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- Title
The Impact of Financial Software Use on Financial Literacy Education - Evidence from China.
- Authors
Qianwen Bi; Luke Dean; Xiangyi Meng
- Abstract
Consumers are challenged by an increasingly complex financial world that employs a wide range of financial products and services. Most consumers lack the foundational financial literacy and financial capability necessary to navigate this increasingly complicated environment. Consumers also have trouble with the burden of managing their own retirement savings. Consumers who have endowed and attained human capital may view financial education programs as ineffective due to inequality of education standards. Financial software serves as an appealing accompaniment to an individual's human capital by offering visualized tools and information that allow consumers to monitor, compare, and track their own financial progress. We investigate the impact of financial software use on the efficacy of financial literacy education. Using data from the Survey of Chinese College Students' Financial Capability and Behavior (SCCSFCB) 2016-2017, we find that using financial software has a significant relationship with financial knowledge improvement after the treatment of financial literacy education. Implications of this study may provide contributions to policy makers, financial planning practitioners, and financial literacy educators.
- Subjects
CHINA; FINANCIAL literacy; LITERACY education; EDUCATIONAL standards; HUMAN capital
- Publication
Journal of Personal Finance, 2020, Vol 19, Issue 1, p81
- ISSN
1540-6717
- Publication type
Article