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Financial Literacy of High School Graduates: Long- and Short-Term Financial Behavior by Age Group

Author

Listed:
  • Robin Henager

    (Whitworth University)

  • Brenda J. Cude

    (University of Georgia)

Abstract

The purpose of this study was to examine the relationship between financial literacy and long- and short-term financial behaviors by age group for those without a college degree. Financial literacy was measured and discussed in the context of three components: objective financial knowledge, confidence in financial knowledge, and financial ability. Financial ability was significant in each age group and had the highest odds ratios of the three components of the financial literacy construct for the short-term index. Both confidence in financial knowledge and financial ability were significant in each age group for budgeting while objective financial knowledge was not. The results suggest that confidence in both knowledge and ability are important influences on positive financial behaviors for those without a college degree.

Suggested Citation

  • Robin Henager & Brenda J. Cude, 2019. "Financial Literacy of High School Graduates: Long- and Short-Term Financial Behavior by Age Group," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 564-575, September.
    • Handle: RePEc:kap:jfamec:v:40:y:2019:i:3:d:10.1007_s10834-019-09626-2
    DOI: 10.1007/s10834-019-09626-2
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    References listed on IDEAS

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    Cited by:

    1. Adam Ndou, 2023. "Parental Financial Socialisation and Financial Knowledge: A Structural Equation Modelling Analysis," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 16(1), pages 27-39, October.
    2. Lu Fan & Robin Henager, 2022. "A Structural Determinants Framework for Financial Well-Being," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 415-428, June.
    3. Tsung-ming Yeh & Yue Ling, 2022. "Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 169-186, March.
    4. Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    5. Kenneth White & Kimberly Watkins & Megan McCoy & Bertranna Muruthi & Jamie Lynn Byram, 2021. "How Financial Socialization Messages Relate to Financial Management, Optimism and Stress: Variations by Race," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 237-250, June.

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