scholarly journals RETIREMENT FINANCIAL LITERACY LEVELS AMONG JAMAICANS

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S580-S580
Author(s):  
Kayon Donaldson-Davis
Keyword(s):  
Social Status ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Education ◽  
Well Being ◽  
The Elderly ◽  
Data Sets ◽  
Literacy Rate ◽  
Financial Preparation ◽  
Research Findings

Abstract Although the general literacy rate (ability to read and write at a 6th-grade level or higher) of Jamaicans is 89%, the number of people who are adequately prepared financially is not comparable. Dissertation research findings revealed that 52% (n=203) of respondents had not received any financial education. Approximately 71% of respondents who reported high levels of financial distress and low financial well-being, had not received financial information about retirement planning. Results from the 2012 Social Status on the Elderly in Jamaica showed that 60.5% (n=1,716) of respondents had no pension and of those receiving money from abroad, most (75.0%, n=813) indicated that they received it only occasionally. Those who were self-employed, women and rural residents were most likely not to have a pension. This paper describes financial literacy levels among Jamaicans using two separate data sets – the 2012 Social Status on the Elderly and the 2018 Financial Preparation Study.

Demystifying Financial Literacy in Covid-19 Environment: A Review

2021 ◽  
pp. 420-431
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
The Elderly ◽  
Personal Finance ◽  
Financial Products ◽  
Financial Wellness ◽  
Reality Check ◽  
Relationship Of ◽  
The Relationship

The Covid-19 situation has thrown lights for a reality check about managing personal finance among the households. The research was designed in the context of the pandemic affecting the personal finance of millions of households. It stressed the need for financial literacy by explaining the various aspects – understanding the concept, identifying the benefits out of acquiring knowledge and skills in financial literacy, establishing the relationship of financial literacy with financial wellbeing, mapping the global situation in financial literacy, suggesting the remedial measures in ensuring financial wellness in the Covid-19 pandemic situation. The methodology of the study was to review the existing literature on financial literacy and education. The approaches and practices of financial education followed by countries interpreted by researchers in this field were reviewed and documented. The study contributes to the existing literature by summarizing the findings of the researchers in terms of knowledge one possesses in financial products and processes, the ability to make appropriate decisions to invest, borrow and secure, to understand the importance of savings and investment for retired life, etc. The global scenario versus India in financial literacy was brought out, throwing the light that India needs to travel further in the financial literacy landscape. It concludes by prescribing a series of financial wellness measures to make people resilient and reach financial well-being. The policy options suggested by the authors to start the learning of financial literacy from school education onwards, introduce financial education at the workplace, and implement financial education for the elderly and women invite the attention of policymakers and practitioners. The study can influence policymakers and practitioners to design target-specific financial education measures.

Living beyond one’s means: evidence from Malaysia

2015 ◽  
Vol 43 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yiing Jia Loke
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Practical Knowledge ◽  
Financial Education ◽  
Financial Knowledge ◽  
Content Type ◽  
Explanatory Variables ◽  
Financial Behaviour

Purpose – The purpose of the paper is to identify the determinants of the probability of living beyond one’s means. The paper also explores the coping mechanisms of those financially distressed as well as the debt taking behaviour of consumers. Design/methodology/approach – The study uses data obtained from the OECD International Network on Financial Education pilot study on Measuring Financial Literacy in 2010 for the case of Malaysia. A logistic regression model is used to identify the main determinants of the probability that a consumer will live beyond his/her means. The analysis is carried out by using a set of socio-economic factors and the individual’s financial behaviour and attitudinal characteristics as explanatory variables. Findings – The findings indicate that low income and seasonal income earners are more vulnerable to financial distress. Furthermore, having a higher education, higher financial knowledge and prudent financial behaviour and attitude do not necessarily translate into better financial management. Family and friends provide the main source of financial assistance in times of need. Research limitations/implications – The assessment of financial knowledge should go beyond individual’s knowledge on financial concepts and theories. Practical knowledge on financial and cash flow management should be assessed. Practical implications – The study reiterates the importance of financial education. It is imperative to include financial education as part of the schools’ curriculum and also to be incorporated as part of the Continuous Professional Development modules for working adults. Originality/value – The study is based on the first nationwide study of consumer finances in Malaysia. It contributes to the literature by integrating financial behaviour and attitudinal factors into the analysis of the ability of individuals to live within their means. The findings also show the limitations of the existing self-assessment of financial behaviour and attitude and the assessment of financial knowledge.

