Determinants of financial literacy and behavioral bias among adolescents

Arbeitspapier

Building on cross-sectional data for Austrian high school students from fifth to twelfth grade, we investigate the correlations between socio-economic background variables and a comprehensive set of variables related to financial decision-making (i.e., financial knowledge, behavioral consistency, economic preferences, field behavior, and perception of financial matters). We confirm the findings of previous literature that the male gender is positively associated with financial knowledge and risk-taking and that there is a strong and beneficial correlation between math grades and healthy financial behavior (e.g., saving). Moreover, we find that students' behavioral consistency is positively correlated with measures of financial attitude (e.g., self-assessed future financial well-being and financial education received from parents). Finally, our results indicate that financial education, as perceived by the students, is primarily provided by parents.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers in Economics and Statistics ; No. 2023-01

Classification and Topics

• Classification: Wirtschaft ; Field Experiments ; Criteria for Decision-Making under Risk and Uncertainty ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ ; Fertility; Family Planning; Child Care; Children; Youth
• Subject: financial literacy ; behavioral biases ; economic preferences ; field behavior ; perception ; experiment ; adolescents

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Aschenwald, Marco ; Holzknecht, Armando ; Kirchler, Michael ; Razen, Michael
• Event: Veröffentlichung
• (who): University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon)
• (where): Innsbruck
• (when): 2023

Further information

• Handle: http://hdl.handle.net/10419/278276
• Last update: 10.03.2025, 11:43 AM CET