Consumer Financial Well-Being: Knowledge is Not Enough

Jae Min Lee (), Jonghee Lee () and Kyoung Tae Kim ()
Additional contact information
Jae Min Lee: Minnesota State University
Jonghee Lee: Keimyung University
Kyoung Tae Kim: University of Alabama

Journal of Family and Economic Issues, 2020, vol. 41, issue 2, No 3, 218-228

Abstract: Abstract This study investigated the relationship between financial knowledge and financial well-being and included the moderating role of propensity to plan. This study used the Consumer Financial Protection Bureau’s measure of financial well-being as it explains consumers’ subjective sense of it. Results from the 2016 National Financial Well-Being Survey showed that financial knowledge and a propensity to plan were associated positively with financial well-being. This study also confirmed that the propensity to plan plays a moderating role that enhances the positive association between financial knowledge and financial well-being. Results from this study provide insights for financial practitioners, educators, and policymakers who help US households improve their financial well-being.

Keywords: Financial knowledge; Financial well-being; National financial well-being survey; Propensity to plan (search for similar items in EconPapers)
JEL-codes: D12 D14 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

Downloads: (external link)
http://link.springer.com/10.1007/s10834-019-09649-9 Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jfamec:v:41:y:2020:i:2:d:10.1007_s10834-019-09649-9

Ordering information: This journal article can be ordered from
http://www.springer. ... es/journal/10834/PS2

DOI: 10.1007/s10834-019-09649-9

Access Statistics for this article

Journal of Family and Economic Issues is currently edited by Joyce Serido

More articles in Journal of Family and Economic Issues from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().