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2020 Conference

del 18 al 20 de May del 2020

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B3c Determinants of Objective Financial Knowledge and Subjective Financial Knowledge: Are They Different?

miércoles, el 20 de mayo de 2020 a las 11:00–12:30 CDT
Room 3
Key Words

Financial Knoweldge, Objective Financial Knoweldge, Subjective Financial Knowledge, Seemingly Unrelated Estimation, Ordinary Least Squared Regression

Short Description

This study investigates factors influencing objective financial knowledge (OFK), examines the factors influencing subjective financial knowledge (SFK), and compares the coefficients of influential factors for OFK and SFK. The first two research objectives are analyzed with Ordinary Least Squared (OLS) regression models while the third objective is analyzed using Seemingly Unrelated Estimation (SUE) for statistical comparison of coefficients of the determinants used in the OLS regression models. In this study, we use the following four categories factors influencing financial knowledge: (1) educational, (2) financial, (3) behavioral, and (4) demographic. Findings of this study contribute to the literature in three ways. First, by identifying the effects of educational factors, in particular, financial education experience, on both two types of financial knowledge, results shed light on the importance of financial education as noted by educators, financial practitioners, researchers, and policymakers. Second, by examining the effects of behavioral characteristics on financial knowledge, this study confirms that one can improve financial literacy through a behavioral intervention. Third, this study describes profiles of survey respondents' financial knowledge with a broad array of socio-demographic factors with different effects on OFK and SFK. Thus, this study can provide insight into underrepresented groups for financial literacy improvement efforts.

First & Corresponding Author

Narang Park , University of Georgia
Authors in the order to be printed

Narang Park, Wookjae Heo, Jae Min Lee

Additional Authors

Wookjae Heo, South Dakota State University
Jae Min Lee, Minnesota State University, Mankato
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