Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications

dc.creator	Carlo de Bassa Scheresberg
dc.date	2013-07-01T00:00:00Z
dc.date.accessioned	2015-08-12T11:17:05Z
dc.date.available	2015-08-12T11:17:05Z
dc.identifier	http://dx.doi.org/10.5038/1936-4660.6.2.5
dc.identifier	1936-4660
dc.identifier	https://doaj.org/article/a13e3c0a69ba4eb9aeb7b5180816d004
dc.identifier.uri	http://evidence.thinkportal.org/handle/123456789/26085
dc.description	This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. The paper finds that most young adults lack basic financial knowledge. Financial literacy is especially low among certain demographic groups, such as women, minorities, and lower-income or less-educated people. A high level of education, however, is not a guarantee of financial literacy. Only 49% of young respondents with a college education and 60% of young respondents with postgraduate education could correctly answer three simple questions designed to assess financial literacy. Results show that respondents who display higher financial literacy or higher confidence in their math or personal finance knowledge have better financial outcomes: they are less likely to use high-cost borrowing methods, and they are more likely to plan for retirement or have set aside savings for emergencies.
dc.language	English
dc.publisher	University of South Florida Libraries
dc.relation	http://scholarcommons.usf.edu/numeracy/vol6/iss2/art5/
dc.relation	https://doaj.org/toc/1936-4660
dc.rights	CC BY-NC
dc.source	Numeracy, Vol 6, Iss 2, p 5 (2013)
dc.subject	financial literacy
dc.subject	financial behavior
dc.subject	numeracy
dc.subject	young
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	DOAJ:Mathematics
dc.subject	DOAJ:Mathematics and Statistics
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	DOAJ:Mathematics
dc.subject	DOAJ:Mathematics and Statistics
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.title	Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications
dc.type	article