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2013 Conference

del 10 al 12 de April del 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

Effects of Actual and Perceived Financial Knowledge on Young Adults’ Financial Behaviors

viernes, el 12 de abril de 2013 a las 14:45–16:00 PDT
Cambridge Room (Breakout Session B)
Major Area of Focus

Financial Services

Secondary area of focus

Financial Services

Short Abstract

This paper used data from the National Financial Capability Study (NFCS) to examine the actual and self-perceived financial knowledge of young adults ages 18 to 34.  The paper also analyzed the influence of the combination of the respondents’ actual and perceived financial knowledge on a set of financial behaviors. The findings of this study confirm that young adults with lower incomes and educational attainment, women, and nonwhite minorities were more likely to overestimate their financial knowledge than their respective reference groups. Respondents who overestimated their financial knowledge demonstrated other less desirable financial behaviors, including not having at least retirement accounts outside of work, not rebalancing their investment portfolios at least annually, and not being covered by health or auto insurance. Interestingly, respondents who overestimated their financial knowledge were more likely to seek investment, debt, and tax counseling services.

Corresponding Author

[photo]
Swarn Chatterjee, PhD, University of Georgia
Job Title

Assistant Professor

City & State (or Province & Country)

Athens, GA

Additional Authors

[photo]
Dr. Brenda J Cude, University of Georgia
Job Title

Professor

City & State (or Province & Country)

Athens, GA

[photo]
Mr. Wookjae Heo, MS, University of Georgia
Job Title

PhD Student

City & State (or Province & Country)

Athens, GA

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