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B2c Financial Education Attributes and Financial Capability of Emerging Adults
Key Words
financial educaiton, financial capability, financial literacy, financial behavior, financial knowledge, National Financial Capability Study
Short Description
The effectiveness of financial education is controversial, and calls have been made to change its delivery methods. Still, more recent studies show benefits of financial education for consumer capability and wellbeing. In this study, we take advantage of new information available from the 2018 National Financial Capability Study to examine if several specific financial education attributes such as requirement, hours, and quality can enhance multiple benefits brought by financial education among emerging adults. In this study, financial capability is defined as the ability to apply financial knowledge and perform desirable financial behavior for achieving financial wellbeing. Financial education is defined as educational programs aimed at improving people's money management knowledge and skills. Emerging adults refer to young people aged 18-25. Results of multivariate analyses suggest that different financial education attributes may have different effects on financial capability factors. For example, when all financial education attribute variables and control variables are entered to one multivariate regression model, requirement and hours seem more important to improve objective financial knowledge, and quality seems more important to improve confidence in knowledge, behavior, and perceived financial capability. The findings emphasize the importance of financial education quality in improving financial capability of emerging adults.
First & Corresponding Author
JingJian Xiao, University of Rhode Island
Authors in the order to be printed
Jing Jian Xiao, Nilton Porto