Financial literacy of U.S. households: knowledge vs. long-term financial planning
We examine the relationship between financial knowledge and long-term financial planning behavior. This analysis is important in light of the recent financial crisis and the current level of economic uncertainty. Survey responses from U.S. households are analyzed using analysis of variance, subgroup...
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| Veröffentlicht in: | Financial services review (Greenwich, Conn.) Conn.), 2013-09, Vol.22 (3), p.211 |
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| creator | Alhenawi, Yasser Elkhal, Khaled |
| description | We examine the relationship between financial knowledge and long-term financial planning behavior. This analysis is important in light of the recent financial crisis and the current level of economic uncertainty. Survey responses from U.S. households are analyzed using analysis of variance, subgroup analysis, and logistic regressions. Results show that surveyed households are financially knowledgeable (mean score is 75.1%), but exhibit poor financial planning skills (mean score is 59.8%). The findings also show that the correlation between knowledge and financial planning is low, albeit positive. To promote financial literacy, we suggest that public policies strive to embolden financial education during early stages of life; preferably during college years. [PUBLICATION ABSTRACT] |
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This analysis is important in light of the recent financial crisis and the current level of economic uncertainty. Survey responses from U.S. households are analyzed using analysis of variance, subgroup analysis, and logistic regressions. Results show that surveyed households are financially knowledgeable (mean score is 75.1%), but exhibit poor financial planning skills (mean score is 59.8%). The findings also show that the correlation between knowledge and financial planning is low, albeit positive. To promote financial literacy, we suggest that public policies strive to embolden financial education during early stages of life; preferably during college years. 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| identifier | ISSN: 1057-0810 |
| ispartof | Financial services review (Greenwich, Conn.), 2013-09, Vol.22 (3), p.211 |
| issn | 1057-0810 1873-5673 |
| language | eng |
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| source | EBSCOhost Business Source Complete |
| subjects | Analysis Behavior Consumers Correlation analysis Decision making Economic aspects Economic crisis Education Financial literacy Financial planning Financial services Forecasts and trends Households Investments Knowledge Personal finance Public policy Retirement planning Students Studies |
| title | Financial literacy of U.S. households: knowledge vs. long-term financial planning |
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