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Financial Literacy: The Relationship to Saving Behavior in Low‐ to Moderate‐income Households
Author(s) -
Henager Robin,
Mauldin Teresa
Publication year - 2015
Publication title -
family and consumer sciences research journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.372
H-Index - 31
eISSN - 1552-3934
pISSN - 1077-727X
DOI - 10.1111/fcsr.12120
Subject(s) - financial literacy , low income , perception , finance , business , financial plan , literacy , demographic economics , economics , psychology , economic growth , neuroscience
This study was designed to explore financial literacy in low‐ to moderate‐income households with regard to saving behavior. The study examined the low‐ to moderate‐income household's decision to save regularly and their responses to three questions related to financial literacy and a self‐reported perception of financial knowledge. Perceived financial knowledge and planning (usually or most of the time) were good indicators of the decision to save regularly.