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Millennials' adoption of personal financial management (PFM) technology and financial behavior
Financial Planning Review
Abstract
This paper uses the Technology Acceptance Model to analyze the factors associated with personal financial management technology (PFM) adoption among millennials and extends the analysis to understand how PFM adoption is associated with financial behavior. Data from the 2018 National Financial Capability Study was used for this analysis. Evidence suggests that millennials engaging in digital side hustles, such as Uber or Lyft, are significantly more likely to adopt PFM technology. Individuals experiencing higher financial pressure or exhibiting higher financial confidence are more likely to adopt PFM technology. After extending the analysis to include financial behavior, heavy adopters of PFM technology are more likely to own an emergency fund, payoff their credit card in full every month, own a retirement account, own an investment account, save for retirement, and own a will. Surprisingly, heavy adopters of PFM are also more likely to spend more than they earn and experience overdrafts.
... The theory of generational biases fits well with previous research that has demonstrated the role of generational influences in determining millennials' choices of education (Yanto et al., 2021) and workplace behavior (Lyons & Kuron, 2014). From a financial behavior perspective, generational influences have been found to predict millennials' saving behavior (Kalra Sahi & Pratap Arora, 2012) and retirement planning (Walsh & Lim, 2020). The present study seeks to extend this generational view of millennials' behavior in general and financial behavior in particular to a novel research domain-behavioral biases. ...
... Finally, this study also contributes to the literature on millennial consumer behavior (e.g., Wolburg & Pokrywczynski, 2001;Noble et al., 2009), especially millennial financial behavior (e.g., Walsh & Lim, 2020). Millennials are considered a key consumer generation that represents an important market for various products and services (Batat, 2019). ...
... Therefore, future studies must incorporate experimental designs to conduct an inter-generational examination of behavioral biases. Finally, this study referred to the millennial consumer behavior literature (e.g., Noble et al., 2009; and behavioral biases literature (e.g., Walsh & Lim, 2020;Yanto et al., 2021) to examine key generational biases affecting millennial investors. However, we do not claim that these biases provide an overarching explanation of millennial investor psychology. ...
This paper proposes that millennials' investing behavior is driven by generational biases-investment-related biases that millennials share. The results of an online survey of 516 millennial investors revealed that generational biases-fear of missing out, socially responsible investing, overconfidence, and herding-positively influence their investing intention. This paper makes a novel contribution to the literature on financial psychology by proposing a generational theory of behavioral biases among a key investor segment. The generational theory of behavioral biases enables investment managers to understand financial anomalies at a collective level. This work suggests that managers must provide investing avenues that enable millennials to overcome the threat of missed opportunities. Moreover, managers must build a responsible corporate image to appeal to millennials' socially responsible investing behavior. Investment managers must also launch intervention campaigns that seek to increase the financial competence of millennials.
... The theory of generational biases fits well with previous research that has demonstrated the role of generational influences in determining millennials' choices of education (Yanto et al., 2021) and workplace behavior (Lyons & Kuron, 2014). From a financial behavior perspective, generational influences have been found to predict millennials' saving behavior (Kalra Sahi & Pratap Arora, 2012) and retirement planning (Walsh & Lim, 2020). The present study seeks to extend this generational view of millennials' behavior in general and financial behavior in particular to a novel research domain-behavioral biases. ...
... Finally, this study also contributes to the literature on millennial consumer behavior (e.g., Wolburg & Pokrywczynski, 2001;Noble et al., 2009), especially millennial financial behavior (e.g., Walsh & Lim, 2020). Millennials are considered a key consumer generation that represents an important market for various products and services (Batat, 2019). ...
... Therefore, future studies must incorporate experimental designs to conduct an inter-generational examination of behavioral biases. Finally, this study referred to the millennial consumer behavior literature (e.g., Noble et al., 2009; and behavioral biases literature (e.g., Walsh & Lim, 2020;Yanto et al., 2021) to examine key generational biases affecting millennial investors. However, we do not claim that these biases provide an overarching explanation of millennial investor psychology. ...
This paper proposes that millennials' investing behavior is driven by generational biases—investment-related biases that millennials share. The results of an online survey of 516 millennial investors revealed that generational biases—fear of missing out, socially responsible investing, overconfidence, and herding—positively influence their investing intention. This paper makes a novel contribution to the literature on financial psychology by proposing a generational theory of behavioral biases among a key investor segment. The generational theory of behavioral biases enables investment managers to understand financial anomalies at a collective level. This work suggests that managers must provide investing avenues that enable millennials to overcome the threat of missed opportunities. Moreover, managers must build a responsible corporate image to appeal to millennials’ socially responsible investing behavior. Investment managers must also launch intervention campaigns that seek to increase the financial competence of millennials.
... Past research has found that behavioral, attitudinal or experiential factors also affect mobile payment use (e.g. Garrett et al., 2014;Scheresberg et al., 2020;Walsh and Lim, 2020). The unbalanced access to mobile payment, as well as other heterogeneity in behaviors or attitudes related to mobile payment, may lead to a deeper digital divide among racial/ethnic groups, which is clearly not ideal. ...
... Racial/ethnic differences in financial technology adoption Previous studies have documented a difference in general use behaviors related to innovative technology by race and ethnicity. Several studies have reported that compared to Caucasian/ Whites, racial/ethnic minorities have adopted mobile banking to a greater extent (Blanco et al., 2017;Federal Deposit Insurance Corporation, 2020;Federal Reserve Board, 2016), rely on mobile investment recommendations, make investments using a mobile device (Fan, 2022) and use personal financial management (PFM) technology (Walsh and Lim, 2020). However, the percentage of online banking users was higher among Whites (26.7%) compared to Blacks (12%), Hispanics (11.1%), ...
