Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/119322
Authors: 
Grohmann, Antonia
Kouwenberg, Roy
Menkhoff, Lukas
Year of Publication: 
2015
Series/Report no.: 
DIW Discussion Papers 1504
Abstract: 
Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school positively affect the financial literacy of adults. Moreover, financial literacy and school related variables also have a direct effect on financial behavior. This suggests that family factors and schooling work through complementary channels.
Subjects: 
financial literacy
financial behavior
family background
education
numeracy
JEL: 
D14
G11
I20
Document Type: 
Working Paper

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