The FiWiFiHa project focuses on mistakes that young adults make when dealing with their own personal finances. For this purpose, the path from financial knowledge to financial action is modelled. The project considers facilitating and hindering factors such as psychological dispositions and exogenous factors.
In many studies that measure the financial action of young adults, situational involvement is realised, but this is often under-complex compared to reality. Also underrepresented is 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. For this reason, the project models the path from financial knowledge to financial action. Supporting (especially financial knowledge and positive attitudes) and hindering variables (misconceptions, psychological factors and exogenous factors) that play a role on this path are taken into account.
The aim of the project is to model the path from financial knowledge to financial action.
Sub-goals of the project are:
- The systematisation of the relevant content areas of financial literacy and research and surveys on relevant decision-making environments
- The identification and validation of common misconceptions in financial literacy that can disrupt the path from knowledge to action
- 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).
Professor Dr Roland Happ (Joint management)
Leipzig University
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Professor Dr Eveline Wuttke
Goethe University Frankfurt
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Professor Dr Matthias Pelster
University of Duisburg-Essen
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