The level of financial literacy among poor – methodological and empirical results
DOI:
https://doi.org/10.18778/0208-6018.326.14Keywords:
Financial literacy, poverty, financial decisions, financial capabilities, social exclusion, financial education, household financeAbstract
One of the methods which help to decrease the level of vulnerability to poverty and social exclusion is the raise the level of financial literacy among poor households. However, to do this effectively one needs to possess the reliable measurement tool, particularly adopted to intellectual capacities of the poor. Unfortunately there is a lack of such tests available in scientific literature. In the light of the current constraints, in author’s opinion, one needs to construct financial literacy test dedicated to poor using evolutionary approach. That is, the ones which not only tests financial literacy but also numeracy, statistical and risk literacy. In authors opinion, the statistical and risk literacy is much more important and more universal then financial literacy. To prove that point author positively verify following thesis “Risk literacy is effective predictor of financial literacy level, especially among poor and vulnerable to poverty population (exogenously and endogenously)”. The author’s study contribute to dynamically developing, interdisciplinary field of research devoted to household finance, especially to financial decisions under poverty and microeconomics of poverty. The structure of the article support formulated goals. The research method was applied to answer the research questions.
Downloads
References
Anand P., Lea S. (2011), The psychology and behavioural economics of poverty, „Journal of Economic Psychology”, vol. 32, p. 284–293, doi.org/10.1016/j.joep.2010.11.004.
Google Scholar
Atkinson A., Messy F.-A. (2012), Assessing Financial Literacy in 12 Countries An OECD Pilot Exercise, „Netspar Discussion Papers” vol. 01, arno.uvt.nl/show.cgi?fid=114072 [Dostęp15.03.2015].
Google Scholar
Bertrand M., Mullainathan S., Shafir E. (2010), A Behavioral-Economics View of Poverty, „American Economic Review”, vol. 94, no. 2, s. 419–423, doi: 10.1257/0002828041302019.
Google Scholar
Blaug M. (1995), Metodologia ekonomii, Wydawnictwo Naukowe PWN, Warszawa.
Google Scholar
Bogacka-Kisiel E. (red.) (2012), Finanse osobiste. Zachowania, Produkty, Strategie, Wydawnictwo Naukowe PWN, Warszawa.
Google Scholar
Del Missier F. Mäntylä F., Bruine de Bruin W. (2011), Executive functions in decision making: An individual differences approach, „Thinking and Reasoning” vol. 16, no. 2, p. 69–97, doi: 10.1080/13546781003630117.
Google Scholar
Chen H., Volpe R.P. (1998), An analysis of personal financial literacy among college students. „Financial Services Review” vol. 7, p. 107–128, doi: 10.1016/S1057-0810(99)80006-7.
Google Scholar
Christelis D., Jappelli T., Padula M. (2010), Cognitive Abilities and Portfolio Choice, „European Economic Review” vol. 54, p. 18–39.
Google Scholar
Cokely E.T, Galesic M., Schulz E., Hhazal S., Garcia-Retamero R. (2012), Measuring Risk Literacy: The Berlin Numeracy Test, „Judgment and Decision Making”, vol. 7, no. 1, p. 25–47.
Google Scholar
Dewey M.E., Prince M.J. (2005), Cognitive Function, [w:] A. Börsch-Supan, A. Brugiavini, H. Jürges, J. Mackenbach, J. Siegriest, I.G. Weber (red.), Health, Aging and Retirement in Europe: First Results from the Survey of Health, Aging and Retirement in Europe, Mannheim Research Institute for the Economics of Aging, Mannheim.
Google Scholar
Domański H. (2002), Ubóstwo w społeczeństwach postkomunistycznych, Instytut Spraw Publicznych, Warszawa.
Google Scholar
Flejterski S. (2007), Metodologia finansów. Podręcznik akademicki, Wydawnictwo Naukowe PWN, Warszawa.
