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Financial Literacy and Financial Behavior: Evidence from the Emerging Asian Middle Class

Discussion Papers 1702, 41 S.,VIII

Antonia Grohmann


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Published in: Pacific Basin Finance Journal 48 (2018), S 129-143


This paper analyses financial literacy and financial behavior of middle class people living in an urban Asian economy. Other than most papers on financial literacy that focus on people in developed countries, we surveyed people living Bangkok. Using standard financial literacy questions, we find that financial literacy levels are largely comparable to industrialized countries, but understanding of more advanced financial concepts is lower. Similarly, savings accounts are held by most people, but more sophisticated products are a lot less common. We further show, in line with the literature, that higher financial literacy leads to improved financial decision making.

JEL-Classification: D14;G11;D91
Keywords: Financial literacy, Saving, Borrowing, Household finance
Frei zugängliche Version: (econstor)