Exploring the Relationship between Financial Education and Financial Knowledge and Efficacy: Evidence from the Canadian Financial Capability Survey

2019 ◽  
Vol 53 (4) ◽  
pp. 1725-1747 ◽  
Author(s):  
David W. Rothwell ◽  
Shiyou Wu
Keyword(s):  
Financial Education ◽  
Financial Knowledge ◽  
Financial Capability ◽  
The Relationship

scholarly journals Some Insights Into Financial Literacy Among Undergraduate Students: A Case of Bosnia and Herzegovina

2021 ◽  
Vol 12 (3) ◽  
pp. 103
Author(s):  
Jasmina Okicic ◽  
Meldina Kokorovic Jukan ◽  
Mensur Heric
Keyword(s):  
Undergraduate Students ◽  
Financial Literacy ◽  
Sampling Technique ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Financial Attitudes ◽  
Significant Difference ◽  
Financial Behaviour ◽  
The Relationship

The purpose of this research is to provide some insights into financial literacy among undergraduate students focusing primarily on the relationship between financial knowledge, financial attitudes and financial behavior and on possible gender and financial education gap in financial literacy. Using the purposive sampling technique, data collection was carried out from April to June 2020, yielding a sample of 1,046 valid responses. To gain a better understanding of the relationship between financial behaviour, financial attitudes and financial knowledge, we, primarily, use exploratory factor analysis and multiple regression model. The research findings have revealed several important issues. First, findings have suggested that financial knowledge, financial attitudes and gender may be considered as an antecedent of the financial behaviour of undergraduate students. Second, findings have also suggested a statistically - significant difference between the financial literacy of undergraduate students concerning their exposure to formal financial education.

scholarly journals Education, Financial Knowledge and Consumer Confidence in Financial Goals: Evidence from the 2018 US National Financial Capability Study

2020 ◽  
pp. 9-21
Author(s):  
Fuzhong Chen ◽  
Ziteng Han ◽  
Qingyang Ma
Keyword(s):  
Higher Education ◽  
Financial Support ◽  
Financial Education ◽  
Financial Knowledge ◽  
Consumer Confidence ◽  
Education Programs ◽  
Financial Capability ◽  
Ordered Logistic Regression ◽  
Education Levels ◽  
Robustness Check

Consumer confidence in financial goals is the degree of trust expressed by consumers through the activities of setting financial goals and subsequent realization. Utilizing data from the 2018 US National Financial Capability Study, in terms of the data characteristics of the dependent variable, this study utilizes the method of ordered logistic regression to explore the roles of education and financial knowledge in consumer confidence in financial goals. Moreover, this study also performs a robustness check, which suggests unchanged results. The results indicate that both education and financial knowledge positively contribute to consumer confidence in financial goals and consumers both with higher education levels and financial knowledge will be more confident in financial goals. Thus, policymakers are recommended to provide financial support for education and focus on mechanisms of improving financial knowledge through financial education programs and financial related courses.

scholarly journals Consumer Financial Knowledge and Retirement Planning Behaviors

2021 ◽  
pp. 109-123
Author(s):  
Fuzhong Chen ◽  
Zijun Sun
Keyword(s):  
Population Aging ◽  
Financial Education ◽  
The Elderly ◽  
Retirement Planning ◽  
Financial Knowledge ◽  
Education Programs ◽  
Financial Capability ◽  
Retirement Accounts ◽  
The World ◽  
High Level

With the increasingly serious problem of population aging around the world, the issue of consumer retirement planning behaviors has been highlighted in recent years. The purpose of this study is to investigate the effect of consumer financial knowledge on retirement planning behaviors. Utilizing the data from the National Financial Capability Study in 2009, 2012, 2015, and 2018, this study measures consumer retirement planning behavior through the variables of whether consumers have retirement accounts and whether they regularly contribute to their retirement account. To verify the robustness, a series of additional regressions are conducted by replacing the estimation approach and dropping income outliers. The results imply that consumers with a high level of financial knowledge tend to perform desirable retirement behaviors. Based on the results, we recommend that financial education programs should be widely introduced and targeted at those who lack financial knowledge, such as the elderly and the under-educated, to stimulate consumers to improve their retirement planning behaviors.

scholarly journals Consumer Financial Knowledge and the Use of Mobile Banking: Evidence from the 2018 U. S. National Financial Capability Study

2021 ◽  
pp. 1-17
Author(s):  
Fuzhong Chen ◽  
Jian Xiang
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Ordered Probit ◽  
Financial Knowledge ◽  
Estimation Methods ◽  
Mobile Banking ◽  
Probit Regression ◽  
Financial Capability ◽  
The Relationship ◽  
Robustness Check

As a widely used technology in recent years, the use of mobile banking has been addressed by a great deal of extant research, and a large and growing body of literature has investigated its determinants as well. Utilizing data from the 2018 U.S. National Financial Capability Study, this study aims at examining the association between financial knowledge and mobile banking by using the approach of ordered probit regression. Besides, this study conducts a comprehensive robustness check by replacing estimation methods and removing outliers by income. The results indicate that the relationship between financial knowledge and mobile banking is negative. Besides, financial knowledge negatively contributes to the adoption of mobile payment as well as mobile transfer. Also, consumers with more financial knowledge are more likely to use traditional financial ways. Thus, financial institutions are encouraged to focus on the reduction of risks perceived by consumers to promote the penetration of financial services via mobile devices.

