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Medientyp:
E-Artikel
Titel:
Effects of financial education on sound personal finance in Korea: Conceptualization of mediation effects of financial literacy across income classes
Beteiligte:
Son, Jiyeon;
Park, Jooyung
Erschienen:
Wiley, 2019
Erschienen in:
International Journal of Consumer Studies, 43 (2019) 1, Seite 77-86
Sprache:
Englisch
DOI:
10.1111/ijcs.12486
ISSN:
1470-6431;
1470-6423
Entstehung:
Anmerkungen:
Beschreibung:
<jats:title>Abstract</jats:title><jats:p>This study analyzed the role of financial literacy as a mediator between financial education and sound personal finance to assess how financial education affects the soundness of personal finance. In particular, this study conducted three sets of mediation analyses using data from the 2014 Consumer Empowerment Index survey of the Korea Consumer Agency to verify whether the mediating relationship is valid across different income classes of the Korean population. The results suggest that financial literacy works as a mediator between financial education and sound personal finance in the high‐income class and the middle‐income classes. Therefore, policymakers should consider the limitations of financial education and financial literacy when addressing low‐income consumers.</jats:p>