Financial Literacy and Indebtedness: New Evidence for U.K. Consumers
Financial Literacy and Indebtedness: New Evidence for U.K. Consumers
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金融知识和债务：英国消费者的新证据
DOI：
10.2139/ssrn.1851343
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
R. Disney
中科院分区：
文献类型：
--
作者：
John Gathergood;R. Disney
我们利用家庭无担保债务头寸的市场研究数据中包含的有关个人“债务识字”的问题，来检验消费信贷和个人金融识字之间的关联。我们考察了个人对债务素养问题的反应与家庭净资产、消费信贷使用和过度负债之间的关系。我们发现，不懂金融的家庭净资产较低，使用成本较高的信贷，而且更有可能报告信贷拖欠或偿还债务困难。然而，懂金融的家庭更有可能共同持有流动储蓄和循环消费信贷，这表明共同持有可能是理性金融行为的结果。我们考虑了金融知识的潜在内生性。
We utilise questions concerning individual ‘debt literacy’ incorporated into market research data on households’ unsecured debt positions to examine the association between consumer credit and individual financial literacy. We examine the relationship between individual responses to debt literacy questions and household net worth, consumer credit use and over-indebtedness. We find that financially illiterate households have lower net worth, use higher cost credit and are more likely to report credit arrears or difficulty paying their debts. However, financially literate households are more likely to co-hold liquid savings and revolving consumer credit, suggesting that the co-holding might arise as a result of rational financial behaviour. We consider the potential endogeneity of financial literacy.