Publication: Childhood roots of financial literacy
Issued Date
2015-12-01
Resource Type
ISSN
01674870
Other identifier(s)
2-s2.0-84942594912
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Mahidol University
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SCOPUS
Bibliographic Citation
Journal of Economic Psychology. Vol.51, (2015), 114-133
Suggested Citation
Antonia Grohmann, Roy Kouwenberg, Lukas Menkhoff Childhood roots of financial literacy. Journal of Economic Psychology. Vol.51, (2015), 114-133. doi:10.1016/j.joep.2015.09.002 Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/35893
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Title
Childhood roots of financial literacy
Author(s)
Abstract
© 2015 Elsevier B.V. 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.