Financial Knowledge and Best Practice Behavior

The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority's (FINRA)...

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Veröffentlicht in:	Financial counseling and planning 2011-01, Vol.22 (1), p.60
Hauptverfasser:	Robb, Cliff A, Woodyard, Ann S
Format:	Artikel
Sprache:	eng
Schlagworte:	Behavior Best practice Best Practices College students Consumer Education Consumers Correlation analysis Counseling Credit (Finance) Credit cards Credit management Decision making Defined contribution plans Demographics Economic Factors Education Ethnicity Evidence Financial literacy Financial Services Insurance Knowledge Locus of Control Minority & ethnic groups Money Management Multiple Regression Analysis Personal finance Regression analysis Retirement Securities markets Student Improvement Studies
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Beschreibung
Zusammenfassung:	The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority's (FINRA) National Financial Capability Study, a nationally representative sample of 1,488 participants and are analyzed using multiple regression analysis. Findings suggest that both objective and subjective financial knowledge influence financial behavior, with subjective knowledge having a larger relative impact. Other variables that have a significant impact on financial behavior include financial satisfaction, income, education, age, race, and ethnicity. [PUBLICATION ABSTRACT]
ISSN:	1052-3073