Balancing benefits: evidence-based guidelines for school-banking programmes

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michaela Jackson ◽  
Lukas Parker ◽  
Linda Brennan ◽  
Jenny Robinson
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Evidence Based ◽  
Negative Consequences ◽  
Quality Appraisal ◽  
Content Type ◽  
Financial Outcomes ◽  
Evidence Based Guidelines ◽  
The Impact

PurposeAfter comprehensive review of discourse surrounding school-banking programmes and marketing to children, the authors develop evidence-based guidelines for such programmes. Guidance for organisations is provided to ensure they understand these products' impact on children and other vulnerable consumers.Design/methodology/approachA comprehensive, systematised review of literature related to school-banking programmes was undertaken during 2019, 22 Boolean searches were collated, appraised using a five-step quality appraisal framework and analysed against selection criteria. To accommodate literature across disciplines, quality appraisal combined two existing hierarchies of evidence and peer-review status.FindingsSearches returned over 375,000 articles; 149 were relevant and met quality thresholds. Evidence supports the role of financial education in producing positive financial outcomes. However, education should involve communities and families to enhance consumer socialisation and limit negative consequences. From this, guidelines are presented accounting for students' and parents' ability to understand marketing messages and the impact of in-school marketing on students – including on longer-term perceptions, attitudes and behaviours.Practical implicationsGuidelines are to assist financial institutions, policymakers and schools balance the benefits of financial literacy and education with potentially negative consequences of school-banking programmes. Classifying programmes as marketing rather than CSR also benefits organisations contributing corporate resources and voluntarily engaging practices underpinned by commitment to community well-being.Originality/valueAvoiding moral panic, the authors instead outline evidence-based guidelines on school-banking programmes. The quality appraisal process used in this review offers a new approach to synthesising inter-disciplinary evidence.

scholarly journals Characteristics of sleep-conducive music: A narrative evidence review

2020 ◽  
Vol 7 (3) ◽  
pp. 430-437
Author(s):  
Yuluan Wang ◽  
Annette Rivard ◽  
Christine Guptill ◽  
Carol Boliek ◽  
Cary Brown
Keyword(s):  
Sleep Disturbances ◽  
Meta Analysis ◽  
Sleep Onset ◽  
Well Being ◽  
Future Research ◽  
Evidence Based ◽  
Negative Consequences ◽  
Evidence Review ◽  
Evidence Based Guidelines ◽  
The Impact

Objectives: Sleep deficiency (SD) is a prevalent problem and has serious negative consequences for physical, cognitive, and psychological well-being. The use of music as a non-pharmacological sleep intervention has been proposed in several studies. A 2014 meta-analysis of 10 randomized trials evaluating the impact of music on sleep concluded that it can decrease sleep onset delay (latency) and sleep disturbances, increases sleep duration, and improves daytime dysfunction.  It appears that, to-date, evidence-based guidelines for the selection and/or production of sleep-promoting music do not exist.  This review addresses that gap and synthesizes available literature towards the goal of developing guidelines grounded in the evidence-based characteristics of sleep conducive music. Design and Results: A narrative review of research papers relevant to the topic identified evidence-based characteristics of sleep-conducive music related to tempo, rhythm, pitch, volume, and duration. Conclusion: This identification and compilation of evidence-based characteristics of sleep-conducive music can underpin future research that targets development and testing of specific music to promote sleep.  

Evaluating the effects of sociodemographic characteristics and financial education on saving behavior

2020 ◽  
Vol 40 (11/12) ◽  
pp. 1423-1438 ◽  
Author(s):  
Mouna Amari ◽  
Bassem Salhi ◽  
Anis Jarboui
Keyword(s):  
Risk Aversion ◽  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Mediating Effect ◽  
Content Type ◽  
Saving Behavior ◽  
Literacy Level ◽  
Education Training ◽  
The Impact

PurposeThe objective of this study is to explore the effects of financial literacy level and risk aversion on the saving behavior. The literature review showed dialectical results. Therefore, this study attempts to clarify the debatable of these results by studying the mediating effect of risk aversion on the relationships between demographics determinants and saving behavior moderated by the effect of the financial literacy level.Design/methodology/approachThe data were collected from the University of Normandy; the study sample included 516 respondents representing different segments of French households. The structural equation analysis was utilized to control the impact of financial literacy as a moderate variable and the risk aversion as a mediator variable among the link between sociodemographic factors and saving behavior.FindingsThe results demonstrated that there were significant effects of demographics factors on risk aversion. Moreover, financial literacy moderates the relationships between risk aversion and saving behavior.Research limitations/implicationsThe major limitation of this research is the small size of the study sample. This paper is restricted to French households. Future financial education training should cover the European context.Practical implicationsThis study provides further evidence that financial literacy should be considered an important factor for improving household well-being. The paper encourages governments and financial institutions to create a national financial education program.Originality/valueThis paper is the first attempt to employ a sample of low-income households after financial education training in the French context.

