Adolescent Financial Literacy: Viewing Peers as Good Financial Role Models

Steve Agnew (), Patrick Roger and Tristan Roger
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Steve Agnew: University of Canterbury, https://www.canterbury.ac.nz

Working Papers in Economics from University of Canterbury, Department of Economics and Finance

Abstract: This study aims to develop a peer financial modelling scale to ascertain any correlations between the role modelling of peers and the financial literacy of adolescents. The theoretical foundation for this aim lies in Social Learning Theory. The study also examines the reliability of the recently developed short and minimal versions of the Parent Financial Socialisation Scale. Using a survey administered through Qualtrics, data were collected from a sample of 382 fifteen to nineteen-year-olds. Confirmatory factor analysis was used to measure model fit of any proposed scale, with Cronbach’s alpha calculated to test for internal consistency reliability. An ordinary least squares regression was then run to assess any correlation between the scale developed and financial literacy, incorporating control variables for gender and socioeconomic status. A Peer Financial Modelling Scale is developed and found to be negatively correlated with financial literacy levels. Adolescents with lower financial literacy are more likely to view their peers as good financial role models. All three versions of the Parent Financial Socialisation Scale were found to be positively correlated with financial literacy knowledge.

Keywords: Adolescent financial literacy; Peer financial modelling; Social learning theory; Financial socialization; Financial education (search for similar items in EconPapers)
JEL-codes: D14 I20 Z13 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2024-10-01
New Economics Papers: this item is included in nep-ban, nep-fle and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:cbt:econwp:24/14

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