Article2009

Explaining Financial Management Behavior for Koreans Living in the United States

John E. Grable · Jooyung Park · So‐Hyun Joo

125 citations0/0 files storedJournal of Consumer Affairs

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

Abstract

Using a cross‐cultural conceptualization with a targeted sample of Americans and Koreans, it was noted that Koreans exhibited more responsible financial management behavior than Americans after controlling for locus of control, financial knowledge, and income interactions. Overall, financial knowledge was positively related to responsible financial behavior. No direct effects on financial management behavior were noted for locus of control or household income. Locus of control was found to mediate the effect of financial knowledge on financial behavior for Koreans. Being Korean did moderate between financial knowledge and financial behavior.

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References

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