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Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks

cris.lastimport.scopus2024-09-19T01:30:58Z
dc.abstract.enProfessional 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.
dc.affiliationAdministracji i Nauk Społecznych
dc.contributor.authorAndrzej Cwynar
dc.contributor.authorWiktor Cwynar
dc.contributor.authorMieczysław Kowerski
dc.contributor.authorKamil Filipek
dc.contributor.authorPrzemysław Szuba
dc.date.accessioned2024-07-09T11:23:57Z
dc.date.available2024-07-09T11:23:57Z
dc.date.issued2019
dc.identifier.doi10.1080/1406099x.2019.1693142
dc.identifier.issn1406-099X
dc.identifier.issn2334-4385
dc.identifier.urihttps://repo.akademiawsei.eu/handle/item/417
dc.languageen
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofBaltic Journal of Economics
dc.rightsCC-BY
dc.subject.enDebt literacy
dc.subject.enfinancialliteracy
dc.subject.enfinancial confidence
dc.subject.enadvice-seeking
dc.subject.ensocialnetworks
dc.subject.enFacebook
dc.titleDebt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks
dc.typeReviewArticle
dspace.entity.typePublication
oaire.citation.issue1
oaire.citation.volume20