Variables |
Relation with financial literacy |
Authors |
Gender |
- Women generally have lower financial literacy levels than men; - Women are less likely to answer the questions correctly and more likely to say they do not know the answer; - Men's financial literacy is increasingly faster than that of women; - Making a comparison between women, those married and having higher incomes show higher financial literacy levels. |
Chen and Volpe (1998Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review7(2), 107-128. Recuperado em 13 abril, 2013, de Recuperado em 13 abril, 2013, de http://www2.stetson.edu/fsr/abstracts/vol_7_num2_107.pdf
. http://www2.stetson.edu/fsr/abstracts/vo...
); Agarwal et al. (2009Agarwal, S., Driscoll, J., Gabaix, X., & Laibson, D. (2009). The age of reason: financial decisions over the lifecycle with implications for regulation. Brookings Papers on Economic Activity 2, 51-117.); Lusardi and Mitchell (2011Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance10(4), 509-525.); Atkinson and Messy (2012Atkinson, A., & Messy, F. (2012). Measuring financial literacy: results of the OECD / International Network on Financial Education (INFE) Pilot Study [Working Paper n. 15]. . Recuperado em 05 abril, 2013, de http://dx.doi.org/10.1787/5k9csfs90fr4-en. https://doi.org/10.1787/5k9csfs90fr4-en...
); OECD (2013)Organisation for Economic Co-Operation and Development .OECD. (2013). Financial literacy and inclusion: Results of OECD/INFE survey across countries and by gender. OECD Centre, Paris, France.. |
Age |
- The average age from 30 to 40 years is associated with higher financial literacy levels. - Financial literacy is low among young and elderly individuals. - Young adults have used loans with high costs. |
Agarwal et al. (2009Agarwal, S., Driscoll, J., Gabaix, X., & Laibson, D. (2009). The age of reason: financial decisions over the lifecycle with implications for regulation. Brookings Papers on Economic Activity 2, 51-117.); Lusardi and Mitchell (2011Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance10(4), 509-525.); Atkinson and Messy (2012Atkinson, A., & Messy, F. (2012). Measuring financial literacy: results of the OECD / International Network on Financial Education (INFE) Pilot Study [Working Paper n. 15]. . Recuperado em 05 abril, 2013, de http://dx.doi.org/10.1787/5k9csfs90fr4-en. https://doi.org/10.1787/5k9csfs90fr4-en...
); OECD (2013)Organisation for Economic Co-Operation and Development .OECD. (2013). Financial literacy and inclusion: Results of OECD/INFE survey across countries and by gender. OECD Centre, Paris, France.; Scheresberg (2013Scheresberg, C. B. (2013). Financial literacy and financial behavior among young adults: evidence and implications. Numeracy 6(2).). |
Marital status |
- Singles are significantly more prone to have lower financial literacy levels than married individuals. |
Research (2003Research, R. M. (2003). Survey of adult financial literacy in Australia. ANZ Banking Group. Recuperado em 16 abril, 2013, de Recuperado em 16 abril, 2013, de http://www.anz.com/Documents/AU/Aboutanz/AN_5654
. http://www.anz.com/Documents/AU/Aboutanz...
);Dew (2008Dew, J. (2008). Debt change and marital satisfaction change in recently married couples. Family Relations57(1), 60-71. );Calamato (2010Calamato, M. P. (2010). Learning financial literacy in the family. Unpublished master's thesis. The Faculty of the Department of Sociology, San José State University.); Brown and Graf (2013Brown, M., & Graf, R. (2013). Financial literacy and retirement planning in Switzerland. Numeracy6(2), art. 6. Recuperado em 10 abril, 2013, de Recuperado em 10 abril, 2013, de http://scholarcommons.usf.edu/numeracy/vol6/iss2/art6
. http://scholarcommons.usf.edu/numeracy/v...
