TY  - JOUR
T1  - Debt literacy and debt advice-seeking behaviour among Facebook users: The role of social networks
A1  - Cwynar, Andrzej
A1  - Cwynar, Wiktor
A1  - Kowerski, Mieczysław
A1  - Filipek, Kamil
A1  - Szuba, Przemysław
Y1  - 2020///
KW  - Advice-seeking
KW  - Debt literacy
KW  - Facebook
KW  - Financial confidence
KW  - Financial literacy
KW  - Poland
KW  - Regression modelling
KW  - Social networks
JF  - Baltic Journal of Economics
VL  - 20
IS  - 1
SP  - 1
EP  - 33
DO  - 10.1080/1406099X.2019.1693142
L1  - file:///E:/jurnal/2023/j of economics and business/paper/Andres 2020 Debt_literacy_and_debt_advice-.pdf
N2  - Professional advice can be perceived as a means to tackle shortcomings in the objectively measured financial literacy of consumers. However, most studies suggest that less financially literate individuals are less likely to seek experts' financial advice. At the same time, it has been shown that financial confidence - or subjectively perceived financial literacy - is positively correlated with the propensity to request such professional advice. This study examines these puzzling effects in a sample of 1,055 Facebook users in Poland, and within an analytical framework that allows control of the potential endogeneity of financial literacy to professional advice. A series of regressions applied to the results of our survey showed that objective debt literacy - a little-studied aspect of financial literacy - was insignificant in explaining advice-seeking behaviour, although the decisions to ask for advice were positively dependent on subjective debt literacy. Such outcomes prove that subjective financial literacy should be treated as a separate construct which can predict financial behaviour above and beyond predictions based on objective financial literacy. Our findings also suggest a positive role for social networks in inducing desired financial actions. We found that respondents having access to greater resources embedded in their social networks are more inclined to seek professional debt advice.
ER  -