis contributes to answering both questions through an empirical assessment of financial literacy in the French population and its relationship with financial behaviors but also through a study of the determinants of financial literacy over the life course and potential remedies to financial illiteracy. I report evidence that financial literacy levels in France appear to be in the international average with heterogeneous levels across population subgroups: men, educated, middle-age as well as wealthy respondents tend to perform better. I also show that financial literacy can have an influence on financial behaviors by fostering participation to the stock market and financial planning in the long-run. I question the role of financial advisor as potential alternatives to financial education and show that these cannot substitute.
Unlocking The Key To A Better Life
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Author :
language : en
Publisher:
Release Date : 2023
Unlocking The Key To A Better Life written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Three Essays On The Effectiveness Of Financial Education In The Workplace
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Author : Edward J. Horwitz
language : en
Publisher:
Release Date : 2015
Three Essays On The Effectiveness Of Financial Education In The Workplace written by Edward J. Horwitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Retirement savings and income projections are among the most financially complex calculations individual Americans will encounter. The movement towards self-directed employer retirement plans has shifted the responsibility for securing an adequate retirement increasingly to the employee, who may lack the financial understanding needed for proper calculations and decisions. There is an expressed preference among employees for the delivery of financial education in the workplace, where a majority of their financial knowledge is obtained. However, adoption of workplace comprehensive financial education programs has been slow due to the cost, time commitment, and lack of empirical support for their value. While there have been some mixed findings, literature has generally supported associations between financial education programs and improved literacy and behaviors. A great deal of these mixed results can be explained by the lack of consistency among definitional frameworks for financial literacy, the lack of consistent measures, and the variety of topics and methods used, all of which limit the ability to establish causal support for the educational program's effectiveness. However, the preference for financial education in the workplace among employees suggests both the need and desire for more comprehensive financial education offered by employers. The purpose of this research was to investigate and test the links between the components in the framework for financial literacy by testing participation in a worksite comprehensive financial education program. In Essay One, the link between financial education and change in financial literacy was tested. Essay Two tested the link between the financial education program and financial well-being. In Essay Three, the link between financial literacy and financial behavior was explored. The results indicated associations between all three links in the financial literacy model, utilizing both primary research employing quasi-experimental methods, and secondary research from a larger national data sample. For financial educators who are interested in developing and facilitating comprehensive financial education programs for employee or other groups, this research can help provide support and guidance for those efforts. If comprehensive financial education programs can be better positioned to help improve the levels of financial literacy among Americans, fewer negative associated behavioral effects, such as lack of planning and under saving for retirement, may occur.
Essays On The Impact Of Financial Education On Financial Behavior
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Author : Suthinee Supanantaroek
language : en
Publisher:
Release Date : 2017
Essays On The Impact Of Financial Education On Financial Behavior written by Suthinee Supanantaroek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Two Essays In Finance
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Author : Colleen Tokar Asaad
language : en
Publisher:
Release Date : 2013
Two Essays In Finance written by Colleen Tokar Asaad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Corporations categories.
This dissertation examines two inter-related topics in finance: Cultural Finance and Behavioral Finance. Both Cultural Finance and Behavioral Finance assume that humans are boundedly rational or irrational, thus rejecting traditional or neoclassical notions of pure rationality. Specifically, this dissertation considers how the values and attitudes of nations influence financial decision-making of countries and companies (Cultural Finance) and how cognitive and social factors influence the financial decision-making of households and individuals (Behavioral Finance).
Financial Knowledge Overconfidence And Financial Behaviors Of Individuals
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Author : Sunwoo T. Lee
language : en
Publisher:
Release Date : 2021
Financial Knowledge Overconfidence And Financial Behaviors Of Individuals written by Sunwoo T. Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Consumer behavior categories.
