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The relationship between financial disputes and financial literacy

Author

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  • Shen, Chung-Hua
  • Lin, Shih-Jie
  • Tang, De-Piao
  • Hsiao, Yu-Jen

Abstract

This study examines financial literacy and its relationship with financial disputes. We devised two special modules from the Third National Financial Literacy Survey conducted by Taiwan's Financial Supervisory Commission (FSC) in 2011. With this unique database, we examine topics that have rarely been discussed in other studies. Our empirical evidence suggests that people with a higher financial literacy are less likely to experience financial disputes. When the purchase of financial products and services leads to a financial dispute, people with a higher financial literacy will aggressively handle the problem. In addition, personal characteristics, such as gender, work status, and household income, are key factors affecting the chances of a financial dispute. Finally, our results are robust to potential selection bias when we include the results of the National Financial Literacy Survey conducted by the FSC in 2007, 2009, and 2011.

Suggested Citation

  • Shen, Chung-Hua & Lin, Shih-Jie & Tang, De-Piao & Hsiao, Yu-Jen, 2016. "The relationship between financial disputes and financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 46-65.
    • Handle: RePEc:eee:pacfin:v:36:y:2016:i:c:p:46-65
    DOI: 10.1016/j.pacfin.2015.11.002
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    More about this item

    Keywords

    Financial literacy; Financial dispute;

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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