The Relation between adolescents' Basic Needs Satisfaction and Financial Literacy

This study examines the impact of Basic Needs Satisfaction-autonomy, competence, and relatedness-on financial literacy among high school students in Korea.Autonomy motivation refers to the degree of self-directed choice in learning, competence motivation pertains to the perceived mastery and efficacy, and relatedness motivation involves the sense of belonging and connection with others.The study employed a randomized controlled trial with 191 first-year high school students, analyzing the effects of both face-to-face and remote financial education.The results indicate that autonomy motivation significantly enhances financial literacy, whereas competence and relatedness motivations do not exhibit a significant effect.Additionally, financial education was more effective for students with lower baseline financial literacy levels, suggesting the need for tailored educational interventions.Gender did not significantly influence financial literacy outcomes.These findings highlight the importance of fostering autonomy in financial education to enhance financial literacy, with implications for designing educational strategies that address varying levels of pre-existing knowledge.Future research could explore cultural factors and the role of socio-economic status in shaping financial literacy and motivation.