대구지역 고등학생의 금융이해도 연구

곽영일 경북대학교 교육대학원 2013 국내석사

So far, most financial literacy tests were analyzed by the score that students got and there were not many studies on the adequacy of test items or diverse factors that can influence students’ financial literacy. Therefore, the purpose of this study was to evaluate the adequacy of test items in Financial Supervisory Service's financial literacy test by analyzing the test conducted to high school students in Daegu in terms of credibility, percentage of correct answers, and item discrimination. In addition, by analyzing the results from the financial literacy test, studies found diverse factors that affected students' understanding of financial literacy and therefore seek how to apply those findings to the real classroom. Based on the purpose of this study, all national and international literature on financial education was researched. This study tested 928 students from 6 different high schools in Daegu for their financial literacy using the Financial Supervisory Service's financial literacy test. The major findings of this study are as follows. First, Cronbach α coefficient of the financial literacy test was 0.769, so the test was reliable. If Cronbach α coefficient of the test is over 0.7, it is considered reliable; the average score of the financial literacy test was 58.9 points. Second, as for the score of each subarea for the financial literacy, the score of income and expenditure management area was the highest; it was followed by risk management, insurance, financial & decision-making and credit & debt management. The score of savings and investment area ranked the lowest. Third, as for the testing the percentage of correct answers, the item discrimination of item No. 11 (0.149), item No. 10 (0.158) and item No. 3 (0.199) was too low. The item No. 11 was related to interest, the item No. 10 to exchange, and the item No. 3 to insurance. The percentage of correct answers of two items, item No. 11 and No. 10 was also low. The percentage of correct answers of item No. 10 was 27.4% and No. 11 was 32.5% each. However, the percentage of correct answers of item No. 3 was 78.1%, which was too high. Items that had too high or too low a percentage of correct answers could influence negatively on the adequacy of financial literacy, thus these three items needed to be modified. Fourth, when it comes to academic skills in group difference, the difference of the scores between the groups which consisted of high-level students and the low-level students was significantly different. Depending on the economic level of home and the academic background of the head of household, the difference of the scores was significantly different. The difference in schools attended was staggering as well. The score of students who attend a special-purpose high school and regular high schools located in the superior district where students have a high level of education was extremely high. Fifth, as for financial activity, the score of the students who had their own named bank account was higher than that of the students who did not, and the difference was statistically significant. When it comes to pursuit of stability, the score of the students who avoided debt was higher than that of the students who did not, and the difference was statistically significant. According to the results of this study, the adequacy of the Financial Supervisory Service's financial literacy test was efficient, but some questions needed to be modified because a percentage of correct answers and item discrimination. Meanwhile, the understanding of subcategories like credit & debt management and savings & investment was low, so when social studies curriculum is made, these subcategories need to be emphasized. Furthermore, financial literacy was significantly different among groups depending on academic skills, economic level of home, the academic background of the head of household and type of school attended. These results suggested that financial education should be strengthened. Finally, as for the financial attitude of students, the financial literacy was significantly different between students who have a bank account and those who do not. It implied that the effect of financial education should be maximized when it is submerged with diverse real-life practices rather than when it is taught theoretically in the classroom.

