The relationships of financial literacy with both financial behavior and financial well-being: Meta-analyses based on the selective literature review
- Authors
- Hwang, H[Hwang, Hyesun]; Park, HI[Park, Hyung In]
- Issue Date
- Jan-2023
- Publisher
- WILEY
- Keywords
- financial behavior; financial literacy; financial well-being; meta-analysis; objective financial knowledge; subjective financial knowledge
- Citation
- JOURNAL OF CONSUMER AFFAIRS, v.57, no.1, pp.222 - 244
- Indexed
- SSCI
SCOPUS
- Journal Title
- JOURNAL OF CONSUMER AFFAIRS
- Volume
- 57
- Number
- 1
- Start Page
- 222
- End Page
- 244
- URI
- https://scholarworks.bwise.kr/skku/handle/2021.sw.skku/102630
- DOI
- 10.1111/joca.12497
- ISSN
- 0022-0078
- Abstract
- This study conducted meta-analyses of the relationships between financial literacy and both financial behavior and financial well-being. Peer-reviewed articles published on financial literacy in the field of consumer studies were collected by July 29, 2020. Fourteen articles were eligible for the meta-analyses. The results showed positive relationships of financial knowledge with desirable financial behavior and financial well-being. Our comparison of objective and subjective financial knowledge indicated that subjective knowledge had stronger relationships with both financial behavior and financial well-being than objective knowledge. These two types of knowledge also had different paths to financial well-being in that subjective knowledge had both direct and indirect effects on financial well-being through financial behavior, whereas objective knowledge only had an indirect effect. The relationship between financial knowledge and financial behavior appeared stronger in cross-sectional data than in longitudinal data. The implications of these results and possible directions for future consumer science research were discussed.
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- Appears in
Collections - Social Sciences > Department of Psychology > 1. Journal Articles
- Social Sciences > Consumer Science > 1. Journal Articles
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