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Borrowing Decision of Households: An Examination of the Information Search Process

Borrowing Decision of Households: An Examination of the Information Search Process <p>This study uses the 2009 National Financial Capability Study dataset to examine the factors associated with information search behavior by consumers when applying for a loan. The results indicate that financial literacy, perceived financial knowledge, educational attainment, and engaging the services of a financial professional are positively associated with the likelihood of information search among consumers. The results also indicate that consumers from the traditionally underserved groups, who would benefit most from better information search, were the least likely to use it. The results of this study are important to consumers, educators, and financial practitioners. A discussion of the implications addressing the association between financial literacy, information search behavior, and household financial capability within the population is also included in this study.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Borrowing Decision of Households: An Examination of the Information Search Process

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.28.1.95
Publisher site
See Article on Publisher Site

Abstract

<p>This study uses the 2009 National Financial Capability Study dataset to examine the factors associated with information search behavior by consumers when applying for a loan. The results indicate that financial literacy, perceived financial knowledge, educational attainment, and engaging the services of a financial professional are positively associated with the likelihood of information search among consumers. The results also indicate that consumers from the traditionally underserved groups, who would benefit most from better information search, were the least likely to use it. The results of this study are important to consumers, educators, and financial practitioners. A discussion of the implications addressing the association between financial literacy, information search behavior, and household financial capability within the population is also included in this study.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2017

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