scholarly journals Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana

2022 ◽  
Vol 52 (3) ◽  
Author(s):  
Martinson Ankrah Twumasi ◽  
Yuansheng Jiang ◽  
Pengcheng Wang ◽  
Zhao ding ◽  
Lady Nadia Frempong ◽  
...  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Asset Ownership ◽  
Rural Ghana ◽  
Radio Broadcasting ◽  
Gender Education ◽  
The Government ◽  
Household Heads ◽  
Using Data ◽  
Financial Issues

ABSTRACT: This study examined the determinants of financial literacy (FL) and its impact on access to financial services (AFS), using data collected from rural Ghana. A two-stage residual inclusion model is utilized to address the selection bias issue. The results showed that FL is affected by household heads’ age, gender, education, asset ownership, homeownership, and economics education. The results revealed that FL is significant and positively related to AFS, but its square shows an inverse relation with saving mobilization. This indicated a non-linear relationship between FL and AFS. Moreover, we find that FL has a larger AFS impact for households with high-income and male household heads relative to their counterparts. The study recommended that the government can initiate the creation of a rural committee to educate rural residents on financial issues through radio broadcasting and meetings. Our findings highlighted the importance of FL on AFS in enhancing the welfare of rural households.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

scholarly journals Financial literacy of students of technical universities: analysis of opinions and development prospects

2021 ◽  
Vol 49 (1) ◽  
pp. 80-91
Author(s):  
Olga V. Stepnova ◽  
◽  
Irina Yu. Starchikova ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Research University ◽  
Educational Process ◽  
Third Party ◽  
Positive Trend ◽  
Full Time ◽  
Moscow Aviation Institute ◽  
Technical University ◽  
Financial Issues

Introduction. The development of students' ability to make informed and responsible decisions in the field of personal finance is an urgent problem. Young people must have the appropriate competencies, have the required level of financial literacy. This also applies to students of non-economic areas of training, in particular students of technical specialties. The purpose of the study is to analyze the financial literacy of students of a technical university. Materials and methods. The material of the research was the data of an anonymous sociological survey of 100 students of Stupino branch of Moscow Aviation Institute (National Research University) of the 3rd and 4th courses of full-time education by filling in Google forms. Results. Analysis of students' opinions showed a positive trend (65% of respondents) for the introduction of financial literacy in the educational process of a technical university. Students admitted (54% of respondents) that they are not aware of all kinds of risks when investing in NPFs, when buying a home, compulsory motor third party liability insurance, taking a loan, when calculating wages, etc. Based on the students' answers, it was found that 62% of the respondents had no experience in solving financial issues. At the same time, 67% of students are not interested in rates on deposits, loans, the key rate of the Central Bank, but daily use the financial services of the bank (plastic cards, payment for services via the Internet, e-wallet, etc.) 97% of students. Conclusion. Today, the financial literacy of the population is fraught with many vital issues and affects the effectiveness of decisions made and the associated risks.

Collaborative Finance and Its Hurdles to Overcome

2020 ◽  
pp. 239-262
Author(s):  
Elisabet Ruiz-Dotras ◽  
Krystyna Mitręga-Niestrój
Keyword(s):  
Social Network ◽  
Social Interaction ◽  
Financial Literacy ◽  
Financial Services ◽  
Peer To Peer ◽  
Online Networks ◽  
The Social ◽  
Finance Development ◽  
Personal Trust ◽  
Financial Issues

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

THE STRATEGY TO ENHANCE THE SHARIAH FINANCIAL LITERACY AND INCLUSION IN INDONESIA (Case Study at Financial Services Authority Office in The City of Malang)

2017 ◽  
Vol 1 (1) ◽  
pp. 47
Author(s):  
Ma’rufa Khotiawan ◽  
Muhammad Luthfiansyah
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Inclusion ◽  
National Strategy ◽  
Research Needs ◽  
Know How ◽  
The Government ◽  
The City