Google Scholar
Frederick S. (2005), Cognitive reflection and decision making. „Journal of Economic Perspectives”, vol. 19, no. 4, p. 25–42, doi: 10.1257/089533005775196732.
Google Scholar
Gathergood J., Weber J. (2014), Self-Control, Financial Literacy & the Co-Holding, „Journal of Economic Behavior & Organization”, vol. 107, p. 455–469, doi: 10.1016/j.jebo.2014.04.018.
Google Scholar
Gigerenzer G. (2015), Risk Savvy. How to make good decisions, Viking Adult, New York.
Google Scholar
Golinowska S. (1996), Polska bieda. Kryteria. Przeciwdziałanie. Pomiar, IPiSS, Warszawa.
Google Scholar
Hastings J.S., Madrian B.C., Skimmyhorn W.L. (2012), Financial Literacy, Financial Education and Economic Outcomes, „NBER Working Paper no. 18412”. MA: Cambridge, http://www.nber.org/papers/w18612.pdf [Dostęp 01.12.2014].
Google Scholar
Hoelzl E., Kapteyn A. (2011), Editorial, „Journal of Economic Psychology”, vol. 32, p. 543–545, doi: 10.1016/j.joep.2011.04.005.
Google Scholar
Hung A.A., Parker A.M., Yoong J.K. (2009), Defining and Measuring Financial Literacy. „Rand Working Paper WR–708”, https://www.rand.org/content/dam/rand/pubs/.../RAND_WR708.pdf [Dostęp 01.01.2015].
Google Scholar
Huston S.J. (2010), Measuring Financial Literacy, „The Journal of Consumer Affairs”, vol. 44, nr 2, s. 296–316, http://dx.doi.org/10.2139/ssrn.1945216.
Google Scholar
Iwanicz-Drozdowska M. (red.) (2011), Edukacja i świadomości finansowa, Wydawnictwo SGH, Warszawa.
Google Scholar
Johnson E., Sherraden M.S. (2007), From Financial Literacy to Financial Capability among Youth, „Journal of Sociology & Social Welfare”, vol. 34, no. 3, p. 119–146.
Google Scholar
Klapper L.F., Lusardi A., Panos G.A. (2012), Financial literacy and financial crisis, „NBER Working Paper no. 17930”, MA: Cambridge, http://www.nber.org/papers/w17930.pdf [Dostęp 01.12.2014], doi: 10.3386/w17930.
Google Scholar
Kuchciak I., Świeszczak M., Świeszczak K., Marcinkowska M. (2014), Edukacja finansowa i inkluzja bankowa w realizacji koncepcji silver economy, Wydawnictwo Uniwersytetu Łódzkiego, Łódź.
Google Scholar
Lipkus I. M., Samsa G., Rimer B.K. (2001), General performance on a numeracy scale among highly educated samples, „Medical Decision Making”, vol. 21, s. 37–44, doi: 10.1177/0272989X0102100105.
Google Scholar
Lusardi A. (2008), Financial Literacy: An Essential Tool for Informed Consumer Choice?, „NBER Working Paper no. 14084”, MA: Cambridge, www.nber.org/papers/14084 [Dostęp 01.12.2014], doi: 10.3386/w14084.
Google Scholar
Lusardi A., Mitchell O.S. (2007), Baby Boomer Retirement Security: The Role of Planning, Financial Literacy, and Housing Wealth, „Journal of Monetary Economics”, vol. 54, p. 205–224, doi: 10.1016/j.jmoneco.2006.12.001.
Google Scholar
Lusardi A., Mitchell, O.S. (2011), Financial Literacy and Planning: Implications for Retirement Wellbeing, „NBER Working Paper no. 17078”, MA: Cambridge, www.nber.org/papers/17078 [Dostęp 01.12.2014], doi: 10.3386/w17078.
