Are individuals with less understanding of personal finance concepts interested in financial education programs?
Summary
Recent research has shown that many adults have a poor understanding of basic personal finance concepts, which can have long-term impacts on their financial well-being. However, engaging individuals in improving their financial literacy can be challenging for a variety of reasons. This paper examines the relationship between interest in and need for financial literacy education among graduate students in a large university system.
Key Insights
- Individuals who estimate they have a high level of financial literacy but perform poorly on a financial literacy quiz are significantly less likely to be interested in financial education.
- Financially literate students who self-report a low level of financial acumen are significantly more likely to be interested in financial education.
- While receptivity to financial education programming increases significantly with financial literacy levels, overall engagement in financial education is low, despite purported interest in such programming.
