Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications
Open accessAbstract
This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. The paper finds that most young adults lack basic financial knowledge. Financial literacy is especially low among certain demographic groups, such as women, minorities, and lower-income or less-educated people. A high level of education, however, is not a guarantee of financial literacy. Only 49% of young respondents with a college education and 60% of young respondents with postgraduate education could correctly answer three simple questions designed to assess financial literacy. Results show that respondents who display higher financial literacy or higher confidence in their math or personal finance knowledge have better financial outcomes: they are less likely to use high-cost borrowing methods, and they are more likely to plan for retirement or have set aside savings for emergencies.
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Consumers' financial literacy is positively related to their individual likelihood to hold precautionary savings.
“Finally, de Bassa Scheresberg (2013) documents a positive relation between consumers' financial literacy and their individual likelihood to hold precautionary savings.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as de Bassa Scheresberg (2013)
Cites
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“A few studies in the literature have tried to account for these problems by using IV estimation, and they consistently report IV estimates of the effects of financial literacy that are larger than the ordinary least squares (OLS) estimates (Lusardi and Mitchell 2009; Alessie et al. 2011; Van Rooij et al. 2011, 2012).”
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“…to actual financial knowledge, Lusardi and Mitchell (2008, 2011a, 2011b, 2011c) show that the capacity to do a simple interest rate calculation and the knowledge of inflation and risk diversification are strikingly low among the young (a finding confirmed by Lusardi, Mitchell, and Curto 2010).”
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InfluentialFactors affecting College students’ multidimensional financial literacy in the Middle East
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“The questions developed by Lusardi and Mitchell (2008) that currently serve as the gold standard for measuring financial literacy are mathematical in nature. da Bassa Scheresberg (2013) found that those who rate themselves as “good at math” are less likely to engage in high-cost borrowing behavior and are more likely…”
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“…literacy has previously been found to enhance retirement planning and saving (Lusardi and Mitchell 2007), increase precautionary savings (de Bassa Scheresberg 2013), spur participation in the stock market (Van Rooij et al. 2012), boost investment returns (Clark et al. 2017), and strengthen…”
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“Additionally and following De Bassa Scheresberg (2013), it is controlled by the confidence the individual has in himself in mathematical and financial abilities.4 In this manner, the final specification is: financial literacy∗i = αmathi + βselfmathi + γselffini + Xiθ + εi (1) where financial…”
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“…knowledge, especially overconfident individuals, are particularly likely to exhibit costly financial behaviors (Allgood & Walstad, 2016; Asaad, 2015; Christelis, Jappelli, & Padula, 2010; de Bassa Scheresberg, 2013; Gerardi, Goette, & Meier, 2013; Huston, 2012; van Rooij, Lusardi, & Alessie, 2012).”
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Unraveling the impact of financial literacy on investment decisions in an emerging market
Shroff, S. J., Paliwal, U. L., & Dewasiri, N. J. (2024) · Business Strategy & Development · doi:10.1002/bsd2.337 · Cited by 35 · see citing works
Ramos-Hernández, J. J. (2018) · International Journal of Developmental and Educational Psychology Revista INFAD de psicología · doi:10.17060/ijodaep.2017.n2.v2.888 · Cited by 26 · see citing works
“De Bassa Scheresberg (2013) examinó la educación financiera y comportamiento financiero de los jóvenes adultos, encontrando que la mayoría de ellos carece de conocimientos financieros básicos y aunque algunos grupos demográficos como mujeres, minorías y personas con bajos ingresos y nivel educativo…”
InfluentialThe Impact of Financial Shock, Behavior, and Knowledge on the Financial Fragility of Single Youth
Ramli, Z. M., Nyirop, H. B. A., Sum, S. M., & Awang, A. H. (2022) · Sustainability · doi:10.3390/su14084836 · Cited by 18 · see citing works
“Education level has a relationship with financial behavior but no influence on financial fragility [3,55].”
Faulkner, A. (2017) · Reference & User Services Quarterly · doi:10.5860/rusq.56n2.116 · Cited by 18 · see citing works
Financial Behavior and Financial Access: A Latent Class Analysis
Birkenmaier, J. M., & Fu, Q. J. (2020) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-18-00067 · Cited by 18 · see citing works
Validating multi-dimensional model of financial literacy using confirmatory factor analysis
Bajaj, I., & Kaur, M. (2022) · Managerial Finance · doi:10.1108/mf-06-2021-0285 · Cited by 17 · see citing works
Khuc, T. A., Do, H. L., & Pham, B. L. (2022) · Journal of Eastern European and Central Asian Research (JEECAR) · doi:10.15549/jeecar.v9i4.735 · Cited by 22 · see citing works
More Than Knowledge: Consumer Financial Capability and Saving Behavior
Núñez‐Letamendia, L., Sánchez‐Ruiz, P., & da Silva, A. C. R. (2024) · International Journal of Consumer Studies · doi:10.1111/ijcs.13097 · Cited by 27 · see citing works
Is Income Inequality Influenced by Financial Knowledge? A Macroeconomic and Longitudinal Analysis
Oliver-Márquez, F. J., Guarnido-Rueda, A., Amate-Fortes, I., & Martínez-Navarro, D. (2021) · Journal of the Knowledge Economy · doi:10.1007/s13132-021-00838-2 · Cited by 16 · see citing works
“(2011), and De Bassa Scheresberg (2013) agreed that the most educated people financially profit better economic-financial outcomes.”