부모로부터의 독립, 자기통제, 금융거래경험이 대학생 소비자 재무관리역량에 미치는 영향

김아영 성균관대학교 2014 국내석사

This study aims to analyze how undergraduate students’ financial literacy levels differ according to socio-demographics, independence from parents, self-control, and financial experience variables and how these variables affect their financial literacy. We refer a set of measurement tool on Financial Literacy from OECD, and modified it for Korean undergraduate students. With the measure, the current financial literacy for Korean undergraduate student consumers is evaluated using 330 cases of data sets. An ANOVA, a T-test and a hierarchical multiple regression analysis was carried out with socio-demographics, independence from parents, self-control, and financial experience as independent variables in order to understand factors that affect undergraduate students’ financial literacy and examines their relative influences. The following findings of the study were made: First, 330 undergraduate students’ financial literacy were evaluated with the modified tools. Their financial literacy levels were measured by dividing areas of knowledge, attitudes, and behavior. Among three areas, knowledge area was 6.72 out of 11 points, attitude area 3.48 out of 9 points, and behavior area was 5.00 out of 10 points. As with the results of previous studies of the overall financial literacy was low, and we found that the score of attitude area was especially low. It means that we have to focus on the attitude area in order to improve their financial literacy levels. Secondly, We examined each area of financial literacy according to socio-demographic characteristics in detail. The result of investigating the effect of socio-demographic factors on financial literacy of Korean undergraduate student showed that major had an effect on knowledge area, that their parents’ monthly income had an effect on attitude area. Students who major in business & economy department had high score in knowledge area, and parents of students with high monthly income was higher score in attitude area. Consequently, we have to consider their socio-demographic characteristics when we draw up measures for improving their financial literacy. Third, we examined effect relationships between socio-demographics, economic and psychological independence from parents, self-control levels, financial experience, and undergraduate students’ financial literacy levels. We found that financial experience variables had the greatest effect on all three areas in financial literacy. We examined that which socio-demographic characteristics and variables had a major influence on undergraduate students’ financial literacy levels through this study. And, We concluded consumer education plans considered socio-demographic characteristics, economic independence from