Energy-related financial literacy and retrofits of Soviet-era apartment buildings: The case of Lithuania

Fissha Asmare, Vincentas Giedraitis, Jūratė Jaraitė and Andrius Kazukauskas

Energy Economics, 2023, vol. 120, issue C

Abstract: This paper extends the literature on energy-related financial literacy by examining its role in collective energy retrofit investment decisions in Soviet-era countries, which suffer from suboptimal levels of these investments, purportedly due to a lack of energy-specific knowledge and financial skills as well as low levels of trust. We investigate whether energy-related financial literacy and trust help explain collective energy retrofit investment decisions of typical Soviet-built multi-dwelling buildings in the case of Lithuania. Using unique survey data from Lithuania, we find that individuals' willingness to invest in multi-dwelling building energy retrofits is positively associated with individuals' general financial literacy, energy literacy, and energy-related financial literacy. Furthermore, we show that individuals' trust in institutions that are directly involved in the house-retrofitting process is an important predictor for multi-dwelling building energy retrofit decisions.

Keywords: Energy efficiency; Energy-related financial literacy; Energy retrofit; Financial literacy; Multi-dwelling buildings; Soviet-era countries; Survey data (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:120:y:2023:i:c:s0140988323000816

DOI: 10.1016/j.eneco.2023.106583

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