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Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications
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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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“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)
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Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554 · cited 5×
“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).”
InfluentialFinancial literacy around the world: an overview
LUSARDI, A., & MITCHELL, O. S. (2011) · Journal of Pension Economics and Finance · doi:10.1017/s1474747211000448 · Cited by 2,000 · cited 1×
“…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).”
Financial Literacy among the Young
LUSARDI, A., MITCHELL, O. S., & CURTO, V. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01173.x · Cited by 1,804
Financial Literacy Among the Young
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Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
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Planning and Financial Literacy: How Do Women Fare?
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Financial literacy and retirement planning in the United States
Lusardi, A., & Mitchell, O. S. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s147474721100045x · Cited by 918
Debt Literacy, Financial Experiences, and Overindebtedness
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“…good economic reasons why some people may want to keep below their credit card limits, including unexpected shocks, Bertrand and Morse (2011) determined that payday borrowers often labored under cognitive biases, similar to those with low financial literacy (Lusardi and de Bassa Scheresberg 2013).”
InfluentialDebt literacy, financial experiences, and overindebtedness
LUSARDI, A., & TUFANO, P. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000232 · Cited by 1,412
“De Bassa Scheresberg and Lusardi (2013) examine data from the first wave of the NFCS, using the questions on high-cost methods of borrowing that were taken from the TNS survey (payday lons, pawn shops, auto title loans, tax refund loans, and rentto-own shops). Similar to the findings in our work, they show that those…”
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“Young people also rely on high-cost methods of borrowing (e.g., payday loans; see de Bassa Scheresberg [2013]).”
InfluentialImpact of financial literacy on financial well-being: a mediational role of financial self-efficacy
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“Moreover, Scheresberg (2013) and Lusardi et al. (2011) have found that increased levels of financial knowledge lead to more precautionary savings and a greater ability to deal with financial emergencies.”
Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015) · Revista Contabilidade & Finanças · doi:10.1590/1808-057x201501040 · Cited by 192
“Além disso, Scheresberg (2013) consta-tou que os jovens adultos (25 a 34 anos) têm utilizado em-préstimos com altos custos.”
InfluentialFinancial Literacy and Financial Planning: Evidence from India
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“It is acknowledged that financially literate individuals are more likely to participate in financial markets and use services of financial institutions(De Bassa Scheresberg, 2013; Christelis et al., 2010; Van Rooij et al., 2011).”
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“…literacy and daily financial management skills, while other studies found that the more numerate and financially literate are more likely to participate in financial markets, invest in stocks, and make precautionary savings (Christelis et al. 2010; van Rooij et al. 2011; de Bassa Scheresberg 2013).”
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Andreou, P. C., & Anyfantaki, S. (2020) · European Management Journal · doi:10.1016/j.emj.2020.12.001 · Cited by 118
Dewi, V., Febrian, E., Effendi, N., & Anwar, M. (2020) · Australasian Accounting Business and Finance Journal · doi:10.14453/aabfj.v14i4.3 · Cited by 99
“Previous studies on financial behavior and financial literacy have been carried out by Bhushan and Medury (2013); Lusardi and Mitchell (2014); de Bassa Scheresberg (2013); van Rooij et al. (2011); Hung et al. (2009); Kempson (2009); Nye and Hillyard (2013); Woodyard (2013); Priyadharshini (2017);…”
Thom, B., & Benedict, C. (2019) · Journal of Adolescent and Young Adult Oncology · doi:10.1089/jayao.2018.0143 · Cited by 95
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Hanson, T. A., & Olson, P. M. (2018) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2018.05.001 · Cited by 111
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“2011; de Bassa Scheresberg 2013; Yoshino et al.”
Does self-control constitute a driver of millennials’ financial behaviors and attitudes?
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Mutlu, Ü., & Özer, G. (2021) · Kybernetes · doi:10.1108/k-01-2021-0062 · Cited by 72
Literasi Keuangan pada Generasi Milenial
Ningtyas, M. N. (2019) · Jurnal Ilmiah Bisnis dan Ekonomi Asia · doi:10.32812/jibeka.v13i1.111 · Cited by 68
“Wanita, kaum minoritas dan golongan berpenghasilan rendah cenderung memiliki tingkat literasi keuangan yang rendah (Amari & Jarboui, 2015; de Bassa Scheresberg, 2013).”
Financial Literacy: The Role of the Local Context
Cucinelli, D., Trivellato, P., & Zenga, M. (2019) · Journal of Consumer Affairs · doi:10.1111/joca.12270 · Cited by 67
Financial Literacy and Quantitative Reasoning in the High School and College Classroom
Lusardi, A., & Wallace, D. I. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.1 · Cited by 67
“Furthermore, you will read about financial literacy in the United States (Bumcrot et al. 2013; Allgood and Walstad 2013; Mottola 2013; de Bassa Scheresberg 2013): about which states’ populations know the most and which know the least, which population subgroups display the lowest financial literacy, and how financial…”
InfluentialFactors affecting College students’ multidimensional financial literacy in the Middle East
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Sekita, S., Kakkar, V., & Ogaki, M. (2022) · Journal of the Japanese and International Economies · doi:10.1016/j.jjie.2021.101190 · Cited by 62
Nejad, M. G., & Javid, K. (2018) · International Journal of Bank Marketing · doi:10.1108/ijbm-07-2017-0153 · Cited by 70
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“A potential explanation for this outcome may be that younger adults have a relatively low financial literacy and are less attuned to their finances than older adults, as they are just starting to build their credit history [12, 28].”
