Purpose The purpose of this paper is to determine the antecedents and consequences of financial literacy by using meta-analytic techniques. Design/methodology/approach The authors conducted a meta-analysis of 44 valid studies, which generated a total of 690 observations (effect sizes). Findings The findings showed that the factors influencing financial literacy were as follows: educational level, financial attitude, financial knowledge, financial behaviour, gender, household income and investments. The consequences of financial literacy were the behaviour of incurring avoidable credit and checking fees, credit score, and the willingness to take investment risks. The authors also find some methodological, cultural, economic and theoretical moderations effects between financial literacy and antecedent/consequent constructs. Research limitations/implications This meta-analysis reviewed the relationships found worldwide in the literature on financial literacy. The authors also identified new avenues for future research. Some specific limitations, such as the non-use of qualitative studies, are registered. Originality/value This research tested the impact of the antecedents, consequences and moderators of financial literacy via a meta-analytical review. This meta-analysis contributes to the marketing and financial literature by offering a set of empirical generalisations about the direct and moderation effects investigated.

Purpose The purpose of this is to propose a model in which materialism is a mediator of the effects of self-esteem, impulsiveness, attitude toward debt, attitude toward credit card and economic vulnerability on consumer indebtedness. The effects of financial knowledge, financial ability, credit card use and demographic variables are also taken into account. Design/methodology/approach Survey data from a sample of 1,245 low-income consumers from Brazil were used to test the hypotheses using structural equation modeling. Findings First, materialism has a significant effect on consumer indebtedness; at the same time, it is influenced by self-esteem, impulsiveness and attitude toward debt. Second, materialism acts as a mediator, e.g. higher impulsiveness triggers materialism, which influences debt level. Third, indebtedness is higher for women and those who use a higher number of credit cards and are more educated. Social implications Financial education programs should work to increase individual’s perceived ability to manage money, as the individuals who feel less able to manage their personal finances alone (i.e. lower financial ability) presented higher indebtedness. Originality/value This study investigates consumer indebtedness by addressing factors that have been analyzed independently in the literature. The research combines psychological, financial and economic factors with credit card use and demographic variables to explain consumer indebtedness. Moreover, the study supports the mediating role of materialism for the antecedents of consumer indebtedness, e.g. impulsiveness and attitude toward debt.

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O presente estudo teve como objetivo geral analisar os fatores associados ao superendividamento de consumidores de baixa renda. Foi realizado um estudo exploratório, de cunho qualitativo, por meio de entrevistas individuais com consumidores das classes D e E. Dentre os principais fatores associados ao acúmulo de dívidas pelos entrevistados, destacam-se as compras por impulso, o pagamento do valor mínimo das faturas do cartão de crédito, o uso de financiamentos e empréstimos para aquisição de bens ou até mesmo para pagar outra dívida e fatores imprevistos. O estudo termina com uma discussão teórica destes resultados e sugestões de pesquisa para estudos futuros.