Google Scholar
Lusardi A., Mitchell O.S. (2013), The economic importance of financial literacy – theory and evidence, „NBER Working Paper no. 18952”, MA: Cambridge, www.nber.org/papers/w18952 [Dostęp 01.12.2014], doi: 10.3386/w18952.
Google Scholar
Lusardi A., Tufano P. (2009), Debt Literacy, Financial Experiences, and Overindebtedness, „NBER Working Paper no. 14808”, MA: Cambridge, www.nber.org/papers/14808, doi: 10.3386/w14808 [Dostęp 01.12.2014].
Google Scholar
Maison D. (2013), Polak w świecie finansów, PWN, Warszawa.
Google Scholar
Mandell L. (2007), Financial literacy of high school students, [w:] J.J. Xiao (red.), Handbook of Consumer Finance Research, Springer, New York, p. 163–183.
Google Scholar
Moore D.L (2003), Survey of Financial Literacy in Washington State: Knowledge, behavior, Attitudes, and Experiences, „SESRC Technical Report 03–39”, Social and Economic Sciences Research Center Washington State University, http://www.researchgate.net/publication/265728242_Survey_of_Financial_Literacy_in_Washington_State_Knowledge_behavior_Attitudes_and_Experiences [Dostęp 01.05.2015].
Google Scholar
Mullainathan S., Shafir E., Bertrand M. (2006), Behavioral Economics and Marketing in Aid of Decision Making Among the Poor, „Journal of Policy Making and Marketing”, vol. 25, no. 1, s. 8–23, http://dx.doi.org/10.1509/jppm.25.1.8.
Google Scholar
Narodowy Bank Polski (2015), Stan wiedzy i świadomości ekonomicznej Polaków 2015, NBP, Warszawa.
Google Scholar
OECD (2014), PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century, „OECD Publishing”, vol. VI, http://dx.doi.org/10.1787/9789264208094-en.
Google Scholar
Panek T. (2011), Ubóstwo, wykluczenie społeczne i nierówności. Teoria i praktyka pomiaru, Oficyna Wydawnicza SGH, Warszawa.
Google Scholar
Potocki T. (2016), Poziom wiedzy finansowej wśród mieszkańców terenów peryferyjnych zagrożonych ubóstwem, „Zeszyty Naukowe UEW”, Wrocław (w druku).
Google Scholar
Rooij M. van, Lusardi A., Alessie R., (2011), Financial Literacy and Stock Market Participation, „Journal of Financial Economics”, vol. 101, no. 2, s. 449–72, doi: 10.1016/j.jfineco.2011.03.006.
Google Scholar
Schwartz L.M.L., Woloshin S.S., Black W.C.W., Welch H.G.H. (1997), The role of numeracy inunderstanding the benefit of screening mammography, „Annals of Internal Medicine”, vol. 127, p. 966–972, doi: 10.7326/0003-4819-127-11-199712010-00003.
Google Scholar
Sherraden M. S. (2013), Building blocks of financial capability, [w:] J.M. Birkenmaier, M.S. Sherraden, J.C. Curley (red.) Financial Capability and Asset Building: Research, Education, Policy, and Practice, Oxford University Press, New York & Oxford, p. 1–43.
Google Scholar
Świecka B. (red.) (2008), Bankructwa gospodarstw domowych. Perspektywa ekonomiczna i społeczna, Difin, Warszawa.
Google Scholar
Topińska I. (red.) (2005), Pomiar ubóstwa. Zmiany koncepcji i ich znaczenie, IPiSS, Warszawa.
Google Scholar
Wobker I., Lehmann-Waffenschmidt M., Kenning P., Gigerenzer G. (2012), What Do People Know About the Economy? A Test of Minimal Economic Knowledge in Germany. A Test of Minimal Economic Knowledge in Germany, „Dresden Discussion Paper Series in Economics”, nr 3/12, http://dx.doi.org/10.2139/ssrn.2190337.
Google Scholar
Downloads
Published
How to Cite
Issue
Section
