scholarly journals FINANCIAL LITERACY OF THE MANAGEMENT STUDENTS – CZECH AND SLOVAK EXPERIENCE

MEST Journal ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 75-83
Author(s):  
Ales Kozubik
Keyword(s):  
Financial Literacy ◽  
Financial Stability ◽  
Information Sources ◽  
Positive Impact ◽  
Financial Education ◽  
Practical Experience ◽  
Full Time ◽  
Part Time Students ◽  
Credible Information ◽  
Management Students

Financial literacy is becoming one of the key competencies in the 21st century. In its absence, it is virtually impossible to navigate the market for financial products and services and thus ensure financial stability throughout the whole life. The author presents the results of a survey of the financial literacy of young future managers who are currently university students. Based on a questionnaire survey among full-time and part-time students, the author detects the positive impact of the practical experience of external students on their financial literacy. The author uses an innovative metric in the form of a personal finance index to assess financial literacy. In addition to overall success, this approach also makes it possible to analyze knowledge from the eight components of financial literacy. By comparing the results in individual areas, the author reveals that risk management is Achyla's heel of financial literacy. In addition to the knowledge component, the author also deals with the respondents' access to information sources. Based on these findings, the author formulates conclusions for the content of financial education. There is a need for a stronger link between the development of probabilistic thinking and the development of general numeracy with practical financial subjects. An important part of financial education is also the recognition of credible information sources.

scholarly journals FINANCIAL LITERACY OF UNIVERSITY STUDENTS MEASURED BY P-FIN INDEX

2020 ◽  
Author(s):  
Josef Polák ◽  
◽  
Zuzana Kozubíková ◽  
Aleš Kozubík ◽  
◽  
...  
Keyword(s):  
Statistical Analysis ◽  
Financial Literacy ◽  
Slovak Republic ◽  
Practical Experience ◽  
Personal Finance ◽  
Full Time ◽  
Part Time Students ◽  
Part Time ◽  
Questionnaire Research ◽  
Functional Areas

Financial literacy belongs to the most important competences of all members of the modern 21-st century society. The authors present results of the research based on the personal finance index that is recently developed an innovative measure of knowledge. The questionnaire research that has been conducted among the students of two universities in the Czech and Slovak republic. It focused on full-time and part-time students with the aim to verify the suggestion that practical experience of distance learning students has a significant impact on the level of their financial literacy. Statistical analysis of the data shows, that part-time students have achieved better results in all functional areas of the personal finance index. Based on these findings authors also drew some conclusions for improving education in this field.

scholarly journals THE ATTITUDE OF THE PEDAGOGICAL SPECIALITIES’ STUDENTS OF THE UNIVERSITY OF LATVIA TO THE STUDY COURSE OF CIVIL DEFENCE

2020 ◽  
Vol 2 ◽  
pp. 227
Author(s):  
Juris Porozovs ◽  
Aija Dudkina
Keyword(s):  
First Aid ◽  
Full Time ◽  
Self Assessment ◽  
First Year Students ◽  
Study Programs ◽  
Part Time Students ◽  
Part Time ◽  
Management Students ◽  
Civil Defence ◽  
The University

In Latvia the Civil Defence course is a compulsory course for all higher education study programs. The aim of the study was to find out the attitude of the students of pedagogy specialties of the University of Latvia towards the Civil Defence course, to study the students' self-assessment of understanding the most important topics of the Civil Defence course and the most important insights learned by students during acquiring the Civil Defence course. To find out the attitude of the pedagogical specialties students towards the Civil Defence course, a questionnaire of the first-year students was carried out after the acquisition of the course. The responses of full-time and part-time students were compared. The results of the questionnaire showed that the majority of the surveyed students have understood the importance of the Civil Defence course and they consider that this course is necessary for all study programs. After completing the course, most students have understood the most important topics of the Civil Defence course. The majority of surveyed students consider that topics related to national defence should be included in the Civil Defence course. As the most interesting topics students have found first aid, disasters and their classification and disaster management. Students believe that Civil Defence knowledge is needed for being aware of how to deal with emergencies, if necessary, to be able to provide first aid and for better understanding of the functioning of the civil defence system in Latvia. Students see an opportunity to combine the acquiring of Civil Defence course with the mastering of another study course.

scholarly journals Critical Analysis of Pensions Taking into Account Selected Aspects of Financial Literacy

2020 ◽  
Vol 6 (3) ◽  
pp. 29-35
Author(s):  
Alexander Zureck ◽  
Viktoria Daus ◽  
Philippe Krahnhof
Keyword(s):  
Financial Literacy ◽  
Critical Analysis ◽  
Positive Impact ◽  
Financial Education ◽  
Scientific Paper ◽  
Net Income ◽  
Academic Degree ◽  
Federal States ◽  
The Impact ◽  
Positive Effect

