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Financial literacy cognitions and optimal financial behavior

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  • Tohar, Gilad
  • Akron, Sagi

Abstract

In this paper we propose and specify three distinct horizon dependent financial literacy cognitions generators, financial—knowledge, attitude, and awareness, determining either positive or negative financial behavior. Utilizing survey respondents, we find a distinct positive and significant effect of the three cognitions in the case of positive financial behavior, and mixed-partial effect facing negative financial behavior. Furthermore, the three cognitions' moderation with Generation Z control, amplifies the financial attitude effect and diminishes financial awareness impact, hence, highlighting the importance assigned by Gen Z to financial issues in the short-term, as opposed to lessened financial importance in the long-range.

Suggested Citation

  • Tohar, Gilad & Akron, Sagi, 2025. "Financial literacy cognitions and optimal financial behavior," Finance Research Letters, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325007147
    DOI: 10.1016/j.frl.2025.107455
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    Keywords

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    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G50 - Financial Economics - - Household Finance - - - General
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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