Financial Literacy and Sustainable Consumer Behavior

Ester Muñoz-Céspedes, Raquel Ibar-Alonso and Sara de Lorenzo Ros
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Ester Muñoz-Céspedes: Department of Applied Economics I, Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Madrid, Spain
Raquel Ibar-Alonso: Department of Applied Economics I, Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Madrid, Spain
Sara de Lorenzo Ros: Departamento de Matemática Aplicada y Estadística, Facultad de Ciencias Económicas y Empresariales, Universidad San Pablo CEU, Madrid 28003, Spain

Sustainability, 2021, vol. 13, issue 16, 1-21

Abstract: A more sustainable society and economy also implies more sustainable behavior in terms of the consumption of financial products. A possible change in this behavior can be brought about when there is a change in the demand. In other words, more sustainable consumption of financial products is directly related to financial literacy. However, the latter’s definition, object, and scope are far from being agreed upon internationally. One objective of this work was to explore the different interpretations of financial literacy in academic literature. In this exploration we delved into the evolution of the term, and how, in what context, and with what other concepts the term is used in social networks. Scientometric techniques were used for the analysis and review of the literature. The NLP technique was used to analyze comments on social networks. With this technique, ten feelings that were specially selected were analyzed. Positivity, confidence, and anticipation predominated among them. We conclude that it is important to emphasize that greater attention must be given to financial literacy, from both private and public sectors, so that it can be used to drive more sustainable behavior by individual consumers. Finally, a new definition of financial literacy is proposed.

Keywords: financial literacy; financial behavior; consumer behavior; sustainable consumer behavior; social media; natural language processing; social network (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:16:p:9145-:d:615019

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