Household financial literacy and relative poverty: An analysis of the psychology of poverty and market participation

Shanping Wang; Peng Cao; Shao Huang

Frontiers in Psychology · 2022-07-22
Research article · Published full-text version held by Europe PMC · CC BY 4.0 · 9,312 words

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Title: Household financial literacy and relative poverty: An analysis of the psychology of poverty and market participation
Authors / creators: Shanping Wang; Peng Cao; Shao Huang
Source: Complete manuscript edition 2026-11-05
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Original authors / creators: Shanping Wang; Peng Cao; Shao Huang
Original publication: Frontiers in Psychology · Frontiers Media SA · 2022-07-22
Source & version: Authoritative source ↗ · Published full-text version held by Europe PMC
doi:10.3389/fpsyg.2022.898486
License & retained notices: CC BY 4.0
Copyright © 2022 Wang, Cao and Huang.
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© 2022 Wang, Cao and Huang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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Evidence limits: Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. There are some limitations in this study. First, this study does not use a cross-country sample for empirical analysis. Financial literacy is influenced by tradition culture and educational level, and the level of developing financial literacy differs among countries. Therefore, whether the financial literacy index in this paper is applicable to other countries remains to be studied. Further research using cross-country data for the analysis modifies the bias caused by culture and tradition. Second, we should further select more appropriate instrumental variable. The average financial literacy level and welfare indicators of families will be affected by the level of regional economic development. Especially in urban families, families with similar conditions will choose to live in a community, and the exogenous nature of instrumental variables need further discussion.
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