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Financial Literacy: The Impact of the Foreign-Language Effect on Risk-Taking Values, Financial Attitudes, and Behavior of Hong Kong Secondary Students

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Title: Financial Literacy: The Impact of the Foreign-Language Effect on Risk-Taking Values, Financial Attitudes, and Behavior of Hong Kong Secondary Students
Language: English
Authors: Ho, Chun Sing Maxwell (ORCID 0000-0002-1776-3683), Lee, Daphnee Hui Lin
Source: Asia-Pacific Education Researcher. Aug 2023 32(4):485-496.
Availability: Springer. Available from: Springer Nature. One New York Plaza, Suite 4600, New York, NY 10004. Tel: 800-777-4643; Tel: 212-460-1500; Fax: 212-460-1700; e-mail: customerservice@springernature.com; Web site: https://link.springer.com/
Peer Reviewed: Y
Page Count: 12
Publication Date: 2023
Document Type: Journal Articles
Reports - Research
Education Level: Secondary Education
Descriptors: Financial Literacy, Second Language Learning, Risk, Values, Student Attitudes, Student Behavior, Secondary School Students, Foreign Countries, English (Second Language), Language of Instruction
Geographic Terms: Hong Kong
DOI: 10.1007/s40299-022-00670-5
ISSN: 0119-5646
2243-7908
Abstract: Students in Asia usually receive financial literacy education in English. This study examines the foreign-language effects of financial literacy education both at home and school among secondary school students in Hong Kong (n = 1011). The study investigates the influence of language on students' risk-taking values, financial attitudes (conscientious and entitlement), and their subsequent financial behavior (saving, planning, and protection). Structural equation modeling results indicate significant positive connections between learning in English in school and the home language, student risk-taking values, and their conscientiousness and financial behavior. However, we also found that language effects were far more complex than only foreign-language effects, and entitlement has much less significance in an Asian context like Hong Kong. Although financial literacy is more accessible if students are taught in their native language, using English as the medium of instruction develops students' financial literacy in many other aspects, including their information access to valuable financial resources circulated worldwide. This paper explains why students who are proficient in English tend to be risk-takers but are nonetheless also conscientious in protecting themselves against financial losses. We propose that additional support in studying financial literacy in English is necessary to improve students' financial literacy in contexts where English is not the native tongue.
Abstractor: As Provided
Entry Date: 2023
Accession Number: EJ1381804
Database: ERIC
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  Value: <anid>AN0164433162;[gchw]01aug.23;2023Jun23.04:42;v2.2.500</anid> <title id="AN0164433162-1">Financial Literacy: The Impact of The Foreign-Language Effect on Risk-Taking Values, Financial Attitudes, and Behavior of Hong Kong Secondary Students </title> <p>Students in Asia usually receive financial literacy education in English. This study examines the foreign-language effects of financial literacy education both at home and school among secondary school students in Hong Kong (n = 1011). The study investigates the influence of language on students' risk-taking values, financial attitudes (conscientious and entitlement), and their subsequent financial behavior (saving, planning, and protection). Structural equation modeling results indicate significant positive connections between learning in English in school and the home language, student risk-taking values, and their conscientiousness and financial behavior. However, we also found that language effects were far more complex than only foreign-language effects, and entitlement has much less significance in an Asian context like Hong Kong. Although financial literacy is more accessible if students are taught in their native language, using English as the medium of instruction develops students' financial literacy in many other aspects, including their information access to valuable financial resources circulated worldwide. This paper explains why students who are proficient in English tend to be risk-takers but are nonetheless also conscientious in protecting themselves against financial losses. We propose that additional support in studying financial literacy in English is necessary to improve students' financial literacy in contexts where English is not the native tongue.Query</p> <p>Keywords: Financial literacy education; Foreign language effects; Risk-taking; Financial attitudes</p> <hd id="AN0164433162-2">Introduction</hd> <p>Financial literacy is instrumental to upward mobility and schools can help underprivileged youths acquire financial literacy to narrow the gap in social inequality (Arthur, [<reflink idref="bib3" id="ref1">3</reflink>]). However, recent reports indicate that even youths with adequate financial literacy struggle with decision making and practices regarding money (OECD, [<reflink idref="bib54" id="ref2">54</reflink>]; IFEC, [<reflink idref="bib34" id="ref3">34</reflink>]). Some studies argue that financial literacy education ignores the importance of financial attitude (Lee et al., [<reflink idref="bib30" id="ref4">30</reflink>]; Shim et al., [<reflink idref="bib59" id="ref5">59</reflink>]), which focuses primarily on other literacy aspects such as spending, planning, and protecting behavior (Hilgert et al., [<reflink idref="bib28" id="ref6">28</reflink>]; Huston et al., [<reflink idref="bib32" id="ref7">32</reflink>]). Studies in US realized that some conscientious youths may become overly risk averse after learning about the need to protect themselves from financial fraud, and self-entitled youths may become overly confident after acquiring some knowledge in financial planning (Cho & Purtell, [<reflink idref="bib16" id="ref8">16</reflink>]; Letkiewicz & Fox, [<reflink idref="bib45" id="ref9">45</reflink>]). However, there remains a gap in knowledge on how foreign-language effects contribute to unequal access to financial literacy (Brown et al., [<reflink idref="bib9" id="ref10">9</reflink>]; Sari et al., [<reflink idref="bib58" id="ref11">58</reflink>]; Ho et al., [<reflink idref="bib30" id="ref12">30</reflink>]). Importantly, in a Chinese-speaking context such as Hong Kong, the locale of the present study, English language proficiency is highly influential. Yet, we do not know the nuances regarding how this foreign-language effect influences student attitudes toward risk taking, their attitudes toward financial literacy, and their resultant financial practices. The present study, therefore, examines the underpinning influence of a foreign language (English) on youth risk taking, financial attitudes, and their subsequent financial literacy. We examine how English influences students' language at home, and also what role is played by the medium of instruction (MOI) for receiving financial literacy education. The objective of this study is to generate critical insights into the influence of foreign-language effects on the translation of financial knowledge in practice. We aim to identify aspects where the school curriculum can improve students' language, attitudes, and financial literacy, which may result in better financial acumen especially among disadvantaged youth to support their upward social mobility.