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Cited by 292Financial Literacy, Pension, Retirement AnalysisFinancial Literacy and BehaviorDecision-Making and Behavioral Economics

The DOI matches its Crossref record; 23 of the 24 references it cites were found in a registry or an index.

Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications

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de Bassa Scheresberg, Carlo·2013·Numeracy
DOI 10.5038/1936-4660.6.2.5
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Abstract

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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  1. Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 References · DOI
  2. Washington, D.C.: Brookings Institution Press and Russell Sage Foundation.
  3. NERA Consulting. 2012. High debt, low information: A survey of student loan borrowers. http://www.nera.com/nera-files/PUB_Student_Loans_0312.pdf New York Federal Reserve. 2013. Quarterly report on household debt and credit. New York. http://www.newyorkfed.org/research/national_economy/householdcredit/Dist rictReport_Q42012.pdf

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Metadata

Authors
de Bassa Scheresberg, C.
Venue
Numeracy
Publisher
University of South Florida Libraries
Published
2013-07
Volume
6
Issue
2
ISSN
1936-4660 (ISSN-L)
DOI
10.5038/1936-4660.6.2.5
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
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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