Live Poster Session: https://wesleyan.zoom.us/j/96805933424
Maeve Olson
Maeve is a current sophomore at Wesleyan University from Ridgewood, New Jersey. She is an economics and psychology double major and a member of the Wesleyan Women’s Lacrosse team.
Abstract: The objective of the present analysis was to investigate if overall financial knowledge and proactive financial actions is associated with financial well-being. Data was gathered from the Consumer Financial Protection Bureau’s National Financial Well-Being Survey and used to answer questions that address an individual’s financial situation, specifically relating to knowledge and actions among adults. Overall financial knowledge was defined based on a score combing responses to “I struggle to understand financial information” and “how would you assess your overall knowledge?” Financial actions was defined based on a score combing responses to yes or no questions such as “I am familiar with agencies and organizations to resolve problems with financial services,” “Someone spoke to me about the importance of savings,” and ” I do my own research before making decisions involving money.”
The main findings of this analysis shows that higher overall financial knowledge and more proactive financial actions was associated with higher financial well-being scores. Education and Ethnicity were both statistically significant for overall knowledge and financial actions. The findings of this analysis and similar studies will be beneficial in understanding what contributes to financial success. It will also raise new questions about financial education and financial practices.
QAC201-Poster-1