scholarly journals Social trust and emotional health in rural older adults in China: The mediating and moderating role of subjective well-being and subjective social status

2020 ◽  
Author(s):  
Hongsheng Chen ◽  
Zhenjun Zhu
Keyword(s):  
Social Status ◽  
Social Trust ◽  
Emotional Health ◽  
Family Members ◽  
Well Being ◽  
The Elderly ◽  
Subjective Social Status ◽  
Rural Elderly ◽  
Subjective Well Being ◽  
The Impact

Abstract BackgroundChina is becoming an aging society. The emotional health of the elderly is gaining importance. Social trust is an important factor affecting emotional health, but existing studies have rarely considered the various effects of different types of social trust on rural elderly emotional health. Few studies have analysed the role of subjective well-being and subjective social status in the relationship between social trust and elderly emotional health.MethodsUsing the data of the China Labor-force Dynamics Survey 2016 (CLDS 2016) and regression models, this study selected 2084 rural respondents aged 60 years and above to analyse the impact of social trust on their emotional health. Social trust was divided into three categories: trust in family members, trust in friends, and trust in neighbours. This study also examined the mediating and moderating effects of subjective well-being and subjective social status on the relationship between social trust and emotional health.ResultsTrust in family members was significantly and positively associated with emotional health (coefficient=0.194, P<0.01) and subjective well-being (coefficient=0.177, P<0.01). Trust in friends was significantly and positively associated with emotional health and subjective well-being (coefficient=0.097, P<0.01; coefficient=0.174, P<0.01, respectively). Trust in neighbours was significantly and positively associated with emotional health and subjective well-being (coefficient=0.088, P<0.01; coefficient=0.177, P<0.01; respectively). Subjective well-being effectively reduced the impact of social trust in family, friends, and neighbours on the emotional health of the elderly by 0.023, 0.022, and 0.023, respectively. Trust in friends and neighbours significantly and positively affected respondents’ subjective social status (coefficient=0.120, P<0.05; coefficient=0.090, P<0.10; respectively). Subjective social status effectively reduced the impact of social trust in friends and neighbours on the emotional health of the elderly both by 0.004. The positive relationship between trust in family members and emotional health is weakened by subjective well-being.ConclusionsSocial trust, especially family relationships, play an important role in maintaining the emotional health of the rural elderly. In response to population ageing, more social policies must be introduced to care for the rural elderly and help them lead a happy and satisfactory life.

Financial Inclusion through Financial Literacy

2022 ◽  
Vol 13 (1) ◽  
pp. 0-0
Keyword(s):  
Financial Literacy ◽  
Uttar Pradesh ◽  
Secondary Data ◽  
Financial Education ◽  
Well Being ◽  
Financial Inclusion ◽  
Financial Decisions ◽  
College Curriculum ◽  
Financial Exclusion ◽  
The Government

Financial literacy is a means to tackle the problem of financial exclusion. It is a combination of awareness, skills, knowledge, attitude and behaviors necessary to make sound financial decisions and achieve financial well being. Objective of this study is to analyze current policy, practices and evidences on financial literacy. The study has been carried out on the basis of review of literature and secondary data collected from a range of sources. It is found that the government of India, RBI and other regulatory bodies are running financial literacy campaigns through diverse mediums. Financial literacy centers (FLCs) are contributing for enhancement of financial literacy. However, they need to be strengthened by enhancing resources. Inclusion of financial education in school and college curriculum has also been recommended. Scope of the study is limited to Ghaziabad district of Uttar Pradesh in India. The study might be valuable for policymakers in enhancing financial inclusion.

