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Association between Financial Education, Affective and Cognitive Financial Knowledge, and Financial Behavior
Author(s) -
Delgadillo Lucy M.,
Lee Yoon G.
Publication year - 2021
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.12414
Subject(s) - finance , cognition , psychology , association (psychology) , business , psychiatry , psychotherapist
Using data from the 2018 National Financial Capability Study, this articled examined the relationship between financial education participation and affective and cognitive financial knowledge. Involvement in financial education yielded statistically significant associations between affective and cognitive domains. The results showed that participation in financial education was associated with both cognitive and affective financial knowledge as well as long‐term financial behavior. The results supported the case for lifelong learning of financial education for young adults, minorities, and women. An important implication was the need to include both the affective and cognitive domains when teaching or researching financial education.