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ERIC Number: EJ1161904
Record Type: Journal
Publication Date: 2016
Abstractor: As Provided
Financial Literacy and Long- and Short-Term Financial Behavior in Different Age Groups
Henager, Robin; Cude, Brenda J.
Journal of Financial Counseling and Planning, v27 n1 p3-19 2016
The purpose of this study was to examine the relationship between financial literacy and financial behaviors among various age groups. Financial literacy was measured in three ways: objective financial knowledge, subjective financial knowledge or confidence, and subjective financial management ability. The age groups were 18-24, 25-34, 35-44, 45-54, 55-64, and 65 and older. Long-term financial behavior referred to retirement saving and investing behavior, whereas short-term financial behavior referred to spending and emergency saving behavior. In the full sample, both objective and subjective financial literacy variables were positively associated with long- and short-term financial behaviors. In the age subsamples, subjective financial knowledge or confidence was more strongly related to long- and short-term financial behavior than either objective financial knowledge or subjective financial management ability in the younger age groups. In the older age groups, objective financial knowledge was more strongly related to long-term financial behavior than either of the other two measures of financial literacy.
Descriptors: Money Management, Age Differences, Literacy, Correlation, Retirement, Self Efficacy, Knowledge Level, Young Adults, Adults, Older Adults, Human Capital, Regression (Statistics), Behavior Patterns
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Publication Type: Journal Articles; Reports - Research; Information Analyses
Education Level: N/A
Authoring Institution: N/A