The Link Between Self-Confidence and Financial Outcomes among Working-Aged Canadians with Different Levels of Financial Knowledge - SRDC

The Link Between Self-Confidence and Financial Outcomes among Working-Aged Canadians with Different Levels of Financial Knowledge

Authors:Boris Palameta

  • 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

Other Related Projects

Explore more of our recent projects.

Check out our most recent publications, research and project outcomes.
Skip to content