</p> <hd id="AN0164433162-3">Literature Review</hd> <p>In this literature review, we first discuss what is known about financial literacy education. Then we review the relationship between behavior and attitudes in financial literacy education along with the impact of foreign-language effects. We explain these in order to connect financial attitudes with foreign-language effects to promote the need to cultivate appropriate financial behavior among youth.</p> <hd id="AN0164433162-4">Financial Literacy Education</hd> <p>Financial literacy education refers to a learning process that equips students with financial literacy, including knowledge and attitudes, which will increase their ability to exercise behavior that results in their financial well-being (OECD, [<reflink idref="bib53" id="ref13">53</reflink>]). Financial literacy education helps students to understand and effectively apply their knowledge to make appropriate decisions (financial behavior), including personal financial planning, budgeting, and investing (OECD, [<reflink idref="bib53" id="ref14">53</reflink>]).</p> <hd id="AN0164433162-5">Financial Behavior</hd> <p>Financial behavior can be defined as the actual financial decision making and practices regarding money management (Bruggen et al., [<reflink idref="bib10" id="ref15">10</reflink>]; Xiao, [<reflink idref="bib66" id="ref16">66</reflink>]). Students with appropriate financial behavior can efficiently achieve personal goals that encompass every aspect of their lives. With insight into the impact of nurturing students' financial attitudes, financial literacy education concerns how financial attitudes lead to changes in their behavior. To gain a better understanding of financial behavior in the literature, we divided the research findings in education-oriented studies on financial behavior into three major categories: spending, protection, and planning (Hilgert et al., [<reflink idref="bib28" id="ref17">28</reflink>]; Huston et al., [<reflink idref="bib32" id="ref18">32</reflink>]).</p> <p></p> <ulist> <item> Spending</item> <p></p> <item> Spending refers to the act of immediately accessing money or credit to pay for goods or services (McClure & Ryder, [<reflink idref="bib43" id="ref19">43</reflink>]).</item> <p></p> <item> Planning</item> <p></p> <item> Planning refers to the decision-making process on the future use of money, such as saving present resources, wealth accumulation through investment, and repaying debts (Arceo-Gomez & Villagómez, 2017; Guzman et al., [<reflink idref="bib23" id="ref20">23</reflink>]).</item> <p></p> <item> Protection</item> <p></p> <item> Protection refers to measures to insure financial risk-taking with protective behavior (e.g., protecting personal data privacy and recording personal financial activities) (Huston et al., [<reflink idref="bib30" id="ref21">30</reflink>]).</item> </ulist> <p>A US study found that acquiring appropriate financial behavior in these three areas can improve the quality of one's life (Hilgert et al., [<reflink idref="bib28" id="ref22">28</reflink>]). However, lacking financial literacy can lead to negative consequences where individuals are more likely to accumulate unsustainable debt through poor spending decisions or a lack of long-term preparation (Ibrahim & Alqaydi, [<reflink idref="bib33" id="ref23">33</reflink>]; Lusardi & Mitchell, [<reflink idref="bib48" id="ref24">48</reflink>]; OECD, [<reflink idref="bib53" id="ref25">53</reflink>]).</p> <hd id="AN0164433162-6">Financial Attitude</hd> <p>Financial attitude is defined as the feelings, opinions, or judgments of a person about self-managing their finances (Hayhoe et al., [<reflink idref="bib26" id="ref26">26</reflink>]). Financial attitude implies the tendencies toward financial behavior, such as spending habits, planning, saving, and investing (Edwards et al., [<reflink idref="bib20" id="ref27">20</reflink>]; Hayhoe et al., [<reflink idref="bib26" id="ref28">26</reflink>]), which is the fundamental behavior for financial well-being (Shim et al., [<reflink idref="bib59" id="ref29">59</reflink>]). For example, individuals with positive financial attitudes are more likely to have fiscally responsible behavior, such as tracking their monthly expenses, spending within a budget, saving money regularly, and investing to achieve long-term financial goals (Jorgensen et al., [<reflink idref="bib37" id="ref30">37</reflink>]; Shim et al., [<reflink idref="bib59" id="ref31">59</reflink>]). These US studies concur that financial literacy education should go beyond teaching financial skills and content knowledge to nurture students' financial attitudes (Jorgensen et al., [<reflink idref="bib37" id="ref32">37</reflink>]; Shim et al., [<reflink idref="bib59" id="ref33">59</reflink>]). However, a Hong Kong study (Zhu et al., [<reflink idref="bib35" id="ref34">35</reflink>]) also show that there is a lack of attention on developing students' financial attitude. Amagir et al. ([<reflink idref="bib1" id="ref35">1</reflink>]) reviewed 60 financial literacy education studies across 116 countries and found that financial attitude is always treated as intended learning outcomes in financial literacy education but seldom taught concretely.</p> <p>Beutler and Gudmunson ([<reflink idref="bib7" id="ref36">7</reflink>]) further differentiate financial attitude into entitlement and conscientiousness to examine its impact on financial behavior. Entitlement is a reflection of an adolescent's attitude of deserving "at-will" access to financial resources. It is about their value toward "the right and belief in certain deserving financial privileges, such as from parents." Conscientiousness reflects the adolescent's attitude on heeding advice from authoritative persons on managing personal finances. Essentially, conscientiousness refers to "the acknowledgment of responsibility on how they spend money" (p. 21). Beulter and Gudmunson ([<reflink idref="bib7" id="ref37">7</reflink>]) argue that entitlement and conscientiousness seem to be opposing attitudes, but they are not mutually exclusive.</p> <p>To further understand the impact of both types of attitudes on financial behavior, we reviewed studies on them. Studies seldom discuss both types of attitudes; instead, conscientiousness mostly dominates the study of financial attitude. Generally speaking, studies state that conscientiousness contributes to minimizing inappropriate financial behavior (Dowling et al., [<reflink idref="bib19" id="ref38">19</reflink>]). Murphy et al. ([<reflink idref="bib51" id="ref39">51</reflink>]) and Dowling et al. ([<reflink idref="bib19" id="ref40">19</reflink>]) further clarify that individuals with high conscientiousness do not necessarily have more financial knowledge. Conversely, highly conscientious individuals tend to monitor their finances by seeking professional advice. When Letkiewicz and Fox ([<reflink idref="bib45" id="ref41">45</reflink>]) examined the difference between high and low conscientiousness on asset accumulation, they found that individuals with higher conscientiousness had more net worth, and vice versa. Cho and Purtell ([<reflink idref="bib16" id="ref42">16</reflink>]) claimed the reason for the positive correlation between high conscientiousness and net worth was that affluent individuals were more likely to work while attending school. As individuals are more educated, they are more willing to take advice and their capability in generating income increases. A study found that conscientiousness not only contributes to planning and generating assets, but it also enhances a sense of financial protection (Milne et al., [<reflink idref="bib50" id="ref43">50</reflink>]). In another study, Fu et al. ([<reflink idref="bib22" id="ref44">22</reflink>]) who studied 321 children over four occasions found that adolescents' financial entitlement was negatively associated with gratitude toward their parents and positively associated with riskiness in managing their finances. This behavior may lead such individuals to suffer from indebtedness (Hancock et al., [<reflink idref="bib25" id="ref45">25</reflink>]).