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Financial Knowledge and Best Practice Behavior

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study, a nationally representative sample of 1,488 participants and are analyzed using multiple regression analysis. Findings suggest that both objective and subjective financial knowledge influence financial behavior, with subjective knowledge having a larger relative impact. Other variables that have a significant impact on financial behavior include financial satisfaction, income, education, age, race, and ethnicity.

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References

2009Measuring Financial Literacy 2010Financial Literacy among the Young 2011Financial Literacy and Planning: Implications for Retirement Wellbeing 1998Social Security and Retirement around the World 2006Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth 2009The Impact of Financial Literacy Education on Subsequent Financial Behavior 2004Save more tomorrow: Using behavioral economics to increase employee saving

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