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.

Investigating the financial overconfidence of student-athletes

2019 ◽  
Vol 9 (4) ◽  
pp. 381-398
Author(s):  
Megan Ann McCoy ◽  
Kenneth J. White ◽  
Kim Love
Keyword(s):  
Self Efficacy ◽  
Student Athletes ◽  
Financial Stress ◽  
Financial Education ◽  
Well Being ◽  
Personal Finance ◽  
Financial Knowledge ◽  
Content Type ◽  
The Usa ◽  
The Impact

Purpose There is a paucity of empirical research that explores the financial well-being of collegiate student-athletes. The purpose of this paper is to investigate the key aspects of financial well-being (e.g. financial knowledge, financial self-efficacy and finance-related stress levels) of varsity athletes at US colleges and universities. Design/methodology/approach The authors used data from the National Student Financial Wellness Study. The data were analyzed using general linear regression models. Findings The findings suggest student-athletes have lower financial knowledge than students who are non-athletes. Despite their lower levels of financial knowledge, these student-athletes report higher levels of financial self-efficacy. Furthermore, even when controlling for scholarship funding, student-athletes reported lower levels of financial stress than their counterparts. One could interpret this as student-athletes having a false sense of confidence in their money management behaviors. This overconfidence can impact many areas of their overall financial well-being. Alternatively, non-athletes may not be as financially confident as they should be. Research limitations/implications This study could be replicated with stronger measures (e.g. Financial Self-Efficacy Scale), with the inclusion of subjective financial knowledge measures, comparing the impact of demographic variables. As, most financial constructs have gender differences (Farrell et al., 2016) and race differences (Amatucci and Crawley, 2011) and depend upon college major (Fosnacht and Calderone, 2017). Another limitation of this study is the small percentage of student-athletes, a common problem with research in this area. Further research is also needed to unpack the finding that self-efficacy decreases at higher levels of financial knowledge. Practical implications It is evident that college students (athletes/non-athletes) need financial education. For universities and college coaches, this study could be used as a rationale for providing financial education for their athletes. The addition of financial courses could be used as a recruiting tool for collegiate coaches and benefit the university. Requiring financial education could also benefit universities long term as it may potentially increase the donor possibilities by alumni. As a final note, it is important that financial courses figure out ways to improve financial self-efficacy alongside financial knowledge, as findings suggest both are integral to decreasing financial stress. Social implications Less than 4 percent of universities in the USA require students to take a personal finance course (Bledsoe et al., 2016). If more universities included personal finance as a graduation requirement and did more to engage student-athletes (and non-athletes) in financial planning, then the average level of financial knowledge would likely improve on campuses across the USA. In addition, increasing young adults financial self-efficacy could improve financial stress which is linked to mental health and physical health. Originality/value This study provides the first empirical look into the financial well-being of collegiate student-athletes across the USA. Although there are many benefits to participation in college sports, student-athletes face additional time pressures and a predisposition to clustering around certain majors. Findings suggest that collegiate athletes need additional support around their financial literacy and non-athletes may need support developing financial self-efficacy. These two findings should be used by academic institutions and athletic departments to determine how to encourage financial health in their student-athletes and general student body.

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.

Are business students more financially literate? Evidence of differences in financial literacy amongst Portuguese college students

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Paulo Duarte ◽  
Susana Silva ◽  
Wilian Ramalho Feitosa ◽  
Rui Sebastião
Keyword(s):  
Higher Education ◽  
College Students ◽  
Financial Literacy ◽  
Positive Impact ◽  
Business Students ◽  
Financial Education ◽  
Educational Interventions ◽  
Online Questionnaire ◽  
Content Type ◽  
The Impact