... However, a limitation of their study was that the variables included in the model were primarily sociodemographic variables. Given that many other innovative technology acceptance-related studies have included behavioral factors (De Luna et al., 2019;De Reuver et al., 2015;Garrett et al., 2014;Li et al., 2020;Walsh and Lim, 2020), the findings from Blanco et al. (2017) provide only partial implications. In addition, the study compared only Whites, African Americans and Hispanics, but excluded Asians and other populations. ...
Purpose
The purpose of this study is to investigate the racial/ethnic differences in mobile payment use and to explore the contributing factors to the differences.
Design/methodology/approach
This study used the 2018 National Financial Capability Study (NFCS) dataset to examine racial/ethnic disparities in mobile payment use. Logistic regression analyses were conducted to confirm racial/ethnic differences, and Blinder–Oaxaca decomposition analyses were performed to identify which factors explain the differences among the groups.
Findings
The authors discovered that Whites use mobile payment less than Blacks, Hispanics and Asians/others. The results revealed that prior experiences with mobile financial services, including transfer, banking and budgeting applications, all play considerable roles in explaining the disparities between Whites and other racial/ethnic groups.
Originality/value
This is one of the few studies to examine racial/ethnic disparities in mobile payment use with a particular focus on the influence of users' past experience with technology. The results provide insights for researchers, professionals, educators and policymakers into ways to promote future use of mobile payment.
... These heuristic attitudes collectively constitute the foundation of financial behavior. The outcomes align with the findings of existing research from Erlangga & Krisnawati (2020) , Noor et al., (2020), Wiyono et al., (2020),Sari et al., (2020), Anisyah et al., (2021), Walsh & Lim, (2020), , Mujiatun et al., (2022), Gunawan et al., (2023), Ariska et al., (2023) that financial technologies influence financial behaviour. ...
ARTICLE INFO ABSTRACT The research examines the factors that influence the financial behaviour of micro, small and medium-sized enterprises (MSMEs), focusing on the roles of financial inclusion, financial literacy, and financial technology, framed within the Theory of Planned Behavior. The population for this research consisted of 89,553 MSME players, with a sampling technique utilizing the Slovin formula to achieve a sample size of 142 respondents. Using a mixed-methods approach, the research combines quantitative surveys of MSME owners. The findings reveal that financial inclusion significantly enhances access to credit and financial services, thereby improving the financial behavior of MSMEs. Additionally, higher levels of financial literacy correlate with better financial management practices, leading to increased profitability and sustainability. The study also highlights the transformative impact of financial technology, which facilitates easier access to financial resources and enhances operational efficiency. The results indicate that financial inclusion, financial literacy, and financial technology have a positive and significant effect on the financial behavior of MSMEs. This suggests that targeted interventions in these areas could foster greater economic resilience and growth within this vital sector.
... Karlan et al., 2016;Zhang et al., 2022) and also made it easier for governments to send digital payments to households during the COVID-19 pandemic in lower-and middle-income countries (Mansour, 2022;Marin and Palacios, 2022). In higher-income countries, Fintech helped individuals manage spending and debt and thus facilitated financial saving ( French et al., 2020;Walsh and Lim, 2020). ...
Financial social work extends inclusion by providing clients access to financial products, services, and technology. We summarize evidence about how financial technology impacts economic inequality and discuss implications for social work practice, education, and policy.
... On the other hand, investment decisions are influenced by generational groups. Generational group differences prove differences in preferences, either for saving or choosing pension funds [17]. In the millennial generation, the decision to invest is influenced by the surrounding environment, such as the herding effect. ...
The purpose of this study to analyze the behavior of investors in making financial investments in Indonesia. Although the overall financial literacy level in Indonesia has increased, individuals with higher levels of financial literacy tend to make more rational investment decisions. Being well-literate can be interpreted as the personal ability to understand and create financial concepts. However, some individuals still need help understanding investment products and services in Indonesia. This is due to the fact that there are still individuals who invest in illegal products. This study focuses on four biases: overconfidence bias, optimism bias, herding effect, and flexing, using quantitative analysis. The decision to invest is influenced by the thoughts of each investor and their optimistic behavior in seeking the highest return on their investment. This study used primary data with descriptive quantitative analysis. The number of respondents used in the overall research was 400, with criteria for investment products. The result of this study shows that the variable of overconfidence, optimism, and flexing affects the behavior of financial investment decisions. However, the variable bias herding effect does not affect the behavior of financial investment decisions. In conclusion, investors should be more cautious in making investment decisions by paying attention to the variables of overconfidence, optimism, herding effect, and flexing social media in Indonesia.
... As shown in Table 4, the HTMT values for all the constructs are less than 0.90 and thus achieving discriminant validity. [21]. However, the direction of this relationship is at the opposite direction (β = −0.179; ...
... Furthermore, Yoshino et al. (2020) assert that financial management practices are a significant factor in the adoption of FinTech. Hence, financial management behaviour is one of the main variables influencing the adoption of personal financial management technology (Walsh and Lim, 2020). As a result, the research anticipates the following hypothesis. ...