InfluentialFinancial life-skills training and labor market outcomes in Indonesia
Grimes, P. W., Lopus, J. S., & Amidjono, D. S. (2022) · International Review of Economics Education · doi:10.1016/j.iree.2022.100255 · Cited by 26 · see citing works
Vieira, K. M., Moreira, F. D. J., & Potrich, A. C. G. (2019) · Educação & Sociedade · doi:10.1590/es0101-73302018182568 · Cited by 15 · see citing works
The Influence of Financial Literacy on Retirement Planning in South Africa
Dhlembeu, N. T., Kekana, M. K., & Mvita, M. F. (2022) · Southern African Business Review · doi:10.25159/1998-8125/9490 · Cited by 15 · see citing works
“Studies have shown that financial literacy has a positive influence on household savings and the day-to-day financial management of consumers (De Bassa Scheresberg 2013, 17; Murendo and Mutsonziwa 2017, 102; Pangestu and Karnadi 2020, 11); influences their debt levels and types of mortgage loans…”
What do we really know about “don't know”? Re‐assessing the measurement of financial knowledge
Wilmarth, M. J., Kim, K. T., & Pak, T. (2023) · Journal of Consumer Affairs · doi:10.1111/joca.12563 · Cited by 15 · see citing works
Quantitative Map Literacy: A Cross between Map Literacy and Quantitative Literacy
Xie, M., Vacher, H. L., Reader, S. K., & Walton, E. (2018) · Numeracy · doi:10.5038/1936-4660.11.1.4 · Cited by 15 · see citing works
“We embarked on our exploration of quantitative map literacy (QML) because we believe that it has potential to stand alongside financial literacy (e.g., Gilliland et al. 2011; Lusardi 2012; de Bassa Scheresberg 2013; Lusardi and Wallace 2013; Nye and Hillyard 2013; Dahmen and Rodriguez 2014) and health numeracy (e.g.,…”
The Financial Literacy of Non-business University Students in South Africa
Fatoki, O. (2014) · International Journal of Educational Sciences · doi:10.1080/09751122.2014.11890188 · Cited by 15 · see citing works
“De Bassa Scheresberg (2013) agrees that the financial markets have become more complex in the last twenty years.”
Links Between Family Poverty and the Financial Behaviors of Adolescents: Parental Roles
Zhu, A. Y. F. (2018) · Child Indicators Research · doi:10.1007/s12187-018-9588-6 · Cited by 14 · see citing works
Shah, S. S., Qureshi, F., Memon, F. A., & Uddin, M. H. (2024) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2024.100974 · Cited by 37 · see citing works
I Know I Should, But Do I Do It? Connecting Covert and Overt Financial Behaviors
Archuleta, K. L., Glenn, C., Lawson, D. R., Clady, J., & Solomon, S. (2021) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-2021-0008 · Cited by 13 · see citing works
Financial Knowledge, Personality Traits, and Risky Borrowing Behaviors in Iranian Households
Cude, B. J., Chatterjee, S., & Tavosi, J. (2020) · Sustainability · doi:10.3390/su12187608 · Cited by 13 · see citing works
Attitude Towards Using Fintech Services: Digital Immigrants Versus Digital Natives
KOROLEVA, E. V. (2022) · International Journal of Innovation and Technology Management · doi:10.1142/s0219877022500298 · Cited by 12 · see citing works
Sumartini, A. R., Suprapti, N. W. S., Piartrini, P. S., & Sukaatmadja, I. P. G. (2024) · International Research Journal of Management IT and Social Sciences · doi:10.21744/irjmis.v11n6.2474 · Cited by 12 · see citing works
Rethinking the Numerate Citizen: Quantitative Literacy and Public Issues
Erickson, A. (2016) · Numeracy · doi:10.5038/1936-4660.9.2.4 · Cited by 12 · see citing works
Determinants of Personal Financial Literacy among Young Adults in Malaysian Accounting Firms
Loh, A. M., Peong, K. K., & Peong, K. P. (2019) · GATR Global Journal of Business Social Sciences Review · doi:10.35609/gjbssr.2019.7.1(2 · Cited by 12 · see citing works
Life101 Enhances Healthy Lifestyle Choices in Pre-Health Undergraduate Students
Jafari, M. (2017) · Journal of University Teaching and Learning Practice · doi:10.53761/1.14.3.4 · Cited by 12 · see citing works
Understanding financial professionals' perceptions of their clients' financial behaviors
Morris, T., Kamano, L., & Maillet, S. (2023) · International Journal of Bank Marketing · doi:10.1108/ijbm-07-2022-0298 · Cited by 19 · see citing works
Financial Literacy Overconfidence, Mobile Financial Service Use, and High-Cost Borrowing
Mokhtari, M., & Chawla, I. (2023) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-2022-0003 · Cited by 11 · see citing works
Harrison, N., & Agnew, S. (2016) · Higher Education Quarterly · doi:10.1111/hequ.12094 · Cited by 11 · see citing works
“Financial literacy is hypothesised to reduce impulsive credit use (e.g. de Bassa Schreseberg, 2013) and this finding would tend to support this, with more knowledge about financial matters being linked to a lower disposition towards credit use for social and luxury purposes.”
