Financial security monitoring in terms of threats and vulnerabilities associated with people’s financial literacy level

2017 ◽

Vol 33 (2) ◽

Author(s):

Tue Nguyen Dang

Keyword(s):

Higher Education ◽

Multiple Regression ◽

Financial Literacy ◽

Urban Areas ◽

Logistic Models ◽

Factors Affecting ◽

Financial Behaviors ◽

Financial Decisions ◽

Literacy Level

This research examines the factors affecting the financial literacy of Vietnamese adults. Using a sample of 266 observations of adults in 2 big cities in Vietnam (Hanoi and Vinh in Nghe An Province), the author evaluates the literacy level of adults in these urban areas. The financial literacy of the interviewed people is low. The multiple regression results show that lower financial literacy levels associate with higher age and married status and higher financial literacy levels associate with higher education, more family members, the person making financial decisions and the person attending a useful financial course. This research also explores the association between financial literacy and financial behaviors of individuals employing logistic models. It is found that higher financial literacy associates with less probability of overspending and higher probability of saving money and careful spending. Higher financial literacy is also found to associate with higher probability of opening a savings account and making various investments.

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Retirement Preparedness: How Important Is Being Financially Literate?

Innovation in Aging ◽

10.1093/geroni/igaa057.1440 ◽

2020 ◽

Vol 4 (Supplement_1) ◽

pp. 445-445

Author(s):

Mengya Wang ◽

Suzanne Bartholomae

Keyword(s):

Financial Literacy ◽

Retirement Planning ◽

The Other ◽

Financial Security ◽

Lower Odds ◽

Highly Educated ◽

Retirement Preparedness ◽

The Us ◽

Risk Takers ◽

Policies And Programs

Abstract Financial security in retirement is a major concern for many Americans. Numerous studies document that Americans are not prepared for retirement, with financial illiteracy cited as one reason Americans fail to plan. Employing data from the 2018 National Financial Capability Study (N=27,091), this study investigates actual financial literacy (AFL) and perceived financial literacy (PFL) and how combinations of this measure influences retirement planning, and varies based on years from retirement. This study found relatively low financial literacy and retirement preparedness levels among the US sample, even for those pre-retirees ages 55 to 64. Individually, PFL and AFL increased as one approached retirement. When combined, adults nearing retirement (55 to 64) comprised the greatest proportion of the high AFL and high PFL (29.9%) group compared to adults 20 years or more from retirement (18-44) who largely made up the low AFL and PFL (48%) group. Based on a logistic regression, adults closest to retirement (ages 55 to 64) are more likely to be planning compared to the other groups, as are adults who were financially confident, risk takers, highly educated, males, and white. Compared to adults with high AFL and high PFL, adults with low AFL and low PFL, or a combination (low PFL and high AFL, high PFL and low AFL) have lower odds of preparing for retirement. Both PFL and AFL influences retirement planning, and PFL may be as important as AFL. Our highlight the importance of policies and programs to support Americans with retirement planning.

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Approaches Of Increasing Financial Literacy Of The Population During The Economic Digitalization In Uzbekistan

Psychology and Education Journal ◽

10.17762/pae.v58i1.744 ◽

2021 ◽

Vol 58 (1) ◽

pp. 86-91

Author(s):

Farkhod Ozodovich Abdullaev, Nurulla Bakhromovich Fayzullaev

Keyword(s):

Financial Literacy ◽

Developed Countries ◽

Digital Economy ◽

Literacy Level ◽

Developing And Developed Countries

This article analyzes the importance of financial literacy of the population in the process of transition to the digital economy. The article also analyzes people's behavior with financial activities and processes, the level of financial literacy in developing and developed countries and gives recommendations and proposals which are directing at increasing the financial literacy level within the country.

