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Financial Literacy, Financial Education and Financial Experience: Conceptual Framework

Author

Listed:
  • Nancy Neoyame Chabaefe

    (PhD Candidate, University of Zambia, Zambia)

  • Abubaker Qutieshat

    (Associate Professor and Research Lead, ODC, Oman; & Associate Member of Staff and Honorary Research, University of Dundee, UK)

Abstract

Low levels of financial literacy continue to persist around the world with women, the poor, lowly educated groups and the youth possessing the least levels of financial literacy. Research has shown that both financial education and financial experience can help boost levels of financial literacy. Despite this, there remains no conceptual framework that shows how financial education and financial experience can be used to boost levels of financial literacy. The purpose of this study is to propose a conceptual framework that links financial literacy, financial education, and financial experience. This paper is based on a literature review of journals on financial literacy, financial education, and financial experience that were published on both Google Scholar, Semantic Scholar, and Scopus from 2018 to 2023. Variables that emerged from the literature review were used to construct a conceptual framework. The findings of this study reveal that financial education and financial experience can be used to enhance financial literacy levels. Thus, it can be concluded that both financial education and financial experience can help to improve levels of financial literacy among individuals and various groups.

Suggested Citation

  • Nancy Neoyame Chabaefe & Abubaker Qutieshat, 2024. "Financial Literacy, Financial Education and Financial Experience: Conceptual Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 14(4), pages 44-55, July.
    • Handle: RePEc:eco:journ1:2024-04-5
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Financial Attitude; Financial Behavior; Financial Knowledge; Financial Plans; Inflation; Investments;
    All these keywords.

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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