<p>The<strong> </strong>results of the survey of literacy and Financial Inclusion Shari'ah in Indonesia 2016 each show numbers 8.11 %  and 11.06 %. Whereas the inhabitants of the religion of Islam in Indonesia more than 85%. With this then needs to be formulated strategies that can increase the level of literacy and financial inclusion shari'ah in Indonesia. The importance of literacy improvement and Financial Inclusion Shari'ah to improve the behavior of the community in financial management and to improve the welfare of them. So that priorities are intended to know how the strategy applied to increasing literacy and Financial Inclusion Shari'ah. This research uses qualitative research method with the approach of the case study. The results of this research are some government policy that is contained in the form of National Strategy for Financial Literacy Indonesia (SNLKI) to improve financial literacy Shari'ah and inclusive Financial National Strategy (SNKI) to improve financial inclusion. But the next research needs to examined and monitored about various programs to increase shari'a literacy and financial inclusion is doing by the government.</p><strong>Keywords: </strong>Sharia Financial Literacy, Sharia Financial Inclusion, the strategy.

Financial Literacy: An Intra-Household Case Study from West Bengal, India

2020 ◽  
Vol 8 (2) ◽  
pp. 170-193
Author(s):  
Tanmoyee Banerjee ◽  
Malabika Roy
Keyword(s):  
Mass Media ◽  
Gender Gap ◽  
Financial Literacy ◽  
West Bengal ◽  
Male And Female ◽  
North West ◽  
The Family ◽  
Household Heads ◽  
Using Data

The study is an exercise to identify the presence of intra-household gender disparities in financial literacy levels between male and female decision-makers of the family (identified as male and female household heads) using data from a primary survey conducted in 24 Parganas (North), West Bengal, India. The survey shows the existence of significant intra-household gender gap in financial literacy. We also found that the female household heads with low financial literacy use mass media less intensively. Further, the study identifies that financial literacy is low for respondents in families with low levels of income and asset. Financial literacy improves with the use of mass media and education level. Interestingly, the higher the age of respondents the less are they financially literate. JEL Classifications: D19, J16, G190

Some Aspects about Financial Knowledge of Undergraduate Students

2013 ◽  
Vol 2 (4) ◽  
pp. 40-62
Author(s):  
Elena Moreno-García ◽  
Arturo García-Santillán ◽  
Juan Pablo Munguía-Tiburcio
Keyword(s):  
Learning Styles ◽  
Undergraduate Students ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Principal Component ◽  
Financial Education ◽  
Financial Knowledge ◽  
Important Indicator ◽  
Financial Issues

The purpose of study is to measure the level of financial literacy of accounting students at the Universidad Veracruzana; campus Mocambo, considering that financial education is the knowledge that people have on financial issues in order to solve everyday problems regarding financial management. The variables analyzed include age, gender, race, socioeconomic status, learning styles and student’s perceptions on financial services, the way they take care of their money and their knowledge of five key financial issues. Three hypotheses were raised, therefore, in order to test H1 we performed a factorial analysis with an extracted principal component; to H1.a the statistical procedure of linear correlation of Pearson r and t test are applied, and to H2 a Z test is performed. Although the theory suggests that the level of higher education gives the student a better understanding of the financial issues, this research however, proves otherwise. In fact, the range of “excellent money management” is below 50%. The findings suggest that there is no a good level of financial literacy in the population studied. This fact is contrary to expectations, because the student who studies public accountant is expected to have financial knowledge in these subjects, all this, in considering the subjects which integrates the curriculum related to the field of finance. Therefore this finding should be an important indicator for the academic authorities of the Universidad Veracruzana for corrective actions in this respect.

scholarly journals Measuring and profiling financial literacy in South Africa

2018 ◽  
Vol 21 (1) ◽  
Author(s):  
Elizabeth L. Nanziri ◽  
Murray Leibbrandt
Keyword(s):  
South Africa ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Multivariate Regression Analysis ◽  
Policy Makers ◽  
Financial Decisions ◽  
South Africans ◽  
Financial Behaviour ◽  
Using Data