Is there a link between financial literacy and financial behaviour?
Mireku, K., Appiah, F., & Agana, J. A. (2023) · Cogent Economics & Finance · doi:10.1080/23322039.2023.2188712 · Cited by 100
West, S., & Friedline, T. L. (2016) · Social Work · doi:10.1093/sw/sww057 · Cited by 53
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Ali, M., Ali, İ., Badghish, S., & Soomro, Y. A. (2021) · Frontiers in Psychology · doi:10.3389/fpsyg.2021.747255 · Cited by 65
“Likewise, de Bassa Scheresberg (2013) also proposed that people with enhanced financial literacy have better financial behaviors for planning their retirement to improve financial wellbeing and saving money (financial coping behavior).”
Morris, T., Maillet, S., & Koffi, V. (2022) · Cogent Social Sciences · doi:10.1080/23311886.2021.1996919 · Cited by 90
“In terms of gender, a certain number of studies reveal that women tend to have worse financial behavior than their male counterparts (De Bassa Scheresberg, 2013; Chen & Volpe, 1998) and are more at risk of having low financial literacy scores (Tamborini et al., 2012).”
Al-Bahrani, A. A., Buser, W., & Patel, D. P. (2020) · Journal of Family and Economic Issues · doi:10.1007/s10834-020-09670-3 · Cited by 57
“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…”
Baihaqqy, M. R. I., Disman, Nugraha, N., & Sari, M. K. (2020) · Journal of Education and e-Learning Research · doi:10.20448/journal.509.2020.73.306.313 · Cited by 46
Literasi Keuangan Pada Generasi Z
Laturette, K., Widianingsih, L. P., & Subandi, L. (2021) · Jurnal Pendidikan Akuntansi (JPAK) · doi:10.26740/jpak.v9n1.p131-139 · Cited by 46
Financial competence, overconfidence, and trusting investments: Results from an experiment
McCannon, B. C., Asaad, C., & Wilson, M. (2016) · Journal of Economics and Finance · doi:10.1007/s12197-015-9328-4 · Cited by 48
“…from FINRA’s National Financial Capability Study, but also adds both more and less sophisticated topics.7 These questions have shown that higher levels of financial literacy are associated with better financial outcomes (see for example Robb and Woodyard, 2011 or de Bassa Scheresberg, 2013).”
Female workers' readiness for retirement planning: an evidence from Indonesia
Larisa, L. E., Anastasia, N., & Wijaya, S. (2020) · Review of Behavioral Finance · doi:10.1108/rbf-04-2020-0079 · Cited by 62
Mapping the Literature on Financial Behavior: a Bibliometric Analysis Using the VOSviewer Program
Dubyna, M. V., Popelo, O. V., Холявко, Н., Жаворонок, А., Fedyshyn, M., & Валеріївна, Я. І. (2022) · WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS · doi:10.37394/23207.2022.19.22 · Cited by 43
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Culture and adult financial literacy: Evidence from the United States
Davoli, M., & Rodríguez‐Planas, N. (2020) · Economics of Education Review · doi:10.1016/j.econedurev.2020.102013 · Cited by 48
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Andreou, P., & Philip, D. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3250850 · Cited by 35
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Trust and Retirement Preparedness: Evidence from Singapore
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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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Assessing financial education methods: Principles vs. rules-of-thumb approaches
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Does Consumer Financial Management Behavior Relate to Their Financial Access?
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“These behaviors include dayto-day financial management of income and expenses (Bell et al. 2009; Collins 2010;Wikoff et al. 2015), planning ahead for expenses (Grable et al. 2009; Haynes-Bordas et al. 2008), retirement planning (de Bassa Scheresberg 2013; Grable et al. 2009), planning for emergency funds (Bell et al.…”
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Yao, M., Rehr, T. I., & Regan, E. P. (2022) · Journal of Family and Economic Issues · doi:10.1007/s10834-022-09860-1 · Cited by 20
“…research has documented that large proportions of collegeeducated young adults lack sufficient financial knowledge and engage with high-stakes financial behaviors, such as high-cost borrowing and lack of emergency savings (de Bassa Scheresberg, 2013; Friedline & West, 2016; Montalto et al., 2019).”
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InfluentialThe Impact of Financial Shock, Behavior, and Knowledge on the Financial Fragility of Single Youth
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“Education level has a relationship with financial behavior but no influence on financial fragility [3,55].”
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Is Income Inequality Influenced by Financial Knowledge? A Macroeconomic and Longitudinal Analysis
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“(2011), and De Bassa Scheresberg (2013) agreed that the most educated people financially profit better economic-financial outcomes.”
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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
“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 16
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
“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
“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
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
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
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 16
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
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 20
Rethinking the Numerate Citizen: Quantitative Literacy and Public Issues
Erickson, A. (2016) · Numeracy · doi:10.5038/1936-4660.9.2.4 · Cited by 12
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
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
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 22
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
Harrison, N., & Agnew, S. (2016) · Higher Education Quarterly · doi:10.1111/hequ.12094 · Cited by 14
“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
Torma, J., Barbić, D., & Ivanov, M. (2023) · South East European Journal of Economics and Business · doi:10.2478/jeb-2023-0019 · Cited by 21
“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
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 10
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
“…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
“…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
“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
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
“…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
Metadata
- 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 › Economics, Econometrics and Finance › Finance › 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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