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Financial Knowledge and Best Practice Behavior

11 Pages Posted: 16 May 2012  

Cliff A. Robb

University of Alabama

Ann Woodyard

affiliation not provided to SSRN

Date Written: 2011

Abstract

The current research examines the relationship between personal financial knowledge (both objective and subjective), financial satisfaction, and selected demographic variables in terms of best practice financial behavior. Data are taken from the Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study, a nationally representative sample of 1,488 participants and are analyzed using multiple regression analysis. Findings suggest that both objective and subjective financial knowledge influence financial behavior, with subjective knowledge having a larger relative impact. Other variables that have a significant impact on financial behavior include financial satisfaction, income, education, age, race, and ethnicity.

Keywords: financial behavior, financial knowledge, financial satisfaction

Suggested Citation

Robb, Cliff A. and Woodyard, Ann, Financial Knowledge and Best Practice Behavior (2011). Journal of Financial Counseling and Planning, Vol. 22, No. 1, 2011. Available at SSRN: https://ssrn.com/abstract=2061308

Cliff A. Robb (Contact Author)

University of Alabama ( email )

Department of Consumer Economics
2816 Battlement Drive
Tuscaloosa, AL 35487
United States

Ann Woodyard

affiliation not provided to SSRN ( email )

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