In this study we investigate the impact of government debt on the economic growth of General financial education, so-called financial literacy, which plays an essential role in private retirement provisions. A study by the Organization for Economic Co-operation and Development (OECD) in 2015 shows that financial literacy is not prevalent in Germany (OECD, 2015). The aim of this scientific paper is to underline the importance of financial literacy for private retirement provisions. Due to the falling level of pensions in Germany, investments in a private pension are essential. Therefore, a regression analysis is carried out. An academic goal is to analyze if gender, net income and academic degree have a positive impact on financial literacy. In summary, it can be said that there is a significant influence of gender. With regard to the significant imbalance in the gender distribution (three quarters are male), the data should be expanded in the future. While net income as well as academic degree both have positive effect, correlation was only shown for net income. An ideal level of private retirement provisions was not determined in the empirical study. Based on these empirical insights, it is recommended that the federal states should invest in the financial education of their citizens to counteract poverty in age.

The Role of Financial Education in the Path Towards Sustainable Development

2021 ◽  
pp. 1-19
Author(s):  
Raquel González Castro ◽  
Joaquín Enríquez-Diaz ◽  
Begoña Alvarez García
Keyword(s):  
High School Students ◽  
Financial Literacy ◽  
Financial Education ◽  
Practical Experience ◽  
School Students ◽  
Financial Decisions ◽  
Level Of Satisfaction ◽  
Level Of Knowledge ◽  
High Level

Financial decisions are present in everyone's daily life. However, citizens do not always have sufficient knowledge to understand the consequences of their decisions and the risks taken. The lack of financial literacy can contribute, along with other factors, to making wrong financial decisions. This is why financial education becomes a key element to achieve a more sustainable and egalitarian future. This research presents a practical experience intended to foster financial education among high school students. The experience consisted in providing training workshops about financial topics, specifically adapted to the students' needs. The students' level of financial knowledge was evaluated and also their level of satisfaction with the experience. Results showed a high level of satisfaction and a significant improvement in their level of knowledge. The research also helped to identify the students' socio-demographic characteristics that explain the differences in their level of financial culture and their capacity for improvement.

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.

FINANCIAL LITERACY AND FINANCIAL INCLUSION EFFECTS ON STABILITY AND COMPETITIVENESS INDICATORS IN THE BANKING SECTOR: CROSS COUNTRY EVIDENCE FOR AFRICA AND THE WORLD

2021 ◽  
pp. 2150009
Author(s):  
JOÃO JUNGO ◽  
MARA MADALENO ◽  
ANABELA BOTELHO
Keyword(s):  
Credit Risk ◽  
Interest Rates ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Stability ◽  
Banking Sector ◽  
Financial Education ◽  
Financial Inclusion ◽  
The Stability ◽  
The Impact

Financial inclusion has allowed financial products with very high-interest rates and complex conditions to become increasingly affordable. Financial inclusion programs, which aim to reach all social strata, strongly expose financial institutions to risk and particularly credit risk. That said, additional interventions such as financial education of those included are needed. We aim to examine the impact of financial literacy and financial inclusion of households on bank performance. Specifically, we want to examine the impact of financial literacy on credit risk, competitiveness among banks and financial stability. The FGLS estimation results suggest that financial literacy and financial inclusion reduce credit risk and enhance the stability of banks, and regarding competitiveness, our results were inconclusive as they show different effects for each competitiveness indicator, although they point to improved competitiveness in some cases. This research allows policymakers to understand that individual financial attitudes can be reflected in the general welfare of financial institutions and encourages the intensification of programs aimed at improving household financial literacy.

Assessing a Community-Based Financial Literacy Program: A Case Study in California’s Silicon Valley

2018 ◽  
Vol 29 (1) ◽  
pp. 142-153 ◽  
Author(s):  
Xiaoyan Xu
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Positive Impact ◽  
Silicon Valley ◽  
Financial Education ◽  
Well Being ◽  
Literacy Program ◽  
Knowledge Gain ◽  
Community Based ◽  
Behavioral Tendencies

This study presents a community-based financial literacy program offered to low-income families in the heart of Silicon Valley. Leveraging local financial institutions and organizations, it provided financial education and encouraged habit formation, hoping for lasting outcomes toward financial well-being. Program impact was assessed in the areas of financial knowledge gain, behavioral tendencies in financial decision-making, and self-reported personal finances. Participants showed significant improvement in key knowledge areas, with positive impact observed in behavioral tendencies such as financial goal setting. Improvements in financial outcomes were not significant. The results of this intervention illustrate that maintaining long-term impact and applying sophisticated evaluation methods present key challenges for community-based efforts focused on financial education.

