Financial Competence and Expectations Formation: Evidence from Australia

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dc.contributor.author Bateman, H
dc.contributor.author Eckert, C
dc.contributor.author Geweke, J
dc.contributor.author Louviere, J
dc.contributor.author Thorp, S
dc.contributor.author Satchell, S
dc.date.accessioned 2012-10-12T03:34:56Z
dc.date.issued 2012-03
dc.identifier.citation Economic Record, 2012, 88 (280), pp. 39 - 63
dc.identifier.issn 0013-0249
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/18826
dc.description.abstract We study the financial competence of Australian retirement savers using self-assessed and quantified measures. Responses to financial literacy questions show large variation and compare poorly with some international surveys. Basic and sophisticated financial literacy vary significantly with most demographics, self-assessed financial competence, income, superannuation accumulation and net worth. General numeracy scores are largely constant across gender, age, higher education and income. Financial competence also significantly affects expectations of stock market performance. Using a discrete choice model, we show that individuals with a higher understanding of risk, diversification and financial assets are more likely to assign a probability to future financial crises rather than expressing uncertainty. © 2011 The Economic Society of Australia.
dc.language eng
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon 10.1111/j.1475-4932.2011.00766.x
dc.title Financial Competence and Expectations Formation: Evidence from Australia
dc.type Journal Article
dc.parent Economic Record
dc.journal.volume 280
dc.journal.volume 88
dc.journal.number 280 en_US
dc.publocation Australia en_US
dc.identifier.startpage 39 en_US
dc.identifier.endpage 63 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 1502 Banking, Finance and Investment
dc.for 1402 Applied Economics
dc.personcode 020132
dc.personcode 995378
dc.personcode 101228
dc.personcode 103760
dc.percentage 50 en_US
dc.classification.name Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.edition 1 en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords UNCERTAINTY AVERSION; COGNITIVE FUNCTION; LITERACY en_US
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Economics
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
pubs.organisational-group /University of Technology Sydney/Faculty of Business/School of Marketing
pubs.organisational-group /University of Technology Sydney/Strength - Quantitative Finance
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice


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