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P118 Exploring the Relationship Between Financial Literacy and Financial Awareness: A Multilevel Probit Analysis
Short Description
Financial awareness, defined as how often individuals think about their financial situation, is a critical yet understudied dimension of financial capability. Unlike financial behaviors or well-being, awareness captures the cognitive attention people devote to money management, which can shape decision-making and long-term outcomes. This study draws on two data sources: the 2021 National Financial Capability Study (NFCS), covering more than 25,000 U.S. adults, and the Council for Economic Education’s Survey of the States, which documents state-level personal finance education mandates. Using a multilevel probit framework, the analysis integrates individual literacy measures with state policy contexts. Results reveal a clear contrast: objective financial literacy promotes awareness, while subjective literacy reduces it, suggesting confidence without knowledge may hinder reflection. Although mandates were not significant predictors, state-level differences emerged. States such as Oregon, Utah, New Mexico, and Indiana showed higher predicted awareness, while California, Mississippi, Wisconsin, and Pennsylvania consistently fell below the national average. These findings position financial awareness as a measurable cognitive outcome and highlight the need for policies and practices that foster deeper engagement beyond mandates.
Type of presentation
Accepted Poster Presentation