The drivers of adult financial literacy: Exploring the role of attitudes towards finance

Mancebón-Torrubia, María- Jesús (Universidad de Zaragoza) ; Ximénez-de-Embún, Domingo P. ; Álvarez-Farizo, Begoña

Resumen: This study investigates the factors driving the financial literacy of adult population in Spain using a regression count model (specifically the latent class Poisson model). The paper pays special attention to the effect of certain financial attitudes and financial personality traits (such as financial myopia, risk aversion, attitude to financial planning and self‐perception of financial vulnerability) upon financial literacy. The results demonstrate a positive association between the financial skills, the sociodemographic characteristics and the attitudes and personality traits of individuals regarding finances. Furthermore, the analysis permits the conclusion that the effects of the financial attitudes analysed in the study vary among the different population groups, which suggests the need to adapt financial literacy promotional programs to the characteristics of the target group. Findings have implications for financial educators, practitioners and policymakers to help them recognize the proper financial program to be delivered on the basis of the FL levels and the sociodemographic composition of the individuals.

Idioma: Inglés

DOI: 10.1111/ejed.12712

Año: 2024

Publicado en: EUROPEAN JOURNAL OF EDUCATION 59, 4 (2024), e12712 [21 pp.]
ISSN: 0141-8211

Financiación: info:eu-repo/grantAgreement/ES/DGA/S23-20R
Financiación: info:eu-repo/grantAgreement/ES/DGA/S23-23R

Tipo y forma: Article (Published version)

Área (Departamento): Área Economía Aplicada (Dpto. Economía Aplicada)