Factors Affecting Demand for Financial Education

The potential outcomes of financial education are influenced not only by supply but demand-side factors, particularly individuals’ intentions to learn more about financial literacy. Despite this, the demand for financial education has so far received very little attention. A survey of Korean adults(n=1,422) is used to investigate what affects the intention to enhance financial literacy. To this end, the study relies on the basic conceptual framework of the theory of planned behavior. The results show that attitudes, beliefs, and perceived behavioral control are significant determinants of intentions, supporting that the theory can serve as an effective model. The level of financial knowledge and overconfidence are directly related to the demand for financial education. Those who actively invest in stocks or funds, those with loan debt, and those without income are more likely to intend to become financially literate.