Financial knowledge has emerged as one of the important factors affecting one’s financial behaviors and decision makings. This dissertation consists of three essays, each with a focus on the effects of the discrepancy between objective financial knowledge and subjective self-assessment of financial knowledge, or financial knowledge overconfidence. Respondents were categorized as having overconfidence in financial knowledge when they had high subjective financial assessment but low objective scores. The first study focuses on early withdrawals from retirement accounts. Early distributions could pose risk on one’s financial stability during retirement by permanently reducing retirement wealth. The first study used 2018 National Financial Capability Study dataset and examined how (1) objective financial knowledge, (2) subjective financial knowledge, and (3) overconfidence in financial knowledge were related to one’s behavior of taking hardship withdrawals and plan loans by conducting logistic regression and Two-Stage Least Squares (2SLS) Instrumental variable (IV) analysis. The analyses found objective financial knowledge being negatively related to hardship withdrawals and plan loans, but subjective financial knowledge being positively related to hardship withdrawals. Respondents with financial knowledge overconfidence were more likely to take early withdrawals than those with other combinations of objective and subjective knowledge. The second study is about respondent perceptions of emergency fund needs. Using the 2016 Survey of Consumer Finances dataset, OLS regression analysis was conducted on the ratio of perceived emergency fund needs to estimated monthly spending. Quantile regressions and 2SLS IV regressions were conducted for robustness checks as well. Based on the OLS regression results, the perceived emergency fund ratio of respondents with financial knowledge overconfidence is 21.4% lower than respondents with appropriately high confidence (above median objective and subjective financial knowledge). Lastly, the third study examined retirement adequacy. Many U.S. households may not be adequately prepared for retirement, and one of the challenges they face is perceiving their retirement preparedness realistically. I examined factors related to appropriately evaluating retirement adequacy, by focusing on the relationship between two discrepancy indices: (1) between objective and subjective financial knowledge, and (2) between objective and subjective assessments of retirement adequacy. Using the 2016 Survey of Consumer Finances dataset, logistic, multinomial, and 2SLS IV regressions were conducted. About 72% categorized themselves as expecting to have enough retirement income, while I projected that 50% would have adequate retirement income. Projected and perceived adequacy aligned for 60% of respondents. Those who are overconfident in financial knowledge were less likely to have enough retirement income and more likely to be categorized as Unrealistic Optimists, who perceive themselves as having enough retirement income, while lack projected adequacy. The main implication of these three studies is that the respondents who are overconfident in financial knowledge might be making suboptimal financial decisions. The importance of financial education needs to be emphasized, and financial education should focus on not only increasing objective financial knowledge but also making people aware of the limitations of their financial literacy. The study also provides implications for policymakers and financial professionals regarding diverse financial behaviors to improve the financial well-being of individuals and households.
Three Essays On The Financial Behaviors Of Soldiers Before And After Deployment
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Author : Mary M. Bell
language : en
Publisher:
Release Date : 2013
Three Essays On The Financial Behaviors Of Soldiers Before And After Deployment written by Mary M. Bell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The current three essay dissertation researched the financial behaviors of military service members before and after deployment using primary data collected at a Midwestern U.S. Army installation. The introduction (Chapter 1) reviewed the two financial surveys administered to Soldiers before (N = 701) and after (N = 670) they left for a yearlong deployment to a war zone. The first essay (Chapter 2) explored the financial behaviors, financial knowledge, and financial anxiety as they relate to rank and deployment. The results suggested that financial behaviors after deployment (Time 2) were significantly better than financial behaviors before deployment (Time 1). Rank had a positive effect on increased subjective financial knowledge where all ranks above privates (E1 to E2) had greater financial knowledge. Privates first class, specialists, and corporals (E3 to E4) had significantly lower financial knowledge than their direct supervisors, sergeants and staff sergeants (E5 to E6). Finally, Soldiers reported more financial anxiety before deployment (Time 1) than after deployment (Time 2). Using the framework of social learning theory, the second essay (Chapter 3) expanded the research of military financial behaviors before deployment to more fully understand stress and other factors that influence financial behavior outcomes. Results suggested that past behaviors and some personal factors played a significant role in Soldiers' financial behaviors. Higher levels of subjective financial knowledge, more internal locus of control, and lower levels of financial anxiety all had a positive effect on financial behavior outcomes. The past behaviors variable had the most explanatory value in Soldiers' financial behaviors before deployment. Soldiers with any amount of credit card debt had worse financial behaviors compared to Soldiers with no credit card debt, while Soldiers with greater amounts of emergency financial savings were more likely to have better financial behaviors than those who did not have any emergency financial savings. The final essay (Chapter 4) studied the factors that influenced financial behavior outcomes of both Soldiers and college students. This essay used primary data from a college student sample to compare to the before deployment (Time 1) survey data of Soldiers. Findings reported that past behaviors and some personal factors played a significant role in the financial behavior outcomes. Soldiers and college students with higher levels of subjective financial knowledge, more internal locus of control, and lower financial anxiety reported positive financial behaviors The most explanatory concept was that of past behaviors, which revealed that participants with no credit card debt had better financial behaviors compared to respondents who had any level of credit card debt. The conclusion (Chapter 5) highlights the findings of all three essays, which contribute both to the financial behavior literature. These papers also contribute to the research on the personal financial matters of service members. The research has direct implications for policy makers, military leaders, service providers, and financial planners and counselors.
