Exploring the Interplay of Cognitive Style and Demographics in Consumers' Financial Knowledge

Despite substantial research and advances in consumers' financial knowledge, many Americans still lack basic financial skills. One overlooked research area is the relationships between consumers' cognitive style and subjective knowledge and objective knowledge, and how these relationships...

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Bibliographic Details
Published in:The Journal of consumer affairs 2019-06, Vol.53 (2), p.382-423
Main Author: O'Connor, Genevieve E.
Format: Article
Language:English
Subjects:
Cognition
Cognitive style
Consumers
Demographics
Knowledge
Skills
Well being
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Summary:Despite substantial research and advances in consumers' financial knowledge, many Americans still lack basic financial skills. One overlooked research area is the relationships between consumers' cognitive style and subjective knowledge and objective knowledge, and how these relationships vary by demographics. Based on a nationwide study (n = 817), results indicate that consumers' perception of their subjective financial knowledge varies by cognitive style, with those consumers having an intuitive cognitive style, having a higher perception of their subjective financial knowledge than those who are more analytical. More nuanced results suggest that subjective knowledge is related to the interplay of cognitive style with demographics, whereas objective knowledge is not dependent on this interplay. These and other results illustrate that understanding nuances of financial knowledge is still of pressing importance to ensure consumer well‐being.
ISSN:0022-0078
1745-6606
DOI:10.1111/joca.12195