Financial literacy types and financial behaviors among adolescents: Role of financial education

Financial literacy types and financial behaviors among adolescents: Role of financial education

• Zhu, Yuefeng Lingnan University

Journal of Financial Counseling and Planning, 32(2), 217-230, 2021

Springer Publishing Company

2021

• N 學生與學生服務
  • NF 學生經濟

Adolescents Financial Behavior Financial Education Financial Literacy Overconfidence

• Hong Kong

• 1997.7 onwards

• 中學教育

The mismatch between financial objective and subjective knowledge that occurs in youth and adolescents has been understudied in the literature. Based on objective and subjective financial literacy scores, this study categorizes financial literacy into four types: financial literacy overconfidence, underconfidence, competence, and naïvete in a sample of adolescents. Data were collected from 330 students aged around 15 years old in six middle schools in Hong Kong. The results indicate that adolescents who are overconfident about their financial literacy are more likely to engage in risky financial behavior and report higher levels of financial autonomy. A randomized experimental trial was conducted to assess whether financial education could change the mismatch between financial objective and subjective knowledge. The results show a significant increase in underconfidence after the financial education intervention, but no significant change in the other three categories. The findings highlight the same type of financial literacy overconfidence in both adolescents and adults and has implications for financial counselors and educators who would improve the financial engagement of adolescents. Copyright © 2021 Association for Financial Counseling and Planning Education, U.S.A.

• 英文

期刊論文

• 10523073

• 10.1891/JFCP-19-00051

https://bibliography.lib.eduhk.hk/tc/bibs/2945e4ea

2023-09-19