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E1c Propensity to plan, Financial Knowledge and Credit Card Management Behaviors of Millennials
Key Words
Millennials, propensity to plan, financial knowledge, overconfidence, credit card management, financial behaviors, National Financial Capability Study
Short Description
This study examined the association between propensity to plan, financial knowledge and credit card management behaviors of Millennials. The dataset used for the analyses was 2015 National Financial Capability Study (NFCS) released by Financial Institution Regulatory Authority (FINRA) Investor Education Foundation. For empirical analyses, we conducted separate logistic regression analyses for each of the six credit card behaviors. Results showed that propensity to plan was associated positively with positive credit card management behaviors. Further, objective financial literacy generally had similar relationship as propensity to plan while respondents with higher subjective financial knowledge were more likely to manage credit card inappropriately. The relation between overconfidence in financial knowledge and management behavior was similar to that of subjective financial knowledge. The improvement of propensity to plan and the consistency of objective and subjective financial knowledge are salient factors that needs greater attention. This study provides important insights for educator, financial practitioners and policy makers.
First & Corresponding Author
Sunwoo Tessa Lee, Ohio State University
Authors in the order to be printed
Sunwoo Tessa Lee, Kyoung Tae Kim