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ACCI 2026 Conference

April 13–15, 2026

Hilton Long Beach, Long Beach, CA, USA

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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B3a Enhancing Financial Self-Efficacy through Financial Literacy: Leveraging Financial Education Mandates as an Instrument Variable to Examine Causal Pathways

Tuesday, April 14, 2026 at 10:15 AM–11:45 AM PDT
Room 3
Short Description

This study aims to examine the association between financial literacy, measured by objective and subjective financial literacy, and financial self-efficacy. The study also uses financial education mandates as an instrumental variable to examine the causal effect of financial literacy on financial self-efficacy. Hence, the study employs an instrumental variable approach to address endogeneity, using financial education requirements as the instrument. Utilizing data from the U.S. 2018 National Financial Capability Study, the study applies two-stage regressions and performs sensitivity analyses for White and non-White subsamples. The first-stage regression results indicate that financial education requirements are positively associated with higher levels of both objective and subjective financial literacy. The second-stage probit results uncover that objective and subjective financial literacy have a positive causal effect on financial self-efficacy. The sensitivity analyses across White and non-White subsamples yield consistent findings, emphasizing the important role of both objective and subjective financial literacy in fostering financial self-efficacy in the United States.

Type of presentation

Accepted Oral Presentation

Submitter

Ichchha Pandey, Augusta University

Authors

THOMAS KORANKYE, Ph.D., CFP®, University of Arizona
Ichchha Pandey, Ph.D., CFP®, Augusta University
Ferdous Ahmmed, Ph.D., Missouri State University
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