Given this heterogeneity in measurement tools, two mainstreams emerge from papers on the topic. Most of previous authors maintain a complementarity theory, which supports the idea that more financially literate households seek for financial advice because they know they will receive relevant and ...
Until 2009 there was no South African financial literacy measure and, therefore, the aim was to develop a South African measurement instrument that is scientific, socially acceptable, valid and reliable. To achieve this aim a contextual and conceptual analysis of financial literacy that indicated the...
The financial literacy level of respondents is primarily influenced by both micro and macro environments. Concerning microelements, empirical evidence provided by Lusardi and Mitchell (2014) suggests that men tend to exhibit higher financial literacy levels than women, largely due to women’s perceived ...
Marcolin and Abraham [18] identified the need for research focused specifically on measurement of financial literacy. Typically, financial literacy and/or financial knowledge indicators are used as inputs to model the need for financial education and explain variation in financial outcomes such as savin...
This study aims to identify, measure, and validate the determinants of Digital Financial Literacy (DFL) from the Indian adults who use Digital Financial Services. A sample of 384 adult DFS users from India was surveyed using a self-administered questionnaire in 2021. A multidimensional scale was ...
(2011), Agnew et al. (2013), and Morgan and Long (2020). According to Lusardi and Mitchell (2014), this downward bias may be explained by measurement errors when calculating financial literacy. The OLS downward bias may also occur because those affected by the instruments responded better (...
The IV estimation results confirm the positive effect of financial literacy on the use of digital finance. Moreover, we employ various alternative measures of financial literacy to mitigate potential measurement errors. We account for cognitive abilities and peers’ financial literacy to disentangle the...
Secondly, we measure entrepreneurial behavior at the family level, including initiative entrepreneurship in the household finance domain, thereby expanding the existing literature beyond the use of new ventures as a measurement indicator. Most importantly, our study contributes to the enrichment of human ...
In this survey, we review the voluminous body of literature on the measurement and the determinants of financial literacy. Wherever possible, we supplement
Fig. 1. Measurement model. Download: Download high-res image (387KB) Download: Download full-size image Fig. 2. Structural model. Table 2. Validity & reliability results. Construct/ItemLoadingVIFCronbach's AlphaRho_AComposite ReliabilityAverage Variance Extracted (AVE) Digital Financial Literacy 0.9...