What question did this study set out to answer?

The study aims to examine how perceived and actual financial literacy influence financial behaviors across various topics.

September 4, 2015Economic Inquiry

The Effects of Perceived and Actual Financial Literacy on Financial Behaviors

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Authors

SASam AllgoodUniversity of Nebraska–Lincoln WWWilliam B. WalstadUniversity of Nebraska–Lincoln

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Implication

Randomized trial investigates how financial literacy influences financial behaviors in U.S. households, suggesting both perceptions and actual skills matter.

Key Points

The study aims to examine how perceived and actual financial literacy influence financial behaviors across various topics.
Analyzed data from a national survey of U.S. adults and households (n = 28,146).
Utilized a combined measure of financial literacy, which included test scores and self-ratings.
Investigated five financial topics, including credit cards, investments, loans, insurance, and financial advice.
Probit analysis indicates that both actual and perceived financial literacy influence financial behaviors.
Perceived financial literacy is found to be as significant as actual financial literacy in determining behaviors.
Consistency of findings was demonstrated across all five financial topics.

Cite This Study

Allgood et al. (2015) studied this question.

synapsesocial.com/papers/69d8d49f2c87b79b92d17ce0 https://doi.org/10.1111/ecin.12255

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Implication

Randomized trial investigates how financial literacy influences financial behaviors in U.S. households, suggesting both perceptions and actual skills matter.

The Effects of Perceived and Actual Financial Literacy on Financial Behaviors

Discussion

Member takes

Implication

Key Points

Cite This Study

The Effects of Perceived and Actual Financial Literacy on Financial Behaviors

Discussion

Member takes

Implication

Key Points

Cite This Study

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Also Consider