Childhood roots of financial literacy

Antonia Grohmann, Roy Kouwenberg and Lukas Menkhoff

Journal of Economic Psychology, 2015, vol. 51, issue C, 114-133

Abstract: Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school positively affect the financial literacy of adults. Moreover, financial literacy and school related variables also have a direct effect on financial behavior. This suggests that family factors and schooling work through complementary channels.

Keywords: Financial literacy; Financial behavior; Family background; Education; Numeracy (search for similar items in EconPapers)
JEL-codes: D G I (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (44)

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Working Paper: Childhood Roots of Financial Literacy (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:51:y:2015:i:c:p:114-133

DOI: 10.1016/j.joep.2015.09.002

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