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Authors
Wang, Pengcheng
Bai, Zefeng
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Article History
Received: 23 January 2025
Accepted: 6 October 2025
First Online: 19 November 2025
Competing interests
: The authors declare no competing interests.
: This study utilizes publicly accessible data obtained from the FINRA Investor Education Foundation, which is sourced from the National Financial Capability Study (NFCS) 2021. The data were available for public use ( ) and do not involve any new collection of information or direct interaction with human participants. Consequently, no ethical approval or institutional review board (IRB) oversight was required for this research.
: This article does not contain any studies with human participants performed by any of the authors.
