Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning
Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning
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DOI：
10.1007/s10834-021-09769-1
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发表时间：
2021-05-05
影响因子：
2.4
通讯作者：
Ling, Yue
中科院分区：
文献类型：
--
作者：
Yeh, Tsung-ming;Ling, Yue
本研究调查是否过度自信方面的一个人的金融素养影响股市参与和退休准备，如果是这样，如何。使用12，653名日本人的有效样本，实证结果证实了金融知识的积极作用，而对金融知识的信心也很重要。对于金融知识相对较低的人来说，过度自信会鼓励他们采取金融行动，而对于金融知识较高的人来说，自信不足会阻碍他们采取行动。信心的影响可能等于或大于金融知识。此外，研究还发现，过度自信对女性的积极影响要弱于男性。
This study investigated whether overconfidence with respect to one's financial literacy affects stock market participation and retirement preparation and if so, how. Using an effective sample of 12,653 Japanese individuals, the empirical results confirm that financial literacy plays a positive role, while confidence in financial literacy also matters. For people with relatively low financial literacy, overconfidence can encourage taking financial action, while for people with high financial literacy, underconfidence can deter action. Confidence could have an effect equal to or greater than financial literacy. Moreover, it was also found that the positive effect of overconfidence is weaker for women than for men.