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While many studies examined the relationship between financial literacy and economic behavior, no fundamental theory that explains the mechanism by which financial knowledge influences behavior has yet emerged. This dissertation addresses this research gap by presenting a new theoretical model for financial literacy – the Cognitive Modulation of Economic Behavior [CMEB] that relates the availability of cognitive and mental resources with factors that influence individuals’ ability to rely on their knowledge: (i) the personal characteristics of the decision-maker, and (ii) the characteristics of the task that he or she wishes to perform. The influence of cognitive and mental resources, and task features, on the ability to apply financial knowledge when needed, was investigated in four different studies. Results indicate that the CMEB model explains the wide-ranging influence of financial literacy on economic behavior. By presenting a model that focuses on the influence of cognitive and mental resources on financial literacy-based behavior, this work expands our understating of the mechanism by which financial literacy operates. The CMEB model can serve as a basis for many theoretical advancements that are still needed in this field of research. |
