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Financial literacy in Southern Brazil: Modeling and invariance between genders

Author

Listed:
  • Potrich, Ani Caroline Grigion
  • Vieira, Kelmara Mendes
  • Coronel, Daniel Arruda
  • Bender Filho, Reisoli

Abstract

Financial literacy is an essential attribute that allows people to reach a successful financial state. Therefore, the objective of this paper is to develop a model to measure financial literacy, testing invariance in the proposed measure from three scales: financial knowledge, financial attitude and financial behavior. In this sense, a survey was conducted with 991 individuals who live in southern Brazil. For an analysis of the collected data, Structural Equations Modeling (SEM) was employed. The valid model indicates that financial literacy is measured as a combination of financial behavior, attitudes and knowledge. In addition, the tests indicated that this model is adequate for both male and female. However, male individuals showed a higher level of financial literacy on average compared to females.

Suggested Citation

  • Potrich, Ani Caroline Grigion & Vieira, Kelmara Mendes & Coronel, Daniel Arruda & Bender Filho, Reisoli, 2015. "Financial literacy in Southern Brazil: Modeling and invariance between genders," Journal of Behavioral and Experimental Finance, Elsevier, vol. 6(C), pages 1-12.
    • Handle: RePEc:eee:beexfi:v:6:y:2015:i:c:p:1-12
    DOI: 10.1016/j.jbef.2015.03.002
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    Citations

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    Cited by:

    1. Bannier, Christina E. & Schwarz, Milena, 2018. "Gender- and education-related effects of financial literacy and confidence on financial wealth," Journal of Economic Psychology, Elsevier, vol. 67(C), pages 66-86.
    2. Potrich, Ani Caroline Grigion & Vieira, Kelmara Mendes & Kirch, Guilherme, 2018. "How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences," Journal of Behavioral and Experimental Finance, Elsevier, vol. 17(C), pages 28-41.
    3. Kumar, Satish & Rao, Sandeep & Goyal, Kirti & Goyal, Nisha, 2022. "Journal of Behavioral and Experimental Finance: A bibliometric overview," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
    4. Noemi Oggero & Maria Cristina Rossi & Elisa Ughetto, 2020. "Entrepreneurial spirits in women and men. The role of financial literacy and digital skills," Small Business Economics, Springer, vol. 55(2), pages 313-327, August.
    5. Rendall, Stella & Brooks, Chris & Hillenbrand, Carola, 2021. "The impacts of emotions and personality on borrowers’ abilities to manage their debts," International Review of Financial Analysis, Elsevier, vol. 74(C).

    More about this item

    Keywords

    Financial literacy; Structural equations modeling; Genders; Multi-group invariance;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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