The term “i-FinTech” refers to businesses or entrepreneurs that integrate modern, Shariah-compliant technologies with financial services. Nevertheless, MSMEs are typically having lack internal knowledge or poor management, incompetent entrepreneurs, and limited financial resources. The purpose of this research is to analyse if financial literacy elements affect i-FinTech adoption and, in turn, promote sustainable entrepreneurship among Bumiputera SMEs in Selangor, Malaysia. A convenience sample strategy was used to disseminate 1,394 surveys to the Bumiputera entrepreneurs, utilizing a quantitative approach. PLS-SEM and mediation analysis are used to analyse the data. The findings indicate that financial literacy and digital financial literacy have a favorable and significant impact on the adoption of i-Fintech. On the other hand, the adoption of i-Fintech is adversely affected by financial management behavior. Furthermore, this study shows that the relationship between financial literacy and digital financial literacy towards sustainable entrepreneurship is mediated in a complimentary way by the adoption of i-FinTech. This result indicates that Bumiputera business owners that are financially and digitally literate are more likely to use i-FinTech and ultimately make a substantial contribution to sustainable entrepreneurship. The results should improve knowledge of the dynamics between the potential of i-FinTech and sustainable entrepreneurship for researchers, regulators, entrepreneurs, and i-FinTech service providers. It is advised that MSMEs keep using i-FinTech to support their operations in order to minimise the effects of a downturn in the market and maintain seamless operations.
... Financial planning is needed to determine a clear direction for personal financial management (Barbosa et al., 2020;Walsh & Lim, 2020). Without financial planning, managers will tend to waste their hard-earned money. ...
Financial planning is of concern to many researchers because this research can be a guide for realizing life goals, especially personal financial planning. This research aims to prove the influence of personality and gender on personal financial planning among students majoring in accounting at a private university. The type of research is quantitative research with primary data. Data was obtained by distributing questionnaires to accounting students in the Class of 2020 at a private university. Hypothesis testing is carried out using path analysis. The research results prove that personality influences financial planning, while financial planning cannot be differentiated between men and women (gender). Therefore, it is hoped that study programs and universities can provide outreach about financial planning tailored to students' personalities.
... The rapid development of technology and increasingly easy internet access means that someone can easily get the items they want without having to leave the house (Walsh, B., & Lim, H., 2020). Encouraged by a consumerist attitude, it can cause economic problems. ...
Remaja saat ini sangat dimudahkan dengan teknologi termasuk teknologi dalam berbelanja online, sehingga dengan mudah untuk melakukan transaksi pembelian. Didorong oleh gaya hidup dengan tujuan ingin terlihat lebih gaul yang diadaptasi dari internet, selebriti yang sedang trend hingga trend dunia. Meski banyaknya kemudahan tersebut diimbangi dengan masih banyak generasi muda yang masih belum memahami pengaplikasian pengetahuan terkait pengelolaan keuangan dengan baik dan benar. Oleh karena itu penelitian ini ditujukan untuk mengetahui bagaimana perilaku pengelolaan keuangan oleh mahasiswa Fakultas Ekonomi dengan menggunakan variabel financial knowled, financial attitude dan financial skill. Penelitian ini menggunakan pendekatan kuantitatif dengan metode purposive sampling dan jumlah sampel ditentukan dengan menggunakan rumus Slovin yang memperoleh sejumlah 100 responden. Pengukuran data menggunakan skala likert satu sampai lima. Analisis data pada penelitian ini menggunakan SEM (Stuctural Equation Modelling) melalui aplikasi SMART PLS 4.0 dengan model analisa regresi linier berganda. Dengan ini diketahui bahwa variabel financial knowledge, financial attitude dan financial skill berpengaruh positif terhadap perilaku pengelolaan keuangan mahasiswa Fakultas Ekonomi Universitas Muhammadiyah Ponorogo.
... The availability of personal finance apps and software simplifies financial management for individuals. These tools offer budgeting, expense tracking, and investment analysis features, helping individuals make more informed financial decisions (Walsh & Lim, 2020). ...
Purpose his research aims to measure the extent of financial management competence possessed by MSME players, including Education and Training, Legal Compliance, Partnerships, and Networks, as well as the Application of Digital Technology in optimizing their profits. Methodology The research method used by researchers is quantitative. This research was conducted on 100 MSMEs in Tarakan City. Data collection was carried out using a structured questionnaire. The sampling technique used in this research was simple random sampling. The data analysis technique uses multiple linear regression analysis using the SmartPLS program. Findings The analysis results show that education and training have a significant positive impact on optimizing MSME profits. Apart from that, Legal Compliance also has a significant positive impact on optimizing MSME profits. Networking has a significant positive impact on optimizing MSME profits. Digitalization positively optimizes MSME profits, although the impact may not be as strong as other variables. Originality The development of MSMEs in Tarakan City was followed by various problems, including not yet optimal financial management, which resulted in the difficulty of achieving optimal profit. Financial management is a problem in MSMEs because MSME owners often ignore the importance of recording financial reports. Thus, financial management is essential to apply to MSMEs.
... The study finds out that the cognitive abilities of single parents are positively associated with their financial resilience. Second, the study extends to the body of literature on the financial behavior of millennials (Kim et al., 2018;Walsh and Lim, 2020) and focuses on older millennials because the literature highlights their financial problems due to various IJBM struggles in managing finances. Third, the study also adds to the body of knowledge on the financial behavior of single parents (Serido et al., 2015;Soomar, 2019) by controlling for the role of variables like a university degree, living with parents, age, gender and employment status. ...
Purpose
The current study is to examine the association between cognitive abilities and financial resilience among millennial single parents. This study examines the role of cognitive abilities on financial resilience after controlling for key demographic variables – gender, age, university degree, employment status and staying with parents.
Design/methodology/approach
Using the ordered logit regression approach, the authors analyzed results for 395 single parents (237 single mothers and 159 single fathers) aged 31 to 40 in India. Financial resilience is measured using economic resources, financial resources, financial knowledge and behavior, and social capital. The authors further provide several robustness tests to validate their findings. The results are controlled for state-fixed effects.
Findings
The authors find a significant impact of single parents' cognitive abilities on their financial resilience. This study also found that gender, age, university degree, employment status and staying with parents influence single parents' financial resilience. Single mothers are found to have higher levels of both cognitive abilities and financial resilience scores than single fathers.