Purpose Considering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the impact of the level of education on the FL of college students. Design/methodology/approach Data from a non-probabilistic sample of 185 students attending higher education bachelor’s and master’s degrees courses in Economics, Management and Marketing was collected between February 25 and March 23, 2019, using an online questionnaire. Descriptive and inferential statistics were computed using IBM SPSS 25 to analyze the data. Findings The findings show that the level of the degree (bachelor’s or master’s degree) and the academic background of the individual’s parents have a positive impact on FL. Moreover, among individuals with a high level of FL, gender and professional situation are additional predictors. Furthermore, the authors observed that the level of FL of Portuguese students attending higher education is overall low, especially in terms of their knowledge of the main financial concepts, which may call for public policies to be implemented so that to reduce this vulnerability. Research limitations/implications Among limitations is the limited sample collected, restricted to a particular target, Portuguese students attending business-related courses such as Economics, Management and Marketing, either studying for a master’s or bachelor’s degree. This issue restricts the generalization of the overall findings to other students studying different fields. Future studies can collect a random and representative sample. Practical implications This study test can be replicated to generate a diagnosis in any region or country, identifying how financially literate the region under analysis is. Also, this can be done to verify the evolution of FL after educational interventions. Social implications FL is an important competence. In fact, youngsters in the whole world have been suffering from a lack of financial knowledge (FK), and some characteristics of them can push them into indebtedness, and, even bankruptcy, such as a higher level of status consumption, the tendency to have an attitude of self-appraisal, to be self-centered, to seek instant gratification. This study helps to lead to a better understanding of this phenomenon. Originality/value Addressing college students attending different levels is an add-on to the existing body of literature. This paper contributes to study differences in FL between college and master students, enlightening and evaluating the role of scholarship maturity on financial education. Furthermore, some of the findings challenge the extant knowledge regarding the influence of professional experience, gender and age on the level of FK that students have. Finally, the current approach is innovative as it addresses FK, FL and numeracy in the same study.

Service robots, customers and service employees: what can we learn from the academic literature and where are the gaps?

2020 ◽  
Vol 30 (3) ◽  
pp. 361-391 ◽  
Author(s):  
Vinh Nhat Lu ◽  
Jochen Wirtz ◽  
Werner H. Kunz ◽  
Stefanie Paluch ◽  
Thorsten Gruber ◽  
...  
Keyword(s):  
Service Sector ◽  
Job Insecurity ◽  
Well Being ◽  
Service Robots ◽  
Future Research ◽  
Negative Consequences ◽  
Content Type ◽  
Service Employees ◽  
Multiple Observations ◽  
The Impact

PurposeRobots are predicted to have a profound impact on the service sector. The emergence of robots has attracted increasing interest from business scholars and practitioners alike. In this article, we undertake a systematic review of the business literature about the impact of service robots on customers and employees with the objective of guiding future research.Design/methodology/approachWe analyzed the literature on service robots as they relate to customers and employees in business journals listed in the Financial Times top 50 journals plus all journals covered in the cross-disciplinary SERVSIG literature alerts.FindingsThe analysis of the identified studies yielded multiple observations about the impact of service robots on customers (e.g. overarching frameworks on acceptance and usage of service robots; characteristics of service robots and anthropomorphism; and potential for enhanced and deteriorated service experiences) and service employees (e.g. employee benefits such as reduced routine work, enhanced productivity and job satisfaction; potential negative consequences such as loss of autonomy and a range of negative psychological outcomes; opportunities for human–robot collaboration; job insecurity; and robot-related up-skilling and development requirements). We also conclude that current research on service robots is fragmented, is largely conceptual in nature and focused on the initial adoption stage. We feel that more research is needed to build an overarching theory. In addition, more empirical research is needed, especially on the long(er)-term usage service robots on actual behaviors, the well-being and potential downsides and (ethical) risks for customers and service employees.Research limitations/implicationsOur review focused on the business and service literature. Future work may want to include additional literature streams, including those in computer science, engineering and information systems.Originality/valueThis article is the first to synthesize the business and service literature on the impact of service robots on customers and employees.

Personal factors as antecedents of perceived financial well-being: evidence from Brazil

2019 ◽  
Vol 37 (4) ◽  
pp. 1004-1024 ◽  
Author(s):  
Mateus Canniatti Ponchio ◽  
Rafaela Almeida Cordeiro ◽  
Virginia Nicolau Gonçalves
Keyword(s):  
Financial Education ◽  
Well Being ◽  
Two Dimensions ◽  
Future Research ◽  
Money Management ◽  
Financial Security ◽  
Personal Factors ◽  
Content Type ◽  
Personal Saving ◽  
The Impact

Purpose The purpose of this paper is to explore the impact of consumer spending self-control (CSSC), personal saving orientation (PSO), materialism, financial knowledge (FK) and time perspective (TP) on Brazilian consumers’ perceived financial well-being. Design/methodology/approach A conceptual framework is provided to support the research hypotheses. A survey with 1,027 respondents allowed the research hypotheses to be tested by means of regression-based models. Findings The findings show that the two dimensions of financial well-being – current money management stress and future financial security – are predicted by CSSC, materialism and TP; PSO also predicts future financial security. TP moderates the effect of materialism on current money management stress, and CSSC mediates this relationship. Research limitations/implications The role of FK in predicting financial well-being is weakened in the presence of the psychological variables investigated, which has important implications for financial education efforts. The use of survey data alone limits the research findings, as the advocated causal relationships are based solely on theory; gathering experimental data to further support the findings is a possibility for future research. Practical implications Banks and other financial institutions can create tools to stimulate control of their customers’ day-to-day spending and try to show assertive projections to evidence the impact of their present actions on their financial future, enhancing personal awareness and promoting overall well-being. Originality/value The authors advance knowledge on the antecedents of financial well-being and offer two explanations involving moderating and mediating relationships that enhance the understanding of the individual differences that shape current money management stress.

