Debt Literacy

Published: 02-03-2021| Version 1 | DOI: 10.17632/f5s6cxk38f.1
Robert Porzak,
Andrzej Cwynar,
Wiktor Cwynar


Data collected in the study: Short-term Infographics-based Debt Education Improves Debt Literacy: The Role of Visual Attention on Positives and Negatives of Debt, Numerical, Graph, and Linguistic Literacy An experimental design with repeated measures and an internal comparison group was applied to study the process and results of infographics-based debt education. In testing 108 participants, we used eye tracker, a series of infographics, as well as scales of debt, numerical, graph, and linguistic literacy. Based on the literature review, which suggests that visual attention focused on the positives and negatives of borrowing, as well as numerical, graph, and linguistic literacy, could affect debt literacy education, we hypothesize that: H1. Participants focusing visual attention on infographics longer show better debt literacy education results. H2. Participants with higher numerical, graph, and linguistic literacy show better debt literacy education results. Verification of these hypotheses was conducted in an experimental design with repeated measures and with an internal comparison group. The results confirm that short-term infographics-based debt education can improve debt literacy significantly. The difference in processing the educational contents that were not known to participants before the educational session suggests that participants with better information literacy make more considerable debt literacy progress. Specifically, we found that numerical literacy is a significant mediator of debt education results, depending on the initial level of debt literacy; this relation is moderated by the focus of visual attention on risk-related information. We found no significant relationship between debt literacy education results and those of graph and linguistic literacy.