@article{oai:nagoya.repo.nii.ac.jp:02001478,
 author = {Endo, Hideki and Chinen, Kenichiro},
 issue = {E21-6},
 journal = {Economic Research Center Discussion Paper E-Series},
 month = {Aug},
 note = {Previous studies indicated “I don’t know” (DK) item in an option to financial literacy question is a proxy of lack of financial knowledge. However, is the DK option a proxy for only a lack of knowledge? We examined whether persons who frequently answered DK to financial literacy questions were at the level of "don't know the answer at all" or " narrow down the choices to some extent” based on a web survey in Japan. Then we compared the factors that lead to the selection of DK with the factors that form financial literacy and explored the impact of those factors. The results indicated that the group chose DK was at a knowledge level where they could narrow down their answers to some extent, did not check it box with “a pure guesswork.” Respondents with investment experience and with rich experience in economics or finance courses had higher financial literacy score and lower the number of DK responses. This suggests that both knowledge and experience are important in the formation of appropriate financial literacy.},
 pages = {1--22},
 title = {Is "I Don't Know" a Signal of Lack of Financial Knowledge? : Some Preliminary Findings},
 year = {2021}
}