Article2019

An investigation of financial literacy, money ethics and time preferences among college students

127 citations0/0 files storedInternational Journal of Bank Marketing

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

Abstract

Purpose Financial literacy has a strong influence on financial well-being, and it is a concept especially important for college students who start to develop their financial habits. The purpose of this paper is to examine the relationship between financial literacy, money attitudes and time preferences among Turkish university students. Design/methodology/approach Data were collected from 1,443 university students from 14 campuses in Turkey. Structural equation modeling methodology is employed to test the hypotheses. Findings The results suggest that students with higher financial knowledge scores have more favorable financial attitudes and exhibit more desirable financial behaviors. It is also demonstrated that financial attitude is positively related to financial behavior. Furthermore, a significant and negative relationship between the affective dimension of the money ethic construct and financial behavior is found. In contrast, the relationship between the behavioral dimension of money ethic and financial behavior is positive. It is further demonstrated that a present orientation leads to more negative financial attitudes. Originality/value This study will reveal the interrelationships among dimensions of financial literacy, money ethics and time preferences in an emerging economy with a relatively little experience with formal financial systems and unstable macroeconomic conditions.

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References

1981Evaluating Structural Equation Models with Unobservable Variables and Measurement Error 1999Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives 1988On the Evaluation of Structural Equation Models 1977Attitude-behavior relations: A theoretical analysis and review of empirical research.2002Time Discounting and Time Preference: A Critical Review 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 1998An Analysis of Personal Financial Literacy Among College Students 2010Financial Literacy among the Young

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