Three Essays On Financial Wellness In The Workplace
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Author : Scott M. Spann
language : en
Publisher:
Release Date : 2014
Three Essays On Financial Wellness In The Workplace written by Scott M. Spann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation, consisting of three studies, explores the factors that influence the financial wellness of employees participating in a workplace financial education program. This dissertation also explores the influence that financial wellness has on the intention to engage in retirement planning activities and perceived retirement preparedness. Data for all three essays was obtained from a Financial Wellness Assessment instrument used in conjunction with a workplace financial education program provided by Financial Finesse (2013). The primary conceptual framework used to guide the three studies was Joo's (2008) conceptual framework of financial wellness. The first essay examined factors that have been conceptualized as components of financial wellness--financial behaviors, perceived financial knowledge, and financial attitudes. Results showed that employees comfortable with their current level of non-mortgage debt and those with perceived financial knowledge had a greater sense of overall financial wellness. Core financial behaviors and advanced financial behaviors were also found to be associated with financial wellness with core financial behaviors having the biggest effect on financial wellness. Maintaining an emergency fund, having a handle on cash flow, paying credit card balances off in full each month, and paying bills on time were significantly related to greater financial wellness. Personal factors associated with a greater sense of financial wellness included household income, being under age 30, homeownership, being married, and not having children in the household. The second essay examined the influence of various subcomponents of financial wellness on retirement planning intention. Results indicated that retirement was the leading financial topic of interest of employees. Findings also demonstrated that desirable core financial management behaviors and a financial attitude of comfort regarding current non-mortgage debt increased the likelihood of employee intentions to engage in retirement planning activities. Specific financial behaviors associated with retirement planning intention included having a handle on cash flow, paying bills on time, and paying off credit card balances in full each month. Personal factors such as age and income also influenced retirement planning intention as older employees and those with greater household income were more likely to intend to plan for retirement. Having children in the household and non-Caucasian/White ethnicity decreased the likelihood of retirement planning intention. Finally, the third essay utilized Joo's (2008) conceptual framework of financial wellness to explore factors that predict perceived retirement preparedness. Higher levels of financial satisfaction, perceived financial knowledge, and confidence in current asset allocation increased the likelihood employees demonstrated a sense of retirement preparedness. Core and advanced financial behaviors were also associated with perceived retirement preparedness. Younger employees and household income of $100,000 or more increased the likelihood of perceived retirement preparedness. Results of these three studies demonstrate that financial wellness has a significant influence on perceived retirement preparedness of employees engaged in information seeking activities as part of a workplace financial education program. Key components of financial wellness such as objective financial status, financial knowledge, financial attitudes, financial satisfaction, and financial behaviors were also found to be associated with the intention to engage in retirement planning activities. These findings are relevant to financial counselors, financial planners, financial educators, academicians, and employers dedicated to promoting increased financial wellness among employees.
Financial Literacy Cognitive Abilites And Long Term Decision Making
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Author : Tabea Bucher-Koenen
language : en
Publisher:
Release Date : 2010
Financial Literacy Cognitive Abilites And Long Term Decision Making written by Tabea Bucher-Koenen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.