Financial competence and expectations formation: Evidence from Australia

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dc.contributor.author Bateman, H en_US
dc.contributor.author Eckert, Christine en_US
dc.contributor.author Geweke, John en_US
dc.contributor.author Louviere, Jordan en_US
dc.contributor.author Satchell, Stephen en_US
dc.contributor.author Thorp, Susan en_US
dc.contributor.editor en_US
dc.date.accessioned 2012-10-12T03:34:56Z
dc.date.available 2012-10-12T03:34:56Z
dc.date.issued 2012 en_US
dc.identifier 2011001562 en_US
dc.identifier.citation Bateman H et al. 2012, 'Financial competence and expectations formation: Evidence from Australia', Blackwell Publishing Asia, vol. 88, no. 280, pp. 39-63. en_US
dc.identifier.issn 0013-0249 en_US
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. en_US
dc.language en_US
dc.publisher Blackwell Publishing Asia en_US
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon http://dx.doi.org/10.1111/j.1475-4932.2011.00766.x en_US
dc.title Financial competence and expectations formation: Evidence from Australia en_US
dc.parent The Economic Record en_US
dc.journal.volume 88 en_US
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 140000 en_US
dc.personcode 0000073691 en_US
dc.personcode 103760 en_US
dc.personcode 101228 en_US
dc.personcode 020132 en_US
dc.personcode 0000073693 en_US
dc.personcode 995378 en_US
dc.percentage 50 en_US
dc.classification.name 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
dc.staffid 995378 en_US


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