scholarly journals Financial Behavior of the Population of the Republic of Kalmykia: An Economic and Statistical Analysis

REGIONOLOGY ◽  
2019 ◽  
Vol 27 (3) ◽  
pp. 534-553
Author(s):  
Darya V. Моiseeva ◽  
Nadezhda V. Dulina
Keyword(s):  
Financial Literacy ◽  
Large Scale ◽  
Financial Education ◽  
Internet Banking ◽  
Financial Behavior ◽  
Federal State ◽  
Sociological Study ◽  
The Republic ◽  
Use Of The Internet ◽  
High Level

Introduction. The large-scale work to improve the financial literacy of the population of Russia, initiated by the leadership of the country in 2011, has enhanced the developments aimed at studying the peculiarities of the financial behavior of the population of individual regions. The purpose of the study is to resolve the contradiction between the irrational financial behavior of people living in the Republic of Kalmykia, described by scientists and journalists, and the results of a nationwide sociological study, according to which Kalmykia is among the regions with a high level of financial literacy. Materials and Methods. The results of the nationwide sociological study ‘Financial Literacy Ranking of the Regions of Russia 2018’ and the official statistics from the websites of the Russian Federal State Statistics Service (Rosstat) and the Bank of Russia formed the information base of the conducted study. In terms of methods, tools for time series analysis were used. Results. A detailed analysis of the statistical data describing the financial behavior of the population of the Republic of Kalmykia has been performed, namely: per capita income of the population, the volume of loans granted to individuals, the share of overdue loans and the volume of deposits made by individuals. A negative ratio has been revealed between the value of loans provided to individuals in the region and the volume of deposits made by them. A conclusion has been drawn that it is necessary to study the reasons for such irrational financial behavior of the population of the Republic of Kalmykia and to develop effective measures to improve financial literacy. Discussion and Conclusion. The irrationality of the financial behavior of the population of the Republic of Kalmykia has been objectively confirmed by the dynamics of statistical indicators characterizing the levels of the loan debts and savings. At the same time, an analysis of financial literacy ranking results has shown that the Republic of Kalmykia received a high ranking due to a higher level of use of the Internet banking services and plastic cards, however, a low level of savings activity and a high level of trust in banks in the Republic of Kalmykia have also been confirmed. The results obtained can be used in the development of financial education programs for residents of various regions with similar problems.

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.

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 Financial Literacy in Turkey

2019 ◽  
Vol 8 (3) ◽  
pp. 01-16
Author(s):  
Ali Coskun ◽  
Muhammed Abdullah Sahin ◽  
Alperen Zengin
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
International Network

We measure the level of financial literacy in Turkey using the OECD/International Network on Financial Education (INFE) methodology and compare our results with the ones obtained in 14 other countries that has used the same methodology. In our sample, financial knowledge and financial behavior levels are lower than the average of the 14 countries, whereas financial attitude level is around the average. The overall financial literacy score, which is a combination of the three aforementioned aspects, is also lower than the average of the 14 countries. We find that financial behavior is positively related with financial knowledge, female respondents are lagging behind the male respondents in financial literacy, and this lag is bigger than those in the 14 countries. Very young respondents and old respondents are less financially literate, financial literacy score is positively related with income, education, and income stability.

scholarly journals NATIONAL STRATEGY FOR FINANCIAL EDUCATION IN INDIA

2020 ◽  
Vol 15 (1) ◽  
Author(s):  
VARUN KUMAR ◽  
VIRENDER KUMAR SAINI
Keyword(s):  
Financial Literacy ◽  
Empirical Studies ◽  
Financial Education ◽  
Developed Countries ◽  
National Strategy ◽  
Inclusive Growth ◽  
Financial Products ◽  
Global Standards ◽  
Education In India ◽  
High Level

The concept of implementing National Strategy for Financial Education has been gradually building. Most of the nations globally take initiative for implementing sound National Strategy for Financial Education. Whereas some developed countries already have there unified and coordinated national strategy for financial education. India is having second largest population in the world. There is an urgent need to develop a sound and stable financial system. it is more necessary to quickly formulate and implement a national strategy. Financial Literacy and Financial Education play important role in financial inclusion, inclusive growth and sustainable prosperity. Financial Literacy develops confidence, knowledge and skills to manage financial products and services enabling them to have more control of their present & future circumstqnces.59 countries worldwide are implementing National Strategy using guidance from the OECD/INFE high level principles on National Strategy for Financial Education. Several empirical studies have found that financial literacy level amongst Indians low by global standards. The need of the hour is to boost up financial education initiatives and comprehensive research should be done on national strategy for financial education. The present study aims at finding the role and relevance of financial education in India.

scholarly journals Religiousness and civic identity of youth in the Republic of Dagestan: current state.

2020 ◽  
Vol 12 (4-5) ◽  
pp. 90-102
Author(s):  
Yusup D. Dzhabrailov ◽  
Keyword(s):  
Young People ◽  
Civil Rights ◽  
Religious Identity ◽  
Interpersonal Relations ◽  
Religious Affiliation ◽  
Sociological Study ◽  
Current State ◽  
The Difference ◽  
The Republic ◽  
High Level

