Energy-related financial literacy and retrofits of Soviet-era apartment buildings: The case of Lithuania.

FA Asmare, Vincentas Giedraitis, Jūratė Jaraitė, Andrius Kažukauskas

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)

Abstract

This paper extends the literature on energy-related financial literacy by examining its role in collective energy retrofit investment decisions in Soviet-era countries, which suffer from suboptimal levels of these investments, purportedly due to a lack of energy-specific knowledge and financial skills as well as low levels of trust. We investigate whether energy-related financial literacy and trust help explain collective energy retrofit investment decisions of typical Soviet-built multi-dwelling buildings in the case of Lithuania. Using unique survey data from Lithuania, we find that individuals' willingness to invest in multi-dwelling building energy retrofits is positively associated with individuals' general financial literacy, energy literacy, and energy-related financial literacy. Furthermore, we show that individuals' trust in institutions that are directly involved in the house-retrofitting process is an important predictor for multi-dwelling building energy retrofit decisions.
Original languageEnglish
Article number106583
JournalEnergy Economics
Volume120
DOIs
Publication statusPrint publication - Apr 2023
Externally publishedYes

Keywords

  • Energy efficiency
  • Energy retrofit
  • Energy-related financial literacy
  • Financial literacy
  • Multi-dwelling buildings
  • Soviet-era countries
  • Survey data

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