scholarly journals Applying Online Educational Technology to Foster Financial Literacy: Financial-Institution Leaders’ Insights

2019 ◽  
Author(s):  
Hazel Lee
Keyword(s):  
Financial Literacy ◽  
Financial Incentives ◽  
Financial Institution ◽  
Financial Education ◽  
Practical Experience ◽  
Qualitative Inquiry ◽  
Corporate Image ◽  
Government Support ◽  
Policy Implications ◽  
Online Technology

Financial literacy deficiency is a prevailing problem in United States raising the need for effective financial education. Financial-institution leaders can play a crucial role in promoting financial literacy with their practical experience and expertise. This article sheds new light on the application of online technology to promote financial literacy by exploring the perceptions of financial-institution leaders. Supported by Dewey’s pragmatic constructivist paradigm and the PEST conceptual framework, a qualitative inquiry research through in-depth telephone interviews with 20 leaders from banks and credit unions in Texas was conducted. The findings revealed some common ways to provide online financial literacy education, including website information posting, online financial calculators, external links, social media communication, and partnering with appropriate third parties. The financial leaders perceived that applying online technology would be an enlightening future direction especially for the millennial generation but face-to-face education would remain important. The opportunities included social responsibility fulfillment, corporate image strengthening, marketing, and favorable regulatory consideration. The challenges involved the human and financial resources constraints, IT support, lack of effective evaluation, and how to motivate online learning. Some leaders suggested the use of games, financial incentives, and innovative apps. The policy implications included increase in government support, partnership with schools, embracing financial literacy in the state test, and collaboration among financial leaders, regulators, educators, and policy makers to foster financial literacy for the benefits of the society.

scholarly journals The Role of Knowledge Brokers in Improving Financial Literacy

2021 ◽  
pp. 75-103
Author(s):  
Chaouki Mouelhi ◽  
Hajer Hammami
Keyword(s):  
Structural Equation Modeling ◽  
Financial Literacy ◽  
Structural Equation ◽  
Positive Impact ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Knowledge Brokers ◽  
The Impact

Several governments around the world have tried strategies based primarily on financial education programs to improve the financial literacy of their citizens. In this study, we discuss a new strategy that involves using knowledge transfer activities carried out by intermediary agents, called financial knowledge brokers, to achieve significant improvement in financial literacy. Thus, the aim of this paper is to test the impact of the five activities of financial knowledge brokers (i.e., financial knowledge acquisition, financial knowledge integration, financial knowledge adaptation, financial knowledge dissemination, and creation of links) on financial literacy. For this, we built a database from a questionnaire carried out to nearly 103 financial advisers during the period June 2015 to June 2017. Overall, the results of Structural equation Modeling (SEM) technique showed that the financial knowledge brokerage activities (four of the five activities) have a positive impact on improving financial literacy as well as on its four dimensions, namely financial attitude, financial behavior, basic financial knowledge, and advanced financial knowledge. JEL classification numbers: D80, F65, G20, I20. Keywords: Financial literacy, Knowledge brokers, Structural equation modeling.

scholarly journals Financial Literacy Education in Ontario: An Exploratory Study of Elementary Teachers’ Perceptions, Attitudes, and Practices

2021 ◽  
Vol 44 (2) ◽  
pp. 308-336
Author(s):  
Gail E Henderson ◽  
Pamela Beach ◽  
Andrew Coombs
Keyword(s):  
Elementary Teachers ◽  
School Boards ◽  
Financial Literacy ◽  
Exploratory Study ◽  
Classroom Practice ◽  
Financial Education ◽  
Literacy Education ◽  
Full Time ◽  
Teachers Perceptions ◽  
Attitudes And Practices

Politicians are pushing school boards to do more to ensure students leave school with the financial literacy skills they will need to navigate an increasingly complex financial marketplace. Financial literacy education must start early to achieve this goal, yet there has been very little Canadian research on financial literacy education at the elementary level. This exploratory study used an anonymous, online survey to gain a preliminary understanding of full-time Ontario elementary teachers’ perceptions, attitudes, and practices with respect to financial literacy education. Respondents overwhelmingly favour teaching financial literacy in elementary school. Almost half of respondents currently incorporate financial literacy into their classroom practice. These teachers rely primarily on free, online resources. With respect to barriers to teaching financial literacy, respondents cited the lack of an appropriate curriculum and lack of support from schools and school boards. Respondents identified professional development as the main type of support they would like to see schools and school boards provide to support them in teaching financial literacy going forward.   Keywords: financial literacy, financial education, elementary teachers

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