{"id":"https://openalex.org/W1195568112","doi":null,"title":"Financial Literacy and Financial Behavior: Assessing Knowledge and Confidence","display_name":"Financial Literacy and Financial Behavior: Assessing Knowledge and Confidence","publication_year":2015,"publication_date":"2015-07-01","ids":{"openalex":"https://openalex.org/W1195568112","mag":"1195568112"},"language":"en","primary_location":{"id":"mag:1195568112","doi":null,"is_oa":true,"landing_page_url":"https://www.questia.com/library/journal/1P3-3704625621/financial-literacy-and-financial-behavior-assessing","pdf_url":null,"source":{"id":"https://openalex.org/S102700472","display_name":"Financial Services Review","issn_l":"1057-0810","issn":["1057-0810","1873-5673"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Financial Services Review","raw_type":null},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.questia.com/library/journal/1P3-3704625621/financial-literacy-and-financial-behavior-assessing","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5066285699","display_name":"Colleen Tokar Asaad","orcid":"https://orcid.org/0000-0003-3077-8545","observed_orcids":["https://orcid.org/0000-0003-3077-8545"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Colleen Tokar Asaad","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-3077-8545","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5066285699"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":33.536,"has_fulltext":false,"cited_by_count":126,"citation_normalized_percentile":{"value":0.99470936,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":92,"max":100},"biblio":{"volume":"24","issue":"2","first_page":"101","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9922000169754028,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9922000169754028,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.007600000128149986,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-literacy","display_name":"financial literacy","score":0.9670000076293945},{"id":"https://openalex.org/keywords/financial-knowledge","display_name":"financial knowledge","score":0.6200000047683716},{"id":"https://openalex.org/keywords/financial-confidence","display_name":"financial confidence","score":0.753000020980835},{"id":"https://openalex.org/keywords/overconfidence","display_name":"overconfidence","score":0.9750000238418579},{"id":"https://openalex.org/keywords/financial-behavior","display_name":"financial behavior","score":0.6880000233650208},{"id":"https://openalex.org/keywords/financial-decision-making","display_name":"financial decision-making","score":0.6830000281333923},{"id":"https://openalex.org/keywords/national-financial-capability-study","display_name":"National Financial Capability Study","score":0.7390000224113464},{"id":"https://openalex.org/keywords/personal-finance-education","display_name":"personal finance education","score":0.5410000085830688}],"concepts":[{"id":"https://openalex.org/C2777941463","wikidata":"https://www.wikidata.org/wiki/Q1416374","display_name":"Financial literacy","level":2,"score":0.9616857767105103},{"id":"https://openalex.org/C51110983","wikidata":"https://www.wikidata.org/wiki/Q16503490","display_name":"Overconfidence effect","level":2,"score":0.7782546281814575},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.6630223393440247},{"id":"https://openalex.org/C71199308","wikidata":"https://www.wikidata.org/wiki/Q2990807","display_name":"Accounting management","level":3,"score":0.612407922744751},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.5355194807052612},{"id":"https://openalex.org/C70179600","wikidata":"https://www.wikidata.org/wiki/Q1416547","display_name":"Financial plan","level":2,"score":0.5309602618217468},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.49809765815734863},{"id":"https://openalex.org/C108578832","wikidata":"https://www.wikidata.org/wiki/Q7621835","display_name":"Strategic