Practical implications
Financial institutions, marketers and financial advisors can find innovative ways to increase the financial resilience of single parents by improving their cognitive ability. Also, policymakers should focus on interventions to increase single parents' education level to increase their financial resilience and provide policy support to those without any parental support system.
Originality/value
This study extends the literature on financial resilience in two directions – by establishing a relationship between cognitive abilities and financial resilience and studying the financial resilience of a vulnerable societal section-millennial single parents. The study also extends the literature on single parents' financial vulnerability by establishing a relationship between key demographic variables and their financial resilience.
... Além disso, seu uso traz mais autonomia para os usuários, que podem controlar diretamente seus ganhos e gastos sem a necessidade de intervenção de outras pessoas ou mesmo a exposição de suas finanças [13]. Ademais, estudos indicam que jovens que utilizam tecnologia para controlar suas finanças pessoais são mais propensos a atitudes como pagar a fatura completa do cartão de crédito e possuir investimentos [24]. ...
... According to Yoshino et al. (2020), financial behavior plays an important role in FinTech adoption. Walsh and Lim (2020) found financial behavior as one of the key factors that influence personal financial management technology adoption in their study on millennials' adoption of personal financial management technologies. With more financial know-how, and positive financial behaviors in households over the generations and FinTech in their everyday activities, strong network externalities will further increase in adoption of FinTech, and with the B40 population in Malaysia, it was further proved by Magli et al in 2021. ...
The emergence of fintech has rapidly transformed the way people manage their finances, yet its impact on personal financial outcomes remains relatively understudied. This study aims to examine how fintech usage (FTU) influences the relationship between financial literacy (FL) and financial well-being (FWB) through financial behaviour (FB) using a moderated mediation model. Using a proprietary dataset, the hypothesised relationships are analysed applying the PROCESS macro in IBM SPSS Statistics. The analysis reveals that FB is a partial mediator in the FL-FWB equation, while FTU negatively moderates the relationship between FL and FB. However, FTU does not significantly moderate the relationship between FL and FWB. The findings carry significant implications for policymakers and fintech service providers. Policymakers should strive to include a digital literacy component in financial education programs to better equip individuals to navigate today’s digitalised society, while fintech companies should focus on designing products that complement users’ FL and facilitate the adoption of financially healthy behaviours.
The dependence on digital financial technologies influences financial behaviors among people. This systematic review aims to identify and understand the variables interplay between digital financial literacy and financial behavior. The systematic literature review uses the PRISMA systematic review guidelines to identify and screen the literature. The results show there is a positive significant relation between digital financial literacy and financial behaviors. It was found that there are minimal studies on the variables interplaying between digital financial literacy and financial behavior. The interplaying variables identified are financial self-efficacy, financial confidence, self-control, financial autonomy, financial capability, psychological biases and digital, financial socialization, and socio-economic and demographic factors. This review develops a framework for future exploration explaining the relationship between digital financial literacy and financial behavior identifying financial wellbeing as the outcome.
i-FinTech is devoted to companies or entrepreneurs that combine financial services with recent, advanced technologies that comply with Shariah. However, SME‟s usually have limited resources in finance, skilled entrepreneurs, in-house knowledge or management. This study aims to identify whether financial literacy elements influence the adoption of i-FinTech and subsequently lead to sustainable
entrepreneurship among Bumiputera SMEs in Selangor, Malaysia. A quantitative technique was employed through the use of 88 surveys distributed using convenience sampling method to Bumiputera SMEs‟ entrepreneurs. The data is analysed using mediation analysis through SPSS Process Macro Model 4. The results shows that i-Fintech adoption is positively and significantly influence by financial literacy and digital financial literacy. Contrary, financial management behavior is negatively influence i-Fintech adoption. Further, this study reveals that i-Fintech adoption has a complementary mediation role in the association between financial literacy and digital financial literacy towards sustainable entrepreneurship.
This result indicates that Bumiputera entrepreneurs who possess both financial literacy and digital financial literacy are more likely to adopt i-FinTech, and finally end up contributing significantly to sustainable entrepreneurship. The findings should help entrepreneurs, i-Fintech service providers, researchers and regulators to have better understanding of the dynamics between the potential of i-FinTech and sustainable entrepreneurship. It is suggested that SMEs to continue to take advantage of i-FinTech in carrying out their business activities to avoid the impact of business downturn and the smooth running of their business
The financial industry has seen a surge in fintech payment mechanisms that are affecting individuals' spending behavior. Spending behavior is a key component of financial behavior, which impacts financial success, financial goals, and overall financial well-being. Therefore, this study aims to gain a clear understanding of the relationship among overspending behavior, consumer fintech use, perceived convenience, promotional discounts, and self-control. Data was collected from millennials and Gen-Z using the convenience sampling technique, and the model was evaluated using Structural Equation Modeling. The results revealed that overspending behavior is affected positively by all the variables, except self-control which impacts negatively. The findings of the study will help researchers in further study as well as individuals in making prudent financial decisions through wise use of fintech.
