Jing Jian Xiao|Cheng Chen|Lei Sun
Age differences in consumer financial capability
University of Rhode Island|Renmin University of China|Renmin University of China
abstract purpose study examine age differences financial capability financial capability measured five variables objective financial literacy subjective financial literacy desirable financial behavior perceived financial capability financial capability index financial capability expected increase age specifically expect older consumers demonstrate higher levels objective subjective financial literacy desirable financial behaviors higher level perceived financial capability higher score financial capability index data 2012 national financial capability study us used examine associations age groups financial capability variables oneway anovas used examine age differences financial capability variables multiple regressions used examine age differences controlling sociodemographic financial variables results indicated age differences four financial capability variables showed similar patterns young adults aged 1824 lowest scores objective financial literacy subjective financial literacy perceived financial capability financial capability index results implications consumer educators provide effective financial education age groups