parents, level of self-control, financial experience are needed to improve of undergraduate students’ financial levels. In this study, there has an academic significance that we used an internationally conducted scale from OECD financial literacy researches in domestic consumer research for the first time. However, We need a more reliable scale to measure consumers’ financial literacy levels. These results of this study are expected to provide guidance for policy-makers and consumer educators in order to enhance undergraduate students’ financial literacy levels and their financial welfare. 복잡하고 다양화된 현대 금융사회에서 소비자가 현명한 금융 의사결정을 할 수 있는 능력을 기르는 것은 매우 중요해졌다. 특히 평균수명 연장으로 고령화 사회에 진입함으로서 전 생애주기에 걸친 효율적인 자원관리를 하는 재무 설계가 더욱 중요해진 것은 명백한 사실이다. 더불어 이는 보다 더 이른 시기에 행해지는 것이 더욱 효과적이다. 따라서 본 연구에서는 이러한 점에 주목하여 사회생활로의 진출과 경제활동의 본격화가 시작되는 직전 단계인 대학생들을 대상으로 소비자 재무관리역량을 측정해 보고자하며, 사회·인구학적 특성과 함께 어떠한 변수들이 이들의 재무관리역량에 영향을 미칠지에 대해서 파악하고자 한다. 이에 본 연구는 OECD에서 2012년에 14개 회원국을 대상으로 실시한 Financial Literacy 측정연구의 측정도구를 바탕으로 국내 4년제 대학생들의 재무관리역량을 측정하여 그 수준을 살펴보았다. 또한, 대학생 재무관리역량에 영향을 미치는 것으로 예상되는 부모로부터의 경제적 및 심리적 독립과 자기통제 성향 수준, 금융거래 경험 변수들이 유의한 영향을 미치는지를 검증하였다. 국내 4년제 대학생들을 대상으로 하는 재무관리역량 척도를 구성하기 위해 기존에 OECD에서 연구개발한 척도를 번역하고 국내 실정과 문화에 맞게 수정하여 재구성하였다. 이를 통해 얻어진 척도로 국내 4년제 대학생 남녀 330명을 대상으로 온라인 설문조사를 실시하였으며, 대학생의 재무관리역량을 진단하고, 영향요인을 규명하기 위하여 SPSS 18.0 프로그램을 사용하여 기술통계 분석, 상관분석, T-검증 및 일원분산분석, 위계적 중회귀분석을 실시하였다. 본 연구의 결과 및 결론은 다음과 같다. 대학생들의 재무관리역량을 세 가지 구성요소인 지식역량, 태도역량, 행동역량으로 나누어 측정해본 결과, 지식영역 점수는 11점 만점에 6.72점, 태도영역 점수가 9점 만점에 3.48점, 행동영역 점수가 10점 만점에 5.00점으로 나타났다. 선행연구의 결과와 마찬가지로 전반적으로 재무관리역량이 저조한 편이며 특히 태도역량이 낮은 편인 것으로 확인되었다. 이는 대학생들의 재무관리역량을 증진시키기 위해서는 태도영역의 역량에 보다 초점을 맞춰야 한다는 것을 의미한다. 둘째, 사회·인구학적 특성에 따른 재무관리역량 각 영역을 세부적으로 살펴보았다. 그 결과, 지식역량에는 전공이, 태도역량에는 부모님의 월평균 소득에 따른 차이가 유의한 것으로 나타났지만, 행동역량에는 사회·인구학적 변수 중 어떠한 것도 유의한 차이를 나타내지 않았다. 전공이 상경계열일 경우 지식역량이 높은 것으로 나타났으며, 부모님의 월평균 소득이 높을수록 태도역량이 더 높아지는 것을 의미하였다. 따라서 이들의 재무관리능력 향상 방안 마련 시 소비자들의 이러한 사회·인구학적 특성을 고려해야 한다. 셋째, 부모로부터 경제적·심리적 독립과 자기통제 성향 수준, 금융거래 경험과 대학생의 소비자 재무관리역량 간의 영향 관계를 살펴보기 위해 분석한 결과, 금융거래 경험이 재무관리역량 지식, 태도, 행동역량 모두에 가장 큰 영향을 미치는 변수로 밝혀졌다. 지식영역에는 금융거래 경험과 전공, 태도영역에는 금융거래 경험과, 자기통제 수준, 경제적 독립성 중에서도 특별지출 본인부담비율, 부모님의 월평균소득과 거주 형태가 영향을 미치는 변수로 확인되었고, 행동영역 점수에는 금융거래 경험, 경제적 독립성 중 특별지출 본인부담비율, 성별, 자기통제 수준이 유의한 영향을 미치는 것으로 확인되었다. 본 연구 결과를 통해 대학생들의 재무관리역량에 어떤 사회·인구학적 특성들과 변수들이 중요한 영향을 미치는지 규명할 수 있었으며, 대학생의 재무관리역량 향상을 위해 사회·인구학적 특성과 경제적 독립성, 자기통제 성향의 수준, 금융거래 경험을 함께 고려한 소비자교육 방안 마련이 필요하다는 결론을 도출할 수 있었다. 본 연구는 OECD에서 국제적으로 시행한 Financial Literacy 측정연구에서 사용한 척도를 토대로 처음으로 국내 소비자들을 대상으로 하는 연구를 진행하였다는 데 학술적 의의가 있지만, 더욱 신뢰도 높은 척도로의 수정 노력이 요구되는 바이다. 대학생의 재무관리역량에 대한 본 연구의 결과물은 향후 이들을 대상으로 하는 재무 및 금융 교육을 실시하고, 재무복지 증진을 위한 정책을 수립하는데 방향을 제시해 줄 수 있을 것으로 기대된다. 본 연구의 궁극적인 목적이 소비자의 재무복지 향상인 만큼 후속연구에서는 조사대상자의 범위를 더욱 넓히고, 다양한 관련 변인들을 다루어 재무관리역량에 대한 연구들이 더욱 활발해지길 바란다.

