Education, Financial Knowledge and Consumer Confidence in Financial Goals: Evidence from the 2018 US

Consumer confidence in financial goals refers to the level of faith consumers have in the activities of setting and achieving financial objectives. This study uses the approach of ordered logistic regression to investigate the roles of education and financial knowledge in consumer confidence in financial objectives, using data from the 2018 US National Financial Capability Study in terms of the data characteristics of the dependent variable. Furthermore, this study does a robustness analysis, which indicates that the results are unaffected. The findings show that consumer confidence in financial objectives is influenced by both education and financial knowledge, and that consumers with greater education levels and financial knowledge are more confident in their financial goals. As a result, governments are advised to give financial assistance for education and to concentrate on mechanisms for developing financial understanding through financial education programmes and courses.

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