Doing matters more than knowing: evidence from environmental preferences

Panayiotis Andreou, Sofia Anyfantaki, Konstantinos Dellis and Christos Makridis
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Panayiotis Andreou: Cyprus University of Technology and Durham University
Sofia Anyfantaki: European Central Bank, and Bank of Greece
Konstantinos Dellis: Athens University of Economics and Business
Christos Makridis: Arizona State University, Stanford University, and Vienna Complexity Science Hub

No 353, Working Papers from Bank of Greece

Abstract: This paper examines the relation between financial knowledge proficiency, financial behaviors, and pro-environmental attitudes, focusing on the willingness to pay for eco-friendly products. Individuals who exhibit stronger financial behaviors, such as saving for the future and making considered purchases, show significantly higher levels of environmental concern and are more likely to engage in sustainable consumption. The results also show that financial knowledge proficiency does not directly predict pro-environmental attitudes; rather, its influence operates indirectly by fostering sound financial behaviors. The study highlights the importance of financial habits in shaping long-term, environmentally responsible decision-making and provides insights for designing policies that integrate financial capability with sustainability initiatives to promote eco-conscious consumer practices.

Keywords: Financial literacy; financial behaviors; environmental concern; sustainable consumption; pro-environmental preferences (search for similar items in EconPapers)
JEL-codes: D14 D91 G53 Q50 Q56 (search for similar items in EconPapers)
Pages: 69
Date: 2025-12
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