Causes and consequences of financial literacy: insights from the life course paradigm in the United States
Issued Date
2025-01-01
Resource Type
ISSN
02652323
Scopus ID
2-s2.0-105002440832
Journal Title
International Journal of Bank Marketing
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SCOPUS
Bibliographic Citation
International Journal of Bank Marketing (2025)
Suggested Citation
Prakitsuwan P., Mathur A., Moschis G.P. Causes and consequences of financial literacy: insights from the life course paradigm in the United States. International Journal of Bank Marketing (2025). doi:10.1108/IJBM-11-2024-0709 Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/109686
Title
Causes and consequences of financial literacy: insights from the life course paradigm in the United States
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Abstract
Purpose: The article provides explanations for the development of financial literacy and its role in promoting the person’s financial well-being over the course of his or her entire adult life. Design/methodology/approach: The research employs a recently developed conceptual framework that is based on the life course paradigm, which has been an important development in behavioral and social science in recent decades as a theoretical orientation for researching a wide range of phenomena. The study is based on a sample of 813 participants and was conducted in the United States. Findings: The findings provide explanations for the development and changes in financial knowledge and attitudes based on the person’s earlier-in-life experiences and anticipation of life-changing events and role transitions, and they underscore their importance in triggering mechanisms that shape patterns of financial-related thoughts and actions at later stages in life. Originality/value: The article offers life course explanations of financial literacy among age cohorts, making time and context relevant dimensions of theory and analysis.