A1 Journal article (refereed)
School and family environments promote adolescents’ financial confidence : Indirect paths to financial literacy skills in Finnish PISA 2018 (2023)

Silinskas, G., Ahonen, A. K., & Wilska, T. (2023). School and family environments promote adolescents’ financial confidence : Indirect paths to financial literacy skills in Finnish PISA 2018. Journal of Consumer Affairs, 57(1), 593-618. https://doi.org/10.1111/joca.12513

The research was funded by Strategic Research Council at the Research Council of Finland.

JYU authors or editors

Publication details

All authors or editors: Silinskas, Gintautas; Ahonen, Arto K.; Wilska, Terhi‐Anna

Journal or series: Journal of Consumer Affairs

ISSN: 0022-0078

eISSN: 1745-6606

Publication year: 2023

Publication date: 28/01/2023

Volume: 57

Issue number: 1

Pages range: 593-618

Publisher: Wiley-Blackwell

Publication country: United States

Publication language: English

DOI: https://doi.org/10.1111/joca.12513

Publication open access: Openly available

Publication channel open access: Partially open access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/85336

Abstract

This study investigates the associations of adolescents’ financial socialization factors—financial education in school and families—with financial confidence (i.e., confidence in using financial and digital financial services). In addition, we examine how financial socialization factors indirectly relate to financial literacy skills through financial confidence and the role of demographic factors (adolescent gender, grade level, parental education, family wealth) on financial socialization, financial confidence, and financial literacy scores. We used data on the 4,328 Finnish 15-year-olds participating in the 2018 Programme for International Student Assessment (PISA). We measured financial literacy by cognitive test items and assessed financial socialization and financial confidence by adolescent questionnaires. First, the results showed that financial education in school positively predicted adolescents’ confidence in using financial and digital financial services. Second, financial education at schools and in families indirectly predicted students’ financial literacy through confidence in using digital financial services. Third, older adolescents were more exposed to financial education at school and in families, whereas adolescents from wealthier families and girls (vs. boys) were exposed to a more frequent discussion of financial matters with parents at home. Furthermore, the boys were more confident in using financial services than the girls, although the financial literacy score did not differ by gender; older adolescents were more confident in using financial services and achieved better financial literacy than younger ones. Finally, higher parental education in the family related to higher financial literacy but not to higher financial confidence, whereas family wealth was related to higher financial confidence but not financial literacy.

Keywords: young people; Programme for International Student Assessment; trust; economic education

Free keywords: adolescents; financial confidence; financial literacy; financial socialization; PISA

Contributing organizations

Related projects

Ministry reporting: Yes

Reporting Year: 2023

Preliminary JUFO rating: 1