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Wednesday, May 20 • 11:00am - 12:30pm
B3c Determinants of Objective Financial Knowledge and Subjective Financial Knowledge: Are They Different?

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This study investigates factors influencing objective financial knowledge (OFK), examines the factors influencing subjective financial knowledge (SFK), and compares the coefficients of influential factors for OFK and SFK. The first two research objectives are analyzed with Ordinary Least Squared (OLS) regression models while the third objective is analyzed using Seemingly Unrelated Estimation (SUE) for statistical comparison of coefficients of the determinants used in the OLS regression models. In this study, we use the following four categories factors influencing financial knowledge: (1) educational, (2) financial, (3) behavioral, and (4) demographic. Findings of this study contribute to the literature in three ways. First, by identifying the effects of educational factors, in particular, financial education experience, on both two types of financial knowledge, results shed light on the importance of financial education as noted by educators, financial practitioners, researchers, and policymakers. Second, by examining the effects of behavioral characteristics on financial knowledge, this study confirms that one can improve financial literacy through a behavioral intervention. Third, this study describes profiles of survey respondents' financial knowledge with a broad array of socio-demographic factors with different effects on OFK and SFK. Thus, this study can provide insight into underrepresented groups for financial literacy improvement efforts.

Author(s): Narang Park, Wookjae Heo, Jae Min Lee


Narang Park

PhD Candidate, University of Georgia

Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 3