Conceptual analysis of the construct of financial education, based on the characterization of its structural variables
DOI:
https://doi.org/10.51896/rilcods.v7i73.1036Keywords:
Financial Education, Theoretical Construct, Financial Literacy, Financial BehaviorAbstract
Financial literacy is central to sound decision-making process. Its influence extends from the personal and family aspects to the social ones. However, despite its importance, the conceptualization of the term financial literacy, as well as its delimitation and operationalization, represents a challenge, resulting from the breadth of existing approaches. The aim of this paper is to identify and analyze the key factors that constitute the construct of financial literacy. To achieve this, a systematic review of specialized literature was conducted, along with an empirical analysis. The research is documental in scope and was based on a review of academic articles indexed in databases such as Scopus and Web of Science, as well as a review of highly valid instruments such as those of the OECD (2020) and Lusardi & Mitchell (2014). The results allow us to identify recurring themes, such as financial knowledge, financial behavior, attitudes toward saving and borrowing, and self-perception of financial control. These findings will enable the construction of robust models for the assessment of financial competence, applied to a variety of populations.
References
Anusha, N., & Mohanty, A. (2024). Determinants of financial literacy: Evidence from India. International Journal of Management, Technology and Engineering, 14(4), 221–230.
Atkinson, A., & Messy, F.-A. (2012). Measuring financial literacy: Results of the OECD / International Network on Financial Education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, No. 15. https://doi.org/10.1787/5k9csfs90fr4-en
Blue, L., Grootenboer, P., Brimble, M., & Cummings, L. (2014). Defining and measuring financial literacy for the 21st century. In International Handbook of Financial Literacy (pp. 9–28). Springer. https://doi.org/10.1007/978-981-10-0360-8_2
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
Chabaefe, N. N., & Qutieshat, A. (2024). Financial Literacy. (Libro sin más datos editoriales disponibles)
Darmawan, R., & Wibowo, H. A. (2023). Do villagers’ financial socialization and literacy affect their financial behavior? Journal of Economics and Development Studies, 11(1), 65–79.
Dewi, V. I., & Febrian, E. (2021). Financial inclusion and digital financial literacy: Does it correlate? International Journal of Business and Society, 22(2), 930–945.
Dewi, V. I., Febrian, E., Effendi, N., & Anwar, M. (2020). Financial literacy and its variables: A systematic literature review. Journal of Accounting and Investment, 21(2), 145–157. https://doi.org/10.18196/jai.210214
Drever, A. I., Odders-White, E., Kalish, C. W., Else-Quest, N. M., Hoagland, E. M., & Nelms, E. N. (2015). Foundations of financial well-being: Insights into the role of executive function, financial socialization, and experience-based learning in childhood and youth. Journal of Consumer Affairs, 49(1), 13–38. https://doi.org/10.1111/joca.12068
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849
García-Santillán, A., Escalera-Chávez, M. E., & Santana-Rodríguez, C. J. (2025). Exploring the relationship between financial education, financial attitude and financial literacy. Journal of International Business and Finance, 42(1), 25–39.
Harter, C., & Harter, J. F. R. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning, 20(1), 15–24. https://www.afcpe.org/news-and-publications/journals/
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5(1), 347–373. https://doi.org/10.1146/annurev-economics-082312-125807
Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f
Kaiser, T., & Menkhoff, L. (2020). Financial education in schools: A meta-analysis of experimental studies. SSRN. https://doi.org/10.2139/ssrn.3584941
Kalwij, A., & van den Berg, B. (2021). The impact of financial literacy education: Evidence from a randomized field experiment. Journal of Economic Behavior & Organization, 190, 1–27. https://doi.org/10.1016/j.jebo.2021.07.014
Kempson, E. (2009). Framework for the development of financial literacy baseline surveys: A first international comparative analysis. OECD International Gateway for Financial Education. https://www.oecd.org/finance/financial-education/
Kempson, E., Collard, S., & Moore, N. (2006). A multidimensional approach to measuring financial capability: A qualitative study. Financial Services Authority (FSA). https://www.fca.org.uk/publication/research/fsa-crp53.pdf
Kempson, E., Perotti, V., & Scott, K. (2013). A methodological overview to defining and measuring financial literacy and capability. In Financial Education for All (pp. 17–48). https://doi.org/10.1787/9789264194835-en
Knoll, M. A. Z., & Houts, C. R. (2012). The financial knowledge scale: An application of item response theory to the assessment of financial literacy. Journal of Consumer Affairs, 46(3), 381–410. https://doi.org/10.1111/j.1745-6606.2012.01241.x
Lusardi, A., & de Bassa Scheresberg, C. (2013). Financial literacy and high-cost borrowing in the United States. National Bureau of Economic Research Working Paper No. 18969. https://doi.org/10.3386/w18969
Lusardi, A., & Mitchell, O. S. (2007). Financial literacy, schooling, and wealth accumulation. National Bureau of Economic Research Working Paper No. 17078. https://doi.org/10.3386/w17078
Lusardi, A., & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare? NBER Working Paper No. 13750. https://doi.org/10.3386/w13750
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing. NBER Working Paper No. 17078. https://doi.org/10.3386/w17078
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
O’Neill, B., & Xiao, J. J. (2012). Financial behaviors before and after the financial crisis: Evidence from an online survey. Journal of Financial Counseling and Planning, 23(1), 33–46.
Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2018). Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 29(76), 362–377. https://doi.org/10.1590/1808-057x201804030
Prothero, A., Dobscha, S., Freund, J., Kilbourne, W. E., Luchs, M. G., Ozanne, L. K., & Thøgersen, J. (2014). Sustainable consumption: Opportunities for consumer research and public policy. Journal of Public Policy & Marketing, 33(1), 31–38. https://doi.org/10.1509/jppm.33.1.31
Salamah, U., Widyastuti, T., & Hakim, A. (2024). Does personal financial management behavior mediate the effect of financial literacy on financial well-being? Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2339817
Serido, J., Shim, S., & Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development, 37(4), 287–297. https://doi.org/10.1177/0165025413479476
Trivedi, S. M., Patel, M., & Patel, B. (2024). Structural equation model for financial literacy of students. International Journal of Scientific & Technology Research, 13(2), 198–203.
Wagner, J. (2015). The effects of financial education on short-term and long-term financial behaviors. AEA Annual Meeting Working Paper. https://doi.org/10.2139/ssrn.2579549
Wulandari, R., & Soesilo, T. R. (2024). Digital financial literacy: Measuring and enhancing through education. International Journal of Economics and Financial Issues, 14(1), 88–98.
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Usted es libre de:
- Compartir — copiar y redistribuir el material en cualquier medio o formato
- Adaptar — remezclar, transformar y construir a partir del material
Bajo los siguientes términos:
- Atribución — Usted debe dar crédito de manera adecuada, brindar un enlace a la licencia, e indicar si se han realizado cambios. Puede hacerlo en cualquier forma razonable, pero no de forma tal que sugiera que usted o su uso tienen el apoyo de la licenciante.
- NoComercial — Usted no puede hacer uso del material con propósitos comerciales.
