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<p>Using restricted-access data from the 2021 National Financial Capability Study in the United States, this study examines the effects of financial literacy on risk attitude in financial investments. The instrumental variable quantile regression model is employed to account for the endogeneity of financial literacy and to quantify whether and how the effects vary across different quantile levels of risk attitude. For financial literacy, the percentage of college graduates in the Zip Code Tabulation Area serves as an instrumental variable. The results suggest that financial literacy has differential impacts across quantiles from 0.1 to 0.7 of risk attitude. However, its influence is not significant in the 0.8 and 0.9 quantiles. In contrast, the model that does not control for endogeneity underestimates the magnitude of financial literacy’s impact.</p>

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Financial literacy and propensity for risk-taking in financial investments: is there a link?

  • 期刊论文

  • 发表日期：

    2026年4月28日

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  • Seungyeon Cho

摘要

Using restricted-access data from the 2021 National Financial Capability Study in the United States, this study examines the effects of financial literacy on risk attitude in financial investments. The instrumental variable quantile regression model is employed to account for the endogeneity of financial literacy and to quantify whether and how the effects vary across different quantile levels of risk attitude. For financial literacy, the percentage of college graduates in the Zip Code Tabulation Area serves as an instrumental variable. The results suggest that financial literacy has differential impacts across quantiles from 0.1 to 0.7 of risk attitude. However, its influence is not significant in the 0.8 and 0.9 quantiles. In contrast, the model that does not control for endogeneity underestimates the magnitude of financial literacy’s impact.