Written By: Kyoung Tae Kim, Jae Min Lee, and Jonghee Lee
We examined the relationship between holding a student loan and financial satisfaction and financial education’s moderating role using the 2015 National Financial Capability Study dataset. Households with a student loan had lower levels of financial satisfaction than those without one. We found a moderating role of receiving both formal and informal financial education on the relationship between a student loan and financial satisfaction, regardless of for whom the loans were taken. Our findings confirm the importance of financial education and suggest that receiving a thorough combination of formal and informal education will improve student loan holders’ financial satisfaction.