Can constructs related to creative thinking predict financial literacy?

Abstract

This study aims to determine whether concepts related to creative thinking can predict students' financial literacy and, if so, which variables are effective and how. At the same time, an attempt was made to determine how these models work according to gender. The study is a relational survey model conducted using data from students who participated in the creative thinking and financial literacy survey in the PISA 2022 study. The students are from Austria, Belgium, Brazil, Bulgaria, Canada, Costa Rica, the Czech Republic, Denmark, Hungary, Italy, the Netherlands, Poland, Portugal, Saudi Arabia, and the United Arab Emirates. While general regression analyses were conducted with 54513 students, gender-based analyses were conducted with 24493 students for girls and 24005 for boys. Creative thinking dimensions "Participation in creative activities at school (CREATAS)", "Creative thinking self-efficacy (CREATEFF)", "Creative peers and family environment (CREATFAM)", "Participation in creative activities outside of school (CREATOOS)", "Creativity and openness to intellect (CREATOP)", "Creative school and class environment (CREATSCH)", "Imagination and adventurousness (IMAGINE)”, and “Openness to art and reflection (OPENART)” were accepted as independent variables. The financial literacy score was used as the dependent variable, calculated using plausible values through the program. This study makes a unique contribution to the literature by examining the effect of creative thinking-related factors on determining financial literacy through multiple regression analysis. Remarkably, while the dimensions of creative thinking, especially those related to intellectual openness, imagination and social support, significantly predict financial literacy, on the other hand, it also shows that excessive participation in out-of-school investment activities may have a negative effect. Another prominent aspect of the study is that the above-mentioned findings are based on data from many countries. This has also revealed the effects of cultural context and educational environments by comparing countries. Although data from more than one country is available, the variance explained by the models, in general and particular, is low. This shows that financial literacy is multidimensional and cannot be explained only by creative thinking. Nevertheless, this study aims to fill the gap in the field by presenting multinational findings on the impact of creative thinking on financial literacy. In this context, although the effect size and direction differ, it can be stated with certainty that specific dimensions of creative thinking (e.g., imagination, intellectual openness, and social support) have a significant impact on financial literacy for both girls and boys. These results suggest that creativity is associated with processes such as life skills and decision-making and may have a positive impact on financial literacy.

Keywords

• financial literacy
• creative thinking
• gender
• PISA

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