Financial Satisfaction: Association with Perceived and Actual Knowledge Measurement

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Major Area of Focus

Secondary area of focus

Short Abstract

In modern societies, financial satisfaction has became an important component in measuring people's overall happiness. Objective factors such as income and wealth have been shown to lack full explanatory power when dealing with perceptions of satisfaction in the financial arena. This paper examines the relationship between actual and perceived knowledge as factors in a self-reported financial satisfaction item from the 2009 FINRA National Financial Capability Study. Linear probability models are used to discover a positive correlation between perceived knowledge (a self-reported construct) and financial satisfaction. Conversely, actual financial knowledge (from a right/wrong financial literacy quiz) is found to have a negative impact on satisfaction. Further discussion on other relevant variables and theoretical support of our hypothesis are also included on the paper.

Corresponding Author

2013 Conference

April 10–12, 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.