The purpose of this study was to determine the effect of Financial planning and Managing liability on financial inclusion case study on active shopee paylater users in Indonesia. The research was conducted in Indonesia, the research period was July-September 2023. The research population is active shopee paylater users in Indonesia whose exact number cannot be known. This study used Non-probability Purposive Sampling technique and for a sample of 116 respondents, but less than 100 complete questionnaires were considered usable. The results showed that financial planning and managing liability affect financial inclusion access to shopee paylater financing, including through ease of administration and ease of use. Shopee PayLater is accessible to a wide range of users, including those in underserved or remote areas, and makes it available to individuals who may not have had access to similar financial services before.Keywords: Financial Planning; Financial Inclusion; Managing Liability; Buy Now PayLaterAbstrakTujuan dari penelitian ini adalah untuk mengetahui pengaruh Financial planning dan Managing liability terhadap financial inclusion study kasus pada pengguna aktif shopee paylater di Indonesia. Penelitian dilakukan di Indonesia, periode penelitian Juli - September 2023. Populasi penelitian adalah pengguna aktif shopee payLater di Indonesia yang tidak dapat diketahui jumlah pastinya. Penelitian ini menggunakan teknik Non-probability Purposive Sampling dan untuk sampel sebanyak 116 responden, namun kurang dari 100 kuesioner yang lengkap dianggap dapat digunakan. Hasil penelitian menunjukkan bahwa financial planning dan managing liability berpengaruh terhadap financial inclusion akses ke pembiayaan shopee paylater, diantaranya melalui kemudahan administrasi dan kemudahan penggunaan. Shopee PayLater dapat diakses oleh pengguna yang luas, termasuk mereka yang berada di daerah yang kurang terlayani atau terpencil, dan membuatnya tersedia untuk individu yang mungkin tidak memiliki akses ke layanan keuangan yang sejenis sebelumnya.
Financial capability is critical for individuals to survive economic hardship. As the first attempt in the literature, our research explores how being technology savvy is relevant in explaining individ- uals’ short-term and long-term financial behavior. Specifically, we use the 2018 National Financial Capability Study (NFCS) to uncover the mixed roles of technology in personal financial manage- ment. Being technology savvy was consistently associated with less desired short-term financial behavior while positively related to good long-term financial behavior after controlling for individual financial constraints and other socio-economic variables. Moreover, our study demonstrates the gen- erational disparity of being technology savvy related to financial behavior.
This paper proposes a machine-learning-based method that can predict individuals’ savings adequacy in the presence of mental accounting. The proposed predictive model perceives wealth and consumption, each of which is being divided into three non-fungible distinct classes. The predictive model has found that the mental accounting categories have predictive power on savings adequacy, whereby the emphasis is that the expenditure on luxury items is followed by the total current asset. Savings adequacy is best predicted by the decision tree model based on the Malaysian Ageing and Retirement (MARS) survey data. Surprisingly, it was found that future income and necessities had a lower predictive power on savings adequacy. The findings suggests that individuals, financial professionals, and policymakers should be cognizant that higher likelihood of achieving savings adequacy can be achieved by focusing on accumulation of current asset while lowering expenditure on luxury items.
This research is using a descriptive quantitative study that aims to see and analyze the influence of financial literacy, financial inclusion, and financial technology on the financial behavior of SMEs in Sekupang District. This research uses a sample of 54 MSME actors in Sekupang District, Batam City. Smart PLS 3.0 Software are used on the Hypothesis testing and data processing to achieved number that can be analyze. The results obtained from the examiners are there is a significant effect of financial literacy on financial behavior, there is no significant effect of financial inclusion on financial behavior, there is no significant effect of financial technology on financial behavior.
This study investigates the role of financial knowledge in various short-term and long-term financial behaviors among Millennials in the United States. Results from the 2015 National Financial Capability Study (NFCS) indicate that Millennials have lower levels of objective financial knowledge and similar levels of perceived financial knowledge as compared to older households. Consistent multivariate results find financial knowledge to be positively associated with performing positive short-term and long-term financial behaviors. Results are found to be robust across different measurements of financial knowledge and behavior, and the issue of the potential for reverse causality is specifically addressed. This study provides a comprehensive financial profile of Millennials with important insight for policymakers as well as financial practitioners.
Personal informatics (PI) systems allow users to collect and review personally relevant information. The purpose commonly envisioned for these systems is that they provide users with actionable, data-driven self-insight to help them change their behavioral patterns for the better. Here, we review relevant theory as well as empirical evidence for this self-improvement hypothesis. From a corpus of 6,568, only 24 studies met the selection criteria of being a peer-reviewed empirical study reporting on actionable, data-driven insights from PI data, using a “clean” PI system with no other intervention techniques (e.g., additional coaching) on a nonclinical population. First results are promising—many of the selected articles report users gaining actionable insights—but we do note a number of methodological issues that make these results difficult to interpret. We conclude that more work is needed to investigate the self-improvement hypothesis and provide a set of recommendations for future work.
When outcome variables are ordinal rather than continuous, the ordered logit model, aka the proportional odds model (ologit/po), is a popular analytical method. However, generalized ordered logit/partial proportional odds models (gologit/ppo) are often a superior alternative. Gologit/ppo models can be less restrictive than proportional odds models and more parsimonious than methods that ignore the ordering of categories altogether. However, the use of gologit/ppo models has itself been problematic or at least sub-optimal. Researchers typically note that such models fit better but fail to explain why the ordered logit model was inadequate or the substantive insights gained by using the gologit alternative. This paper uses both hypothetical examples and data from the 2012 European Social Survey to address these shortcomings.
This research has been conducted to ascertain the validity of existing videogame reward categorisations. An overview of current videogame reward types is provided and the need for further research in the area of videogame reward systems is identified. Possible limitations of the primary existing reward taxonomy are identified. We propose a definition of videogame rewards and present initial findings on a partially validated videogame reward taxonomy. Future games and gamified applications stand to benefit from a categorisation of videogame rewards, as videogame rewards play a pivotal role in player motivation.
