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FINANCIAL LITERACY ACCOMPANIES HIGHER EARNINGS AMONG EMPLOYEES AGED 50+

Bartosz SOBOTKA1, Rafał MUDA2, Krzystzof LEONIAK3, Damian HAMERSKI4, Michał KĘDRA5

Society-education-economy: selected problems and questions

Publication language: English

Journal article

Transformations No. 2 (117) 2023,  Publication date: 30 June 2023

Article No. 20230630201947999

Keywords: financial literacy, 50+, mobility of employees, earnings

Abstract The aim of the research behind this paper was to verify the level of the relationship between the level of financial literacy and the mobility of employees aged 50+ as well as their earnings. The objective was realised by means of a quantitative survey using the CAWI method on a sample of 444 people aged 50+. The questionnaire created by Lusardi and Mitchell was used to measure the level of financial literacy, while our study of employee mobility was based on original questions developed for the purpose of this study. The results of the correlation analyses indicate that the level of financial literacy is significantly related to the level of earnings among people aged 50+. The higher the level of financial literacy, the higher the level of earnings. However, this observation is limited only to the construct of basic financial skills; at the level of advanced financial skills, the relationship is not significant according to our data. Surprisingly, the level of financial literacy is not correlated to any of the labour mobility variables we used (i.e. job seeking activities in the past 1 and 10 years, job changes). These findings follow on the research on financial literacy and are the first to indicate a relationship between earnings as well as labour mobility and financial literacy among people aged 50+.

  1. Higher School of Entrepreneurship and Administration in Lublin, Poland

    ORCID: 0000-0002-0393-3645

    E-mail: bartosz.sobotka@syntea.pl

  2. Institute of Psychology, University of Wroclaw, Poland

    ORCID: 0000-0003-4953-6642

    E-mail: muda.research@gmail.com

  3. UMCS in Lublin, Institute of Psychology, Poland

    ORCID: 0000-0001-5630-6525

    E-mail: krzysztof.leoniak@mail.umcs.pl

  4. UMCS in Lublin, Faculty of Economic Sciences, Poland

    ORCID: 0000-0003-3742-2787

    E-mail: damian.hamerski@umcs.pl

  5. The John Paul II Catholic University of Lublin, Institute of Psychology, Poland

    ORCID: 0000-0002-9000-9898

    E-mail: michal.kedra@kul.pl