Consumer Financial Knowledge and Cashless Payment Behavior for Sustainable Development in Poland

Beata Świecka, Paweł Terefenko, Tomasz Wiśniewski and Jingjian Xiao
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Beata Świecka: Institute of Economy and Finance, University of Szczecin, 71-101 Szczecin, Poland
Paweł Terefenko: Institute of Marine and Environmental Sciences, University of Szczecin, 70-383 Szczecin, Poland
Tomasz Wiśniewski: Institute of Management, University of Szczecin, 71-004 Szczecin, Poland
Jingjian Xiao: Department of Human Development and Family Science, University of Rhode Island, Kingston, RI 02881, USA

Sustainability, 2021, vol. 13, issue 11, 1-18

Abstract: Financial knowledge is the main element of financial literacy, which is important for the sustainable development of individuals and society. Sustainability is a complex concept that spans many fields, including financial knowledge for all ages. Financial knowledge requires significant scientific research showing its impact on individuals and the economy, including non-cash payments. Consumer payment knowledge and its association with consumer financial behavior have long been a matter of widespread interest by researchers, but no in-depth, empirically based scientific research has been completed for Poland. The objective of this study was to examine factors associated with cashless payment behavior with an emphasis on the role of consumer financial knowledge. A total of 1100 interviews were carried out with Polish nationals aged 15 and above. The collected data were analyzed with the use of statistical methods, including analysis of variances (ANOVA), in order to examine consumers’ financial knowledge by basic economic and non-economic factors. Additionally, a data-mining method known as Random Forests was implemented for finding the variable importance in correlations between consumer financial knowledge and preferred methods of payment. The results revealed the diversity of factors influencing consumer behavior. Among the consumers’ personal traits, financial knowledge was one of the most important determinants of their payment choices. The results have implications for the design of payment processes. The results can be used by central banks to determine the directions of financial inclusion, as well as for stakeholders in the payments market.

Keywords: consumer behavior; payment behavior; financial literacy; financial knowledge; cashless payment (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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