A key objective of information technology (IT) research is to assess the value of technology for users and to understand the factors that determine this value in order to deploy IT resources better. This paper uses structural equation modeling to ascertain the extent to which 3 popular models of users' behavior—theory of rea-soned action (TRA), theory of planned behavior (TPB), and technology acceptance model (TAM)—are predictive of consumers' behavior in the context of Internet banking. Unlike other tests of these models, this paper employs independent mea-sures of actual behavior, as well as behavioral intention. The results indicate that TAM is superior to the other models and highlights the importance of trust in understanding Internet banking behavior.j asp_615 1172..1202 Explaining user acceptance of new technology is often described as one of the most mature research areas in the modern-day information technology (IT) literature (e.g., Hu, Chau, Sheng, & Tam, 1999). Researchers in past years have approached technology acceptance from many levels. Some researchers have examined this issue at the firm level by assessing the relationship between IT expenditure and performance (e.g., Banker, Kauffman, & Mahmood, 1993). A second approach has been to examine the determinants of IT adoption and use by individual users (e.g., Davis, 1989; Davis, Bagozzi, & Warshaw, 1989). As a key dependent variable in the IT literature, understanding use is of increasing theoretical interest. In recent years, a variety of theoretical perspectives have been applied to provide an understanding of the determi-nants of IT adoption and use, including the intention models from social psychology (Christie, 1981; Swanson, 1982). This stream of research uses behavioral intentions to predict actual use and, in turn, focuses on identifi-cation of the determinants of intention. The theory of reasoned action (TRA;
Policy makers have embraced financial education as a necessary antidote to the increasing complexity of consumers' financial decisions over the last generation. We conduct a meta-analysis of the relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies. We find that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples. Like other education, financial education decays over time; even large interventions with many hours of instruction have negligible effects on behavior 20 months or more from the time of intervention. Correlational studies that measure financial literacy find stronger associations with financial behaviors. We conduct three empirical studies, and we find that the partial effects of financial literacy diminish dramatically when one controls for psychological traits that have been omitted in prior research or when one uses an instrument for financial literacy to control for omitted variables. Financial education as studied to date has serious limitations that have been masked by the apparently larger effects in correlational studies. We envisage a reduced role for financial education that is not elaborated or acted upon soon afterward. We suggest a real but narrower role for “just-in-time” financial education tied to specific behaviors it intends to help. We conclude with a discussion of the characteristics of behaviors that might affect the policy maker's mix of financial education, choice architecture, and regulation as tools to help consumer financial behavior.
This paper was accepted by Uri Gneezy, behavioral economics.
Do financial advisers undo or reinforce the behavioral biases and misconceptions of their clients? We use an audit methodology where trained auditors meet with financial advisers and present different types of portfolios. These portfolios reflect either biases that are in line with the financial interests of the advisers (e.g., returns-chasing portfolio) or run counter to their interests (e.g., a portfolio with company stock or very low-fee index funds). We document that advisers fail to de-bias their clients and often reinforce biases that are in their interests. Advisers encourage returns-chasing behavior and push for actively managed funds that have higher fees, even if the client starts with a well-diversified, low-fee portfolio.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
Purpose – Extant research has examined consumer acceptance of the internet in various contexts mainly as a dichotomy (adoption/non-adoption), thus ignoring the process underlying adoption. This paper aims to provide insights into factors determining the extent to which an innovation is adopted. Design/methodology/approach – The paper reviews the literature on the technology acceptance model (TAM), and justifies the use of this model to explore the factors contributing to the extent to which consumers use the internet as a distribution channel for financial services (FS). Data are collected through telephone interviews with 300 UK consumers responding to a questionnaire. Findings – The application of the TAM model is helpful but additional links need to be included. The key drivers of extent of use are past experience with the internet as a purchasing channel (for non-FS) and attitudinal aspects, i.e. positive emotions towards the internet as a distribution channel for FS. Insecurity about this channel does not appear to be an obstacle and perceived usefulness is not directly linked to extent of use but fully mediated via attitude towards the channel. Consumers with computer access from home, those with an active interest in FS, as well as consumers who have general online purchasing experience tend to find this channel easy to use, which, jointly with perceived usefulness, leads to a positive attitude toward this distribution channel. Research limitations/implications – The findings are limited to the FS online retail context and may not be generalisable beyond this context. Future research should be considered using a longitudinal approach. Practical implications – FS retail providers should consider prior experience with the internet as a distribution channel and product category involvement as segmentation bases, and also provide more opportunities for consumers to try and observe the internet as a distribution channel. Originality/value – This research explores the determinants of consumer acceptance of online retailing from a process-based rather than a binary view of adoption of an innovation.
Based on 1998 to 2007 Survey of Consumer Finances datasets the proportion of households reporting use of a financial planner increased from 21% in 1998 to 25% in 2007, with an estimated increase of almost five million households between 2004 and 2007. Multivariate analysis shows that the likelihood of using a financial planner is strongly related to risk tolerance, with those with low risk tolerance the least likely, and those with above average risk tolerance the most likely to use a financial planner, controlling for income, net worth, age, and other factors. Those with substantial risk tolerance have significantly lower likelihood of using a financial planner than those with above average risk tolerance. Black households are more likely but Hispanic and Other/Asian households are less likely than comparable White households to use a financial planner. The likelihood of using a financial planner increases with net worth for ranges above zero, but also increases as net worth decreases below zero.
Computer systems cannot improve organizational performance if they aren't used. Unfortunately, resistance to end-user systems by managers and professionals is a widespread problem. To better predict, explain, and increase user acceptance, we need to better understand why people accept or reject computers. This research addresses the ability to predict peoples' computer acceptance from a measure of their intentions, and the ability to explain their intentions in terms of their attitudes, subjective norms, perceived usefulness, perceived ease of use, and related variables. In a longitudinal study of 107 users, intentions to use a specific system, measured after a one-hour introduction to the system, were correlated 0.35 with system use 14 weeks later. The intention-usage correlation was 0.63 at the end of this time period. Perceived usefulness strongly influenced peoples' intentions, explaining more than half of the variance in intentions at the end of 14 weeks. Perceived ease of use had a small but significant effect on intentions as well, although this effect subsided over time. Attitudes only partially mediated the effects of these beliefs on intentions. Subjective norms had no effect on intentions. These results suggest the possibility of simple but powerful models of the determinants of user acceptance, with practical value for evaluating systems and guiding managerial interventions aimed at reducing the problem of underutilized computer technology.
