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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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“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
Lusardi, A., Mitchell, O. S., & Curto, V. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1476982 · Cited by 1,804
Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
Lusardi, A., & Mitchelli, O. S. (2007) · Business Economics · doi:10.2145/20070104 · Cited by 1,596
Planning and Financial Literacy: How Do Women Fare?
Lusardi, A., & Mitchell, O. S. (2008) · American Economic Review · doi:10.1257/aer.98.2.413 · Cited by 1,512
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
Lusardi, A., & Tufano, P. (2009) · National Bureau of Economic Research · doi:10.3386/w14808 · Cited by 837
Exponential Growth Bias and Household Finance
STANGO, V., & ZINMAN, J. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01518.x · Cited by 828
How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Lusardi, A., & Mitchell, O. (2009) · doi:10.3386/w15350 · Cited by 587
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“…2009; Stango and Zinman, 2009; Lusardi and de Bassa Scheresberg, 2013); ii ) limited holding of precautionary savings (Jappelli and Padula, 2013; de Bassa Scheresberg, 2013); iii ) in-adequate retirement planning (Hilgert et al. , 2003; Lusardi and Mitchell, 2007, 2011); iv ) inadequate stock…”
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Understanding Financial Vulnerability Among Asians, Blacks, and Hispanics in the United StatesPreprint
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“In their findings, Disney and Gathergood (2013) corroborated the findings of Lusardi and Tufano (2015) by revealing that low levels of financial literacy are associated with excessive utilization of high-cost credit such as payday loans or mail order catalogue debt.”
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Orientation Towards Finances: Testing of ORTOFIN Scale in the Indian Context
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“adults around the world is alarmingly low [4, 25, 65, 66], the findings indicate an interest to learn various aspects of finance through digital banking services.”
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“Financial literacy has also been shown to have positive impacts on financial and stock market participation or on precautionary savings (Kimball and Shumway 2006; Christelis et al. 2010; van Rooij et al. 2012; de Bassa Scheresberg 2013).”
Sociodemographic Factors on Financial Literacy of University Students in Pekanbaru, Indonesia
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“Scheresberg, C. B. (2013). Financial literacy and financial behavior among young adults: evidence and implications.”
InfluentialFINANCIAL LITERACY FACTORS: REGIONAL ASPECT
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“Что касается возраста, то основные исследования показывают, что финансовая грамотность обычно выше среди взрослых в середине их жизненного цикла и, как правило, ниже среди молодых людей и пожилых людей [6, 10, 11, 14].”
Follow us, not? Gender differences in financial literacy within the global leader of gender equality
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“…al. 2007; Lipkus and Peters 2009), risk situations (Jasper et al. 2013), and financial matters (Allgood and Walstad 2013; Nye and Hillyard 2013; de Bassa Scheresberg 2013) (among other things), all of which can support one’s attainment of objective goods like leading a healthy and prosperous life.”
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“…decision-making processes such as retirement planning (Boisclair, Lusardi, & Michaud, 2017; Brown & Graf, 2013, Lusardi & Mitchell, 2011), household savings and debt levels (Hussain & Sajjad, 2016; De Bassa Scheresberg, 2013) and choosing investment products (Van Rooij, Lusardi, & Alessie, 2011a).”
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“Carlo (2013) revealed that the respondents who display higher financial literacy of higher confidence in math or personal finance knowledge are less likely to use high-cost borrowing and more likely to plan for retirement or to have set aside savings for emergencies.”
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Timing and frequency of financial education and positive financial behaviors
Augustin, L. A. V., & Martin, T. (2023) · Financial Services Review · doi:10.61190/fsr.v31i2/3.3532 · Cited by 2
Financial DreamScape: Puzzle Narrative Games for Financial Education
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“Individuals with better debt literacy will avoid high-cost borrowing, high transaction costs, and higher fees (Lusardi and Tufano, 2015; de Bassa Scheresberg, 2013).”
Mind the gap: differentiating financial and debt literacy in shaping student financial behavior
Khan, M. S. R., & Rabbani, N. (2025) · Future Business Journal · doi:10.1186/s43093-025-00698-1 · Cited by 3
Students Perception about Financial Literacy: Case Study of International Burch University
Hadzic, M., & Poturak, M. (2014) · DOAJ (DOAJ: Directory of Open Access Journals) · Cited by 2
Migration Background and its Impact on Personal Investments of in Germany Living People
Zureck, A., & Jäger, T. (2018) · International Journal of Innovation and Economic Development · doi:10.18775/ijied.1849-7551-7020.2015.43.2001 · Cited by 2
“That is why a direct comparison with our findings on different ethnical groups is not possible (de Bassa Scheresberg, 2013).”
