The development of financial literacy

What is it about?

Family income is able to influence the financial literacy of adolescents through parental financial behavior. The correlation between family income and financial literacy can also be explained by the mediation of parental stress and positive parenting behavior.

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Why is it important?

Financial responsibility has been transferred from the government to individuals, financial literacy, as a key component of financial capacity, could be an effective strategy to escape from lifecourse poverty. The findings of this study specify the critical role of parents, offer specific entry points for interventions by policymakers and educators, and provide parents with pathways to positively influence the development of financial literacy among adolescents.

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