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Publication Detailed Description
Journal Title
Journal of Behavioral and Experimental Finance
Year (definitive publication)
2019
Language
English
Country
Netherlands
More Information
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Abstract
Consumer financial education has become an important research topic, due to the growth of a wide range of investment products available in online banking. The individuals are exposed to highly complex financial products without understanding the risk and what product is suitable for them. This study investigates and measured the financial education of individuals in complex financial products. A quiz game was developed for a bank website to measure 1597 bank clients in complex products literacy. The survey also enabled a comparison between the basic and advanced skills of financial literacy knowledge. The results highlight a satisfactory overall financial literacy level. While basic knowledge level between individuals has a higher degree, there are serious concerns in advanced skill level. This study contributes to an understanding of adults’ knowledge about the prediction of the risk of investments in complex financial products, as well as providing value to ongoing financial literacy research.
Acknowledgements
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Keywords
Consumer,e-Banking,Financial literacy,Games,Financial complex products
Fields of Science and Technology Classification
- Computer and Information Sciences - Natural Sciences
- Other Engineering and Technology Sciences - Engineering and Technology
- Electrical Engineering, Electronic Engineering, Information Engineering - Engineering and Technology
- Psychology - Social Sciences
Funding Records
| Funding Reference | Funding Entity |
|---|---|
| UID/MULTI/0446/2013 | Fundação para a Ciência e a Tecnologia |
| UID/GES/00315/2013 | Fundação para a Ciência e a Tecnologia |
Contributions to the Sustainable Development Goals of the United Nations
With the objective to increase the research activity directed towards the achievement of the United Nations 2030 Sustainable Development Goals, the possibility of associating scientific publications with the Sustainable Development Goals is now available in Ciência-IUL. These are the Sustainable Development Goals identified by the author(s) for this publication. For more detailed information on the Sustainable Development Goals, click here.