Background: Microeconomic theories of financial behaviour tend to assume that consumers possess financial skills necessary to undertake related financial decisions. Aim and setting: We investigated this assumption by exploring the distribution of financial literacy among South Africans. Method: In the absence of a standard measure, a financial literacy index was constructed for the country using data collected on attitudes (towards), access to and use of financial services over the period 2005–2009. In a multivariate regression analysis, we used the index to examine the extent to which differences in financial literacy correlate with demographic and economic characteristics. Results: The index revealed substantial variation in financial literacy by age, education, province and race. Overall, demographic characteristics contributed up to 10% of the financial literacy differences among individuals in South Africa. Conclusion: These results can be used to guide policy makers where to place more emphasis in terms of financial education for South Africans.

scholarly journals Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania

2021 ◽  
Vol 14 (11) ◽  
pp. 561
Author(s):  
Ashenafi Fanta ◽  
Kingstone Mutsonziwa
Keyword(s):  
Regression Analysis ◽  
Financial Literacy ◽  
Financial Services ◽  
Instrumental Variable ◽  
Financial Inclusion ◽  
Demand Side ◽  
Financial Products ◽  
Instrumental Variable Regression ◽  
Per Se ◽  
Using Data

Efforts are being exerted in many developing countries to promote financial inclusion by increasing individuals’ access to financial products and services. However, literature suggests that increasing the supply of financial products and services per se may not help in expanding financial inclusion unless concerted efforts are exerted in enhancing financial literacy. This is because financially literate individuals are more likely to appreciate the value of financial services and hence take up financial products. This paper reports the link between financial literacy and inclusion using data from a demand side financial inclusion survey conducted in Kenya and Tanzania in 2016 covering a total of 6029 individuals. Results from our instrumental variable regression analysis confirmed that financial literacy is a strong driver of financial inclusion. This implies that efforts to promote financial inclusion need to be accompanied with financial literacy campaigns in both countries.

scholarly journals THE DEVELOPMENT OF A FINANCIAL LITERACY SYSTEM IN RUSSIA

2018 ◽  
Vol 6 ◽  
pp. 314-318
Author(s):  
Svetlana A. Litvinova
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Literacy Development ◽  
Financial Inclusion ◽  
Research Findings ◽  
Literacy Level ◽  
The Government

The article touches upon the issues of financial literacy development in Russia. The author considers financial literacy as a set of procedures that build up the system of financial literacy institution development including financial inclusion, an increase in financial literacy and a strengthening of the protection of consumers’ rights in regard to financial services. The author presents research findings that indicate a poor financial literacy level in Russia. The key conclusion reflects the goal of the paper: the development of the financial literacy system depends on the demand for innovative financial services and the measures taken by the government to develop the financial literacy system.

scholarly journals Financial literacy and the use of financial services in Serbia

2021 ◽  
pp. 105-114
Author(s):  
Slađana Barjaktarović-Rakočević ◽  
Nela Rakić ◽  
Marina Ignjatović ◽  
Milica Stevanović
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Middle Income ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Products ◽  
Decision Making Processes ◽  
Financial Decision ◽  
The Government

Financial services industry has always drawn a lot of attention, from possible investors, those who need financing, the government and general public. Globally, financial opportunities are becoming more attractive, but also more complex. The goal of this study is to analyze the use of financial services in Serbia. We argue that financial education and literacy are preconditions for the use of financial opportunities. Research has shown that people in Serbia are not well informed about how to make sound financial decisions. The reasons why people in Serbia do not use financial products requires to a greater extent and services special attention. In order to test the differences between people in terms of how well informed they are and which services they use and why, we conducted a survey. Our results show that people with salaries higher than 100,000 RSD are well informed but not motivated to invest. Individuals with middle income do not have enough trust and think that they are not well informed about different opportunities. Additionally, we found that men are better informed than women. This paper aims to provide an overview of the use of financial services in Serbia in order to improve financial decision-making processes and understand the different financial opportunities.

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