{"id":9760,"date":"2020-02-05T08:00:19","date_gmt":"2020-02-05T13:00:19","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=9760"},"modified":"2020-02-05T14:45:33","modified_gmt":"2020-02-05T19:45:33","slug":"researchwednesday-financial-knowledge-confidence-credit-use-financial-satisfaction","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/researchwednesday-financial-knowledge-confidence-credit-use-financial-satisfaction\/","title":{"rendered":"#ResearchWednesday: Financial Knowledge, Confidence, Credit Use, &#038; Financial Satisfaction"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9760\" class=\"elementor elementor-9760\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-5e6467e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-eae-slider=\"11768\" data-id=\"5e6467e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3a30480f\" data-eae-slider=\"33854\" data-id=\"3a30480f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1578b8ef elementor-widget elementor-widget-text-editor\" data-id=\"1578b8ef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In our article, \u201cFinancial Knowledge, Confidence, Credit Use, and Financial Satisfaction\u201d we investigate the associations between consumers\u2019 confidence in their financial knowledge and their financial behaviors and financial satisfaction. We observe that in order for customers to use their financial knowledge when making credit card use decisions, they must be sufficiently confident in that knowledge.<\/p>\n<p>Interestingly, confidence in financial knowledge helps customers make better credit card use decisions and exhibit a higher financial satisfaction even when their actual level of financial knowledge is low.&nbsp; Additionally, financial knowledge has a positive effect on credit card use decision and financial satisfaction even when financial confidence is low, suggesting that knowledge and confidence are complements to increased healthy credit card use and financial satisfaction. For example, we see that 1-point increase in customers\u2019 financial confidence and knowledge is associated with a decrease of 16% and 18%, respectively, in the probability of making only the minimum payments toward their credit card balance.<\/p>\n<p>Our findings suggest that boosting people\u2019s confidence in their financial knowledge may support their ability to engage in healthy financial behaviors by helping them gain and preserve the capability to be in charge of their personal finances.<\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<p><strong>Guest Contributor: <\/strong><em>Dorin Micu, University of Rhode Island<\/em><\/p>\n<p><a href=\"https:\/\/www.afcpe.org\/news-and-publications\/journal-of-financial-counseling-and-planning\/volume-30-2\/financial-knowledge-confidence-credit-use-and-financial-satisfaction-2\/\">Read the full article<\/a> in the Journal of Financial Counseling and Planning, Volume 30, Number 2, 2019. Read a research brief on this and other financial satisfaction research <a href=\"https:\/\/www.afcpe.org\/news-and-publications\/the-standard\/2019-3\/research-brief-financial-satisfaction\/\">HERE<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2469d39\" data-eae-slider=\"73421\" data-id=\"2469d39\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1aa3c5 elementor-widget elementor-widget-image\" data-id=\"a1aa3c5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5-1024x1024.png\" class=\"attachment-large size-large wp-image-9762\" alt=\"\" srcset=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5-1024x1024.png 1024w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5-300x300.png 300w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5-150x150.png 150w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5-768x768.png 768w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2020\/02\/February-5.png 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In our article, \u201cFinancial Knowledge, Confidence, Credit Use, and Financial Satisfaction\u201d we investigate the associations between consumers\u2019 confidence in their financial knowledge and their financial behaviors and financial satisfaction. We observe that in order for customers to use their financial knowledge when making credit card use decisions, they must be sufficiently confident in that knowledge. Interestingly, confidence in financial knowledge [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":9762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[16],"tags":[121],"class_list":["post-9760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-researchwednesday","tag-researchwednesday"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>#ResearchWednesday: Financial Knowledge, Confidence, Credit Use, &amp; Financial Satisfaction - AFCPE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/researchwednesday-financial-knowledge-confidence-credit-use-financial-satisfaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#ResearchWednesday: Financial Knowledge, Confidence, Credit Use, &amp; Financial Satisfaction - AFCPE\" \/>\n<meta property=\"og:description\" content=\"In our article, \u201cFinancial Knowledge, Confidence, Credit Use, and Financial Satisfaction\u201d we investigate the associations between consumers\u2019 confidence in their financial knowledge and their financial behaviors and financial satisfaction. 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