The article is devoted to determining the level of religiosity of Dagestan youth and its influence on the process of forming civil identity. Based on the results of a sociological study, the author states that there is a direct relationship between the level of youth religiosity and their civic identification. He states that the high level of religious identity of young people does not weaken the position of civic identification. At the same time, pronounced religious ties contribute to the formation of a culture of trust in persons of other confessional and ethnic groups at the level of interpersonal relations. The experience of close connection with co-religionists develops a culture of trust in a multi-ethnic and multi-confessional environment. Nevertheless, the author draws attention to the difference in indicators of civil identification in the Islamic-Christian border area, which is associated with the predominance in the mass consciousness of muslims and representatives of non-Russian nationality of the feeling of violation of civil rights on a confessional basis. It is concluded that with the adoption of the practice of meeting religious requests of communities throughout the Russian Federation, regardless of religious affiliation, it is expected to increase the indicators of civil identification of young people. The article notes that the regional level is dominated by trends for favorable interfaith communication. To a decisive extent, they may depend on the socio-political attitudes at the federal level.

scholarly journals Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

2017 ◽  
Vol 31 (3) ◽  
pp. 611-630 ◽  
Author(s):  
Tim Kaiser ◽  
Lukas Menkhoff
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Impact Evaluation ◽  
Evaluation Studies ◽  
Meta Analysis ◽  
Financial Education ◽  
Financial Behavior ◽  
Teachable Moment ◽  
Randomized Experiments ◽  
Middle Income

Abstract In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle–income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a “teachable moment.”

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.

Psychology of financial literacy of military personnel

2019 ◽  
Vol 4 (4) ◽  
pp. 1-9 ◽  
Author(s):  
Vladislav Petrov
Keyword(s):  
Military Personnel ◽  
Financial Literacy ◽  
Deviant Behavior ◽  
Positive Impact ◽  
Armed Forces ◽  
Self Control ◽  
Financial Behavior ◽  
Law Enforcement Agencies ◽  
Financial Responsibility ◽  
High Level

The article is devoted to the problem of psychology of financially competent behavior of servicemen. The psychological etiology of financial literacy / illiteracy of the personnel of the Armed Forces of the Russian Federation is shown. The study was conducted using: 1) content analysis of information (publications, materials of official inspections, etc.) about the attitude of the personnel of law enforcement agencies to money and financial behavior; 2) expert survey; 3) psychodiagnostic examination (method "California psychological questionnaire". Experts and subjects were 67 soldiers. The study found that financially literate / illiterate behavior is determined by a pattern of both General and specific qualities. The basis of the pattern of General qualities of a soldier with a financially competent command were such characteristics as responsibility, self-control and developed intellectual and prognostic abilities. Persons with financially illiterate behavior were distinguished by: inability to competently plan a personal budget; propensity to risky financial transactions; promiscuity and inattention to spending money; frivolous attitude to debts and loans; focus on spending money, not saving it. Thus, the more socially responsible is the behavior of the soldier, the more they demonstrate financially competent behavior. The material of the article allows to justify the involvement of military psychologists to solve the problem of improving the financial literacy of personnel. First of all, it concerns preventive psychodiagnostics of propensity of the military personnel to financially illiterate behavior. This should be followed by the provision of psychological assistance to persons in need of it, as well as the formation of the personnel of financial responsibility and predictability, the ability to plan and control personal spending. Ultimately, the work to improve the financial literacy of military personnel will have a positive impact on overcoming the problem of deviant behavior of personnel, as a consequence, to maintain a high level of combat readiness of the Armed Forces.

scholarly journals Financial literacy among working women: A Study on university staff in Kedah

2020 ◽  
Vol 8 (2) ◽  
pp. 100-108
Author(s):  
Nur Najihah Ashaari ◽  
Zahayu Md Yusof ◽  
Masnita Misiran ◽  
Hasimah Sapiri
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Structural Equation ◽  
Financial Risk ◽  
Working Women ◽  
Financial Education ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Employment Sector ◽  
Five Factors

The involvement of women in the employment sector has helped boost the Malaysian economy. Therefore, it is imperative for our economy to consider the fact that where and how women work to spend or invest their funds. In this case, for the proper use of funds, working women need to be financially literate. This study to determine the relationship between the factors towards financial literacy among working women and to investigate the risk of financial literacy among working women. Sample data were gathered using self-administered questionnaire among working women in government university in Kedah and later analyzed using statistical software namely, Statistical Package for Social Science (SPSS) version 25.0 and Analysis of Moment Structure (AMOS) version 25.0. Confirmatory Factor Analysis (CFA) together with Structural Equation Modeling (SEM) approach was used both to access the model fit and identify the significant direct influence financial literacy among working women. As a result, five factors that influence financial management have been highlighted which are financial attitude, financial knowledge, financial education, financial behavior and financial literacy. The result indicates that only financial attitudes significant towards financial literacy among working women as supported by the previous study. However, other factors are also important in assessing the level of financial literacy of an individual because each of these factors plays a role in ensuring an individual's financial management and avoid yourself from financial risk.

scholarly journals Financial Literacy Perception Scale for the Portuguese Population

2020 ◽  
Vol 67 (2) ◽  
pp. 277-290
Author(s):  
Fernando Oliveira Tavares ◽  
Eulália Santos
Keyword(s):  
Numerical Calculation ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Education ◽  
Financial Behavior ◽  
Factorial Structure ◽  
Validity And Reliability ◽  
Portuguese Population ◽  
Sociodemographic Profile

This study aims to propose and validate a financial literacy perception scale for the Portuguese population. The utilized methodology was quantitative, based on a two-part questionnaire survey. The first part studies the sociodemographic profile and the second part evaluates the respondent's perception of financial literacy. The sample consisted of 830 Portuguese individuals, over 18 years old. The main results of this study demonstrate that the financial literacy perception scale presents a tri-factorial structure with satisfactory validity and reliability levels. The three obtained factors are 1-2 years financial planning and goals, long term savings and an affinity for numerical calculation. This study contributes to the increase of scientific knowledge in the field of financial literacy, to the assistance of financial education policymakers in the reformulation of their policies and to the creation of tools to help consumer financial behavior.

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