Working with one of the largest brokerages in Germany, we record what happens when unbiased investment advice is offered to
a random set of approximately 8,000 active retail customers out of the brokerage's several hundred thousand retail customers.
We find that investors who most need the financial advice are least likely to obtain it. The investors who do obtain the advice
(about 5%), however, hardly follow the advice and do not improve their portfolio efficiency by much. Overall, our results
imply that the mere availability of unbiased financial advice is a necessary but not sufficient condition for benefiting retail
investors.
A statistical meta-analysis of the technology acceptance model (TAM) as applied in various fields was conducted using 88 published studies that provided sufficient data to be credible. The results show TAM to be a valid and robust model that has been widely used, but which potentially has wider applicability. A moderator analysis involving user types and usage types was performed to investigate conditions under which TAM may have different effects. The study confirmed the value of using students as surrogates for professionals in some TAM studies, and perhaps more generally. It also revealed the power of meta-analysis as a rigorous alternative to qualitative and narrative literature review methods.
We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by selfassessed financial knowledge. Financial experiences are the participants' reported experiences with traditional borrowing, alternative borrowing, and investing activities. Overindebtedness is a self-reported measure. Overall, we find that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards. Even after controlling for demographics, we find a strong relationship between debt literacy and both financial experiences and debt loads. Specifically, individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing. In applying our results to credit cards, we estimate that as much as one-third of the charges and fees paid by less knowledgeable individuals can be attributed to ignorance. The less knowledgeable also report that their debt loads are excessive or that they are unable to judge their debt position.
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance across self-managed accounts and accounts run by, or in consultation with, independent financial advisors. In contrast to the picture painted by simple descriptive statistics, econometric analysis that corrects for the endogeneity of the choice of having a financial advisor suggests that advisors are associated with lower total and excess account returns, higher portfolio risk and probabilities of losses, and higher trading frequency and portfolio turnover relative to what account owners of given characteristics tend to achieve on their own. Regression analysis of who uses an IFA suggests that IFAs are matched with richer, older investors rather than with poorer, younger ones.
This article describes the gologit2 program for generalized ordered logit models. gologit2 is inspired by Vincent Fu’s gologit routine (Stata Technical Bulletin Reprints 8: 160–164) and is backward compatible with it but offers several additional powerful options. A major strength of gologit2 is that it can fit three special cases of the generalized model: the proportional odds/parallel-lines model, the partial proportional odds model, and the logistic regression model. Hence, gologit2 can fit models that are less restrictive than the parallel-lines models fitted by ologit (whose assumptions are often violated) but more parsimonious and interpretable than those fitted by a nonordinal method, such as multinomial logistic regression (i.e., mlogit). Other key advantages of gologit2 include support for linear constraints, survey data estimation, and the computation of estimated probabilities via the predict command.
Although working more than one job to avoid economic hardship is not a new strategy for U.S. workers, official estimates suggest it is infrequent. These may not, however, include new conceptualizations of work like “side hustles.” To understand who works multiple jobs and its effect on economic well-being, we expanded the definition and used the Survey of Income and Program Participation to estimate (a) prevalence and (b) the effect of secondary earnings on household poverty. We found that 18.2% of households held multiple jobs and that secondary earnings reduced household poverty, and more effectively for consistent multiple jobholders. Integrating this understanding into economic well-being practice and policy interventions that expand employee benefits could better support multiple jobholding as a poverty reduction strategy.
This study evaluates the impact of an automated reminder program designed to help credit counseling consumers manage their payment obligations and financial goals. Credit counseling consumers were randomly assigned to receive reminders linked to their financial goals and payment obligations for one year after an initial credit counseling session. We find that consumers offered reminders were 21 percent less likely than the control to experience severe (60+ day) payment delinquencies and were 12 percent less likely to experience a 30+ day delinquency. At the same time, these consumers saw a 10.5 point increase in credit scores relative to the control group. There were no significant impacts on total credit card balances or installment debt levels. This analysis provides promising evidence that automated reminders can provide an important complement to traditional credit counseling when it comes to improving consumers’ credit profiles and does so at a fairly low cost.
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This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy.
The growing use of online educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. In this paper, we characterize how video content affects individual decision making and willingness to share in the context of a personal financial decision. We find that distracting advertising curtails the time people invest in searching for the best alternative and causes worse decisions. Content geared toward giving better instructions helps to overcome this effect. Such actionable content improves both search quality and financial decisions. However, including such content may decrease sharing unless it is perceived to be sufficiently useful. As such, there is a potential risk to adding actionable content to videos. Our work has important implications for policies guiding financial literacy training, and it also has broader impact for education in the information age.
Data are available at https://doi.org/10.1287/mnsc.2016.2689.
This paper was accepted by Amit Seru, finance.
We provide evidence from field experiments with three different banks that reminder messages increase commitment attainment for clients who recently opened commitment savings accounts. Messages that mention both savings goals and financial incentives are particularly effective, whereas other content variations such as gain versus loss framing do not have significantly different effects. Nor do we find evidence that receiving additional late reminders has an additive effect. These empirical results do not map neatly into existing models, so we provide a simple model where limited attention to exceptional expenses can generate undersaving that is in turn mitigated by reminders.
