Table 1 Summary of the definition of financial literacy.
Construct | Definitions |
|---|---|
Financial Literacy | An individual’s overall capacity to understand and apply financial concepts and information in managing personal finances (Cude, 2021; Kamble et al., 2024; Lyons and Kass‐Hanna, 2021). |
Subjective measure | |
Math skills | A respondent’s self-rated math skill. |
Financial knowledge | A respondent’s self-rated financial knowledge. |
Objective measure | |
Financial education | A respondent’s financial education background. |
