The association between intelligence and financial literacy: A conceptual and meta-analytic review

IF 4.3 3区 材料科学 Q1 ENGINEERING, ELECTRICAL & ELECTRONIC ACS Applied Electronic Materials Pub Date : 2023-09-01 DOI:10.1016/j.intell.2023.101781
Zoe Callis , Paul Gerrans , Dana L. Walker , Gilles E. Gignac
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引用次数: 1

Abstract

Financial literacy is positively associated with intelligence, with typically moderate to large effect sizes across studies. The magnitude of the effect, however, has not yet been estimated meta-analytically. Such results suggest financial literacy may be conceptualised as a possible cognitive ability within the Cattel-Horn-Carroll (CHC) model of cognitive abilities. Consequently, we present a psychometric meta-analysis that estimated the true score correlation between cognitive ability and financial literacy. We identified a large, positive correlation with general intelligence (r’ = .62; k = 64, N = 62,194). We also found that financial literacy shared a substantial amount of variance with quantitative knowledge (Gq; via numeracy; r’ = .69; k = 42, N = 35,611), comprehension knowledge (crystallised intelligence; Gc; r’ = .48; k = 14, N = 10,835), and fluid reasoning (fluid intelligence; Gf; r’ = .48; k =20, N = 15,101). Furthermore, meta-analytic structural equation modelling revealed Gq partially mediated the association between cognitive ability (excluding Gq) and financial literacy. Additionally, both Gc and Gq had significant direct effects on financial literacy, whereas the total effect of Gf on financial literacy was fully mediated by a combination of Gc and Gq. While the meta-analyses provide preliminary support for the potential inclusion of financial literacy as primarily a Gc or Gq ability within the CHC taxonomy (rather than Gf), the review revealed that very few studies employed comprehensive cognitive ability measures and/or psychometrically robust financial literacy tests. Consequently, the review highlighted the need for future factor analytic research to evaluate financial literacy as a candidate for inclusion in the CHC taxonomy.

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智力与金融素养之间的联系:概念和元分析综述
金融素养与智力呈正相关,在研究中通常具有中等到较大的效应。然而,这种影响的程度还没有通过荟萃分析来估计。这些结果表明,在认知能力的catel - horn - carroll (CHC)模型中,金融素养可能被概念化为一种可能的认知能力。因此,我们提出了一项心理测量元分析,估计认知能力和金融素养之间的真实得分相关性。我们发现它与一般智力呈正相关(r ' = 0.62;k = 64, N = 62,194)。我们还发现,金融知识与定量知识(Gq;通过计算能力;R ' = 0.69;k = 42, N = 35,611),理解知识(结晶智能;Gc;R ' = .48;k = 14, N = 10,835)和流体推理(流体智力;女朋友;R ' = .48;k =20, N = 15,101)。此外,元分析结构方程模型揭示了Gq在认知能力(不包括Gq)与金融素养之间的部分中介作用。此外,Gc和Gq对金融素养都有显著的直接影响,而Gf对金融素养的总影响完全由Gc和Gq的联合介导。虽然荟萃分析为将金融素养作为主要的Gc或Gq能力(而不是Gf)纳入CHC分类(而不是Gf)的可能性提供了初步支持,但综述显示,很少有研究采用综合认知能力测量和/或心理测量学上稳健的金融素养测试。因此,该综述强调了未来因素分析研究的必要性,以评估金融素养作为纳入CHC分类的候选人。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.20
自引率
4.30%
发文量
567
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