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Veritas numquam perit

Do Financial Literacy and Financial Education Influence Smoking Behavior in the United States?

Mostafa S.R. Khan, Pongpat Putthinun, Somtip Watanapongvanich, Pattaphol Yuktadatta, Md. A. Uddin, and Yoshihiko Kadoya

Image by Irina Iriser

This study examined the relationship between financial literacy, financial education, and smoking behaviour in the United States. Using probit regression, we found that people with higher financial literacy are less likely to smoke regularly. Meanwhile, we found no relationship between financial education and smoking behaviour. These results helped emphasise the role of financial literacy as a rational decision-making enhancer, which discourages people from behaving irrationally, like smoking regularly. These results reinforce the previous studies' efforts to promote financial literacy as a means to reduce irrational health behaviours. 

Financial Literacy and Exercise Behavior: Evidence from Japan 

Shunsuke Ono, Pattaphol Yuktadatta, Takafumi Taniguchi, Tomoe Iitsuka, Masafumi Noguchi, Sawa Tanaka, Haruka Ito, Kousei Nakamura, Nanako Yasuhara, Chihiro Miyawaki, Katsumi Mikura, Mostafa S.R. Khan, and Yoshihiko Kadoya.

Asian man practicing football heading skills

This study explored the hypothesis that financial literacy encourages rational behaviour, such as exercising regularly. Within this study, we performed probit regressions and found people with better knowledge of investment or having higher financial literacy scores are more likely to exercise at least once a week. This result revealed the versatility of financial literacy in that financial literacy not only discourages irrational behaviour (based on the previous study) but also encourages rational behaviour simultaneously. This study recommended that policymakers improve Japanese people's decision-making by promoting financial literacy.

Financial Literacy and Exercise Behavior in the United States 

Pattaphol Yuktadatta, Mostafa Saidur Rahim Khan, Yoshihiko Kadoya

Image by Anastase Maragos

Due to the severe obesity epidemic in the United States and the lack of sufficient exercise, our study hypothesises that financial literacy can help enhance rationality among the American population, leading to an increased likelihood of exercising regularly. Similar to the previously mentioned study, this study found that Americans with higher financial literacy scores and those with financial education are more likely to exercise regularly. These results encourage policymakers to consider financial literacy as an alternative countermeasure to the lack of exercise and the obesity epidemic in the United States. 

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