Predicting financial literacy in Australia

Authors

  • Andrew C. Worthington School of Accounting and Finance, University of Wollongong

DOI:

https://doi.org/10.61190/fsr.v15i1.4843

Keywords:

Financial characteristics, Socioeconomic, Demographic, Ordered logit, Financial literacy

Abstract

Logit models are used to predict financial literacy using the 2003 ANZ Survey of Adult Financial Literacy in Australia. Financial literacy is defined in terms of mathematical ability and the under­ standing of financial terms. Factors examined include gender, age, ethnicity, occupation, education, income, savings, and debt. Financial literacy is found to be highest for persons aged between 50 and 60 years, professionals, business and farm owners, and university/college graduates. Literacy is lowest for the unemployed, females, and those from a non-English speaking background with a low level of education.

Downloads

Published

2006-03-30

Issue

Vol. 15 No. 1 (2006): FSR Spring 2006

Section

New Original Submission

License

Copyright (c) 2006 Academy of Financial Services

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Author(s) retain copyright and grant the Journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows to share the work with an acknowledgment of the work's authorship and initial publication in this Journal.

This license allows the author to remix, tweak, and build upon the original work non-commercially. The new work(s) must be non-commercial and acknowledge the original work.

How to Cite

Predicting financial literacy in Australia. (2006). Financial Services Review, 15(1), 59-79. https://doi.org/10.61190/fsr.v15i1.4843