</p> <p>There is a lack of empirical evidence showing the corresponding impact of both conscientiousness and entitlement attitudes. Therefore, this study investigates both conscientiousness and entitlement attitudes in financial literacy education to better understand their impact on students' financial behavior.</p> <hd id="AN0164433162-7">Foreign Language Effect</hd> <p>Foreign language effects refers to a temporary shortcoming in people's thinking ability when using a foreign language (Xing, [<reflink idref="bib68" id="ref46">68</reflink>]). In many countries, English has traditionally been taught as a foreign language at the secondary school level, especially East Asia (Butler, [<reflink idref="bib11" id="ref47">11</reflink>]). Studies have found academic achievement gaps between native and non-native English speakers when English is the MOI with native speakers outperforming non-native ones (Tarone et al., [<reflink idref="bib62" id="ref48">62</reflink>]). This effect also applies to financial literacy education.</p> <p>Language is the channel for an individual to master financial literacy, which in turn leads to an individual's financial decision-making capabilities (Aydemir & Aren, [<reflink idref="bib5" id="ref49">5</reflink>]; Grable, [<reflink idref="bib23" id="ref50">23</reflink>]). Studies of financial literacy education (Brown et al., [<reflink idref="bib9" id="ref51">9</reflink>]; Sari et al., [<reflink idref="bib58" id="ref52">58</reflink>]; Ho et al., [<reflink idref="bib30" id="ref53">30</reflink>]) indicate that the foreign-language effect influences students' financial attitudes during the acquisition of financial literacy. To understand the indirect influence of the foreign-language effect, we first discuss the influence of risk taking on financial attitude before tracing the connection between foreign-language effect and risk taking. We also establish the domains in which foreign-language effects shape risk-taking values via the schools' MOI and the family home language.</p> <hd id="AN0164433162-8">Risk Taking</hd> <p>Risk taking refers to making a choice despite an uncertain outcome (Hofstede, [<reflink idref="bib18" id="ref54">18</reflink>]). In financial management, risk taking is indispensable when making decisions (Grable, [<reflink idref="bib23" id="ref55">23</reflink>]). Studies (Aydemir & Aren, [<reflink idref="bib5" id="ref56">5</reflink>]; Williams et al., [<reflink idref="bib65" id="ref57">65</reflink>]) show individual feelings about risk-taking affect how risk is interpreted, which subsequently affects individuals' attitudes toward gain and loss, which in turn influences their financial decision making. Although research shows that values connected to risk taking can positively influence financial attitudes (Aydemir & Aren, [<reflink idref="bib5" id="ref58">5</reflink>]), there are also studies showing that risk-taking values discourage individual financial attitudes toward saving (Chatterjee et al., [<reflink idref="bib14" id="ref59">14</reflink>]; Lown et al., [<reflink idref="bib47" id="ref60">47</reflink>]) and those who take excessive risks tend to have irresponsible investment behavior (Tokar Asaad, [<reflink idref="bib4" id="ref61">4</reflink>]), which reduces their willingness to manage their finances (Sages et al., [<reflink idref="bib57" id="ref62">57</reflink>]). These mixed results highlight the need for a more precise understanding of the influence of risk-taking values on financial attitude with its subsequent impact on behavior.</p> <p>Research in international contexts shows that acquiring financial knowledge in a foreign language increases the cognitive load on financial decision making and leads to greater risk taking, and hasty financial behaviors, which often result in poor decisions lacking careful analysis (Keysar et al., [<reflink idref="bib40" id="ref63">40</reflink>]). Chen ([<reflink idref="bib15" id="ref64">15</reflink>]), who investigated the cognitive load of foreign-language effects across countries, found that speakers who could use only either present or future tense were often worse off at saving money than speakers who mastered both present and future tense. He concluded that using a foreign language limits individuals' ability to connect their present decisions to their future financial status, thus increasing their inclination toward risk taking and consequently shaping their financial attitude. However, other studies produced counter-evidence on the foreign-language effect and risk-taking values in financial literacy education. Liu and Jackson ([<reflink idref="bib46" id="ref65">46</reflink>]) and Muller et al. ([<reflink idref="bib27" id="ref66">27</reflink>]) found that Chinese and Korean students who studied financial literacy in English had a negative risk-taking attitude toward mastering subject knowledge. Students lacked confidence in presenting their financial decisions in English (Liu et al., [<reflink idref="bib46" id="ref67">46</reflink>]).</p> <p>Thus, there remains a gap in the knowledge regarding the foreign-language effect, risk-taking values, financial attitudes, and behaviors.</p> <hd id="AN0164433162-9">Medium of Instruction</hd> <p>The MOI is the language used to deliver subject knowledge in schools. However, instead of being just a neutral medium of knowledge transmission as the term suggests, Lee et al.,([<reflink idref="bib30" id="ref68">30</reflink>]) argues that the MOI is a regulative pedagogy that transmits, albeit unintentionally, sociopolitical power. Further, children who speak a different home language in Anglophone societies tend to be disadvantaged in learning at school. Cameron et al.'s ([<reflink idref="bib12" id="ref69">12</reflink>]) study on financial literacy among high school students in New Zealand shows that non-Anglophone students struggle with recognizing or recalling basic financial terms, and are even less likely to do well in applying financial knowledge. Similar results surfaced in Karakurum-Ozdemir et al.'s ([<reflink idref="bib39" id="ref70">39</reflink>]) study on non-Anglophone societies, where Latin American and Middle Eastern students developed poor financial attitudes and literacy, and poor saving and spending habits when learning financial literacy in English, while the reverse was true of native English speakers who studied financial literacy in their first language in these regions. Thus, these studies highlight the importance of considering the influence of MOI on students' financial literacy learning.</p> <hd id="AN0164433162-10">Home Language</hd> <p>Home language is the language that students use to communicate with family members most of the time (Lee, [<reflink idref="bib30" id="ref71">30</reflink>]). To understand MOI as a form of foreign-language effect, it is important to examine MOI in relation to a child's home language. However, among the few studies on the effects of home language on financial literacy, Brown et al. ([<reflink idref="bib9" id="ref72">9</reflink>]) used home language as an indicator of cultural diversity to explore its influence on financial attitude at the German–French language border in Switzerland, where German prevails as the MOI in schools. They found that French-speaking parents gave their children pocket money at an early age and encouraged spending, and French-speaking children were more risk taking in spending and planning ahead, and had a poorer performance in financial literacy tests than children who speak German as their home language. However, Brown et al. ([<reflink idref="bib9" id="ref73">9</reflink>]) acknowledge that their findings do not extend to other sociolinguistic contexts. While studies have been conducted in Hong Kong and Singapore on home language conversion choices among teachers (Lee et al., [<reflink idref="bib30" id="ref74">30</reflink>]) and childhood home language influence on teacher risk-taking and teaching practices (Ho and Lee, [<reflink idref="bib29" id="ref75">29</reflink>]), there have been no studies on such effects on students' risk-taking values, financial attitude, and behavior.