The role of national culture in financial literacy: Cross‐country evidence

Kenneth De Beckker, Kristof De Witte, Geert Van Campenhout

Research output: Contribution to journalArticleAcademicpeer-review

9 Citations (Web of Science)

Abstract

This paper examines the effect of national culture on adult financial literacy levels in 12 countries. Contrary to earlier financial literacy studies, our results are directly comparable across countries given that we use the standardized OECD/INFE financial literacy survey data and Hofstede's, 2001, cultural dimensions to capture financial literacy and national culture. In line with the financial socialization theory, we find that uncertainty avoidance positively influences financial literacy,while individualism negatively influences financial literacy. We conclude that national culture affects financial literacy and that it is important to account for cultural dimensions in future international financial literacy research.
Original languageEnglish
Pages (from-to)912-930
Number of pages19
JournalJournal of Consumer Affairs
Volume54
Issue number3
DOIs
Publication statusPublished - 5 Jun 2020
Externally publishedYes

Keywords

  • cross-country analysis
  • financial literacy
  • national culture
  • WOMEN
  • INSTITUTIONS
  • DECISION
  • EDUCATION
  • ECONOMIC-DEVELOPMENT
  • WEALTH
  • AGE

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