A Qualitative Analysis of Students’ Experience Using Student Loans and Financial Literacy at a Community College

Jia, Leslie Anne University of Nevada, Reno ProQuest Dissertations 2020 해외박사(DDOD)

The research paper examines what students believe and understand about student loans and financial literacy at a local community college. Participants were interviewed using structured and semi-structured questions about student loans and financial literacy. Baxter Magolda’s Theory of Self-Authorship was used to analyze the results for this study. Analyzing the results, traditional college-aged students found the in-person loan entrance counseling beneficial. However first-time loan borrowers had a different experience compared to continuing students who were previous loan borrowers on how and what kind of knowledge that was retained on student loans. Students in the research study did not know the meaning of financial literacy, and when students were asked to describe what kind of financial literacy information they received, students defined financial literacy based on their financial priorities and what specific financial literacy information was valuable to them. Students also had similar responses on what kind of financial literacy information they would like to receive which reflected student’s personal financial status and what financial topics were important to them. Finally, students in the research study displayed various financial behaviors. Some students acknowledged that they needed to change their financial behavior, lacked financial understanding such as loan terminology, displayed proactive financial behaviors, and shared their experiences with other loans specifically car loans which affected students in how they managed their student loans.

Making a Way Out of No Way: An Antideficit Approach to Financial Literacy

Harris, Daniel ProQuest Dissertations & Theses University of Cali 2021 해외박사(DDOD)

Student loan debt in the United States exceeds $1.5 trillion. The enormity of student loan debt has received extensive media attention, with reports presenting the sheer mass of student loan debt as a national crisis. Borrowing patterns among undergraduates indicate that this is a pronounced issue among Black students who are more likely to finance college with loans. Existing research purports that deficits believed to be intrinsic to Black students and their families are to blame for the disparate borrowing patterns along racial lines. This view is incomplete and focuses too narrowly on perceived deficits based on a white, middle-class notion of financial literacy. The purpose of this study was to provide a more complete view of financial literacy through the lens of 12 Black undergraduate students.Using Critical Race Theory and an antideficit achievement framework results from this study suggest systematic and structural inequality contribute to divergent types of financial literacies along racial lines. Although different from their racial counterparts, the financial literacy of the Black participants interviewed in this study did not contribute to their indebtedness. On the contrary, using a unique set of financial literacies, study participants navigated the economic demands of higher education designed for their demise and downfall. Participants found jobs, scholarships, and other ways to supplement their financial circumstances reflecting their ability to offset the costs of undergrad. Navigating these costs is not always obvious for students. Higher education institutions should help to make the process of affording college more attainable for a diverse student body. One size fits all approaches ignore the unique needs of Black undergraduate students. Supports should provide the historical context of personal finances and practical resources for implementing money strategies for the specific college-going experience of Black undergraduate students. Recommendations from this study suggest students, families, and institutions can disrupt deficit-based paradigms of financial literacy and implement better financial literacy supports sensitive to the individual and group needs of degree-seekers.

Filipinos' Degree of Awareness about Investment in Relation to their Financial Goals

HERNANDEZ JENNY ANNE 아주대학교 2022 국내석사

In this digital age where information is accessible, numerous people are still illiterate on the process of investment, its risks, and returns. This is arguably one of the major problems for most developing countries, especially the Philippines. This paper aims to address the factors that affect financial decisions negatively and look for the hole in achieving one's financial goals and improving retirement preparedness. This paper discussed several types of Investment Platforms such as Property Investment, Variable Universal Life Insurance, Mutual Funds, Real Estate, and other financial investments. The data was collected from 211 respondents, 131 from Local Filipino Workers (LFW), and 80 Overseas Filipino Workers (OFW) from the United Arab Emirates ages 20 - 60 years old. Using this data, this paper proved that the degree of awareness Filipinos have on investing, regardless of the country they are residing in, is between low and very low due to lack of financial literacy. We found out that this does not only affect their budget allocation, but also their investment decision. This paper revealed that even if OFW are earning much more than LFW, inadequate income is their given major reason for not investing. Therefore, we concluded that lack of financial literacy affects the budgeting behavior and investment decision of an individual. Hence, it is recommended to improve financial literacy to achieve financial goals and improve retirement preparedness.