Subjective financial knowledge, prudent behaviour and income

2019 ◽  
Vol 37 (4) ◽  
pp. 934-950 ◽  
Author(s):  
Leonore Riitsalu ◽  
Rein Murakas
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Future Research ◽  
Objective Knowledge ◽  
Content Type ◽  
Subjective Knowledge ◽  
Subjective Financial Knowledge ◽  
Behaviour Score

Purpose The purpose of this paper is to study how subjective and objective knowledge of finance, behaviour in managing personal finances and socio-economic status affect financial well-being. Design/methodology/approach The financial well-being score is constructed in quantitative financial literacy survey data from Estonia as the arithmetic mean of four statements on a five-point scale. Four hypotheses are tested in multiple regression analysis. Findings Subjective knowledge has a stronger relation with financial well-being than objective knowledge. Financial behaviour score and income level correlate with financial well-being. Research limitations/implications The paper contributes to literature on financial literacy, subjective financial knowledge and financial well-being. In future research, psychological factors and future orientated financial well-being should be included, and their relationship to subjective well-being could be analysed further. Practical implications The results highlight the importance of subjective knowledge and sound behaviour for improving financial well-being. Providers of financial services should address these more in the design of their services and communication. Social implications Policymakers developing national strategies for financial education need to address subjective financial knowledge for increasing financial well-being in society. Originality/value Knowledge, behaviour and subjective knowledge have not been used simultaneously in the analysis of financial well-being in Europe before.

The Argument for Teaching Financial Literacy at Higher-Education Institutions

2016 ◽  
Vol 43 (3) ◽  
pp. 349-365 ◽  
Author(s):  
SHERI GEDDES ◽  
TODD STEEN
Keyword(s):  
Higher Education ◽  
Postsecondary Education ◽  
Financial Literacy ◽  
Higher Education Institutions ◽  
Financial Education ◽  
Well Being ◽  
Academic Programs ◽  
Human Flourishing ◽  
Substantial Impact ◽  
Financial Decisions

ABSTRACT Evidence suggests that financial decisions have a substantial impact on human flourishing. This paper examines the arguments for higher-education institutions to take a role in the provision of financial education for their students, families and alumni, who often incur substantial debt and make other sacrifices to obtain a postsecondary education. It also analyzes the current state of financial education at 322 higher-education institutions. While many postsecondary institutions have embraced some aspects of financial education, other higher-education institutions appear reluctant to infuse this multidisciplinary topic into their academic programs. Colleges and universities should consider developing robust programs that boost financial literacy and improve lifelong economic well-being.

Teaching Financial Problem Solving: A Curriculum Model From a Pilot BSW Course

2018 ◽  
Vol 23 (1) ◽  
pp. 1-10 ◽  
Author(s):  
Thomas E. Smith ◽  
Kristin V. Richards ◽  
Lisa S. Panisch ◽  
Victoria M. Shelton
Keyword(s):  
Social Work ◽  
Problem Solving ◽  
Social Workers ◽  
Financial Literacy ◽  
Financial Education ◽  
Integrated Approach ◽  
Well Being ◽  
Environmental Stability ◽  
Financial Problem ◽  
Curriculum Model

Social work clients need financial literacy skills. Many clients are faced with the task of overcoming increasingly complex and challenging financial obstacles that can take a dire toll on their physical and environmental stability and mental well-being. Social workers who lack skills in financial literacy are at a disadvantage when helping their clients overcome economic hardships. Financial therapy is an emerging intervention that merges techniques of psychotherapy with financial education. This integrated approach can be used by social workers in generalist settings to promote financial problem solving. Few baccalaureate social work (BSW) programs provide students with education about financial problem solving from this angle. A curriculum model and overview of a pilot course introducing BSW students to a manualized form of this approach is presented. Overall, students found the course beneficial and expressed interest in using this intervention in practice. Student feedback is reviewed, along with directions for further study.

