Existing studies find that young people have the lowest levels of financial literacy when compared to other ages. I argue that this low financial literacy is driven by a lack of experience with financial decision making. I designed and administered a survey that measures students’ financial literacy and financial experience. I find that students know more about the products they use. For example, students with loans know more about loans than students without them. These results suggest that knowledge is driven by need and experience. The implication is to increase financial literacy among students by involving them in financial decisions.
"What Drives Financial Literacy Among the Young?,"
Undergraduate Economic Review: Vol. 7
, Article 23.
Available at: http://digitalcommons.iwu.edu/uer/vol7/iss1/23