</p> <hd id="AN0164433162-11">Conceptual Framework</hd> <p>This study examines the influence of home language and MOI, risk taking, and students' financial attitudes on their financial behavior to explore the relationships between foreign-language effect and financial literacy education (Fig. 1). To represent the foreign-language effect, we first conceptualize that both MOI (the medium in which students receive financial literacy education at school) and home language (the language students use most often for communication at home) have an influence on their risk-taking values. Next, we suggest that risk taking influences financial attitude in the aspects of entitlement and conscientiousness, which in turn relates to financial behavior in spending, protection, and planning.</p> <p>Graph: Fig. 1Conceptual framework</p> <hd id="AN0164433162-12">Research Purpose and Questions</hd> <p>The purpose of this study is to investigate how the learning environment of students acquiring financial literacy may be improved by including the domains of language and values. The following research question guide our study:</p> <p>RQ. How do risk-taking values mediate the influence of MOI and home language on financial attitudes toward financial behavior?</p> <hd id="AN0164433162-13">Research Methodology</hd> <p></p> <hd id="AN0164433162-14">Context</hd> <p>As financial literacy education plays a crucial role in nurturing students' financial well-being, countries worldwide may have varied strategies to integrate financial literacy education into school curriculum (OECD, [<reflink idref="bib55" id="ref76">55</reflink>]). The US and European countries are now formalizing financial literacy education in the school curriculum. In US, 17 states had financial literacy topics in public school curriculums, and four states required students to take a financial literacy course (U.S. Financial Literacy and Education Commission, 2020). In Europe, Belgium introduced a financial curriculum and made it mandatory in the secondary school curriculum in 2010 (Batsaikhan et al., [<reflink idref="bib6" id="ref77">6</reflink>]). Other European countries, including Crezh, Estonia, Flanders, France, and the Netherlands, integrated financial education into the secondary school curriculum as a cross-curricular (Cannistrà et al., [<reflink idref="bib13" id="ref78">13</reflink>]).</p> <p>Financial literacy education has also received increasing attention in Asia in the past decade (Yu et al., [<reflink idref="bib70" id="ref79">70</reflink>]). Compared with the US and European countries, financial literacy education is still at a very early stage in Asia countries. The China government recognized the importance of financial literacy and organized a series of financial education activities and projects to improve students' financial literacy (Zhang et al., [<reflink idref="bib70" id="ref80">70</reflink>]). However, there is no standardized financial literacy curriculum for students in China. Other Asian countries, including Japan, Taiwan, Indonesia, and Malaysia, share a similar practice that promoted financial literacy through extra-curricular activities (Xiao, [<reflink idref="bib67" id="ref81">67</reflink>]). Although there is no standardized financial literacy curriculum in Singapore, schools' teachers took the initiative to develop and implement financial literacy programs targeted at different age groups and education levels (Koh, [<reflink idref="bib41" id="ref82">41</reflink>]). Conversely, the Korean government took a further step by adding personal finance to the economics curriculum in grades 11 and 12 (Jang et al., [<reflink idref="bib36" id="ref83">36</reflink>]).</p> <p>Hong Kong, as the first Asia city introduced the formalized financial literacy curriculum since 2009 (Lee et al., [<reflink idref="bib30" id="ref84">30</reflink>]), can be viewed as a context that fits well with the purpose of our study. First, policy initiatives on language and MOI provide clear-cut groups. Financial literacy is taught in two languages—Chinese and English—and students do not have a choice on their MOI. In 1997, the Education Bureau announced that secondary schools in Hong Kong would adopt Chinese to teach all academic subjects. The policy was fine tuned to accommodate schools wanting to use English as a MOI as long as the schools provided evidence that they fulfilled three ability criteria—students' English literacy, teachers' ability to teach subjects in English, and schools' ability to support learning via English MOI. (EDB, 2009). Second, Hong Kong has a highly formalized and examination-based financial literacy curriculum (Lee et al., [<reflink idref="bib30" id="ref85">30</reflink>]), and an evenly distributed sample of students studying financial literacy in Chinese (44%) and English (56%) (HKEAA, [<reflink idref="bib31" id="ref86">31</reflink>]). This context allowed good access to student samples from both MOIs; the importance of financial literacy education also increased participant willingness to engage in our study. Tangentially, the Hong Kong Government's Investor Financial Education Council studied students' financial behavior scores and the results indicated a decline while their financial attitude recorded a positive growth over several years (IFEC, [<reflink idref="bib34" id="ref87">34</reflink>]), which gives rise to the need to examine the reasons for the decline.</p> <hd id="AN0164433162-15">Participants</hd> <p>We approached all secondary schools offering the financial literacy curriculum to recruit a sample group of students. As data were collected during the COVID pandemic, the questionnaire was administered online. Students were first asked whether they had studied financial literacy before they were given access to the questionnaire. A total of 1011 students from 26 secondary schools returned fully completed and valid questionnaires (Table 1). Student participants were from secondary 3 to 6, aged 14–18. The MOI in English is 488, which covers nearly half of the sample. However, only 81 of these students use English as their home language, although most of them are likewise overwhelmingly ethnic Chinese, with an exceptional few of White-European descent. Perhaps related to the Hong Kong schooling culture, some Hong Kong's parents have chosen English over their native languages to help their children gain a competitive educational advantage, such as higher chances of seletion for the limited placements in receiving an English MOI education, in obtaining better public examination results that are predominantly administered in English, or preparation for overseas studies in the globally sought after universities in Anglophone contexts (Phillipson et al., [<reflink idref="bib56" id="ref88">56</reflink>]).