Literature from 1965-1975 and 1998 through March 2008, was explored to determine how young workers entering the U.S. workforce during each period were characterized. The Boomers, who began working during the first period and the MillenniaIs, who began entering the workforce around 1998 are portrayed as very different and in conflict with each other. However, five similar themes emerged that characterized both generations: educational level, parenting, the impact of technology, commitment to employers and meaningful work.
The millennial cohort has faced a unique environment that may have a lasting impact on the financial investment decisions they make as adults. A multimethod set of studies investigates how knowledge and risk interact to inform millennial retirement investment choices. Study 1 suggests a decline in risk-taking for those with low confidence in their financial knowledge. Study 2 reveals that low financial literacy enhances susceptibility to the influence of "feelings as information" when making retirement decisions. Study 3 utilizes qualitative data to consider the connection between millennial financial decision making and the climate of risk brought on by the Great Recession.
We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is a component of broader financial understanding that measures knowledge about debt and self-assessed financial knowledge. Financial experiences are the participants’ reported experiences with traditional borrowing, alternative borrowing, and investing. Overindebtedness is a self-reported measure. Debt literacy is low, with only about one-third of the population grasping the basics of interest compounding. Even after controlling for demographics, we find a relationship between debt literacy and both financial experiences and debt loads. Individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing. We provide a rough estimate of the national implications of debt ignorance on credit card costs by consumers. Less knowledgeable individuals also report that their debt loads are excessive or that they are unable to judge their debt position.
This paper characterises the use of activity trackers as 'lived informatics'. This characterisation is contrasted with other discussions of personal informatics and the quantified self. The paper reports an interview study with activity tracker users. The study found: People do not logically organise, but interweave various activity trackers, sometimes with ostensibly the same functionality; that tracking is often social and collaborative rather than personal; that there are different styles of tracking, including goal driven tracking and documentary tracking; and that tracking information is often used and interpreted with reference to daily or short term goals and decision making. We suggest there will be difficulties in personal informatics if we ignore the way that personal tracking is enmeshed with everyday life and people's outlook on their future.
A lack of financial literacy can hamper the ability of individuals to make well-informed financial decisions. For people who exhibit problems with financial decision making, financial advice has the potential to serve as a substitute for financial knowledge and capability. However, data from the 2009 FINRA Financial Capability Survey indicate that advice more often serves as a complement to, rather than a substitute for, financial capability: individuals with higher incomes, educational attainment, and levels of financial literacy are most likely to receive financial advice.
A new class of applications and web sites called personal informatics is appearing that collects personal behavioral information about users and provides access to this infor- mation to help users become more aware of their own be- haviors. Interaction with personal informatics systems has two inter-dependent phases: monitoring and feedback. Us- ers must interact with the system in at least one of the phases for users to become aware of their behavior. In my proposed work, I focus on user's interaction with the sys- tem during the monitoring phase. The main question of my research is what are the problems with the monitoring phase of personal informatics and how can they be re- solved? I explore three aspects of this question: (1) How do you reduce the burden of manual monitoring? (2) How can systems motivate manual monitoring? (3) What are the advantages and disadvantages of automated monitoring? ACM Classification: H5.2 (Information interfaces and presentation): User Interfaces. - Graphical user interfaces.
We explore dynamics of limited attention in the $35 billion market for checking overdrafts, using survey content as shocks to the salience of overdraft fees. Conditional on selection into surveys, individuals who face overdraft-related questions are less likely to incur a fee in the survey month. Taking multiple overdraft surveys builds a "stock" of attention that reduces overdrafts for up to two years. The effects are significant among consumers with lower education and financial literacy. Individuals avoid overdrafts by making fewer low-balance debit transactions and cancelling automatic recurring withdrawals. The results raise new questions about consumer financial protection policy. © 2014 © The Author 2014. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: [email protected]
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This article reviews the emerging evaluation literature on financial education and counseling provided to adults in order to synthesize implications for research and practice. Most evaluations report positive impacts, but magnitudes are often small when compared to valid control groups. Many evaluations utilize self-reports, measure outcomes over short time periods, and cannot rule out selection bias due to non-randomized designs, all of which may contribute to bias towards positive results. While the future of research and practice in this field holds promise, more attention to theory-based programs and greater investment in field experiments may be fruitful.
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy.
A key objective of information technology (IT) research is to assess the value of technology for users and to understand the factors that determine this value in order to deploy IT resources better. This paper uses structural equation modeling to ascertain the extent to which 3 popular models of users' behavior—theory of reasoned action (TRA), theory of planned behavior (TPB), and technology acceptance model (TAM)—are predictive of consumers' behavior in the context of Internet banking. Unlike other tests of these models, this paper employs independent measures of actual behavior, as well as behavioral intention. The results indicate that TAM is superior to the other models and highlights the importance of trust in understanding Internet banking behavior.
With the discovery of voluminous discordant empirical evidence, maximizing expected utility is rapidly disappearing as the
core of the theory of human rationality, and a theory of bounded rationality, embracing both the processes and products of
choice, is replacing it. There remains a large task of organizing our picture of economic and social processes and adding
the new facts needed to shape the theory in an empirically sound way. It is also urgent that new tools now available for conducting
empirical inquiry and constructing models be incorporated in social science graduate education.
How people intentionally change addictive behaviors with and without treatment is not well understood by behavioral scientists. This article summarizes research on self-initiated and professionally facilitated change of addictive behaviors using the key trans-theoretical constructs of stages and processes of change. Modification of addictive behaviors involves progression through five stages--pre-contemplation, contemplation, preparation, action, and maintenance--and individuals typically recycle through these stages several times before termination of the addiction. Multiple studies provide strong support for these stages as well as for a finite and common set of change processes used to progress through the stages. Research to date supports a trans-theoretical model of change that systematically integrates the stages with processes of change from diverse theories of psychotherapy.
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than of any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics.
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