What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification

The current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for i...

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Autores principales:	Christin Siegfried, Eveline Wuttke
Formato:	article
Lenguaje:	EN
Publicado:	Frontiers Media S.A. 2021
Materias:	financial literacy financial well-being moderator delay of gratification structural equation modeling influencing factors Psychology BF1-990
Acceso en línea:	https://doaj.org/article/f22c02ef14e24b3e9413806c279f4563
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spelling	oai:doaj.org-article:f22c02ef14e24b3e9413806c279f45632021-12-02T14:21:48ZWhat Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification1664-107810.3389/fpsyg.2021.663254https://doaj.org/article/f22c02ef14e24b3e9413806c279f45632021-12-01T00:00:00Zhttps://www.frontiersin.org/articles/10.3389/fpsyg.2021.663254/fullhttps://doaj.org/toc/1664-1078The current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for individuals. Due to the long duration of the lockdown, these challenges will have a long-term impact and affect the financial well-being of many citizens. Moreover, it can be assumed that the consequences of this crisis will once again particularly affect groups of people who have already frequently been identified as having low financial literacy. Financial literacy is therefore an important target for educational measures and interventions. However, it cannot be considered in isolation but must take into account the many potential factors that influence financial literacy alone or in combination. These include personality traits and socio-demographic factors as well as the (in)ability to defer gratification. Against this background, individualized support offers can be made. With this in mind, in the first step of this study, we analyze the complex interaction of personality traits, socio-demographic factors, the (in-)ability to delay gratification, and financial literacy. In the second step, we differentiate the identified effects regarding different groups to identify moderating effects, which, in turn, allow conclusions to be drawn about the need for individualized interventions. The results show that gender and educational background moderate the effects occurring between self-reported financial literacy, financial learning opportunities, delay of gratification, and financial literacy.Christin SiegfriedEveline WuttkeFrontiers Media S.A.articlefinancial literacyfinancial well-beingmoderatordelay of gratificationstructural equation modelinginfluencing factorsPsychologyBF1-990ENFrontiers in Psychology, Vol 12 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financial literacy financial well-being moderator delay of gratification structural equation modeling influencing factors Psychology BF1-990
spellingShingle	financial literacy financial well-being moderator delay of gratification structural equation modeling influencing factors Psychology BF1-990 Christin Siegfried Eveline Wuttke What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
description	The current economic landscape is complex and globalized, and it imposes on individuals the responsibility for their own financial security. This situation has been intensified by the COVID-19 crisis, since short-time work and layoffs significantly limit the availability of financial resources for individuals. Due to the long duration of the lockdown, these challenges will have a long-term impact and affect the financial well-being of many citizens. Moreover, it can be assumed that the consequences of this crisis will once again particularly affect groups of people who have already frequently been identified as having low financial literacy. Financial literacy is therefore an important target for educational measures and interventions. However, it cannot be considered in isolation but must take into account the many potential factors that influence financial literacy alone or in combination. These include personality traits and socio-demographic factors as well as the (in)ability to defer gratification. Against this background, individualized support offers can be made. With this in mind, in the first step of this study, we analyze the complex interaction of personality traits, socio-demographic factors, the (in-)ability to delay gratification, and financial literacy. In the second step, we differentiate the identified effects regarding different groups to identify moderating effects, which, in turn, allow conclusions to be drawn about the need for individualized interventions. The results show that gender and educational background moderate the effects occurring between self-reported financial literacy, financial learning opportunities, delay of gratification, and financial literacy.
format	article
author	Christin Siegfried Eveline Wuttke
author_facet	Christin Siegfried Eveline Wuttke
author_sort	Christin Siegfried
title	What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
title_short	What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
title_full	What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
title_fullStr	What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
title_full_unstemmed	What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification
title_sort	what influences the financial literacy of young adults? a combined analysis of socio-demographic characteristics and delay of gratification
publisher	Frontiers Media S.A.
publishDate	2021
url	https://doaj.org/article/f22c02ef14e24b3e9413806c279f4563
work_keys_str_mv	AT christinsiegfried whatinfluencesthefinancialliteracyofyoungadultsacombinedanalysisofsociodemographiccharacteristicsanddelayofgratification AT evelinewuttke whatinfluencesthefinancialliteracyofyoungadultsacombinedanalysisofsociodemographiccharacteristicsanddelayofgratification
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What Influences the Financial Literacy of Young Adults? A Combined Analysis of Socio-Demographic Characteristics and Delay of Gratification

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