scholarly journals Money Knowledge or Money Myths? Results of a population survey on money and the monetary order

2020 ◽  
Vol 61 (2) ◽  
pp. 219-267 ◽  
Author(s):  
Klaus Kraemer ◽  
Luka Jakelja ◽  
Florian Brugger ◽  
Sebastian Nessel
Keyword(s):  
Financial Literacy ◽  
Population Survey ◽  
Social Contexts ◽  
Gender Education ◽  
Money Creation ◽  
Multiple Meanings ◽  
State Of Research ◽  
Monetary Order ◽  
Institutional Foundations ◽  
Financial Issues

AbstractPeople use money in everyday life in ubiquitous ways. In addition, they know that money has quite different and multiple meanings in different social contexts, depending on the situation in which it is used. That said, what do people actually know about money, money creation, money backing and the institutional foundations of the monetary order? While contributions in the rapidly extending field of financial literacy have empirically studied people’s knowledge about mathematical and financial issues, people’s knowledge about the functioning of the money system and monetary institutions remained mostly unexplored. To improve our understanding of people’s knowledge of the money system and the most important money institutions, we questioned 2,000 individuals in Austria using a standardized population survey. In this paper, after a short critical review of the sociology of money and the literature on financial literacy, we present and critically discuss the results of the survey. We found that, independently of age, gender, education and income, people know very little about the money system or money institutions and mostly believe in money myths, such as the notion that money is still backed by gold. Finally, we discuss our empirical findings against the backdrop of the state of research on the sociology of money1.

scholarly journals Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana

2022 ◽  
Vol 52 (3) ◽  
Author(s):  
Martinson Ankrah Twumasi ◽  
Yuansheng Jiang ◽  
Pengcheng Wang ◽  
Zhao ding ◽  
Lady Nadia Frempong ◽  
...  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Asset Ownership ◽  
Rural Ghana ◽  
Radio Broadcasting ◽  
Gender Education ◽  
The Government ◽  
Household Heads ◽  
Using Data ◽  
Financial Issues

ABSTRACT: This study examined the determinants of financial literacy (FL) and its impact on access to financial services (AFS), using data collected from rural Ghana. A two-stage residual inclusion model is utilized to address the selection bias issue. The results showed that FL is affected by household heads’ age, gender, education, asset ownership, homeownership, and economics education. The results revealed that FL is significant and positively related to AFS, but its square shows an inverse relation with saving mobilization. This indicated a non-linear relationship between FL and AFS. Moreover, we find that FL has a larger AFS impact for households with high-income and male household heads relative to their counterparts. The study recommended that the government can initiate the creation of a rural committee to educate rural residents on financial issues through radio broadcasting and meetings. Our findings highlighted the importance of FL on AFS in enhancing the welfare of rural households.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

scholarly journals Financial literacy of students of technical universities: analysis of opinions and development prospects

2021 ◽  
Vol 49 (1) ◽  
pp. 80-91
Author(s):  
Olga V. Stepnova ◽  
◽  
Irina Yu. Starchikova ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Research University ◽  
Educational Process ◽  
Third Party ◽  
Positive Trend ◽  
Full Time ◽  
Moscow Aviation Institute ◽  
Technical University ◽  
Financial Issues

Introduction. The development of students' ability to make informed and responsible decisions in the field of personal finance is an urgent problem. Young people must have the appropriate competencies, have the required level of financial literacy. This also applies to students of non-economic areas of training, in particular students of technical specialties. The purpose of the study is to analyze the financial literacy of students of a technical university. Materials and methods. The material of the research was the data of an anonymous sociological survey of 100 students of Stupino branch of Moscow Aviation Institute (National Research University) of the 3rd and 4th courses of full-time education by filling in Google forms. Results. Analysis of students' opinions showed a positive trend (65% of respondents) for the introduction of financial literacy in the educational process of a technical university. Students admitted (54% of respondents) that they are not aware of all kinds of risks when investing in NPFs, when buying a home, compulsory motor third party liability insurance, taking a loan, when calculating wages, etc. Based on the students' answers, it was found that 62% of the respondents had no experience in solving financial issues. At the same time, 67% of students are not interested in rates on deposits, loans, the key rate of the Central Bank, but daily use the financial services of the bank (plastic cards, payment for services via the Internet, e-wallet, etc.) 97% of students. Conclusion. Today, the financial literacy of the population is fraught with many vital issues and affects the effectiveness of decisions made and the associated risks.

