Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy
Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowled...
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Online Access: | https://doi.org/10.1111/ecno.12110 |
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ftrepec:oai:RePEc:bla:ecnote:v:47:y:2018:i:2-3:p:305-330 2024-04-14T08:13:39+00:00 Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy Andreas Oehler Matthias Horn Stefan Wendt Lucia A. Reisch Thomas J. Walker https://doi.org/10.1111/ecno.12110 unknown https://doi.org/10.1111/ecno.12110 article ftrepec https://doi.org/10.1111/ecno.12110 2024-03-19T10:28:17Z Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowledge about financial products and mechanisms that does not reflect real†life situations. We survey 448 business students in Canada, Denmark, Germany and Iceland to examine how financial literacy is expressed in their financial portfolios. We contrast these findings with the respondents' own expectations and needs. The results show that most respondents exhibit good financial literacy as well as a realistic assessment of risk and return and their impact on (financial) well†being. Article in Journal/Newspaper Iceland RePEc (Research Papers in Economics) Canada Economic Notes 47 2-3 305 330 |
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RePEc (Research Papers in Economics) |
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description |
Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowledge about financial products and mechanisms that does not reflect real†life situations. We survey 448 business students in Canada, Denmark, Germany and Iceland to examine how financial literacy is expressed in their financial portfolios. We contrast these findings with the respondents' own expectations and needs. The results show that most respondents exhibit good financial literacy as well as a realistic assessment of risk and return and their impact on (financial) well†being. |
format |
Article in Journal/Newspaper |
author |
Andreas Oehler Matthias Horn Stefan Wendt Lucia A. Reisch Thomas J. Walker |
spellingShingle |
Andreas Oehler Matthias Horn Stefan Wendt Lucia A. Reisch Thomas J. Walker Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
author_facet |
Andreas Oehler Matthias Horn Stefan Wendt Lucia A. Reisch Thomas J. Walker |
author_sort |
Andreas Oehler |
title |
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
title_short |
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
title_full |
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
title_fullStr |
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
title_full_unstemmed |
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy |
title_sort |
young adults and their finances: an international comparative study on applied financial literacy |
url |
https://doi.org/10.1111/ecno.12110 |
geographic |
Canada |
geographic_facet |
Canada |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
https://doi.org/10.1111/ecno.12110 |
op_doi |
https://doi.org/10.1111/ecno.12110 |
container_title |
Economic Notes |
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47 |
container_issue |
2-3 |
container_start_page |
305 |
op_container_end_page |
330 |
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1796311671799545856 |