</p> <p>Table 1 Sample characteristics</p> <p> <ephtml> <table frame="hsides" rules="groups"><thead><tr><th align="left"><p>Characteristic</p></th><th align="left"><p><italic>N</italic> = <italic>1011</italic></p></th><th align="left"><p>Percentage</p></th></tr></thead><tbody><tr><td align="left" colspan="3"><p>Level</p></td></tr><tr><td align="left"><p> Secondary 3</p></td><td align="left"><p>219</p></td><td char="." align="char"><p>21.7</p></td></tr><tr><td align="left"><p> Secondary 4</p></td><td align="left"><p>253</p></td><td char="." align="char"><p>25.0</p></td></tr><tr><td align="left"><p> Secondary 5</p></td><td align="left"><p>197</p></td><td char="." align="char"><p>19.5</p></td></tr><tr><td align="left"><p> Secondary 6</p></td><td align="left"><p>342</p></td><td char="." align="char"><p>33.8</p></td></tr><tr><td align="left" colspan="3"><p>Gender</p></td></tr><tr><td align="left"><p> Male</p></td><td align="left"><p>505</p></td><td char="." align="char"><p>50.0</p></td></tr><tr><td align="left"><p> Female</p></td><td align="left"><p>506</p></td><td char="." align="char"><p>50.0</p></td></tr><tr><td align="left" colspan="3"><p>MOI</p></td></tr><tr><td align="left"><p> Chinese</p></td><td align="left"><p>524</p></td><td char="." align="char"><p>51.8</p></td></tr><tr><td align="left"><p> English</p></td><td align="left"><p>488</p></td><td char="." align="char"><p>48.2</p></td></tr><tr><td align="left" colspan="3"><p>Level with MOI</p></td></tr><tr><td align="left"><p> Secondary 3 by using English</p></td><td align="left"><p>149</p></td><td char="." align="char"><p>14.7</p></td></tr><tr><td align="left"><p> Secondary 3 by using Chinese</p></td><td align="left"><p>70</p></td><td char="." align="char"><p>6.9</p></td></tr><tr><td align="left"><p> Secondary 4 by using English</p></td><td align="left"><p>127</p></td><td char="." align="char"><p>12.6</p></td></tr><tr><td align="left"><p> Secondary 4 by using Chinese</p></td><td align="left"><p>126</p></td><td char="." align="char"><p>12.5</p></td></tr><tr><td align="left"><p> Secondary 5 by using English</p></td><td align="left"><p>101</p></td><td char="." align="char"><p>10.0</p></td></tr><tr><td align="left"><p> Secondary 5 by using Chinese</p></td><td align="left"><p>96</p></td><td char="." align="char"><p>9.5</p></td></tr><tr><td align="left"><p> Secondary 6 by using English</p></td><td align="left"><p>111</p></td><td char="." align="char"><p>11.0</p></td></tr><tr><td align="left"><p> Secondary 6 by using Chinese</p></td><td align="left"><p>231</p></td><td char="." align="char"><p>22.8</p></td></tr><tr><td align="left"><p><italic>Home Language</italic> Chinese</p></td><td align="left"><p>934</p></td><td char="." align="char"><p>91.9</p></td></tr><tr><td align="left"><p> English</p></td><td align="left"><p>81</p></td><td char="." align="char"><p>8.1</p></td></tr><tr><td align="left" colspan="3"><p>Ethicity</p></td></tr><tr><td align="left"><p> Chinese</p></td><td align="left"><p>1005</p></td><td char="." align="char"><p>99.4</p></td></tr><tr><td align="left"><p> European</p></td><td align="left"><p>6</p></td><td char="." align="char"><p>0.6</p></td></tr><tr><td align="left" colspan="3"><p>Housing</p></td></tr><tr><td align="left"><p> Public housing</p></td><td align="left"><p>419</p></td><td char="." align="char"><p>41.4</p></td></tr><tr><td align="left"><p> Subsidized housing</p></td><td align="left"><p>203</p></td><td char="." align="char"><p>20.1</p></td></tr><tr><td align="left"><p> Private housing</p></td><td align="left"><p>389</p></td><td char="." align="char"><p>38.5</p></td></tr></tbody></table> </ephtml> </p> <hd id="AN0164433162-16">Measurements</hd> <p></p> <hd id="AN0164433162-17">MOI</hd> <p>MOI was measured by asking students whether they had studied financial literacy in English. We verified the MOI with teachers at a school level and whether the content taught at school aligned with the government standard. A dichotomously coded variable (i.e., yes/no) was created to measure MOI.</p> <hd id="AN0164433162-18">Home Language</hd> <p>The home language was measured to see whether the students speak Chinese to communicate with family members. A dichotomously coded variable (i.e., yes/no) was created to measure the home language.</p> <hd id="AN0164433162-19">Housing</hd> <p>The type of housing was measured to reflect students' socioeconomic status (Yau & Choi Cheung, [<reflink idref="bib69" id="ref89">69</reflink>]). There are three types of housing in Hong Kong. The Hong Kong government provides public housing for lower-income residents. Subsidized housing is also provided by the Hong Kong government, which sells apartment flats to eligible public housing tenants and to low-income residents at prices below the market level. As Hong Kong's property price index is high, private housing represents the social status of the middle class or above. A dichotomously coded variable (i.e., yes/no) was created to measure the type of housing that students live in.</p> <hd id="AN0164433162-20">Risk Taking</hd> <p>To assess students' risk-taking values, we used a four-item scale (Lee and Lee, [<reflink idref="bib43" id="ref90">43</reflink>]). Items asked about risk aversion and were reverse rated on a scale from 6 (Strongly disagree—highest risk taking) to 1 (Strongly agree—lowest risk taking). The α coefficient was 0.88.</p> <hd id="AN0164433162-21">Financial Attitude</hd> <p>The financial attitude scale consisted of 10 items where conscientiousness and entitlement were each represented by five items with Likert scale measurements ranging from 1 (Strongly disagree) to 6 (Strongly agree) (Beutler and Gudmunson, [<reflink idref="bib7" id="ref91">7</reflink>]). The α coefficients for conscientiousness and entitlement measurements were 0.87 and 0.83.</p> <hd id="AN0164433162-22">Financial Behavior</hd> <p>Measurements of financial behavior consisted of three different dimensions: (<reflink idref="bib1" id="ref92">1</reflink>) spending, (<reflink idref="bib2" id="ref93">2</reflink>) planning, and (<reflink idref="bib3" id="ref94">3</reflink>) protection, with 12 items in total (OECD ([<reflink idref="bib53" id="ref95">53</reflink>]). Students indicated their response on a scale from 1 (Strongly disagree) to 6 (Strongly agree). The α coefficient for the measure of spending, planning, and protection was 0.84, 0.86, and 0.814, respectively.</p> <hd id="AN0164433162-23">Data analysis</hd> <p>We performed a correlational analysis to identify a plausible relationship between the variables measured with the questionnaire. To test the connection between variables, structural equation modeling (SEM) was carried out. The model tests for main effects on the dependent variables, financial attitude, and financial behavior. Risk taking, home language, and MOI were entered into the model at the second step as the mediator and independent variable. To ascertain the model fit, we used a combination of tests, including the root-mean-square error of approximation (RMSEA), comparative fit index (CFI), and confidence interval (CI). The cut-off values distinguishing good model fit were RMSEA (< 0.06), TLI (> 0.90), and IFI (> 0.90) (Steiger, [<reflink idref="bib60" id="ref96">60</reflink>]).</p> <hd id="AN0164433162-24">Results</hd> <p></p> <hd id="AN0164433162-25">Correlation analysis</hd> <p>Referring to Table 2, bivariate correlation analysis revealed no significant association between financial attitude in entitlement and financial behavior in spending (<emph>r</emph> = −0.032, <emph>p</emph> = n.s.), and financial behavior in protection (<emph>r</emph> = 0.06, <emph>p</emph> = n.s.). A significant and slightly positive relationship was found between financial attitude in entitlement and financial behavior in planning (<emph>r</emph> = 0.069, <emph>p</emph> ≤ 0.05). There was also a significant association and positive relationship between financial attitude in conscientiousness and financial behavior in spending (<emph>r</emph> = 0.548, <emph>p</emph> ≤ 0.01), planning (<emph>r</emph> = 0.439, <emph>p</emph> ≤ 0.01), and protection (<emph>r</emph> = 0.424, <emph>p</emph> ≤ 0.01). The findings indicate that financial attitude was related to financial behavior. We, then, found that risk taking was positively related to financial attitude in entitlement (<emph>r</emph> = 0.196, <emph>p</emph> ≤ 0.01) and conscientiousness (<emph>r</emph> = 0.036, <emph>p</emph> ≤ 0.01). Furthermore, there was a significant association between risk taking and MOI (<emph>r</emph> = 0.084, <emph>p</emph> ≤ 0.01), and home language (<emph>r</emph> = 0.098, <emph>p</emph> ≤ 0.01). Three types of housing are not significantly related to financial attitude and financial behavior.