Academy of Financial Services
We examined the association between holding a student loan and financial satisfaction and the moderating role of financial education using the 2015 National Financial Capability Study dataset. Households that hold a student loan had a lower level of financial satisfaction than did those without a student loan. We found a moderating role of receiving both formal and informal financial education on the relation between student loan and financial satisfaction regardless of for whom they took the loan. Our findings confirmed the importance of financial education and suggest that receiving a thorough combination of formal and informal education will improve student loan holders’ financial satisfaction.
Author(s): Kyoung Tae Kim, Jonghee Lee, Jae Min Lee