The path from financial knowledge to financial action

The project

FiWiFiHa

In many studies that measure the financial behaviour of young adults, situational involvement is realised, but this is often under-complex compared to reality. In addition, the question of the connection between knowledge and action and findings on which other variables (in addition to financial knowledge, in particular the consideration of mistakes and misconceptions) have an influence on goal-oriented action are underrepresented. For this reason, the project aiming to modell the path from financial knowledge to financial action.

Sub-goals are (1) the systematisation of the relevant content areas of financial literacy and research and surveys on relevant decision-making environments. (2) The identification and validation of common errors and misconceptions in financial literacy that can disrupt the path from knowledge to action. (3) The modelling of action in financial situations on the basis of knowledge on the one hand and possible errors and misconceptions on the other, taking into account central psychological dispositions (e.g. attitudes) and exogenous influencing factors (e.g. decision-making environments). In order to achieve these goals, several interview studies and a questionnaire study will be conducted. All findings will then be visualised and validated in video vignettes. Towards the end of the project, measures are also planned to disseminate the results in practice (learning videos and workshops).