</p> <p>Table 2 Mean, standard deviations, and intercorrelations among the main variables (<emph>N</emph> = 1011)</p> <p> <ephtml> <table frame="hsides" rules="groups"><thead><tr><th align="left"><p>Variable</p></th><th align="left"><p><italic>M</italic></p></th><th align="left"><p><italic>SD</italic></p></th><th align="left"><p>1</p></th><th align="left"><p>2</p></th><th align="left"><p>3</p></th><th align="left"><p>4</p></th><th align="left"><p>5</p></th><th align="left"><p>6</p></th><th align="left"><p>7</p></th><th align="left"><p>8</p></th><th align="left"><p>9</p></th><th align="left"><p>10</p></th></tr></thead><tbody><tr><td align="left"><p>1. MOI</p></td><td char="." align="char"><p>0.48</p></td><td char="." align="char"><p>0.50</p></td><td char="." align="char" /><td char="." align="char" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>2. Home language</p></td><td char="." align="char"><p>0.92</p></td><td char="." align="char"><p>0.27</p></td><td char="." align="char"><p>0.016</p></td><td char="." align="char" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>3. Public housing</p></td><td char="." align="char"><p>0.41</p></td><td char="." align="char"><p>0.49</p></td><td char="." align="char"><p>0.045</p></td><td char="." align="char"><p>0.023</p></td><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>4. Subsidized housing</p></td><td char="." align="char"><p>0.20</p></td><td char="." align="char"><p>0.40</p></td><td char="." align="char"><p>−0.021</p></td><td char="." align="char"><p>0.037</p></td><td align="left"><p>−0.422**</p></td><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>5. Private housing</p></td><td char="." align="char"><p>0.39</p></td><td char="." align="char"><p>0.47</p></td><td char="." align="char"><p>−0.015</p></td><td char="." align="char"><p>−0.057</p></td><td align="left"><p>−0.665**</p></td><td align="left"><p>−0.396**</p></td><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>6. Risk-taking</p></td><td char="." align="char"><p>3.84</p></td><td char="." align="char"><p>0.91</p></td><td char="." align="char"><p>0.084**</p></td><td char="." align="char"><p>0.098**</p></td><td align="left"><p>−0.002</p></td><td align="left"><p>−0.001</p></td><td align="left"><p>0.003</p></td><td align="left" /><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>7. Financial attitude in entitlement</p></td><td char="." align="char"><p>2.95</p></td><td char="." align="char"><p>1.01</p></td><td char="." align="char"><p>0.132**</p></td><td char="." align="char"><p>−0.004</p></td><td align="left"><p>−0.054</p></td><td align="left"><p>0.010</p></td><td align="left"><p>0.046</p></td><td align="left"><p>0.196**</p></td><td align="left" /><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>8. Financial attitude in conscientiousness</p></td><td char="." align="char"><p>4.18</p></td><td char="." align="char"><p>1.02</p></td><td char="." align="char"><p>0.035</p></td><td char="." align="char"><p>−0.023</p></td><td align="left"><p>−0.022</p></td><td align="left"><p>0.009</p></td><td align="left"><p>0.015</p></td><td align="left"><p>0.036**</p></td><td align="left"><p>0.029</p></td><td align="left" /><td align="left" /><td align="left" /></tr><tr><td align="left"><p>9. Financial behavior in spending</p></td><td char="." align="char"><p>4.39</p></td><td char="." align="char"><p>0.97</p></td><td char="." align="char"><p>0.029</p></td><td char="." align="char"><p>−0.055</p></td><td align="left"><p>−0.092</p></td><td align="left"><p>0.031</p></td><td align="left"><p>0.068*</p></td><td align="left"><p>0.287**</p></td><td align="left"><p>-0.032</p></td><td align="left"><p>0.548**</p></td><td align="left" /><td align="left" /></tr><tr><td align="left"><p>10. Financial behavior in planning</p></td><td char="." align="char"><p>3.89</p></td><td char="." align="char"><p>1.05</p></td><td char="." align="char"><p>0.280</p></td><td char="." align="char"><p>−0.087**</p></td><td align="left"><p>−0.152</p></td><td align="left"><p>0.001</p></td><td align="left"><p>0.153</p></td><td align="left"><p>0.240**</p></td><td align="left"><p>0.069*</p></td><td align="left"><p>0.439**</p></td><td align="left"><p>0.561**</p></td><td align="left" /></tr><tr><td align="left"><p>11. Financial behavior in protection</p></td><td char="." align="char"><p>3.8</p></td><td char="." align="char"><p>1.02</p></td><td char="." align="char"><p>−0.003</p></td><td char="." align="char"><p>−0.075*</p></td><td align="left"><p>−0.071*</p></td><td align="left"><p>0.002</p></td><td align="left"><p>0.071</p></td><td align="left"><p>0.244**</p></td><td align="left"><p>0.060</p></td><td align="left"><p>0.424**</p></td><td align="left"><p>0.539**</p></td><td align="left"><p>0.523**</p></td></tr></tbody></table> </ephtml> </p> <p> <sups>*</sups> <emph>p</emph> < 0.05, **<emph>p</emph> < 0.01</p> <hd id="AN0164433162-26">SEM</hd> <p>We conducted structural equation modeling with the variables MOI, home language, risk taking, financial attitude in entitlement, financial attitude in conscientiousness, financial behavior in spending, financial behavior in planning, and financial behavior in protection. We ensured that these variables were distinct constructs, meaning that the result was not caused by the potential impact of common method variance; Ho et al. ([<reflink idref="bib30" id="ref97">30</reflink>]) already compared separate measurement models for the measures used. The SEM results presented in Fig. 2. show the model demonstrated a good fit of the data: χ2 = 53.51; <emph>df</emph> = 13; <emph>p</emph> < 0.001; IFI = 0.97; TLI = 0.94; RMSEA = 0.053.</p> <p>Graph: Fig. 2Structural equation modeling</p> <p>RQ1. How do conscientiousness and entitlement relate to financial behavior in terms of spending, protection, and planning?</p> <p>The SEM result indicated a weak positive relationship between financial attitude in entitlement and financial behavior in planning (<emph>β</emph> = 0.06, <emph>p</emph> ≤ 0.05). However, financial attitude in entitlement and financial behavior in spending (<emph>β</emph> =−0.05,<emph>p</emph> = <emph>n.s.</emph>) and protection (<emph>β</emph> = 0.49, <emph>p</emph> = <emph>n.s.</emph>) had no significant relationship. Thus, having financial attitude in entitlement had minimal influence on students' financial behavior. In contrast, there were significant and positive relationships between financial attitude in conscientiousness and financial behavior in spending (<emph>β</emph> = 0.53, <emph>p</emph> ≤ 0.001), planning (<emph>β</emph> = 0.45, <emph>p</emph> ≤ 0.001), and protection (<emph>β</emph> = 0.36, <emph>p</emph> ≤ 0.001) revealing that having financial attitude in conscientiousness was necessary for promoting financial behavior. There was no significant relationship between financial attitude in entitlement and conscientiousness (<emph>β</emph> = -0.04, <emph>p</emph> = <emph>n.s.</emph>). This indicated that both financial attitudes are mutually exclusive.</p> <p>RQ2. How do risk-taking values mediate the influence of MOI and home language on financial attitudes toward financial behavior?