Outline

  • Abstract
  • Jel Classification
  • Keywords
  • 1. Introduction
  • 2. Literature Review
  • 2.1. Financial Literacy
  • 2.2. Financial Disputes
  • 3. Data and Variable Definition
  • 3.1. Data
  • 3.2. Measurement of Financial Literacy
  • 3.3. Measurement of Financial Disputes
  • 3.4. Measurement of Aggression in Handling Financial Disputes
  • 4. Empirical Analysis
  • 4.1. Empirical Strategy
  • 4.2. Baseline Results
  • 4.3. Financial Literacy and the Level of Aggression in Handling Financial Disputes
  • 4.4. Robustness Test
  • 4.4.1. Subsample Analysis by Restricting the Pre-Retirement Sample
  • 4.4.2. Survey Data Obtained from the 2007, 2009, and 2011 National Financial Literacy Survey
  • 5. Conclusion
  • Appendix a
  • Appendix B
  • Appendix C
  • References

رئوس مطالب

  • 1. مقدمه
  • کلیدواژه ها
  • 2. بررسی پیشینه تحقیق
  • 2.1. سواد مالی
  • 2.2. اختلافات مالی
  • 3. داده و تعریف متغیر
  • 3.1 . داده ها
  • .3.2 اندازه گیری سواد مالی
  • 3.3. اندازه گیری اختلافات مالی
  • .3.4 ارزیابی تجاوز در کنترل اختلافات مالی
  • 4. تجزیه و تحلیل تجربی
  • 4.1. استراتژی تجربی
  • . 4.2 نتایج پایه
  • .4.3. سواد مالی و سطح پرخاشگری یا تجاوزگری در کنترل اختلافات مالی
  • .4.4 آزمون پایداری
  • 4.4.1 . تجزیه و تحلیل نمونهای فرعی با محدود کردن نمونه قبل از بازنشستگی
  • .4.4.2 داده های نظر سنجی به دست آمده از سال 2007، 2009، و 2011 نظرسنجی سواد مالی ملی
  • 5 . نتیجه گیری
  • پیوست A
  • ضمیمه B
  • ضمیمه C

Abstract

This study examines financial literacy and its relationship with financial disputes. We devised two special modules from the Third National Financial Literacy Survey conducted by Taiwan’s Financial Supervisory Commission (FSC) in 2011. With this unique database, we examine topics that have rarely been discussed in other studies. Our empirical evidence suggests that people with a higher financial literacy are less likely to experience financial disputes. When the purchase of financial products and services leads to a financial dispute, people with a higher financial literacy will aggressively handle the problem. In addition, personal characteristics, such as gender, work status, and household income, are key factors affecting the chances of a financial dispute. Finally, our results are robust to potential selection bias when we include the results of the National Financial Literacy Survey conducted by the FSC in 2007, 2009, and 2011.

Keywords: -

Conclusions

The influence of financial literacy on financial disputes is critical for supervisors. Our results demonstrate that financial literacy can reduce financial disputes. Hence, the government should actively educate people to gain more financial knowledge to reduce financial disputes. We also find that people aged 30–49 years, university graduates, and housewives are most likely to have experienced a financial dispute. By contrast, those with a medium average annual household income (NTD 1.23–2٫15 million) showed the lowest levels of financial dispute experience. We also examined the responses of people encountering financial disputes. We find that people with more financial literacy tended to exhibit more positive attitudes toward resolving financial disputes. Our results show that financial literacy encouraged people to engage in dialog with the sellers of financial products rather than using other methods, such as violence. In addition, women and people with a lower average annual household income (NTD 0.66–1٫23 million) were prone to be more positive in resolving financial disputes. Thus, not only the level of financial literacy, but also personal features such as gender, work status, and average annual household income, were key factors affecting the chances of financial disputes arising and the resolution of such disputes. Our conclusions are useful for the government, practitioners, and the public. If the public equips itself with financial literacy and correctly leverages financial tools, we can preemptively reduce financial disputes and facilitate positive methods and attitudes for resolving such disputes.

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