Financial Ability, Socialization, and Communication

Shih-Lun Alex Wang

Chapter Chapter 2 in Financial Communications, 2013, pp 21-42 from Palgrave Macmillan

Abstract: Abstract In general, the terms “financial ability” and “financial literacy” encompass the domains of some of the correlated variables, including the internal and external influences integrated into the overall model of consumer behavior proposed by Hawkins, Best, and Coney (2001). Integrating the internal and external influences, this chapter illustrates a financial ability model in Figure 2.1 that depicts the links among the processes and outcomes of financial communications based on financial ability and literacy. The first part of the proposed model includes external and internal variables that contribute to the formation of financial knowledge. The second part depicts how different structures of financial knowledge facilitate financial ability and literacy. The final part depicts how financial ability and literacy influence how consumers process and use a financial communication to make financial decisions.

Keywords: Credit Card; Mutual Fund; Financial Literacy; Risk Tolerance; Financial Behavior (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-35187-6_2

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DOI: 10.1057/9781137351876_2

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