Sustainable finance literacy and the determinants of sustainable investing

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-04-04 DOI:10.1016/j.jbankfin.2024.107167

Massimo Filippini , Markus Leippold , Tobias Wekhof

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Abstract

In this paper, we survey a large sample of Swiss households to measure sustainable finance literacy, which we define as the knowledge and skill of identifying and assessing financial products according to their reported sustainability-related characteristics. To this end, we use multiple-choice questions. Furthermore, we measure Swiss private investors' level of awareness about sustainable financial products using open-ended questions. We find that Swiss households, which are generally highly financially literate by international standards, exhibit low levels of sustainable financial literacy compared to the current working definitions of sustainable finance. Moreover, despite its low level, knowledge about sustainable finance is a significant factor in the reported ownership of sustainable products. The empirical results also show a relatively low level of awareness. Generally, these empirical findings suggest a need to create transparent regulatory standards and strengthen information campaigns about sustainable financial products.

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可持续金融扫盲和可持续投资的决定因素

在本文中，我们对大量瑞士家庭进行了抽样调查，以衡量可持续金融素养。我们将可持续金融素养定义为根据金融产品所报告的可持续发展相关特征来识别和评估金融产品的知识和技能。为此，我们使用了多项选择题。此外，我们还使用开放式问题来衡量瑞士私人投资者对可持续金融产品的认知水平。我们发现，按照国际标准，瑞士家庭的金融知识水平普遍较高，但与当前可持续金融的工作定义相比，瑞士家庭的可持续金融知识水平较低。此外，尽管可持续金融知识水平较低，但它却是影响可持续产品拥有率的一个重要因素。实证结果还表明，人们的认知水平相对较低。总体而言，这些实证研究结果表明，有必要制定透明的监管标准，并加强有关可持续金融产品的宣传活动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.