Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy

Andreas Oehler, Matthias Horn, Stefan Wendt, Lucia A. Reisch, Thomas J. Walker

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowledge about financial products and mechanisms that does not reflect real‐life situations. We survey 448 business students in Canada, Denmark, Germany and Iceland to examine how financial literacy is expressed in their financial portfolios. We contrast these findings with the respondents' own expectations and needs. The results show that most respondents exhibit good financial literacy as well as a realistic assessment of risk and return and their impact on (financial) well‐being.
Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowledge about financial products and mechanisms that does not reflect real‐life situations. We survey 448 business students in Canada, Denmark, Germany and Iceland to examine how financial literacy is expressed in their financial portfolios. We contrast these findings with the respondents' own expectations and needs. The results show that most respondents exhibit good financial literacy as well as a realistic assessment of risk and return and their impact on (financial) well‐being.
LanguageEnglish
JournalEconomic Notes: review of banking, finance and monetary economics
Volume47
Issue number2-3
Pages305-330
Number of pages26
ISSN0391-5026
DOIs
StatePublished - 2018

Bibliographical note

Epub ahead of print. Published online: 8. December 2017

Cite this

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Young Adults and Their Finances : An International Comparative Study on Applied Financial Literacy. / Oehler, Andreas; Horn, Matthias; Wendt, Stefan; Reisch, Lucia A.; Walker, Thomas J.

In: Economic Notes: review of banking, finance and monetary economics, Vol. 47, No. 2-3, 2018, p. 305-330.

Research output: Contribution to journalJournal articleResearchpeer-review

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AU - Oehler,Andreas

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AU - Wendt,Stefan

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AU - Walker,Thomas J.

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