financial management","level":3,"score":0.46338972449302673},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4018416404724121},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.28043389320373535},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.23094719648361206},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.19599157571792603},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.12687841057777405},{"id":"https://openalex.org/C163867264","wikidata":"https://www.wikidata.org/wiki/Q4672792","display_name":"Accounting information system","level":2,"score":0.08436763286590576},{"id":"https://openalex.org/C48243021","wikidata":"https://www.wikidata.org/wiki/Q932522","display_name":"Strategic planning","level":2,"score":0.08263686299324036}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:1195568112","doi":null,"is_oa":true,"landing_page_url":"https://www.questia.com/library/journal/1P3-3704625621/financial-literacy-and-financial-behavior-assessing","pdf_url":null,"source":{"id":"https://openalex.org/S102700472","display_name":"Financial Services Review","issn_l":"1057-0810","issn":["1057-0810","1873-5673"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Financial Services Review","raw_type":null}],"best_oa_location":{"id":"mag:1195568112","doi":null,"is_oa":true,"landing_page_url":"https://www.questia.com/library/journal/1P3-3704625621/financial-literacy-and-financial-behavior-assessing","pdf_url":null,"source":{"id":"https://openalex.org/S102700472","display_name":"Financial Services Review","issn_l":"1057-0810","issn":["1057-0810","1873-5673"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Financial Services Review","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4386873036","https://openalex.org/W4237386215","https://openalex.org/W3188653526","https://openalex.org/W1555621913","https://openalex.org/W2784767428","https://openalex.org/W2985929257","https://openalex.org/W3086457269","https://openalex.org/W3158094962","https://openalex.org/W3195969641","https://openalex.org/W4206324927"],"abstract_inverted_index":{"AbstractThis":[0],"article":[1,229,253,311,460,470,525],"explores":[2,230],"how":[3,231,422],"financial":[4,10,14,17,30,37,70,76,129,149,199,206,232,235,242,244,247,274,298,308,319,326,338,347,352,361,405,425,445,505,518],"literacy,":[5,243],"comprised":[6],"of":[7,36,94,99,121,153,170,198,241,281,297,325,337,346,360,400,421,489,511,517],"both":[8,256,314],"actual":[9,59,351,390,436],"knowledge":[11,44,56,275,315,353,362,391,442],"and":[12,39,131,135,146,156,222,246,286,316,321,363,381,491,497],"perceived":[13,250,441],"confidence,":[15,364],"affect":[16],"decisions.":[18],"Using":[19],"national":[20],"survey":[21,264],"data":[22,265],"from":[23,173,266],"the":[220],"United":[25],"States,":[26],"results":[27,73],"indicate":[28],"that":[29,75,202,255,313,509],"confidence":[223],"is":[32,40,118,166,276,330,342,417,428,480,526],"a":[33,62,91,119,184,193,294,397,411,418,487],"critical":[34],"component":[35,169],"literacy":[38,77,117,200,233,506],"important":[41,260,333,344],"across":[42,349,486],"all":[43,350],"levels.":[45],"However,":[46,468],"overconfident":[47],"individuals,":[48,495],"or":[49,180,288,302,374],"those":[50],"with":[51,306,443],"high":[52],"(or":[54,249],"self-assessed)":[55],"but":[57,86,216,430],"low":[58],"knowledge,":[60,85,215,245,299],"have":[61,219],"higher":[63],"propensity":[64],"to":[65,124,137,182,186,203,224,261,284,372,377,382,449,494],"engage":[66],"in":[67,402,452,477,520],"risky":[68,403,475],"(costly)":[69,404],"behaviors.":[71,236],"Together,":[72],"suggest":[74],"initiatives":[78,508],"should":[79],"focus":[80],"not":[81,181,210,304,431],"only":[82,211],"on":[83,87,192,328,368],"factual":[84],"helping":[88],"individuals":[89,208],"achieve":[90],"healthy":[92],"dose":[93],"confidence.":[95],"\u00a9":[96],"2015":[97],"Academy":[98],"Financial