What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
The current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for i...
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2021-12-01
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| Series: | Frontiers in Psychology |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/articles/10.3389/fpsyg.2021.663254/full |
| _version_ | 1819093481594814464 |
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| author | Christin Siegfried Eveline Wuttke |
| author_facet | Christin Siegfried Eveline Wuttke |
| author_sort | Christin Siegfried |
| collection | DOAJ |
| description | The current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for individuals. Due to the long duration of the lockdown, these challenges will have a long-term impact and affect the financial well-being of many citizens. Moreover, it can be assumed that the consequences of this crisis will once again particularly affect groups of people who have already frequently been identified as having low financial literacy. Financial literacy is therefore an important target for educational measures and interventions. However, it cannot be considered in isolation but must take into account the many potential factors that influence financial literacy alone or in combination. These include personality traits and socio-demographic factors as well as the (in)ability to defer gratification. Against this background, individualized support offers can be made. With this in mind, in the first step of this study, we analyze the complex interaction of personality traits, socio-demographic factors, the (in-)ability to delay gratification, and financial literacy. In the second step, we differentiate the identified effects regarding different groups to identify moderating effects, which, in turn, allow conclusions to be drawn about the need for individualized interventions. The results show that gender and educational background moderate the effects occurring between self-reported financial literacy, financial learning opportunities, delay of gratification, and financial literacy. |
| first_indexed | 2024-12-21T23:12:12Z |
| format | Article |
| id | doaj.art-f22c02ef14e24b3e9413806c279f4563 |
| institution | Directory Open Access Journal |
| issn | 1664-1078 |
| language | English |
| last_indexed | 2024-12-21T23:12:12Z |
| publishDate | 2021-12-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Psychology |
| spelling | doaj.art-f22c02ef14e24b3e9413806c279f45632022-12-21T18:47:01ZengFrontiers Media S.A.Frontiers in Psychology1664-10782021-12-011210.3389/fpsyg.2021.663254663254What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of GratificationChristin SiegfriedEveline WuttkeThe current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for individuals. Due to the long duration of the lockdown, these challenges will have a long-term impact and affect the financial well-being of many citizens. Moreover, it can be assumed that the consequences of this crisis will once again particularly affect groups of people who have already frequently been identified as having low financial literacy. Financial literacy is therefore an important target for educational measures and interventions. However, it cannot be considered in isolation but must take into account the many potential factors that influence financial literacy alone or in combination. These include personality traits and socio-demographic factors as well as the (in)ability to defer gratification. Against this background, individualized support offers can be made. With this in mind, in the first step of this study, we analyze the complex interaction of personality traits, socio-demographic factors, the (in-)ability to delay gratification, and financial literacy. In the second step, we differentiate the identified effects regarding different groups to identify moderating effects, which, in turn, allow conclusions to be drawn about the need for individualized interventions. The results show that gender and educational background moderate the effects occurring between self-reported financial literacy, financial learning opportunities, delay of gratification, and financial literacy.https://www.frontiersin.org/articles/10.3389/fpsyg.2021.663254/fullfinancial literacyfinancial well-beingmoderatordelay of gratificationstructural equation modelinginfluencing factors |
| spellingShingle | Christin Siegfried Eveline Wuttke What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification Frontiers in Psychology financial literacy financial well-being moderator delay of gratification structural equation modeling influencing factors |
| title | What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification |
| title_full | What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification |
| title_fullStr | What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification |
| title_full_unstemmed | What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification |
| title_short | What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification |
| title_sort | what influences the financial literacy of young adults a combined analysis of socio demographic characteristics and delay of gratification |
| topic | financial literacy financial well-being moderator delay of gratification structural equation modeling influencing factors |
| url | https://www.frontiersin.org/articles/10.3389/fpsyg.2021.663254/full |
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