The Role of Locus of Control in Shaping Financial Behavior; A Comparison of Models for Koreans and Americans
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초록
A mixed convenience sample of South Koreans(n=91) and Americans(n=62) was used to test the mediating effect of locus of control on financial knowledge and financial behavior and household income and financial behavior. Similarities and differences between Koreans and Americans were examined by comparing Korean path model with American path model. Findings showed that when viewed from a full sample perspective, locus of control acts as a mediator between financial knowledge and behavior and income and behavior. In American path model, financial behavior was most closely influenced by financial knowledge, whereas in Korean path model, financial knowledge had no direct or indirect association with financial behavior. Instead, locus of control appears to be the primary factor associated with financial behavior. These findings suggest that Korean educators need to develop financial education program to stress personal responsibility named locus of control.
Abstract
A mixed convenience sample of South Koreans(n=91) and Americans(n=62) was used to test the mediating effect of locus of control on financial knowledge and financial behavior and household income and financial behavior. Similarities and differences between Koreans and Americans were examined by comparing Korean path model with American path model. Findings showed that when viewed from a full sample perspective, locus of control acts as a mediator between financial knowledge and behavior and income and behavior. In American path model, financial behavior was most closely influenced by financial knowledge, whereas in Korean path model, financial knowledge had no direct or indirect association with financial behavior. Instead, locus of control appears to be the primary factor associated with financial behavior. These findings suggest that Korean educators need to develop financial education program to stress personal responsibility named locus of control.
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