Is Financial Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices of Households
Is Financial Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices of Households
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DOI：
10.1016/j.jjie.2021.101131
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发表时间：
2021-02-27
影响因子：
2.9
通讯作者：
Ogawa, Kazuhito
中科院分区：
文献类型：
--
作者：
Kawamura, Tetsuya;Mori, Tomoharu;Ogawa, Kazuhito
使用原始的专门 2018 年日本调查数据，我们估计了家庭的财务行为和态度。我们发现，金融知识在金融决策中发挥着重要且持续的作用。然而，实际行为却是反直觉的：金融知识水平高的人往往会承担过多的风险、过度借贷，并持有幼稚的金融态度。也就是说，金融知识往往会导致人们在某些金融方面变得大胆和鲁莽。相比之下，具有财务知识的人更擅长退休规划，并且对赌博漠不关心。风险和损失厌恶以及折扣因素等偏好也在财务选择中发挥作用。
Using original purpose-built 2018 Japanese survey data, we estimate the financial behaviors and attitudes of households. We find that financial literacy plays an important and consistent role in financial decision-making. However, the actual behaviors are counter-intuitive: people with high levels of financial literacy tend to take too many risks, overborrow, and hold naive financial attitudes. That is, financial literacy tends to cause people to become daring and reckless toward some financial aspects. By contrast, financially literate people are better at retirement planning and are indifferent to gambling. Preferences such as risk and loss aversions and discount factors, also play a role in financial choices.