Skip to content
Research Article Open access CC BY 4.0

Education, Financial Knowledge and Consumer Confidence in Financial Goals: Evidence from the 2018 US National Financial Capability Study

Fuzhong Chen, Ziteng Han, Qingyang Ma

Asian Journal of Education and Social Studies · pp. 9–21 · Published 17 Dec 2020

10.9734/ajess/2020/v13i430337

Abstract

Consumer confidence in financial goals is the degree of trust expressed by consumers through the activities of setting financial goals and subsequent realization. Utilizing data from the 2018 US National Financial Capability Study, in terms of the data characteristics of the dependent variable, this study utilizes the method of ordered logistic regression to explore the roles of education and financial knowledge in consumer confidence in financial goals. Moreover, this study also performs a robustness check, which suggests unchanged results. The results indicate that both education and financial knowledge positively contribute to consumer confidence in financial goals and consumers both with higher education levels and financial knowledge will be more confident in financial goals. Thus, policymakers are recommended to provide financial support for education and focus on mechanisms of improving financial knowledge through financial education programs and financial related courses.

Financial knowledge education consumer confidence in financial goals ordered logistic regression.

References (34)

  1. 1 The Economic Importance of Financial Literacy: Theory and Evidence [DOI]
  2. 2 Measuring Financial Literacy [DOI]
  3. 3 Financial literacy around the world: an overview [DOI]
  4. 4 Financial Literacy among the Young [DOI]
  5. 5 Planning and Financial Literacy: How Do Women Fare? [DOI]
  6. 6 An Exploratory Framework of the Determinants of Financial Satisfaction [DOI]
  7. 7 THE EFFECTS OF PERCEIVED AND ACTUAL FINANCIAL LITERACY ON FINANCIAL BEHAVIORS [DOI]
  8. 8 Consumer Financial Capability and Financial Satisfaction [DOI]
  9. 9 Financial literacy and consumer credit portfolios [DOI]
  10. 10 Acting for Happiness: Financial Behavior and Life Satisfaction of College Students [DOI]
  11. 11 Changing College Students’ Financial Knowledge, Attitudes, and Behavior through Seminar Participation [DOI]
  12. 12 Consumer financial education and financial capability [DOI]
  13. 13 Old Age and the Decline in Financial Literacy [DOI]
  14. 14 Financial education in schools: A meta-analysis of experimental studies [DOI]
  15. 15 The Gender Gap on Wall Street: An Empirical Analysis of Confidence in Investment Decision Making [DOI]
  16. 16 Gender- and education-related effects of financial literacy and confidence on financial wealth [DOI]
  17. 17 Financial Literacy Overconfidence and Stock Market Participation [DOI]
  18. 18 Age differences in consumer financial capability [DOI]
  19. 19 Financial Literacy in Developing Countries [DOI]
  20. 20 The demand for financial professionals' advice: The role of financial knowledge, satisfaction, and confidence
  21. 21 Debt Holding, Financial Behavior, and Financial Satisfaction [DOI]
  22. 22 Educated and Happy: A Four‐Year Study Explaining the Links Between Education, Job Fit, and Life Satisfaction [DOI]
  23. 23 Towards the Good Life: A Population Survey of Dimensions of Quality of Life [DOI]
  24. 24 Understanding the impact of employer‐provided financial education on workplace satisfaction [DOI]
  25. 25 Financial education and investment attitudes in high schools: evidence from a randomized experiment [DOI]
  26. 26 Consideration of Financial Satisfaction: What Consumers Know, Feel and Do from a Financial Perspective [DOI]
  27. 27 Evaluating the Link Between Perceived Income Adequacy and Financial Satisfaction: A Resource Deficit Hypothesis Approach [DOI]
  28. 28 Self-directed Financial Learning and Financial Satisfaction
  29. 29 Financial advice and trust [DOI]
  30. 30 Pathways from Financial Knowledge to Relationship Satisfaction: The Roles of Financial Behaviors, Perceived Shared Financial Values with the Romantic Partner, and Debt [DOI]
  31. 31 The Influence of Student Loan Debt on Financial Satisfaction [DOI]
  32. 32 Sustainable Financial Education and Consumer Life Satisfaction [DOI]
  33. 33 Financial Literacy Overconfidence and Consumer Financial Satisfaction: Evidence from the 2018 US National Financial Capability Study [DOI]
  34. 34 Financial Literacy and Retirement Planning in Canada [DOI]

Cited by 3

SOCIALIZATION AND PSYCHOLOGICAL DETERMINANTS OF FINANCIAL CONFIDENCE AMONG JAKARTA STOCK INVESTORS

Aditya Tri Nugroho, Nuri Wulandari, M. Prabantarikso · Journal of Entrepreneurship · 2026

The Impact of Financial Capability in Managing Income and Expenditure on Consumer Financial Satisfaction: Evidence from the USA

Fu-Zhong Chen, Dan-Qing-Cheng Zhang · Asian Journal of Economics Business and Accounting · 2021

Article metrics

Real usage data collected on this platform.

46

Page views

0

PDF downloads

10

Outbound clicks

3

Citations

Views over time

Views by country

Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".

Traffic sources

Referring site, by host.

Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.