The Link Between Self-Confidence and Financial Outcomes among Working-Aged Canadians with Different Levels of Financial Knowledge
- Implicit assumption that knowledge leads to good practices
- Financial education interventions most often focused on enhancing knowledge
- But simply acquiring knowledge does not mean it will be used effectively
- Interventions designed to improve financial knowledge have little impact on financial outcomes
- People often have good intentions but fail to enact desired behavior
- Cognitive bias: systematic errors in decision making People may behave contrary to their knowledge and intentions (self-control issues)
- E.g. Present bias – empirically linked with higher debt accumulation, lower likelihood of saving, and among those who do save longer delays in starting to save and lower levels of savings
Project Details
Published: November 2015
Capability: Behavioural Economics
Policy Area: Adult Learning - Financial Literacy, Income Security - Income Security for Seniors
Population: General Population - Low-skilled Workers
Type: Deck/ Notes
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