InfluentialDemographic Factors Affecting the Level of Financial Literacy in Rural Areas: The Case of Vietnam
Phung, Q., & Khuc, A. (2019) · Polish Political Science Yearbook · doi:10.15804/ppsy2019301 · Cited by 3
“However, Scheresberg (2013) states that this difference is very light and not significant.”
CARACTERÍSTICAS SOCIOECONÔMICAS E FINANCEIRAS PESSOAIS: ESTUDO COMPARATIVO ENTRE AS CLASSES SOCIAIS
Filho, G. A. L. (2022) · Revista Economia e Políticas Públicas · doi:10.46551/epp2021924 · Cited by 2
“Os trabalhos de Agarwal et al. (2009), Lusardi e Mitchell (2011), Finke et al. (2011), Atkinson e Messy (2012), Scheresberg (2013) observaram que a idade média de 30 a 40 anos está associada com os maiores índices de letramento financeiro e que a educação financeira é baixa entre os mais jovens e…”
Vijayalakshmi., R., Sudha, B., Farouk, M., & Ahmed, G. (2022) · International Conference on Cyber Resilience (ICCR) · doi:10.1109/iccr56254.2022.9996036 · Cited by 2
“Scheresberg (2013) opines that most young adults are not financially literate especially women, minorities and people with low income level.”
Estudio de los predictores del comportamiento de ahorro en estudiantes universitarios ecuatorianos
Zumárraga-Espinosa, M. (2022) · Revista Economía y Política · doi:10.25097/rep.n35.2022.06 · Cited by 2
“…a integrar el mercado laboral, estarán a cargo de sus propias familias y deberán afrontar cambios en los sistemas de seguridad social producto del envejecimiento poblacional, así como la complejización del mundo financiero (Blackburn, 2014; Sabri & MacDonald, 2010; De Bassa Scheresberg, 2013).”
LITERASI KEUANGAN DAN PERILAKU KEUANGAN: PERAN VARIABEL MODERASI GRIT
Rohmawati, L., Amaliyah, E. D. E., & Prabasari, B. (2023) · Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT) · doi:10.36694/jimat.v14i1.438 · Cited by 2
Luck or Skill: How Women and Men Attribute Successes and Failures
Xia, L. L. (2018) · Wellesley College Digital RepositoryWellesley (Wellesley College) · Cited by 2
Gonçalves, V. N., & Ponchio, M. C. (2018) · ReMark - Revista Brasileira de Marketing · doi:10.5585/remark.v17i4.3789 · Cited by 4
“…de idade, apresentavam um nível baixo de conhecimento financeiro nas questões sobre taxa de juros, inflação e diversificação de riscos; assim como Scheresberg (2013) mostrou que indivíduos com idades entre 30 e 34 anos, de uma amostra com a faixa de 25 a 34 anos, apresentavam quatro pontos…”
Financial Literacy and Financial Decisions of Millennials in the United StatesPreprint
Kim, K. T., Anderson, S. G., & Seay, M. C. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3037672 · Cited by 2
Financial Behavior and Degrees of Financial InclusionPreprint
Herrerías, R., & Alvarez, C. M. O. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3717100 · Cited by 5
Financial Literacy and Payment Behaviour: Evidence from Payment Diary Survey DataPreprint
Trütsch, T., & Marcotty-Dehm, N. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3918910 · Cited by 4
OS JOVENS MILITARES SÃO ALFABETIZADOS FINANCEIRAMENTE? ESTUDO EM UMA ORGANIZAÇÃO DA FRONTEIRA GAÚCHA
Zuliani, A. L. B., Flores, S. A. M., Floriano, M. D. P., Josende, A. C., & Ramos, T. J. F. (2020) · Revista Gestão em Análise · doi:10.12662/2359-618xregea.v9i1.p136-153.2020 · Cited by 1
Conhecimento financeiro em estudantes universitários: análise pela Teoria de Resposta ao Item.
Souza, G. S., Arantes, P. P. M., Rogers, P., & Rogers, D. (2021) · Revista de Educação Matemática · doi:10.37001/remat25269062v18id573 · Cited by 1
Financial Literacy and Related Financial Outcomes
Lanciano, E. (2025) · Springer eBooks · doi:10.1007/978-3-031-93397-4_3 · Cited by 1
Jaya, K. R., & Rathod, P. (2025) · Journal of Information & Knowledge Management · doi:10.1142/s0219649225500959 · Cited by 1
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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