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Study of Financial Literacy and Interpersonal Influence on Self-Evaluation Bias-An Empirical Analysis with Chinese Sample

Author

Listed:
  • Xiaoyuan Chu
  • Yuan Li
  • Jing Han

Abstract

Based on the theoretical analysis, with first-hand data collection and using multiple regression models, this study explored the relationship between financial literacy, interpersonal influence and self-evaluation bias and figured out interactive effect of financial literacy, interpersonal influence on self-evaluation bias. We draw on the following conclusions: (1) Three financial literacy factors (sophisticated financial literacy, basic financial literacy and numeracy) entered into the regression equation on self-evaluation bias, with a predictive power of 14.8%. (2) The interaction term of financial literacy and coworkers/classmates¡¯ influence can negatively predict self-evaluation bias. (3) The interaction term of financial literacy and family members¡¯ influence can negatively predict self-evaluation bias.

Suggested Citation

  • Xiaoyuan Chu & Yuan Li & Jing Han, 2015. "Study of Financial Literacy and Interpersonal Influence on Self-Evaluation Bias-An Empirical Analysis with Chinese Sample," International Journal of Social Science Studies, Redfame publishing, vol. 3(6), pages 226-230, November.
  • Handle: RePEc:rfa:journl:v:3:y:2015:i:5:p:226-230
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    More about this item

    Keywords

    financial literacy; interpersonal influence; self-evaluation bias; interaction effect;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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