DOES FINANCIAL LITERACY AND FINANCIAL STRESS EFFECT THE FINANCIAL WELLNESS?

Financial Wellness

Financial Literacy, Financial Education and Economic Outcomes.

In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides i...

What Does Financial Literacy Training Teach Us?

This paper uses data from a finance-related theme park located at Junior Achievement in Los Angeles to explore how financial education changes investment, financing, and consumer behavior. In the Finance Park, students were assigned fictitious life situations and asked to create household budgets for these roles. Some students received a 19-hour financial literacy curriculum before going to the...

Financial Literacy and Financial Sophistication in the Older Population.

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that...

Psychosocial factors and financial literacy.

This study uses data from the Health and Retirement Study (HRS) to analyze the psychological and social variables associated with financial literacy. The HRS is a nationally representative longitudinal survey of individuals older than age 50 and their spouses. An ordinary least squares linear regression analysis explores the relationship between financial literacy and several economic and psych...