The link between financial confidence and financial outcomes among working-aged Canadians
Author: Boris Palameta, Cam Nguyen, David Gyarmati, Shek-wai Hui
Topic: Financial literacy
Publisher: SRDC - Social Research and Demonstration Corporation
Location: Canada
Format: Report
Content Type: Research
Publication Date: May 31, 2016
In general, this research highlights several ways in which confidence and knowledge may be linked with financial decision-making, and suggests that a one-size-fits-all approach to intervention is unlikely to reap dividends. Instead, interventions need to be informed by a better understanding of the mechanisms through which gaps in confidence and knowledge lead to poor outcomes, and tailored to the specific needs of those with different kinds of gaps. This research is intended to contribute to the existing empirical literature on the links between financial confidence, knowledge and outcomes. It also aims to set the stage for more detailed investigation into the psychological underpinnings of financial decision-making and how such investigations could inform the design and delivery of effective financial training interventions.
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