</p> <p>SEM results also indicated that students who had risk-taking values demonstrated strongly positive financial attitude in entitlement (<emph>β</emph> = 0.22, <emph>p</emph> ≤ 0.001) and conscientiousness (<emph>β</emph> = 0.41, <emph>p</emph> ≤ 0.001) showing that students who had risk-taking values can have positive financial attitude for promoting financial behavior. We, then, deepened the examination by testing the effect of risk taking on financial attitude by language. SEM results showed a statistically significant path relationship for MOI with financial attitude and financial behavior, when risk-taking was considered (<emph>β</emph> = 0.15, <emph>p</emph> ≤ 0.01). This implies that students who used English when learning financial literacy demonstrated high risk-taking values to strengthen their financial attitude and financial behavior. There was also a statistically significant path relationship for home language with financial attitude and financial behavior when risk taking was considered (<emph>β</emph> = 0.33, <emph>p</emph> ≤ 0.01). This indicates that students who use Chinese at home have higher risk-taking values to strengthen their financial attitude and financial behavior.</p> <hd id="AN0164433162-27">Discussion</hd> <p>Our study focused on the influence of entitlement and conscientiousness attitudes on financial behavior. As students in the Asia–Pacific, including Singapore (Koh, [<reflink idref="bib41" id="ref98">41</reflink>]), South-East Asia (Xiao, [<reflink idref="bib67" id="ref99">67</reflink>]), Macro (Vong et al., [<reflink idref="bib64" id="ref100">64</reflink>]), and Hong Kong (Lee, [<reflink idref="bib30" id="ref101">30</reflink>]), often receive financial literacy education in English, we investigated the foreign-language effects by comparing home language and MOI to examine the mediatory effects of language via risk-taking values. SEM results indicated significant connections between language and financial literacy education, and that MOI and home language have a positive influence on the risk-taking values of students, which in turn had a positive impact on their conscientiousness. However, language effects were found to be far more complex than only foreign-language effects, and entitlement showed only a weakly positive influence on financial planning.</p> <hd id="AN0164433162-28">Theoretical Implications</hd> <p>Our findings indicate that entitlement and conscientiousness influence financial behavior in different ways. Contrary to Beutler and Gudmunson's study ([<reflink idref="bib7" id="ref102">7</reflink>]), our findings show that these attitudes do not share a statistically significant relationship. Therefore, highly conscientious Chinese students are less likely to feel entitled. Further, conscientiousness has a much more significant influence on all aspects of students' financial behavior. The differing results may be explained by examining cultural differences in adolescents' attitudes on "the[ir] right and belief in deserving certain financial privileges," such as feeling entitled toward spending, planning, and investing money (OECD, [<reflink idref="bib54" id="ref103">54</reflink>], p. 84). Because of the strong emphasis on hierarchy and collectivism in Confucian heritage societies, Chinese adolescents tend to see themselves as less entitled to parents' money (Liu et al., [<reflink idref="bib46" id="ref104">46</reflink>]). However, feelings of dependency and interconnectedness to parents before adulthood may increase their responsibility in managing parents' money, underpinned by Chinese adolescents' assumption that they may eventually inherit parents' financial assets (Zhu, [<reflink idref="bib43" id="ref105">43</reflink>]). Such an attitude appears to differ significantly from Beutler and Gudmunson's study, which was conducted in the United States.</p> <p>The results on the positive influence of risk taking on financial literacy provide further insight into the mixed results on whether risk taking promotes or inhibits financial literacy (Aydemir & Aren, [<reflink idref="bib5" id="ref106">5</reflink>]; Chatterjee et al., [<reflink idref="bib14" id="ref107">14</reflink>]; Lown et al., [<reflink idref="bib47" id="ref108">47</reflink>]). While risk-taking values had a significant influence on both entitlement and conscientiousness, studies that have focused on the risk-taking effects on entitlement attitudes have found only a weak impact of such values on financial behavior. In contrast, studies that have focused on risk-taking influences on conscientiousness have found a significant impact of such values on financial behavior. Further, we did not expect that higher risk-taking students would be more likely to feel conscientious than self-entitled, contrary to prevailing studies in the United States showing that risk takers are irresponsible investors (Sages et al., [<reflink idref="bib57" id="ref109">57</reflink>]; Tokar Asaad, [<reflink idref="bib4" id="ref110">4</reflink>]). Our results suggest that risk-taking Chinese students may feel more responsible and willing to manage financial matters, contrary to prevalent beliefs. We may explain these results in connection to the literature on Chinese collectivistic cultures (Hofstede, [<reflink idref="bib18" id="ref111">18</reflink>]). Although Chinese students do not feel entitled to their parents' money (Liu et al., [<reflink idref="bib46" id="ref112">46</reflink>]), they manage these assets as a part of their own because they see themselves as a part of the collective. Therefore, when taking risks in financial investments, they feel personally responsible toward their parents to grow their assets and do it prudently.</p> <p>Adult financial literacy studies continuously found that a person's social status may affect an individual's financial well-being (Angrisani et al., [<reflink idref="bib2" id="ref113">2</reflink>]; Tehir et al., [<reflink idref="bib61" id="ref114">61</reflink>]). The socioeconomic characteristics of the housing even serve as additional factors shaping financial literacy as people share knowledge, information, and experience with their neighborhood (Angrisani et al., [<reflink idref="bib2" id="ref115">2</reflink>]). However, the result of insignificant relationship among types of housing, financial attitude, and financial behavior is surprising. This result shed light on students' financial literacy study that socioeconomic characteristics might not be the main factor in influencing students' financial well-being. A study about the role of parenting in students' financial literacy shares a similar result with our study (Bottazzi & Lusardi, [<reflink idref="bib8" id="ref116">8</reflink>]). It further discovered that parental involvement in financial literacy education at home rather than their social status is crucial for nurturing students' financial well-being. As the primary goal of our study is to examine the influence of financial literacy education at school, we have not invited participants to share their perceptions on the influence of parental involvement. Because of this limitation, a further qualitative study is needed to explore the students' views on social status and parental involvement that uncover the possible reasons behind the results of this study.</p> <p>We found that home language effects had a significantly greater influence on student values than school MOI. The findings suggest that the influence of the English language on risk-taking values may be more complex than only a foreign-language effect. Studies on MOI and risk-taking attribute higher risk-taking behavior to receiving financial literacy in a non-native language. Non-native speakers who had to make financial decisions in another language may experience an increased cognitive load and desensitization to risks (Liu & Jackson, [<reflink idref="bib46" id="ref117">46</reflink>]; Muller et al., [<reflink idref="bib27" id="ref118">27</reflink>]). However, our findings converge more closely with studies on home language and risk taking which suggest that students with matching home language and MOI are more inclined toward risks (Keysar et al., [<reflink idref="bib40" id="ref119">40</reflink>]).