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Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach

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  • Gilenko, Evgenii
  • Chernova, Aleksandra

Abstract

Understanding of the determinants of saving behavior of people is important for securing the financial stability of both the person, individually, and the country, at large. The commonly accepted viewpoint here is that a higher level of financial literacy (as brought by the relevant economic education via, in particular, smarter saving) leads to increasing of financial well-being. But, as we discuss in this paper by providing an appropriate conceptual theoretical framework, this relation has a more complicated nature: in some cases, financial literacy may have an adverse effect on people’s financial well-being. To secure the positive effect of financial literacy on financial well-being, specifically, via saving more actively, the appropriate programs should be introduced at the early stages of education (e.g., at school).

Suggested Citation

  • Gilenko, Evgenii & Chernova, Aleksandra, 2021. "Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach," Children and Youth Services Review, Elsevier, vol. 127(C).
    • Handle: RePEc:eee:cysrev:v:127:y:2021:i:c:s0190740921001985
    DOI: 10.1016/j.childyouth.2021.106122
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