Ability, Educational Attainment, and Household Financial Distress
N. Luotonen (),
V. Puttonen () and
E. Rantapuska ()
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N. Luotonen: Aalto University
V. Puttonen: Aalto University
E. Rantapuska: Aalto University
Journal of Consumer Policy, 2022, vol. 45, issue 4, No 3, 655-672
Abstract Using register data on the Finnish population, we show that both ability (measured with comprehensive school GPA) and educational attainment are relevant predictors of financial distress, even after accounting for childhood family environment. Low GPA is an especially useful predictor of financial distress years later for those who attain a secondary-level education at most. Our results suggest that any societal interventions to mitigate financial distress should particularly focus on low GPA individuals, and especially those unlikely to continue their studies after completing comprehensive school.
Keywords: Financial distress; Cognitive ability; Noncognitive ability; Educational attainment (search for similar items in EconPapers)
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