TY - JOUR
T1 - Adolescents' financial literacy
T2 - The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth
AU - Sohn, Sang Hee
AU - Joo, So Hyun
AU - Grable, John E.
AU - Lee, Seonglim
AU - Kim, Minjeung
PY - 2012/8
Y1 - 2012/8
N2 - The purpose of this study was to test the relationships between financial socialization agents, financial experiences, money attitudes, demographic characteristics, and the financial literacy of Korean adolescents. Using the 2006 Korean National Financial Literacy Test Survey for Adolescents (N = 1185), a series of regression analyses were performed to determine the factors related to financial literacy. It was found that those who chose media as their primary financial socialization agent, and those who had a bank account, exhibited higher levels of financial literacy. Among the sample, those who saw money as good or as a reward for efforts tended to report higher levels of financial literacy, while those perceiving money in terms of avoidance or achievement had lower levels of financial literacy. Students with mid-range monthly allowances showed higher levels of financial literacy compared to the highest allowance group. Implications for financial educators, policy makers, and researchers are provided.
AB - The purpose of this study was to test the relationships between financial socialization agents, financial experiences, money attitudes, demographic characteristics, and the financial literacy of Korean adolescents. Using the 2006 Korean National Financial Literacy Test Survey for Adolescents (N = 1185), a series of regression analyses were performed to determine the factors related to financial literacy. It was found that those who chose media as their primary financial socialization agent, and those who had a bank account, exhibited higher levels of financial literacy. Among the sample, those who saw money as good or as a reward for efforts tended to report higher levels of financial literacy, while those perceiving money in terms of avoidance or achievement had lower levels of financial literacy. Students with mid-range monthly allowances showed higher levels of financial literacy compared to the highest allowance group. Implications for financial educators, policy makers, and researchers are provided.
KW - Financial education
KW - Financial experiences
KW - Financial literacy
KW - Financial socialization agents
KW - Money attitudes
UR - http://www.scopus.com/inward/record.url?scp=84863501371&partnerID=8YFLogxK
U2 - 10.1016/j.adolescence.2012.02.002
DO - 10.1016/j.adolescence.2012.02.002
M3 - Article
C2 - 22418452
AN - SCOPUS:84863501371
SN - 0140-1971
VL - 35
SP - 969
EP - 980
JO - Journal of Adolescence
JF - Journal of Adolescence
IS - 4
ER -