Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy

26 Pages Posted: 12 Jun 2018

See all articles by Andreas Oehler

Andreas Oehler

Bamberg University

Matthias Horn

Independent

Stefan Wendt

Bamberg University

Lucia A. Reisch

Copenhagen Business School - Department of Management, Society and Communication; Zeppelin University CCMP - Center for Consumer Markets Politics

Thomas Walker

Concordia University, Quebec

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Date Written: July‐November 2018

Abstract

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical knowledge about financial products and mechanisms that does not reflect real‐life situations. We survey 448 business students in Canada, Denmark, Germany and Iceland to examine how financial literacy is expressed in their financial portfolios. We contrast these findings with the respondents' own expectations and needs. The results show that most respondents exhibit good financial literacy as well as a realistic assessment of risk and return and their impact on (financial) well‐being.

Suggested Citation

Oehler, Andreas and Horn, Matthias and Wendt, Stefan and Reisch, Lucia A. and Walker, Thomas, Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy (July‐November 2018). Economic Notes, Vol. 47, Issue 2-3, pp. 305-330, 2018, Available at SSRN: https://ssrn.com/abstract=3192196 or http://dx.doi.org/10.1111/ecno.12110

Andreas Oehler (Contact Author)

Bamberg University ( email )

Kaerntenstrasse 7
Bamberg 96045
Germany
+49 951-863-2536 (Phone)
+49 951-863-2538 (Fax)

HOME PAGE: http://www.uni-bamberg.de/bwl-finanz/

Matthias Horn

Independent ( email )

Stefan Wendt

Bamberg University ( email )

Bamberg, 96045
Germany

Lucia A. Reisch

Copenhagen Business School - Department of Management, Society and Communication ( email )

Solbjerg Plads 3
Frederiksberg C, DK - 2000
Denmark

Zeppelin University CCMP - Center for Consumer Markets Politics ( email )

Am Seemooser Horn 20
Friedrichshafen, Lake Constance 88045
Germany

Thomas Walker

Concordia University, Quebec

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