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Doing matters more than knowing: evidence from environmental preferences

Author

Listed:
  • Panayiotis Andreou

    (Cyprus University of Technology and Durham University)

  • Sofia Anyfantaki

    (European Central Bank, and Bank of Greece)

  • Konstantinos Dellis

    (Athens University of Economics and Business)

  • Christos

    (Arizona State University, Stanford University, and Vienna Complexity Science Hub)

Abstract

This paper examines the relation between financial knowledge proficiency, financial behaviors, and pro-environmental attitudes, focusing on the willingness to pay for eco-friendly products. Individuals who exhibit stronger financial behaviors, such as saving for the future and making considered purchases, show significantly higher levels of environmental concern and are more likely to engage in sustainable consumption. The results also show that financial knowledge proficiency does not directly predict pro-environmental attitudes; rather, its influence operates indirectly by fostering sound financial behaviors. The study highlights the importance of financial habits in shaping long-term, environmentally responsible decision-making and provides insights for designing policies that integrate financial capability with sustainability initiatives to promote eco-conscious consumer practices.

Suggested Citation

  • Panayiotis Andreou & Sofia Anyfantaki & Konstantinos Dellis & Christos, 2025. "Doing matters more than knowing: evidence from environmental preferences," Working Papers 353, Bank of Greece.
    • Handle: RePEc:bog:wpaper:353
    DOI: 10.52903/wp2025353
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    Keywords

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    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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