가치투자의 수행성과 대중투자문화의 형성

오승민 연세대학교 대학원 2015 국내석사

본 연구는 한국에서 1990년대 후반 이후 등장한 ‘대중투자’ 문화를 주식투자라는 금융적 실천을 중심으로 분석하였다. 구체적으로 대중적인 주식투자 전략의 하나인 ‘가치투자’가 개인투자자들에 의해 해석되고 활용되는 구체적인 과정에 대한 분석을 통해, 한국 사회에서 ‘투자’라는 금융적 실천이 갖는 사회적·문화적 함의를 밝히는 것을 목적으로 한다. 가치투자는 재무제표와 사업보고서와 같은 자료를 토대로 기업의 가치를 분석하고 계산하여, 이러한 가치를 기준으로 주식을 거래하는 투자 전략이다. 하지만 가치투자는 단순히 주식투자를 매개하는 금융지식에 불과한 것이 아니라 ‘가치투자자’라는 투자자 주체를 생산하는 핵심적인 계기이기도 하다. 가치투자는 투자와 투자자에 대한 합리적이고 도덕적인 표상을 생산하며 투자자들의 실천과 인식을 변화시키고, 더 나아가 이들의 생애기획에도 영향을 미친다는 점에서 수행적 효과를 발휘한다. 연구자는 ‘가치투자의 수행성’을 구체적으로 검토하기 위해서 ‘잃지 않는 투자’와 ‘배우는 투자’를 지향하는 가치투자 전문 교육기관인 ‘A 투자교육연구소’에서 개설한 가치투자 강좌를 참여관찰하였고, 수강생들을 중심으로 심층면접을 수행하였다. 가치투자는 1997년 경제위기 이후 구조조정을 통한 기업의 재무구조 개선과 2000년대 초반 주식시장에서의 가치주 등장을 배경으로 개인투자자들의 주목을 받기 시작하였다. 가치투자는 1990년대 후반 이후 벤저민 그레이엄과 워렌 버핏과 같은 가치투자의 상징적 인물들의 투자 방식을 충실하게 해석하고 한국적 맥락으로 번역하는 소수의 ‘매개자’에 의해 대중적으로 확산되었다. ‘A 투자교육연구소’ 역시 이러한 매개자 그룹 중 하나로, 개인투자자를 대상으로 한 가치투자 교육을 통해 가치투자를 전파하는 데 일조한다. 투자자들은 반복되는 주식투자에서 실패를 경험하거나 기대만큼의 수익을 기록하지 못하면서, 가치투자를 통해 주식투자를 체계적으로 접근하는 방식을 학습하기를 원하고, 이를 통해 더 이상 주식투자에서 실패하지 않을 것이라고 기대한다. ‘버핏 교실’은 가치투자에 대한 특정한 지식을 생산하고, 이를 구체적인 테크닉의 형태로 재가공하여 수강생들에게 제공하고 있는 교육 프로그램으로, 합리적이고 건전한 투자를 실천하는 현명한 투자자라는 윤리적인 주체를 적극적으로 생산하고자 한다. 또한 가치투자는 투자자들이 주식투자를 정당한 사회적 실천으로 의미화하는데 있어서 핵심적인 개념과 논리를 제공한다. 가치투자자들은 돈의 논리가 지배하는 자본주의 하에서 경제적 자유를 열망한다. 경제적 자유를 획득하기 위한 유력한 방식이었던 직장생활은 한국 사회의 신자유주의적 전환 이후 노동 환경의 불안정성으로 인해 더 이상 매력적인 선택이 아니게 되었고, 이들이 자연스럽게 눈을 돌리게 되는 것이 재테크이다. 그리고 주식투자를 통해 자산을 관리하고 증식하려는 투자자들은 가치투자를 통해 지속적이고 안정적인 수익을 기록할 수 있을 것이라고 기대한다. 평생직장이라는 개념이 사라진 자리에 ‘평생직장으로서의 주식투자’라는 상상이 등장하는데, 가치투자는 이러한 상상을 구체적으로 실현할 수 있는 가능성을 생산한다. 이 연구는 한국 사회의 신자유주의적 전환 이후 일상화된 경제적 불안정에 ‘재테크’라는 사적인 자산관리의 전략으로 대응하는 투자자들의 인식, 윤리 그리고 실천을 이해하려고 시도하였다. 대중투자문화는 다양한 금융적 수단, 재테크 지식과 정보를 통해 돈이 스스로 일하게끔 하라고 요청하면서, 일상을 돈을 만들어내기 위한 열망으로 가득 채운다. 그리고 돈을 현명하게 투자하고, 사려 깊게 예측하며, 전략적으로 자산을 배치하면 성공할 수 있다는 환상을 만들어낸다. 가치투자는 주식투자를 통한 부의 획득이 가능할 것이라고 기대하는 가치투자자들을 지속적으로 생산함으로써, 대중투자문화를 재생산하는 핵심적인 계기이다. This research analyzes the so-called “popular investing culture”, which has emerged since the late 1990s, focusing on the financial practices of the stock investment. In other words, this research, analyzing the concrete processes of the interpretations and exploitations of “value investing” - one of the strategies of the popular investing culture ? by individual investors, has an object of elucidating the socio-cultural implications of the financial practices of the “stock investment” in Korean Society. Value investing is an investing strategy which trades stocks in accordance with some values produced by calculating and analyzing a value of a company on the basis of financial statements and business reports. However, value investing is not a simple finance knowledge which mediates the practices of the stock investment, but it is also the essential points which produce investing subjects called “value investor”. Value investing displays performative effects in that it produces rational and moral representations about the investment and the investor, and transforms the recognition and practice of the investors, and furthermore, has an influence on the life-plans of the investors. In the view of the concrete examination of the “performativity of the investor”, this research - 115 - participates and observes some courses of value investing organized by “A research center for education of investment” - this research center aims at “no-losing