文章基本信息

标题：Financial Literacy Overconfidence and Consumer Financial Satisfaction: Evidence from the 2018 US National Financial Capability Study
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作者：Fuzhong Chen ; Yibo Wang ; Di Yu 等
期刊名称：Asian Journal of Economics, Business and Accounting
印刷版ISSN：2456-639X
出版年度：2020
卷号：16
期号：2
页码：13-26
DOI：10.9734/ajeba/2020/v16i230232
语种：English
出版社：Sciencedomain International
摘要：An increasingly prevalent topic on the associations between financial literacy and consumer financial satisfaction has been highlighted in recent years. Utilizing the data from the 2018 US National Financial Capability Study, this study conducts ordered probit regressions to examine the effects of financial literacy on consumer financial satisfaction. To verify the robustness, this study performs a comprehensive check through replacing estimation methods, removing outliers by income, and performing regressions by various consumer cohorts. The results indicate that objective financial literacy has a significantly negative effect on consumer financial satisfaction, while subjective financial literacy has played a crucial role in improving consumer financial satisfaction. Thus, consumers are overconfident in their financial literacy. The results imply that policymakers should formulate policies to cultivate rational investment concepts and raise consumers’ risk awareness, as well as financial institutions should provide services of financial capability assessment to correct consumers’ self-perception bias.
关键词：Financial satisfaction;financial literacy;financial literacy overconfidence;ordered probit regression