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Childhood Roots of Financial Literacy

Discussion Papers 1504, 42 S.

Antonia Grohmann, Roy Kouwenberg, Lukas Menkhoff

2015

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

Abstract

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
Frei zugängliche Version: (econstor)
http://hdl.handle.net/10419/119322

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