investment” and “enlightening investment” - , and carries out some in-depth interviews with some students of this course. Value investing was starting to get a lot of attention of individual investors after the economic crisis of 1997. It was because after the economic crisis of 1997, financial structures of some companies were improved by the restructurings, and in this situation, value stock recorded stable profits. In that time, value investing was popularly introduced and propagated by a few of “mediators” who accurately interpreted - and translated in the context of Korean society - the investment strategies of the emblematic figures of value investing, for example Benjamin Graham and Warren Buffett. “A resarch center for education of investment” was also one of the mediating groups, and until now it performs a role of introducing and propagating value investing by the education of value investing for individual investors. Individual investors, who repetitively fail in investment or cannot obtain profits expected, learn the ways of performing the stock investment systematically by value investment, and after these learnings, they expect that no more they would not fail in the stock investment. “Buffett Class” produces the particular knowledge of value investing. “Buffett Class” reformulates this knowledge as some forms of specific techniques and provides these techniques in education programs, thereby “Buffett Class” enthusiastically aims to produce the ethical subject as a smart investor who practices rational and sound investments. Value investing purveys the essential concepts and logics for signifying the stock investment as a justifiable social practice. Value investors aspire to obtain economic freedom in the capitalism which is predominated by the logics of money. After the neoliberal turn - 116 - of Korean society, the employment, which was the only and prime way to obtain economic freedom, is now out of the charming choice alternatives because of the destabilization of the labor. Consequently, individuals pay much attention at financial technique. And individual investors who want to administer and increase their assets by stock investment, expect to obtain continuous and stable profits by value investing. In the vanished place of the notion of the life-time workplace, the imagination of the “stock investment as a life-time job” emerges, and value investing plays an essential role as a concrete strategy and life-plain for embodying this imagination. This research tries to understand the knowledge, the ethics and the practices of the investors who counter-act and defend for themselves with a private strategy of asset-running financial technique in the face of the prevailing economic destabilization after the neoliberal turn of Korean society. The popular investing culture, through a variety of financial techniques, financial knowledge and information, ordering money to work or operate of itself, fills everyday life of the people with aspirations for making more money. And this culture creates some fantasies in which the investors who invest smartly, predict reflexively, and arrange their assets strategically can succeed in the investment. Value investing is an essential moment which reproduces the popular investing culture by producing value investors who expect that they can make more money through the stock investments.

