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Financial Literacy and Credit Card Behaviors in An Emerging Economy: Evidence from Urban China
Short Abstract
The purpose of this study is to examine associations between financial literacy and credit card behavior in an emerging economy. Financial literacy is hypothesized to be positively associated with desirable credit card behaviors. Using preliminary data collected from a national survey in urban China, results provide evidences to support the hypothesis. The findings show that higher financial literacy levels are associated with desirable credit card behaviors such as making full payments, checking both expenditures and balances of the statements, comparison shopping, and carefully reading the contract before signing it. The results have helpful information for consumer policy makers and educators to promote financial capability and develop effective financial education programs for consumers.