). |
Having dependent family members |
- Individuals who have a child are less likely to have low financial literacy levels than those who have two or three children; - Families with dependent members are more likely to contract loans with higher costs. |
Servon and Kaestner (2008Servon, L. J., & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs42(2), 271-305.); Mottola (2013Mottola, G. R. (2013). In our best interest: women, financial literacy, and credit card behavior., Numeracy 6(2).). |
Occupation |
- Individuals with longer labor experience have higher financial literacy because of greater familiarity with economic and financial subjects, while unskilled or unemployed workers show less desirable attitudes and behaviors. |
Chen and Volpe (1998Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review7(2), 107-128. Recuperado em 13 abril, 2013, de Recuperado em 13 abril, 2013, de http://www2.stetson.edu/fsr/abstracts/vol_7_num2_107.pdf
. http://www2.stetson.edu/fsr/abstracts/vo...
); Research (2003Research, R. M. (2003). Survey of adult financial literacy in Australia. ANZ Banking Group. Recuperado em 16 abril, 2013, de Recuperado em 16 abril, 2013, de http://www.anz.com/Documents/AU/Aboutanz/AN_5654
. http://www.anz.com/Documents/AU/Aboutanz...
); Kim and Garman (2004Kim, J., & Garman, E. T. (2004). Financial stress, pay satisfaction and workplace performance. Compensation Benefits Review36(1), 69-76.); Calamato (2010Calamato, M. P. (2010). Learning financial literacy in the family. Unpublished master's thesis. The Faculty of the Department of Sociology, San José State University.). |
Educational level |
- Those with higher educational levels are those with higher financial literacy levels; - The number of courses related to the financial field attended at a undergraduate education is related to the financial literacy level; - Those with lower education are less likely to answer the questions correctly and more prone to say they do not know the answer. |
Chen and Volpe (1998Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review7(2), 107-128. Recuperado em 13 abril, 2013, de Recuperado em 13 abril, 2013, de http://www2.stetson.edu/fsr/abstracts/vol_7_num2_107.pdf
. http://www2.stetson.edu/fsr/abstracts/vo...
); Amadeu (2009Amadeu, J. R. (2009). A educação financeira e sua influência nas decisões de consumo e investimento: proposta de inserção da disciplina na matriz curricular Dissertação de mestrado, Universidade do Oeste Paulista, São Paulo, SP, Brasil. ); Lusardi and Mitchell (2011Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance10(4), 509-525.). |
Parental educational level |
- Parents influence their children's literacy; - Individuals' financial literacy is uniformly related to parental educational levels; - Parents play a major role by influencing their children's consumer behavior; - Individuals learn more about money management with their parents. |
Liao and Cai (1995Liao, T. F., & Cai, Y. (1995). Socialization life situations and gender-role attitudes regarding the family among white American women. Sociological Perspectives38(2), 241-260.);Pinto et al. (2005Pinto, M. B., Parente, D. H., & Mansfield, P. M. (2005). Information learned from socialization agents: its relationship to credit card use. Family and Consumer Sciences Research Journal 33(4), 357-367.);Clarke et al. (2005Clarke, M. D., Heaton, M. B., Israelsen, C. L., & Eggett, D. L. (2005). The acquisition of family financial roles and responsibilities. Family and Consumer Sciences Research Journal33(4), 321-340.); Jorgensen (2007Jorgensen, B. L. (2007). Financial literacy of college students: parental and peer influences. Unpublished master's thesis. Virginia Polytechnic Institute and State University, Blacksburg, Virginia.);Mandell (2008Mandell, L. (2008). Financial literacy of high schools students.Handbook of Consumer Finance Research, New York: Springer.). |
Income |
- Low income levels are associated with low financial literacy levels. |
Monticone (2010Monticone, C. (2010). How much does wealth matter in the acquisition of financial literacy? The Journal of Consumer Affairs 44(2), 403-422.);Hastings and Mitchell (2011Hastings, J., & Mitchell, O. S. (2011). Financial literacy: implications for retirement security and the financial marketplace.Oxford, UK: Oxford University Press.); Atkinson and Messy (2012Atkinson, A., & Messy, F. (2012). Measuring financial literacy: results of the OECD / International Network on Financial Education (INFE) Pilot Study [Working Paper n. 15]. . Recuperado em 05 abril, 2013, de http://dx.doi.org/10.1787/5k9csfs90fr4-en. https://doi.org/10.1787/5k9csfs90fr4-en...
). |