Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks
Ładowanie...
Data
2019
Inny tytuł
Typ
Artykuł recenzyjny
Redaktor
dc.contributor.advisor
Dyscyplina PBN
Ekonomia i finanse
Czasopismo lub seria
Baltic Journal of Economics
ISSN
1406-099X
2334-4385
2334-4385
ISBN
DOI
10.1080/1406099x.2019.1693142
Strona internetowa
Wydawca
Wydawca
Wydanie
Numer
Strony od-do
Tytuł monografii
item.page.defence
Tytuł tomu
Opis
Rodzaj licencji
Abstrakt (en)
Professional advice can be perceived as a means to tackleshortcomings in the objectively measured financial literacy ofconsumers. However, most studies suggest that less financiallyliterate individuals are less likely to seek experts’ financial advice.At the same time, it has been shown that financial confidence –or subjectively perceived financial literacy – is positively correlatedwith the propensity to request such professional advice. Thisstudy examines these puzzling effects in a sample of 1,055Facebook users in Poland, and within an analytical framework thatallows control of the potential endogeneity of financial literacy toprofessional advice. A series of regressions applied to the resultsof our survey showed that objective debt literacy – a little-studiedaspect of financial literacy – was insignificant in explaining advice-seeking behaviour, although the decisions to ask for advice werepositively dependent on subjective debt literacy. Such outcomesprove that subjective financial literacy should be treated as aseparate construct which can predict financial behaviour aboveand beyond predictions based on objective financial literacy. Ourfindings also suggest a positive role for social networks ininducing desired financial actions. We found that respondentshaving access to greater resources embedded in their socialnetworks are more inclined to seek professional debt advice.