Income more important than financial literacy for improving wellbeing
DOI:
https://doi.org/10.61190/fsr.v29i3.3456Keywords:
University students, Income, Financial literacy, Financial wellbeing, EducationAbstract
As advocates of financial literacy education, it is a hard pill to swallow when data show little impact on financial behaviors. Unfortunately, expectations that university students with higher levels of financial literacy have reduced money management stress and positive financial behavior, leading to higher levels of financial wellbeing, were expunged in this study. We did find, however, that being older and having higher levels of income contributed most significantly and consistently to explain- ing better financial wellbeing. Proponents of financial literacy education should not despair but instead recognize the limits to transferring financial knowledge and set financial literacy and well- being goals based on evidence of what works.
Downloads
Downloads
Published
Issue
Section
License
Copyright (c) 2021 Academy of Financial Services
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Author(s) retain the copyright and full publishing rights without restriction.
Author(s) grant the Journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows reusers to distribute, remix, adapt, and build upon the material in any medium or format, for noncommercial purposes only. Reusers must acknowledge the work's authorship and initial publication in this Journal.
Noncommercial means not primarily intended for or directed towards commercial advantage or monetary compensation.
In addition, FSR grants to the UGA Libraries a worldwide, non-exclusive license to all content published by the Journal, including metadata, that is necessary to publish, transmit, and index the Journal and to preserve its content over time.