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Assessing Executive Nurse Leadersʼ Financial Literacy Level

JONA The Journal of Nursing Administration ◽

10.1097/nna.0000000000000822 ◽

2019 ◽

Vol 49 (12) ◽

pp. 596-603

Author(s):

Garry Brydges ◽

Rebecca Krepper ◽

Ainslie Nibert ◽

Anne Young ◽

Rosemary Luquire

Keyword(s):

Financial Literacy ◽

Literacy Level

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APPLYING THE DIME APPROACH TO A FINANCIAL LITERACY PROGRAM

Innovation in Aging ◽

10.1093/geroni/igz038.2152 ◽

2019 ◽

Vol 3 (Supplement_1) ◽

pp. S580-S581

Author(s):

Lisa M Brown

Keyword(s):

Low Income ◽

Financial Literacy ◽

Well Being ◽

Financial Resources ◽

Financial Security ◽

Diverse Populations ◽

Knowledge And Skills ◽

Culturally Adapted ◽

Professional Research ◽

Peer Counselling

Abstract Financial literacy is defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” The Money Smart Peer-to-Peer Program (MSP) was developed by the FDIC for use with diverse populations. MSP was culturally adapted for use in Jamaica using the Johns Hopkins DIME process. Peer counselling programs consistently demonstrate that they are acceptable and effective with adults who have limited education and low-income by overcoming barriers that are typically encountered when people attempt to access unfamiliar services or guidance from a professional. Research conducted with the MSP program reveals that program participants were more likely to open and save using deposit accounts, use and adhere to a budget, and have increased confidence in their financial abilities 6 to 12 months after completing the course. Implementation of MSP increases the likelihood that people can retire with dignity and financial security.

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Analysis of the financial literacy level of Micro, Small and Medium Enterprises (MSMEs) in Jember, East Java, Indonesia

IOP Conference Series Earth and Environmental Science ◽

10.1088/1755-1315/485/1/012128 ◽

2020 ◽

Vol 485 ◽

pp. 012128

Author(s):

M D Lestari ◽

S Kantun ◽

W Hartanto ◽

P Suharso ◽

J Widodo

Keyword(s):

Financial Literacy ◽

Small And Medium Enterprises ◽

Literacy Level ◽

Medium Enterprises

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The role of financial literacy in retirement investment choice

Equilibrium ◽

10.24136/eq.2019.027 ◽

2019 ◽

Vol 14 (4) ◽

pp. 569-589 ◽

Cited By ~ 1

Author(s):

Thi Anh Nhu Nguyen ◽

Jiří Polách ◽

Iveta Vozňáková

Keyword(s):

Least Squares ◽

Financial Literacy ◽

Estimation Methods ◽

Two Stage ◽

Investment Choice ◽

Literacy Level ◽

Two Stage Least Squares ◽

Linear Probability ◽

Retirement Investment

Research background: Preparation for retirement is a major concern for the people in the workforce as they have to encounter considerable difficulties in making the right investment decisions for their retirement. Purpose of the article: This research extends the literature on personal finance by investigating the impact of both financial literacy levels and pension knowledge on employees’ investment choice decision for their retirement, while in previous literature the role of these factors has mainly been explored separately. Methods: To conduct the research, a survey questionnaire was applied to collect data in three main regions of Vietnam comprising Northern, Central and Southern Vietnam. Data collection was made in 2018, in which 427 valid questionnaires were used for data analysis from 700 questionnaires. Two estimation methods are employed for analysis in this study, including a linear probability model (LPM) and two-stage least squares (2SLS) model. The findings of this research remain significant after the Two-Stage Least Squares (2SLS) regression model is used as an estimation technique to eliminate potential bias caused by endogenous problems. Finding & Value added: The results show that basic financial literacy level and pension knowledge are principal factors which significantly increase the probability of exercising retirement investment choice of employees, while advanced financial literacy level factor has a significant effect on choosing growth investing options for their retirement. Further, this research finds that there is no correlation between employees’ financial risk tolerance and their retirement investment choice. Furthermore, the study proposes and offers new evidence that pension knowledge is a decisive factor providing employees with encouragement to exercise retirement investment choice and those who consult with financial advisors tend to take part in growth investing option.

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