Collaborative Finance and Its Hurdles to Overcome

2020 ◽  
pp. 239-262
Author(s):  
Elisabet Ruiz-Dotras ◽  
Krystyna Mitręga-Niestrój
Keyword(s):  
Social Network ◽  
Social Interaction ◽  
Financial Literacy ◽  
Financial Services ◽  
Peer To Peer ◽  
Online Networks ◽  
The Social ◽  
Finance Development ◽  
Personal Trust ◽  
Financial Issues

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

scholarly journals Comparison of Financial Literacy Concept in Projected Curricula of Selected Countries

2021 ◽  
Vol 11 (3) ◽  
pp. 243-272
Author(s):  
Karel Ševčík
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
The Czech Republic ◽  
Main Research ◽  
Primary And Secondary Education ◽  
The Usa ◽  
Individual Actions ◽  
The Individual ◽  
The Given ◽  
Financial Issues

Due to the turbulent economic development in recent years and the rising number of financial issues individuals need to deal with, financial literacy is becoming a widely recognized concept, which, among others, spreads into the field of primary and secondary education. However, in each country, the different political, social, or cultural environment influences the final form of concept implementation. Therefore, the presented study focuses on the analysis and comparison of project curricula, which are crucial documents for financial education at the primary levels. A categorical system was presented as the main research tool, with the purpose to examine documents from the countries of the USA (Utah), Canada (Ontario), the Czech Republic and Australia. The results suggested the relative disunity of the financial literacy concept within the Ontario curriculum, as no comprehensive content block is devoted to it during the study. The concept is presented only as one of the cross-curricular topics, often lacking any continuity. Within the Utah curriculum, the individual actions should be cognitively more demanding so that the students are properly stimulated to be active and solve the given task. The Czech curriculum then suffers from a lack of guidance in the curriculum concerning financial literacy. The cause might be in the lower scope of the document.

Some Aspects about Financial Knowledge of Undergraduate Students

2013 ◽  
Vol 2 (4) ◽  
pp. 40-62
Author(s):  
Elena Moreno-García ◽  
Arturo García-Santillán ◽  
Juan Pablo Munguía-Tiburcio
Keyword(s):  
Learning Styles ◽  
Undergraduate Students ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Principal Component ◽  
Financial Education ◽  
Financial Knowledge ◽  
Important Indicator ◽  
Financial Issues

The purpose of study is to measure the level of financial literacy of accounting students at the Universidad Veracruzana; campus Mocambo, considering that financial education is the knowledge that people have on financial issues in order to solve everyday problems regarding financial management. The variables analyzed include age, gender, race, socioeconomic status, learning styles and student’s perceptions on financial services, the way they take care of their money and their knowledge of five key financial issues. Three hypotheses were raised, therefore, in order to test H1 we performed a factorial analysis with an extracted principal component; to H1.a the statistical procedure of linear correlation of Pearson r and t test are applied, and to H2 a Z test is performed. Although the theory suggests that the level of higher education gives the student a better understanding of the financial issues, this research however, proves otherwise. In fact, the range of “excellent money management” is below 50%. The findings suggest that there is no a good level of financial literacy in the population studied. This fact is contrary to expectations, because the student who studies public accountant is expected to have financial knowledge in these subjects, all this, in considering the subjects which integrates the curriculum related to the field of finance. Therefore this finding should be an important indicator for the academic authorities of the Universidad Veracruzana for corrective actions in this respect.

