Abstract
This study examines the impact of self-control and financial literacy on financial fragility during the COVID-19 pandemic in Taiwan. The findings indicate that both cognitive (financial literacy) and non-cognitive/affective (self-control) factors are significantly associated with individuals' financial fragility. Notably, self-control exerts a stronger impact on financial fragility than financial literacy. Individuals with low self-control exhibit significantly lower financial literacy compared to their high self-control counterparts. Additionally, respondents with both high self-control and high financial literacy experience the lowest likelihood of financial fragility. These results are robust after assessing for omitted variables and endogeneity.
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