 Youth in individualistic countries have higher financial literacy: Evidence from PISAKristjan Pulk and Leonore Riitsalu Journal of Consumer Affairs, 2024, vol. 58, issue 2, 432-450 Abstract: Financial literacy is an important life skill, but to date, it is mostly studied on the individual level. To investigate the role of national culture in financial literacy, we analyze data from 20 countries participating in the Program for International Student Assessment (PISA) 2018 financial literacy assessment with four approaches to measuring national culture: Hofstede, Schwartz, Inglehart–Welzel, and Minkov–Kaasa cultural dimension frameworks. This is the first study that links PISA financial literacy scores to these four culture models simultaneously, filling a gap in research on youth financial literacy. We find that culture explains an important part of within‐country variance in financial literacy. The results indicate that individualism is positively associated with youth financial literacy scores, with the Schwartz embeddedness dimension remaining consistent after a set of control variables. Therefore, financial education initiatives need to consider in their design and implication the cultural context of the participants. Date: 2024 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:jconsa:v:58:y:2024:i:2:p:432-450 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of Consumer Affairs is currently edited by Sharon Tennyson More articles in Journal of Consumer Affairs from Wiley Blackwell |
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