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Childhood Roots of Financial Literacy

Referierte Aufsätze Web of Science

Antonia Grohmann, Roy Kouwenberg, Lukas Menkhoff

In: Journal of Economic Psychology 51 (2015), S. 114-133


Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school positively affect the financial literacy of adults. Moreover, financial literacy and school related variables also have a direct effect on financial behavior. This suggests that family factors and schooling work through complementary channels.

Lukas Menkhoff

Senior Research Associate in the Macroeconomics Department

JEL-Classification: D14;G11;I20
Keywords: Financial literacy, Financial behavior, Family background, Education, Numeracy