Why do consumers remain financially illiterate? The empirical test of some less investigated reasons
Although financial literacy becomes increasingly important in more and more financialised world, and despite broad-based financial education interventions, consumers still display large shortcomings in the literacy. In this study, using multivariate linear regression and a nationally representative...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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IEECA
2019-03-01
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| Series: | Journal of Eastern European and Central Asian Research |
| Subjects: | |
| Online Access: | https://ieeca.org/journal/index.php/JEECAR/article/view/285 |
| _version_ | 1811293333248540672 |
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| author | Piotr Oratowski Andrzej Cwynar Wiktor Cwynar Robert Dankiewicz Anna Ostrowska-Dankiewicz |
| author_facet | Piotr Oratowski Andrzej Cwynar Wiktor Cwynar Robert Dankiewicz Anna Ostrowska-Dankiewicz |
| author_sort | Piotr Oratowski |
| collection | DOAJ |
| description | Although financial literacy becomes increasingly important in more and more financialised world, and despite broad-based financial education interventions, consumers still display large shortcomings in the literacy. In this study, using multivariate linear regression and a nationally representative sample of adult Poles (N=1,067), we test some little-studied potential determinants of financial literacy with the purpose to further explain low financial literacy levels. We found that respondents who are more interested in financial domain, have less difficulty in understanding information supplied by means of numbers, and report more learning from own mistakes are at the same time more financially literate, even after controlling for sociodemographic characteristics. Possible implications regarding the role of these factors for financial education are discussed. |
| first_indexed | 2024-04-13T04:59:49Z |
| format | Article |
| id | doaj.art-39a58d458ce34f279323fcd49b56ec41 |
| institution | Directory Open Access Journal |
| issn | 2328-8272 2328-8280 |
| language | English |
| last_indexed | 2024-04-13T04:59:49Z |
| publishDate | 2019-03-01 |
| publisher | IEECA |
| record_format | Article |
| series | Journal of Eastern European and Central Asian Research |
| spelling | doaj.art-39a58d458ce34f279323fcd49b56ec412022-12-22T03:01:22ZengIEECAJournal of Eastern European and Central Asian Research2328-82722328-82802019-03-016110.15549/jeecar.v6i1.285Why do consumers remain financially illiterate? The empirical test of some less investigated reasonsPiotr Oratowski0Andrzej Cwynar1Wiktor Cwynar2Robert Dankiewicz3Anna Ostrowska-Dankiewicz4Grupa Azoty S.A.University of Economics and Innovation (UEI) in Lublin (Poland)University of Economics and Innovation (UEI) in Lublin (Poland)Ignacy Łukasiewicz Rzeszów University of Technology (Poland)Ignacy Łukasiewicz Rzeszów University of Technology (Poland)Although financial literacy becomes increasingly important in more and more financialised world, and despite broad-based financial education interventions, consumers still display large shortcomings in the literacy. In this study, using multivariate linear regression and a nationally representative sample of adult Poles (N=1,067), we test some little-studied potential determinants of financial literacy with the purpose to further explain low financial literacy levels. We found that respondents who are more interested in financial domain, have less difficulty in understanding information supplied by means of numbers, and report more learning from own mistakes are at the same time more financially literate, even after controlling for sociodemographic characteristics. Possible implications regarding the role of these factors for financial education are discussed.https://ieeca.org/journal/index.php/JEECAR/article/view/285financial literacyfinancial educationnumeracy |
| spellingShingle | Piotr Oratowski Andrzej Cwynar Wiktor Cwynar Robert Dankiewicz Anna Ostrowska-Dankiewicz Why do consumers remain financially illiterate? The empirical test of some less investigated reasons Journal of Eastern European and Central Asian Research financial literacy financial education numeracy |
| title | Why do consumers remain financially illiterate? The empirical test of some less investigated reasons |
| title_full | Why do consumers remain financially illiterate? The empirical test of some less investigated reasons |
| title_fullStr | Why do consumers remain financially illiterate? The empirical test of some less investigated reasons |
| title_full_unstemmed | Why do consumers remain financially illiterate? The empirical test of some less investigated reasons |
| title_short | Why do consumers remain financially illiterate? The empirical test of some less investigated reasons |
| title_sort | why do consumers remain financially illiterate the empirical test of some less investigated reasons |
| topic | financial literacy financial education numeracy |
| url | https://ieeca.org/journal/index.php/JEECAR/article/view/285 |
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