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P208 Financial Knowledge Disparities and Inequality of Opportunity among Young Adults
Short Description
This study aims to statistically examine the presence of opportunity inequality that may affect young people in acquiring financial knowledge. Specifically, we analyze disparities in financial knowledge based on individual characteristics like gender, race, age, and access to financial education. Using NFCS data, our findings reveal a significant knowledge gap that arises from factors such as personal effort, luck, and structural elements, including demographic attributes, educational background, employment status, and financial education. This research also explores the existence of knowledge disparities between men and women, as well as between white and non-white individuals, attributed to opportunity inequality. Even after controlling for factors like education, employment status, and financial education, a substantial portion of the financial knowledge gap was found to be influenced by non-choice-based factors, such as gender and race.
Type of presentation
Accepted Poster Presentation