Blasch, J., Filippini, M., Kumar, N., & Martínez-Cruz, A. L. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3043233 · Cited by 11 · see citing works
Torma, J., Barbić, D., & Ivanov, M. (2023) · South East European Journal of Economics and Business · doi:10.2478/jeb-2023-0019 · Cited by 10 · see citing works
“In line with the results of de Bassa and Scheresberg (2013), Japelli and Padula (2013), Sole (2014), and Lusardi (2012), we found that a low mathematics grade from high school, which we used as a proxy for mathematics literacy and numeracy, was one of the essential components explaining the level…”
THE DETERMINANT FACTORS OF PERSONAL FINANCIAL MANAGEMENT OF INDONESIAN MIGRANT WORKERS IN HONGKONG
Rahayu, C. W. E., & Rahmawati, C. H. T. (2021) · MIX JURNAL ILMIAH MANAJEMEN · doi:10.22441/mix.2021.v11i1.004 · Cited by 9 · see citing works
Schedule Unpredictability and High-Cost Debt: The Case of Service Workers
Amorim, M., & Schneider, D. (2022) · Sociological Science · doi:10.15195/v9.a5 · Cited by 9 · see citing works
Financial Literacy and Its Influence on Consumers’ Internet Banking BehaviourPreprint
Andreou, P. C., & Anyfantaki, S. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3499104 · Cited by 9 · see citing works
“…of financial literacy are less vulnerable to being exploited or deceived (Campbell et al., 2011; Lusardi and Mitchell, 2011; Deevy et al., 2012; de Bassa Scheresberg, 2013; Balloch et al., 2015; Andreou and Philip, 2018), are less prone to over-indebtedness (Lusardi and Tufano, 2015), are…”
Blanco, L. R., Garcia, C., Gulbins, B., & Gutierrez, R. (2024) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2024.10 · Cited by 8 · see citing works
“…the studies reviewed in this group used data from adults 18 years and older (seven studies), while three studies used data collected among young adults (De Bassa, 2013; Kim & Mountain, 2019; Lusardi et al., 2010) and three among older adults (Li et al., 2019; Lusardi, 2012; Lusardi et al., 2014).”
InfluentialThe Cognitive Correlates of Financial Literacy in Older Adults
Weissberger, G. H., Nguyen, A. L., Lim, A. C., Fenton, L. E., Mosqueda, L. A., & Han, S. (2023) · Clinical Gerontologist · doi:10.1080/07317115.2023.2217190 · Cited by 8 · see citing works
“Numerous studies have shown that financial literacy is generally low amongst both young and older adults (e.g., de Bassa Scheresberg, 2013; Lusardi & Mitchell, 2011a, 2011b).”
Financial education at workplace
de Oliveira, S. F., & Santana, P. M. (2019) · Revista Pensamento Contemporâneo em Administração · doi:10.12712/rpca.v13i1.27693 · Cited by 8 · see citing works
Financial Help-Seeking Behaviors of Young Adults
Glenn, C., & Heckman, S. J. (2020) · Journal of Financial Therapy · doi:10.4148/1944-9771.1212 · Cited by 7 · see citing works
“…likely to own stocks (Lusardi & Mitchell, 2011; van Rooij et al., 2011; van Rooij et al., 2012), more likely to use high cost borrowing (de Bassa Scheresberg, 2013), and less likely to save for retirement or emergencies (de Bassa Scheresberg, 2013; Lusardi & Mitchell, 2011; van Rooij et al., 2012).”
Influential
- Authors
- de Bassa Scheresberg, C.
- Venue
- Numeracy
- Published
- 2013-07
- Volume
- 6
- Issue
- 2
- ISSN
- 1936-4660 (ISSN-L)
- OpenAlex
- W1998824477
- Cited by
- 292
- References
- 24
- Citations by year
- 2026: 16 · 2025: 16 · 2024: 24 · 2023: 46 · 2022: 41 · 2021: 24 · 2020: 30 · 2019: 28 · 2018: 20 · 2017: 12 · 2016: 10 · 2015: 13 · 2014: 8 · 2013: 3
- FWCI
- 43.98
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Licence
- cc-by-nc
- Locations
- Numeracy (publishedVersion, cc-by-nc)
- Digital Commons - University of South Florida (University of South Florida) (submittedVersion, cc-by-nc)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Funders
- George Washington University
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- financial literacy, financial behavior, young adults, National Financial Capability Study, demographic disparities, personal finance knowledge, retirement planning, emergency savings, financial confidence
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