The Relationship between Financial Knowledge, Financial Management, and Financial Self-Efficacy Among African-American Students

White, Kenneth J.; Park, Narang; Watkins, Kimberly; McCoy, Megan; Thomas, Michael G.

doi:10.2139/ssrn.3468751

Cited by 9 publications

(7 citation statements)

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“…White et al. (2019) have analyzed different research that shows the positive associations of objective financial knowledge, management, and self-efficacy on college students’ financial literacy; however, they point out that there is a need for a more detailed examination of the factors that are interrelated.…”

Section: Literature Reviewmentioning

confidence: 99%

“…At the national level, Garc ıa Boh orquez and Castro (2010) have studied the financial capacities of Colombian children and youth, and the financial education in the central banks of Latin America and have found low financial capacities and less education. Studies have shown the importance of financial education in developing personal factors to strengthen their financial capacities (Lusardi et al, 2017;Cordero and Pedraja, 2018;White et al, 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

“…They analyze the slowdown and decline in economic activity caused by the pandemic and the negative implications of generalized income losses, especially for heavily indebted people. White et al (2019) have analyzed different research that shows the positive associations of objective financial knowledge, management, and self-efficacy on college students' financial literacy; however, they point out that there is a need for a more detailed examination of the factors that are interrelated.…”

Section: Literature Reviewmentioning

confidence: 99%

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Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households

Cardona-Montoya

Cruz

Mongrut

2022

JEFAS

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PurposeOur findings indicate that workers with more financial education were more prepared to face the negative effects on their finances from COVID. This ability reduces the probability of becoming financially fragile and experiencing financial stress.Design/methodology/approachThe authors applied a survey questionnaire to 856 Colombian adults and used principal component analysis to build an index for each factor. Then, the authors used a linear regression model with the indexes to test our hypotheses and verify our results using a structural equation model.FindingsOur findings indicate that workers who have more financial education are more prepared to face the negative effects on their finances, which reduces the probability of becoming financially fragile and having financial stress.Research limitations/implicationsThe authors found that there is no significant relationship between financial literacy and financial fragility, neither between financial literacy and financial stress, so a better financial education will not lower financial fragility and stress unless it is being applied by households through better financial preparedness.Practical implicationsIt is important to highlight that the pandemic not only taught us to improve biosecurity measures but also that financial strength, ability to work remotely and income diversification were key factors in facing this adverse shock, the authors show that high levels of financial education have a positively relationship with the ability of individuals to manage their resources, so private and public institutions have to promote better financial education.Originality/valueThis is the first study that applies the four different indexes to an emerging country (i.e. Colombia), and the first one to create and use a financial stress index.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households

Cardona-Montoya

Cruz

Mongrut

2022

JEFAS

View full text Add to dashboard Cite

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“…This improvement makes university students more confident on their investment decisions. On the issue of how to deliver an adequate education, White et al (2019) state that financial education should be based on an experimental learning.…”

Section: Empirical Studies and Hypothesis Developmentmentioning

confidence: 99%

Mediation effect of financial attitude on financial knowledge and financial behavior

Çoşkun

Dalziel²

2020

IJRBS

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In this study, 396 university students in Turkey are surveyed online regarding their attitudes towards financial issues, their level of financial knowledge, and their financial behavior. The latest version of OECD/INFE Financial Literacy Survey (2018) is used in the study. Using SPSS and LISREL. Factor analysis, Cronbach's Alpha, and Structural Equation Modeling (SEM) are used to analyze the relationship between financial knowledge of the participants with their financial attitude and behavior as well as the mediation effect of financial attitude in this relationship. In line with the common wisdom that the relationship between knowledge and behavior is higher if knowledge is better reflected in the attitude of the individual, the mediation effect of financial attitude strengthens the financial knowledge and financial behavior relationship.

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“…Students with higher levels of financial self‐efficacy are less likely to report financial stress (Heckman et al, 2014) and more financial literacy (Heckman and Grable, 2011; Limbu and Sato, 2019; Herawati et al, 2020). Financial management experiences have a positive effect on financial self‐efficacy (White et al, 2021a). Financial self‐efficacy has been positively associated with the ability to manage finances better (Arofah, 2019) and with seeking financial help from professionals among college students (Lim et al, 2014).…”

Section: Literature Reviewmentioning

confidence: 99%

Factors associated with the financial strain of transgender and gender diverse college students

White

Love²,

McCoy

et al. 2022

Journal of Consumer Affairs

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The financial health of transgender and gender diverse (TGD) college students is an understudied topic despite prior research showing significant financial distress in this population. Utilizing Brüggen et al.'s financial well‐being framework and the 2017 and 2020 waves of the Study on Collegiate Financial Wellness dataset, this study examines factors related to financial strain for TGD college students. Results indicate that TGD college students experience significant indirect impacts of their gender identity on financial strain. TGD students had significantly lower financial optimism, financial self‐efficacy, and financial socialization than their cisgender peers; they also engaged in behaviors associated with poor financial management significantly more frequently. These differences between TGD students and cisgender students each lead directly to significant increases in financial strain. This means that the average financial strain for TGD students is higher than for cisgender students, because of the way gender identity impacts other factors related to their financial well‐being.

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The Relationship between Financial Knowledge, Financial Management, and Financial Self-Efficacy Among African-American Students

Cited by 9 publications

References 0 publications

Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households

Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households

Mediation effect of financial attitude on financial knowledge and financial behavior

Factors associated with the financial strain of transgender and gender diverse college students

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