</p> <hd id="AN0164433162-29">Practical Implications</hd> <p>The effectiveness of financial literacy education has recently gathered attention among policymakers in Chinese society. The Hong Kong government has invested in financial education initiatives in schools and public organizations to equip citizens with financial literacy to make informed financial decisions. Although home language plays a much more significant role, using English MOI does contribute significantly to effective financial behavior and risk-taking values that enhance life opportunities via schooling. However, most students in Hong Kong are taught financial literacy in Chinese resulting in inequitable access to student learning which may cause them to fail to develop proper risk-taking values from financial literacy education. Therefore, we believe that the offering of English MOI learning is essential for enhancing students' financial literacy, especially for those who lack an English home language family environment. By using English as a learning language in financial literacy, students can study financial literacy materials in English. They can also gain cutting-edge financial literacy information to calculate risk and make informed financial decisions. Already, to support student development in financial literacy, open-access education materials are circulated in English by international agencies, such as Jump$tart, OECD, and Operation Hope. These resources provide important financial information about saving, budgeting, credit, paying for college, investing, purchasing a home, and end-of-life financial decisions. Having English proficiency in itself may be insufficient for increased student access to upward social mobility, but it is instrumental for unlocking a wealth of knowledge that is circulated worldwide via this language. These materials can be supplemented by bilingual financial literacy education materials for native Chinese speakers offering them the opportunity to advance their financial literacy attitudes and behavior.</p> <hd id="AN0164433162-30">Limitations</hd> <p>Like all studies, some limitations need to be acknowledged. The context was limited to Hong Kong; thus, further investigations in other Chinese contexts would provide a fuller picture on the impact of the foreign-language effect, especially for the study in non-English language contexts that use English either as a first or second language in financial literacy education. Furthermore, this study cannot reflect why some Chinese parents speak English at home. They may have a different cultural background, such as Hong Kong returnees after 1997, former students studying oversea, etc. A further study is needed to explore the reason for this parenting phenomenon. As our study included only quantitative data, qualitative studies could be implemented to deeply examine why risk-taking enhances financial attitude in terms of conscientiousness.</p> <hd id="AN0164433162-31">Publisher's Note</hd> <p>Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.</p> <ref id="AN0164433162-32"> <title> References </title> <blist> <bibl id="bib1" idref="ref35" type="bt">1</bibl> <bibtext> Amagir A, Groot W, Maassen van den Brink H, Wilschut A. A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education. 2018; 17; 1: 56-80. 10.1177/2047173417719555</bibtext> </blist> <blist> <bibl id="bib2" idref="ref93" type="bt">2</bibl> <bibtext> Angrisani M, Barrera S, Blanco LR, Contreras S. The racial/ethnic gap in financial literacy in the population and by income. 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  Data: Financial Literacy: The Impact of the Foreign-Language Effect on Risk-Taking Values, Financial Attitudes, and Behavior of Hong Kong Secondary Students
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  Label: ISSN
  Group: ISSN
  Data: 0119-5646<br />2243-7908
– Name: Abstract
  Label: Abstract
  Group: Ab
  Data: Students in Asia usually receive financial literacy education in English. This study examines the foreign-language effects of financial literacy education both at home and school among secondary school students in Hong Kong (n = 1011). The study investigates the influence of language on students' risk-taking values, financial attitudes (conscientious and entitlement), and their subsequent financial behavior (saving, planning, and protection). Structural equation modeling results indicate significant positive connections between learning in English in school and the home language, student risk-taking values, and their conscientiousness and financial behavior. However, we also found that language effects were far more complex than only foreign-language effects, and entitlement has much less significance in an Asian context like Hong Kong. Although financial literacy is more accessible if students are taught in their native language, using English as the medium of instruction develops students' financial literacy in many other aspects, including their information access to valuable financial resources circulated worldwide. This paper explains why students who are proficient in English tend to be risk-takers but are nonetheless also conscientious in protecting themselves against financial losses. We propose that additional support in studying financial literacy in English is necessary to improve students' financial literacy in contexts where English is not the native tongue.
– Name: AbstractInfo
  Label: Abstractor
  Group: Ab
  Data: As Provided
– Name: DateEntry
  Label: Entry Date
  Group: Date
  Data: 2023
– Name: AN
  Label: Accession Number
  Group: ID
  Data: EJ1381804
PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=eric&AN=EJ1381804
RecordInfo BibRecord:
  BibEntity:
    Identifiers:
      – Type: doi
        Value: 10.1007/s40299-022-00670-5
    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 12
        StartPage: 485
    Subjects:
      – SubjectFull: Financial Literacy
        Type: general
      – SubjectFull: Second Language Learning
        Type: general
      – SubjectFull: Risk
        Type: general
      – SubjectFull: Values
        Type: general
      – SubjectFull: Student Attitudes
        Type: general
      – SubjectFull: Student Behavior
        Type: general
      – SubjectFull: Secondary School Students
        Type: general
      – SubjectFull: Foreign Countries
        Type: general
      – SubjectFull: English (Second Language)
        Type: general
      – SubjectFull: Language of Instruction
        Type: general
      – SubjectFull: Hong Kong
        Type: general
    Titles:
      – TitleFull: Financial Literacy: The Impact of the Foreign-Language Effect on Risk-Taking Values, Financial Attitudes, and Behavior of Hong Kong Secondary Students
        Type: main
  BibRelationships:
    HasContributorRelationships:
      – PersonEntity:
          Name:
            NameFull: Ho, Chun Sing Maxwell
      – PersonEntity:
          Name:
            NameFull: Lee, Daphnee Hui Lin
    IsPartOfRelationships:
      – BibEntity:
          Dates:
            – D: 01
              M: 08
              Type: published
              Y: 2023
          Identifiers:
            – Type: issn-print
              Value: 0119-5646
            – Type: issn-electronic
              Value: 2243-7908
          Numbering:
            – Type: volume
              Value: 32
            – Type: issue
              Value: 4
          Titles:
            – TitleFull: Asia-Pacific Education Researcher
              Type: main
ResultId 1