Financial Stress Among Black Americans: Examining the Role of Financial Literacy

Mathis, Keithen, II ProQuest Dissertations & Theses Florida Agricultur 2022 해외박사(DDOD)

In this cross-sectional study, the relationship between financial literacy and financial stress was examined and financial literacy measures were validated with a population of Black Americans in Florida. Research supports that Black Americans disproportionately experience financial stress. Investigating the role of financial literacy may help to better identify the underlying issues of financial stress in the Black community. In this study, a survey was administered to 261 individuals who identified as a Black, Florida resident, between the ages of 18 and 64. The survey consisted of several previous scales and additional measures that have not been previously validated for this population. The main dependent variable was financial stress, and the independent variables of financial literacy were operationalized as comprising three dimensions: financial education, financial practices, and financial behavior. The results revealed that all three dimensions of financial literacy (financial behavior, financial practices, and financial education) individually and financial literacy as a construct all negatively correlated with financial stress. There was also a significant positive correlation between financial behavior, financial practices, and financial education. The financial literacy instrument was tested using a Confirmatory Factor Analysis (CFA) to determine the validity and model fit of the instrument’s three scales (financial behavior, financial education, and financial practice). The CFA suggested removing the financial behavior scale.As the study highlights, financial literacy is linked to financial stress. As financial stress continues to negatively impact Black Americans, it is vital to understand financial stress-related issues for Black Americans in Florida. The results of this study help to enhance financial stress and financial literacy research and lead to the pinpointing of underlying factors that are essential to improving the delivery of financial stress interventions and financial literacy programs for Black Americans.

Financial Literacy Education for African Americans and Its Effects on Financial Wellbeing

Cobb, Alfonso ProQuest Dissertations & Theses University of Sout 2022 해외박사(DDOD)

Financial literacy necessitates having the knowledge to effectively manage one’s personal finances through prudent decision making related to budgeting, saving, and investing (Atkinson & Messy, 2012). Wealth inequality for African Americans has existed for generations due in part to inadequate financial literacy education. Insufficient financial literacy education has negatively impacted the economic well-being of African Americans for generations. Therefore, financial literacy education is an important topic for study because of lower levels of financial education in African American communities. This research study is an examination of how African Americans approach saving and investing and how financial literacy can improve wealth accumulation for this community. Through a review of the literature, the study points out that the racial wealth gap in the United States has had adverse effects on society, ranging from increased social unrest to decreases in health and life expectancy of citizens, along with reductions in US economic gross domestic product (GDP).The data collected for this study was assimilated from data obtained during secondary market research and participant interviews with 23 African American financial advisors. Participants were interviewed following a semi structured interview process and the use of open-ended questions to encourage frank discussions, designed to ascertain information to understand connections between African Americans’ financial literacy education, economic well-being, and wealth accumulation. The theory of planned behavior (TPB) and the transtheoretical model of change (TTM) were used as frameworks in data analysis. Recommendations derived from the findings include increasing the number of African American financial advisors who serve as financial educators and improving the delivery of financial literacy education to the African American community in general and African American investors specifically.

The Effect of Financial Literacy and Overconfidence on Financial Risk Tolerance. A Vietnamese Case