Geldordnung, Geldschöpfung und Staatsfinanzierung

2013 ◽  
Vol 62 (2) ◽  
Author(s):  
Timm Gudehus
Keyword(s):  
Central Bank ◽  
Public Debt ◽  
Balance Sheet ◽  
State Funding ◽  
The Public ◽  
Monetary Stability ◽  
Money Creation ◽  
Accounting Rules ◽  
The Right ◽  
Monetary Order

AbstractThe current paper analyses the different kinds of money creation and their contribution to state funding. It shows that profits and beneficiaries of money creation depend on the monetary order and on the accounting rules of the central bank. Due to the possibility to create scriptural money by credit in almost unlimited quantity today the main beneficiaries of the creation of money are the commercial banks. If in a new monetary order, the right to create money in limited quantity is transferred exclusively to the central bank and its accounting rules are properly adapted, substantial conversion profits arise which can be used to pay off the major part of the public debt and to fund the state without affecting monetary stability. To demonstrate the possible effects the conversion profits and future profits of money creation are calculated for the Euro-system from the consolidated balance sheet 2010.

scholarly journals MILLENNIALS: THEIR FINANCIAL LITERACY AND DECISION MAKING

2020 ◽  
Vol 1 (3) ◽  
pp. 326-340
Author(s):  
Arie Widyastuti ◽  
Ratna Komara ◽  
Layyinaturrobaniyah Layyinaturrobaniyah
Keyword(s):  
Decision Making ◽  
Financial Literacy ◽  
Credit Card ◽  
Significance Level ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Demographic Profiles ◽  
Gender Education ◽  
Financial Decision ◽  
Mother Education

Millennials are now the largest population groupings in Indonesia, therefore their decisions in financial matters have significant implications for themselves as well as the country’s economy. This paper is aimed to evaluate the level of financial literacy possessed by the Millennials and their attitudes towards making key financial decisions. Data were collected through questionnaire of 30 questions with 15 questions regarding financial literacy and 15 questions related to financial decision making, with the participants in the study consists of 446 individuals who were born from 1980s to 2000s. The result reveals that better financial literacy leads to better financial decision at 1% significance level. This study also indicates that, although demographic profiles such as gender, education, length of working experience, income, number of credit card ownership and mother education have positive correlation with the level of financial literacy, they do not have moderating effect to the financial literacy and financial decision making of the millennials

Collaborative Finance and Its Hurdles to Overcome

2021 ◽  
pp. 457-481
Author(s):  
Elisabet Ruiz-Dotras ◽  
Krystyna Mitręga-Niestrój
Keyword(s):  
Social Network ◽  
Social Interaction ◽  
Financial Literacy ◽  
Financial Services ◽  
Peer To Peer ◽  
Online Networks ◽  
The Social ◽  
Finance Development ◽  
Personal Trust ◽  
Financial Issues

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

Financial Literacy And Behavioural Skills: The Influence Of Financial Literacy Level On Behavioural Skills

2017 ◽  
Vol 1 (2) ◽  
pp. 366
Author(s):  
Nesleha Josef ◽  
Jancurova Vera
Keyword(s):  
Behavioral Finance ◽  
Financial Literacy ◽  
Primary Schools ◽  
Demographic Data ◽  
Objective Evaluation ◽  
Data File ◽  
The United States ◽  
Behavioral Biases ◽  
Gender Education ◽  
Specialized Institutions

<p>Financial literacy and behavioral finance have become a part of education not only in the United States, but also in the whole of Europe. The process of education, in terms of financial literacy, starts at primary schools where children start to be exposed to financial literacy. It is followed by additional stages of education system. Moreover, this is completed by range of other possibilities how to become familiar with this type of knowledge, in the way of various programs, usually conducted by governments and other specialized institutions. Especially, in terms of universities behavioral finance start to play important role as well.</p><p>Based on the previous assumptions, financial literacy needs to be tested, measured and evaluated, notably the level of students studying Economics, since their participation in economic world might affect the future of our society and welfare.</p><p>The goal of this article is to verify whether there are some gaps among students and find out what are predictors standing behind various level of financial literacy. Consequently, additional target is to detect how financial literacy influences the sensitivity to behavioral biases and heuristics. This goal is reached by doing own research, which is based on an electronic questionnaire. The questionnaire consists of three main parts. In the first part, respondents provide us with their demographic data, such as age, gender, education and other. The second one focuses on objective evaluation of respondent´s knowledge of financial literacy. The last part examines behavioral finance, especially respondent´s reaction to behavioral biases.</p>The methods, used for the questionnaire evaluation, are descriptive statistics, enabling us to make a first assessment of the data file, and two-sample t-test, enabling compare different groups or samples. It also provides a chance to verify whether suffering from a particular bias corresponds with higher of lower level of financial literacy.

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