Enhancing Links between Research and Practice to Improve Consumer Financial Education and Well-Being

2015 ◽  
Vol 26 (1) ◽  
pp. 94-101 ◽  
Author(s):  
Billy J. Hensley
Keyword(s):  
Financial Literacy ◽  
Meta Analysis ◽  
Financial Education ◽  
Well Being ◽  
Collective Impact ◽  
Research Protocol ◽  
Education Programs ◽  
Financial Behaviors ◽  
Research And Practice ◽  
Influence Behavior

A recent meta-analysis of the effect of financial literacy and financial education on downstream financial behaviors has shown a weak collective impact of the work of financial education. While the findings are not stellar, they do not support a dismantling of financial education programs and funding. This paper examines the findings of the meta-analysis and discusses the implications for the field. In this discussion, a more thoughtful consideration of the ways to provide financial education and the manner about how to influence behavior is highlighted. In addition, this article proposes a systematic examination of why timely educational approaches should coexist with longer-term financial education programming. The field also needs a more rigorous examination of factors that impact intervention effectiveness, including a call for improved research protocol and evaluation and a plea for greater visibility between researchers and practitioners.

Financial education and financial satisfaction

2017 ◽  
Vol 35 (5) ◽  
pp. 805-817 ◽  
Author(s):  
Jing Jian Xiao ◽  
Nilton Porto
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Behavior ◽  
Future Research ◽  
Financial Satisfaction ◽  
Financial Capability ◽  
Data Set ◽  
Content Type ◽  
Mediating Factors

Purpose The purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction. Design/methodology/approach Data are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions. Findings Financial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction. Research limitations/implications The study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education. Practical implications The findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients. Social implications Policy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being. Originality/value This study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

scholarly journals The Impact of the Financial Wellbeing of the Elderly of Kazakhstan on Their Family Life

2021 ◽  
Vol 16 (3) ◽  
pp. 152-166
Author(s):  
Z. T. Satpayeva ◽  
A. S. Bekbossinova ◽  
M. M. Ryskulova
Keyword(s):  
Family Relationships ◽  
Financial Literacy ◽  
Pension System ◽  
Family Relations ◽  
Secondary Data ◽  
Well Being ◽  
The Elderly ◽  
Primary Data ◽  
The Family ◽  
The Impact

Today, many countries in the world are concerned about the well-being of pensioners, as their number is growing every year and pension systems cannot cope with ensuring a decent old age. The well-being of pensioners is part of the well-being of society, and the pension system is an institution for ensuring the well-being of pensioners. Therefore, it is important to understand the relationship between the financial well-being of older people and the country’s pension system. It is also important to understand that the family is an integral part of a person and therefore the well-being of each family member affects family relationships. This article is devoted to the assessment of the financial well-being of pensioners in Kazakhstan as a key factor affecting the family relations of a pensioner with partner, children, and grandchildren. Primary and secondary data were used for this study. The primary data were collected through interviews, which allowed us to obtain a subjective definition of financial well-being on the part of pensioners and its impact on family relations. This data was processed and encoded using the Atlas.ti program. Data from the Bureau of National Statistics made it possible to objectively assess the financial situation of Kazakhstani pensioners. The study found that the concept of financial well-being among Kazakhstani pensioners is more important for men than for women. Pensioners are not happy with their financial well-being, but this does not significantly affect their relationship with their families. The results of the study will allow us to assess the financial well-being of pensioners and can be used in the reform of social policy, pension provision of the country. Through the use of interviews financial literacy has been identified as one of the key factors, which depends on circumstances and the context.

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