Decomposition of the Financial Capability Construct: A Structural Model of Debt Knowledge, Skills, Confidence, Attitudes, and Behavior

2020 ◽  
pp. JFCP-19-00056 ◽  
Author(s):  
Piotr Białowolski ◽  
Andrzej Cwynar ◽  
Wiktor Cwynar
Keyword(s):  
Structural Model ◽  
Financial Knowledge ◽  
Objective Knowledge ◽  
Financial Capability ◽  
Attitudes And Behaviors ◽  
Structural Relationships ◽  
Nationally Representative ◽  
And Behavior ◽  
Attitudes And Behavior ◽  
The Relationship

Based on a nationally representative sample of adult Poles (N = 1,004), we examined structural relationships between financial knowledge, skills, confidence, attitudes, and behavior in debt-domain. We found that financial confidence—at least regarding debt-related issues—is tied to debt attitudes and behavior beyond the extent to which the attitudes and behaviors are linked to objective debt knowledge. Moreover, the relationship between objective knowledge and confidence turned out to be insignificant in our study. These findings suggest that confidence should be used as a separate marker of financial capability. Having established that skills correlate with behavior and attitudes differently than objective knowledge, we argue also to include them separately in financial capability measurements.

scholarly journals Relationship between Financial Knowledge and Spending Habits among Faculty of Management’s Staff

2018 ◽  
Vol 5 (3) ◽  
pp. 1-6
Author(s):  
Nor Fazleena Binti Azmi ◽  
Suresh Ramakrishnan
Keyword(s):  
Financial Planning ◽  
Positive Relationship ◽  
Pearson Correlation ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Financial Satisfaction ◽  
Financial Status ◽  
Financial Decision ◽  
The Relationship

Spending habits in the most desirable way is one of the factors that can lead to financial satisfaction. Therefore, financial satisfaction depends on the ability of people to manage and take control of their personal finance in order to improve their financial decision making and financial status. This study was conducted to identify the level of spending habits among Management Faculty staff at Universiti Teknologi Malaysia. This study also conducted to investigate the level of personal financial knowledge adapted by staff and lastly to determine the relationship between financial knowledge and spending habits among Management Faculty staff. The total of 97 questionnaires were distributed and completed by the staff. Data was analyzed by using descriptive, Pearson Correlation and Multiple Regression that include in Statistical Package for Social Science (SPSS). The results firstly revealed that the higher level of financial knowledge is the factors that influence the most desirable financial behavior in spending habits among staff. Secondly, the staff perceived that the financial knowledge can be enhanced through financial education in order to improve their financial planning. Finally, the result indicates that financial knowledge have positive relationship with spending habits.

scholarly journals ECONOMIA E COVID-19: EDUCAÇÃO FINANCEIRA NO BRASIL

2020 ◽  
Vol 10 ◽  
pp. R - p. 06-R - p. 06
Author(s):  
Laura Stephanie OLIVEIRA ◽  
◽  
Marcelo PESSOA ◽  
Keyword(s):  
Social Isolation ◽  
Economic Crisis ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Condition ◽  
Use Of Data ◽  
The Social ◽  
The Media ◽  
The Relationship

The article deals with the economic crisis caused by the Covid-19 pandemic in Brazil, and how Brazilians were surprised by the fact, which clearly affected the financial condition of part of the population. The objective here is to present the relationship and influence of the social and cultural symptoms of the pandemic as catalysts for changes in the financial conduct of the population. The methodology used was the use of data collected digitally from the research made by Xpeed, made available by the Locomotive Institute. It justifies conducting a study like this, the oscillation of the Brazilian's financial conduct, which has been widely reported in the media during social isolation. The partial results show that, although financial knowledge is limited, 90% of Brazilians said they were interested in learning more about investments and financial education. The main bibliographic contribution used derives from the referenced material, taken from the InfoMoney website.

scholarly journals The Impact of Financial Education Participation on Financial Knowledge and Efficacy: Evidence from the Canadian Financial Capability Survey

2017 ◽  
Author(s):  
David W. Rothwell ◽  
Shiyou Wu
Keyword(s):  
Self Efficacy ◽  
Age Groups ◽  
Financial Education ◽  
Cognitive Outcomes ◽  
Financial Knowledge ◽  
Future Research ◽  
Financial Capability ◽  
Education Participation ◽  
Nationally Representative ◽  
The Impact

Very little is known about how participation in financial education affects cognitive outcomes such as financial knowledge and self-efficacy. We used two waves of the nationally representative Canadian Financial Capability Survey along with propensity score matching to compare outcomes between persons who had taken a financial education course to those who had not. After matching and adjusting for demographic and economic factors, financial education participants exhibited significantly higher financial knowledge and financial self-efficacy scores. Post-estimation analysis showed that higher overall financial knowledge scores of participants were at least partially driven by higher scores of men. There was no difference in knowledge scores for women across all age groups. Financial education participants had higher efficacy scores for both genders and across age. Future research into the impact of financial education ought to consider cognitive dimensions in addition to strictly behavioral and financial outcomes.

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