":[100,109,113,270,291],"Services.":[101],"All":[102],"rights":[103],"reserved.Jel":[104],"classification:":[105],"D03;":[106],"D14;":[107],"D80Keywords:":[108],"literacy;":[110],"Confidence;":[111],"Overconfidence;":[112],"behaviors;":[114],"Risk1.":[115],"IntroductionFinancial":[116],"measure":[120],"degree":[123],"which":[125,300,453,478],"one":[126],"understands":[127],"key":[128,414],"concepts":[130],"possesses":[132],"ability":[134,221],"manage":[138],"personal":[139],"finances":[140],"through":[141],"appropriate":[142],"short-term":[143],"decision":[144,164],"making":[145,165],"sound,":[147],"long-range":[148],"planning,":[150],"while":[151],"mindful":[152],"life":[154],"events":[155],"changing":[157],"economic":[158],"conditions.":[159],"(Remund,":[160],"2010,":[161],"p.":[162],"284)Financial":[163],"an":[167,343,394],"essential":[168],"day-to-day":[171],"life,":[172],"minor":[174],"decisions":[175,188,519],"such":[176,189,407],"as":[177,190,332,334,408,528],"deciding":[178],"whether":[179],"purchase":[183],"latte":[185],"major":[187],"taking":[191,409],"home":[194],"mortgage.":[195],"Several":[196],"definitions":[197],"highlight":[201],"make":[204],"sound":[205,262],"decisions,":[207],"must":[209,217],"possess":[212],"necessary":[214],"also":[218,471],"apply":[225],"their":[226],"knowledge.":[227,309,339,437],"This":[228,310,459],"influences":[234,424],"By":[237],"examining":[238,357],"two":[239],"components":[240,257],"knowledge),":[251],"this":[252,365,469],"demonstrates":[254,312],"are":[258,466,484,492,501,510],"critically":[259],"decision-making.Using":[263],"FINRAs":[267],"2012":[268],"National":[269],"Capability":[271],"Study":[272],"(NFCS),":[273],"measured":[277,307],"by":[278,356],"number":[280],"correct":[282],"answers":[283],"multiple-choice":[285],"true":[287],"false":[289],"questions.":[290],"reflects":[293],"self-assessed":[295],"level":[296,354],"may":[301,303],"coincide":[305],"influence":[318],"behaviors,":[320,406],"surprisingly,":[322],"effect":[324,336],"behaviors":[329,446],"just":[331],"Furthermore,":[340],"predictor":[345],"behavior":[348],"groups.Additionally,":[355],"interaction":[359],"study":[366],"expands":[367],"literature":[370],"related":[371],"overconfidence,":[373],"tendency":[376],"overestimate":[378],"one's":[379],"accuracy":[380],"underestimate":[383],"risk.":[384],"In":[385],"instances":[386,451],"where":[387],"exceeds":[389,435],"(i.e.,":[392],"overconfidence),":[393],"individual":[395,444],"has":[396,447],"greater":[398],"likelihood":[399],"engaging":[401],"out":[410],"title-loan.":[412],"A":[413],"contribution,":[415],"therefore,":[416],"better":[419],"understanding":[420],"behaviors:":[426],"good,":[429],"if":[432],"it":[433],"greatly":[434],"Prior":[438],"research":[439],"associating":[440],"failed":[448],"reconcile":[450],"inaccurate":[454],"self-assessments":[455],"can":[456],"be":[457],"harmful.":[458],"shows":[461],"that,":[462],"overall,":[463],"positive":[464],"illusions":[465],"good.":[467],"illuminates":[472],"particular":[474],"situations":[476],"overconfidence":[479],"self-injurious.":[481],"These":[482],"findings":[483],"relevant":[485],"multitude":[488],"disciplines":[490],"pertinent":[493],"practitioners,":[496],"institutions":[498],"alike.":[499],"There":[500],"clear":[502],"implications":[503],"for":[504],"initiatives,":[507],"utmost":[512],"importance":[513],"given":[514],"pervasiveness":[516],"every":[521],"individual's":[522],"daily":[523],"life.The":[524],"organized":[527],"follows.":[529],"\u2026":[530]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":11},{"year":2023,"cited_by_count":19},{"year":2022,"cited_by_count":15},{"year":2021,"cited_by_count":18},{"year":2020,"cited_by_count":21},{"year":2019,"cited_by_count":14},{"year":2018,"cited_by_count":9},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":7}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}