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The association between financial literacy and Problematic Internet Shopping in a multinational sample
Lawrence T Lam1,2, Mary K Lam2
1Tung Wah College, Hong Kong, China.
Addictive Behaviors Reports
|February 17, 2018
Summary
Low financial literacy is linked to a higher risk of Problematic Internet Shopping (PIS). Improving financial education may reduce PIS prevalence, especially among young adults.
Area of Science:
- Behavioral Economics
- Psychology
- Digital Health
Background:
- Problematic Internet Shopping (PIS) is a growing concern with significant psychological and financial implications.
- Understanding the factors contributing to PIS is crucial for developing effective interventions.
Purpose of the Study:
- To investigate the association between financial literacy and Problematic Internet Shopping (PIS) in adults.
- To determine if financial literacy acts as a protective factor against PIS.
Main Methods:
- A cross-sectional online survey was administered to 997 adults aged 18-60 across Europe, North America, and Asia.
- Problematic Internet Shopping was measured using the Bergen Shopping Addiction Scale (BSAS).
- Financial literacy was assessed using the Financial Literacy subscale of the Financial Wellbeing Questionnaire, with multiple linear regression analyses performed.
Main Results:
- 13.8% of respondents (n=135) exhibited a high risk of PIS.
- A significant negative relationship was found between financial literacy and PIS (regression coefficient = -0.13, p < 0.001).
- This association remained significant after controlling for age, region, employment, income, shopping frequency, self-regulation, and anxiety.
Conclusions:
- Financial counseling should be integrated into the clinical management of PIS.
- Enhancing financial literacy across the general population, particularly in young individuals, is recommended to mitigate PIS occurrence.
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