Personal bankruptcy and consumer credit delinquency: The case of personal finance education

Vishaal Baulkaran

International Review of Financial Analysis, 2022, vol. 81, issue C

Abstract: Given the increasing complexities of the financial markets as well as a shift away from employer/government sponsored pensions to individuals managing their retirement funds, personal finance education is an important tool in order to navigate the evolving and complex financial environment. In this paper, I examine the impact of personal finance education on credit delinquency. Prior studies show that financial literacy affects financial decisions such as savings, retirement planning, wealth accumulation and stock market participation. Using U.S data on personal bankruptcy and consumer credit delinquency rates, I show that personal finance education is important in reducing personal bankruptcy as well as consumer credit delinquency rates. Furthermore, personal finance education does not appear to moderate the impact of gambling legislation on personal bankruptcy or consumer credit default.

Keywords: Consumer credit; Delinquency; Personal finance education; Economic education; K-12; Personal bankruptcy (search for similar items in EconPapers)
JEL-codes: G10 I22 I23 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:81:y:2022:i:c:s1057521922000680

DOI: 10.1016/j.irfa.2022.102098

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