Is financial education an effective means to improve financial literacy? Evidence from rural China

2019 ◽  
Vol 80 (3) ◽  
pp. 305-320
Author(s):  
Huanhuan ZHang ◽  
Xueping Xiong
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Education Level ◽  
Evaluation Index System ◽  
Risk Level ◽  
Rural Residents ◽  
Content Type ◽  
Self Selection ◽  
Literacy Level ◽  
The Impact

Purpose Using survey data from Shandong, Henan and Guizhou provinces of China, the purpose of this paper is to accurately measure the impact of rural residents’ financial education on financial literacy. Design/methodology/approach This paper chooses one province from the Eastern, Central and Western Regions of China, namely, Shandong, Henan and Guizhou, respectively, and 1,565 samples are obtained through a questionnaire survey. First, the paper constructs a financial literacy assessment framework and, then, scores the financial literacy of the respondents. Second, using ordinary least squares, feasible generalized least squares method and forward search method, the paper estimates the impact factors of financial literacy level. To avoid sample selection errors and endogeneity problems, the authors divide the respondents into treatment group (participated in financial education) and control group (non-participating in financial education) and, then, adopt propensity score matching (PSM) to analyze the impact of rural residents’ financial education on financial literacy. Findings The results show that education level and risk level have significant impact on rural residents’ participation in financial education, and some unobservable abilities and qualities also affect their participation. Therefore, the process of rural residents’ participation in financial education exists, which gives rise to self-selection and endogeneity problems; financial education is promoting rural residents’ financial literacy, but the effect of promotion becomes smaller after taking into account sample self-selection and endogenous problems. Rural residents of female, higher age, single, higher education level, higher parental education level, agricultural type, higher family annual per capita income and lower risk level show stronger effects on their financial literacy level, if they participate in financial education. Research limitations/implications The survey sample was drawn from three provinces randomly but the site selection was not random. The implication is in rural China, financial education has positive effect on residents’ financial literacy level but considering the sample self- selection and endogenous nature, its impact becomes smaller. Practical implications The government should encourage rural residents to participate fully in financial education activities, especially those with a low educational level, low risk preference and mainly engaged in agricultural production. Originality/value The effect of financial education on financial literacy has not reached a consistent conclusion, and there is fewer quantitative discussion about this issue. The originality of this paper is based on the Organization for Economic Co-operation and Development evaluation index system; this paper constructs the evaluation index system of rural residents’ financial literacy in China and uses the PSM method to accurately measure the effect of financial education on financial literacy.

Talking money at home: the value of family financial socialization

2020 ◽  
Vol 38 (7) ◽  
pp. 1617-1634
Author(s):  
Haidong Zhao ◽  
Lini Zhang
Keyword(s):  
Financial Literacy ◽  
Well Being ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Socialization ◽  
Content Type ◽  
Financial Outcomes ◽  
The Family ◽  
Parental Financial Socialization ◽  
At Home

PurposeThe objective of this study was to empirically examine how family financial socialization affects individuals' financial outcomes, including financial literacy, financial behavior and financial well-being, based on the family financial socialization theory (FFST).Design/methodology/approachUsing a national representative sample of 6,311 US respondents from the 2016 National Financial Well-Being Survey, structural equation modeling (SEM) was conducted to test the hypotheses in this study. Sampling weights were incorporated into the structural model using the maximum likelihood estimation with robust standard errors and a Satorra-Bentler scaled test statistic (MLM estimation).FindingsThis study concludes the effectiveness of family financial socialization by showing that parental financial socialization has significant positive impacts on financial literacy, financial behavior and financial well-being. In addition, parents' education can significantly influence the quality of parental financial socialization.Practical implicationsThe result underscores the importance of financial socialization in the family context and encourages parents to discuss financial matters with their children at home. Detailed implications have been provided to financial educators, practitioners and policymakers to incorporate parental involvement in the design of financial education programs, as well as financial services providers to improve marketing strategies for their banking services.Originality/valueThis research is amongst the first to empirically explore the relationships among parental financial socialization, financial literacy, financial behavior and financial well-being based on the FFST. The study also contributes to the literature by confirming the effects of parental socialization received in childhood on adults' later financial outcomes.

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