풍란평린 숙명여자대학교 대학원 2021 국내석사

The purpose of this thesis is to evaluate whether actual financial literacy (AFL) and perceived financial literacy (PFL) influence financial risk tolerance (FRT) and its three components and whether overconfidence is a significant determinant of financial risk tolerance. We conduct a survey on 203 Vietnamese participants using a questionnaire developed by Grable and Lytton (1999, 2015) and Lusardi and Mitchell (2011) to measure FRT, AFL, and PFL. Controlling for other socio-demographic variables such as age, gender, marital status, monthly income, and educational level, the results of multiple regression models show that the perceived level of financial literacy has a larger impact on FRT than the actual level of financial literacy and that overconfidence does not affect FRT on its own. However, when the two aspects of financial literacy are controlled separately, the effect of overconfidence on FRT becomes significant. This effect is positive when AFL is controlled and turns negative when PFL is held constant. This implies that PFL drives the typical positive overconfidence effect on FRT. 본 연구는 객관적 재무이해력(AFL)과 주관적 재무이해력(PFL)이 재무위험감수도(FRT)와 FRT 의 3 가지 유형에 미치는 영향과 자기과신 편향이 FRT 의 결정요인인지 여부를 분석하였다. 실증분석에 필요한 자료는 203 명의 베트남 참가자를 대상으로 Grable 과 Lytton (1999, 2015)과 Lusardi 와 Mitchell (2011)이 개발한 설문지를 활용하여 수집하였다. 연령, 성별, 혼인 여부, 소득 및 교육 수준과 같은 사회인구학적 변수를 통제한 다중회귀모형의 분석 결과에 따르면 투자자의 주관적인 재무이해력이 높을수록 재무위험에 대한 인내심도 높아졌다. 객관적인 재무이해력도 FRT 에 긍정적인 영향을 끼쳤지만 그 강도는 주관적 재무이해력에 미치지 못했다. 자기과신은 독립적으로 FRT 에 유의한 영향을 미치지 못했다. 그러나 AFL 또는 PFL 을 별도로 통제하면 유의한 자기과신효과가 나타났다. AFL 을 통제했을 때 자기과신은 FRT 를 증가시키는 양의 효과를 보인 반면, PFL 을 통제했을 때는 FRT 를 감소시키는 역의 효과로 바뀌었다. 이는 자기과신의 재무위험감수도 증대 효과를 견인한 주요 변인이 PFL 이라는 의미다.

(The) Effect of Financial Literacy and Capacity on the Demand for Life Insurance

이동준 서울대학교 대학원 2020 국내석사

The main purpose of this study is to scrutinize the effect of consumer’s financial literacy and capacity on the demand for life insurance. This study uses the novel household survey data conducted by the Consumer Financial Protection Bureau (CFPB) of 2016. The paper finds evidence that consumer’s financial literacy and capacity is positively related with a consumer’s purchase of life insurance, and these are new critical factors in the life insurance demand model. Most of the prior research has focused on the life insurance purchase as a function of various socioeconomic and demographic variables associated with an individual’s risk aversion. However, this study focuses more on an individual’s psychological and behavioral factors while controlling various socioeconomic and demographics variables. To measure a consumer’s financial literacy and capacity, CFPB newly introduces the objective and subjective financial knowledge, the propensity to plan, and financial socialization by conducting the survey. Furthermore, the paper attempts to analyze the relationship between a consumer’s financial literacy and capacity and financial well-being. The financial well-being score is construed as a proxy for consumer’s expected utility to demonstrate that life insurance ownership induces an increment of consumer’s expected utility as stated in the conventional insurance theory. However, due to the ongoing endogeneity and reverse causality problem, this hypothesis remains for future study. 본 연구에서는 금융소비자보호원(CFPB)의 금융웰빙 설문조사 데이터를 이용하여 금융소비자의 금융 이해력과 역량의 차이는 금융 웰빙지수만이 아닌, 보험 가입을 저해하는 중요한 행동경제학적 요소임을 밝혔다. 금융 이해력과 역량을 측정하는 변수로 CFPB는 생활 주기 모델에 중요한 변수인 응답자의 객관적/주관적 금융 지식, 계획 성향, 그리고 재무적 사회화를 이용하였다. 이러한 변수들을 생명보험 수요 연구모델에 새롭게 추가하여 필요성을 보여주었다. 또한, 현재까지 많은 이론 및 실증 논문들에서 기업보험, 기업 헤지, 그리고 기업 위험관리를 통한 회사 가치의 증가라는 거시적 측면의 연구를 보았지만, 미시적 측면의 위험관리에 관한 연구는 아직 미흡한 상황이다. 보험구매가 실제로 금융소비자의 기대효용에 어떠한 영향을 미치는지에 관한 연구를 금융 웰빙지수를 이용하여 밝혀내고자 하였으나, 모델안에서의 내생성과 역인과관계의 문제를 해결하지 못하여 다음 연구주제로 남겨두었다.