O artykule
Data publikacji: 19 wrz 2025
DOI: https://doi.org/10.2478/fprj-2025-0005
Słowa kluczowe
© 2025 Sonya Lutter et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Big 5 Financial Literacy Scale
| Suppose you have $100 in a savings account earning 2% interest a year. After five years, how much would you have? Exactly $102, Less than $102, More than $102 | More than $102 |
| Imagine that the interest rate on your savings account is 1% a year and inflation is 2% a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today? | Less than today |
| If interest rates rise, what will typically happen to bond prices? Rise, fall, stay the same, or is there no relationship? | Fall |
| True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less. | True |
| True or false: Buying a single company’s stock usually provides a safer return than a stock mutual fund. | False |
Application of Positive Psychology
| Exercise optimism and hope | Acknowledge progress with encouraging statements: “The progress you have made is impressive and really speaks to your commitment to your values and goals”. |
| Savour/appreciate the present moment | Set electronics aside and engage in focused conversation with clients. |
| Identifying and using strengths | Reinforce strengths with specific feedback: ‘Your consistency demonstrates your focus and strong discipline, which will continue to support your success’. |
| Practice kindness | Suggest ways clients can integrate giving into their financial plans, for example, allocating a portion for charitable donations or supporting others, to reinforce a sense of purpose. |
| Note meaningful experiences | Encourage clients to document their meaningful financial achievements or experiences that brought them joy or fulfilment, like successfully paying off debt or achieving a savings milestone. |
| Practice meaning making | Highlight the purpose behind financial actions: ‘Increasing your retirement contributions not only strengthens your financial future but also aligns with your long-term goal of ensuring financial security, allowing you to travel and spend time with your grandchildren’. |
Available Descriptive Statistics
| Age | 712 | 43.28 | 13.40 | 25-65 |
| Household Income | 624 | $138,737 | $587,829 | $0−2,000,000 |
| Financial Literacy Score (/5) | 729 | 2.50 | 1.45 | 0–5 |
| Assets | Frequency (%) | |||
| Less than $50,000 | 232 | 30 | ||
| $50,000 to $99,999 | 178 | 23 | ||
| $100,000 to $249,999 | 126 | 16 | ||
| $250,000 to $499,999 | 72 | 9 | ||
| $500,000 to $749,999 | 58 | 8 | ||
| $750,000 to $999,999 | 52 | 7 | ||
| $1,000,000 or more | 50 | 7 | ||
T-Test Results for Framing of “Worse Off” v_ “Better Off” Compared to Peers
| I use money to create joy and happiness in my life. | 1.99 (0.64) | 2.08 (0.64) | −2.07(874) |
| I frequently have conflict with family members about money. | 2.75 (0.94) | 2.75 (0.87) | 0.02(869) n.s. |
| When you think about your personal or household financial situation, which of the following words describes how you feel? (% Responding ‘Yes’ to ‘Prepared’) | 0.66 (0.47) | 0.73 (0.45) | −2.05(859) |
| If I die tomorrow, my family will be financially okay. | 2.06 (0.81) | 2.12 (0.82) | −0.87 (874) n.s. |
| If I get sick and unable to work for a long time, my family will be financially okay. | 2.14 (0.82) | 2.18 (0.83) | −0.67 (875) n.s. |
| Overall, which one of the following best describes how well you are managing financially these days? | 2.65 (0.92) | 2.78 (0.91) | −2.04(846) |
| Mean Age | 43.43 (12.89) | 43.13 (13.91) | n.s. |
| Mean Income | $134,953 (584,886) | $142,600 (587,829) | n.s. |
| Mean Financial Literacy (/5) | 2.49 (1.44) | 2.51 (1.47) | n.s. |
| Mean Asset Group (/5) | 2.66 (1.44) | 2.53 (1.37) | n.s. |