Understanding financial institutions – The role of reading economic news in Germany and the UK

Book chapter

Strauß, N., Knowles, S. and Cinceoglu, V. 2023. Understanding financial institutions – The role of reading economic news in Germany and the UK. in: Miciuła, I. (ed.) Financial Literacy in Today's Global Market IntechOpen.
Chapter titleUnderstanding financial institutions – The role of reading economic news in Germany and the UK
AuthorsStrauß, N., Knowles, S. and Cinceoglu, V.
Abstract

This chapter argues that the news media play an important factor in educating the public about financial institutions. It presents some novel survey results, exploring the role of economic news use for the perceived understanding of financial institutions in Germany and the UK. Two web-based surveys were conducted: one in the UK in winter 2018 and one in Germany in summer 2019. Findings show that economic news use is positively related with a better perceived understanding of financial institutions in both countries, even after controlling for demographics and financial socialization. We find that the level of perceived understanding of financial institutions is positively related with education and income and negatively related with being female. The need for information significantly impacted the relationship between economic news use and understanding of financial institutions in the UK but not in Germany. Practical implications for economic and financial news journalists are discussed.

Sustainable Development Goals10 Reduced inequalities
Middlesex University ThemeCreativity, Culture & Enterprise
Book titleFinancial Literacy in Today's Global Market
EditorsMiciuła, I.
PublisherIntechOpen
Publication dates
Print29 Aug 2023
Publication process dates
Submitted21 Jul 2023
Accepted30 Jul 2023
Deposited04 Sep 2023
Output statusPublished
Publisher's version
License
File Access Level
Open
Digital Object Identifier (DOI)https://doi.org/10.5772/intechopen.1002495
LanguageEnglish
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