10 papers analyzed
Some studies suggest financial literacy positively influences financial behavior, improving decision-making and financial health, while other studies indicate its impact may be limited, especially in low-income groups and over time.
Financial literacy, defined as the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing, is crucial in today's complex financial environment. This synthesis explores how financial literacy impacts financial behavior, drawing insights from multiple research studies.
Limited Impact of Financial Education on Behavior:
Positive Correlation Between Financial Literacy and Financial Behavior:
Role of Psychological Traits and Confidence:
Demographic Factors and Financial Behavior:
Contextual and Conditional Factors:
Financial literacy positively impacts financial behavior, leading to better financial management and decision-making. However, the effectiveness of financial education programs is limited and diminishes over time. Psychological traits and confidence play significant roles in this relationship, and demographic factors such as education and income also influence financial behaviors. Tailored, context-specific financial education that addresses psychological traits and provides timely, relevant information may enhance the effectiveness of financial literacy initiatives.
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