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.

Living beyond one’s means: evidence from Malaysia

2015 ◽  
Vol 43 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yiing Jia Loke
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Practical Knowledge ◽  
Financial Education ◽  
Financial Knowledge ◽  
Content Type ◽  
Explanatory Variables ◽  
Financial Behaviour

Purpose – The purpose of the paper is to identify the determinants of the probability of living beyond one’s means. The paper also explores the coping mechanisms of those financially distressed as well as the debt taking behaviour of consumers. Design/methodology/approach – The study uses data obtained from the OECD International Network on Financial Education pilot study on Measuring Financial Literacy in 2010 for the case of Malaysia. A logistic regression model is used to identify the main determinants of the probability that a consumer will live beyond his/her means. The analysis is carried out by using a set of socio-economic factors and the individual’s financial behaviour and attitudinal characteristics as explanatory variables. Findings – The findings indicate that low income and seasonal income earners are more vulnerable to financial distress. Furthermore, having a higher education, higher financial knowledge and prudent financial behaviour and attitude do not necessarily translate into better financial management. Family and friends provide the main source of financial assistance in times of need. Research limitations/implications – The assessment of financial knowledge should go beyond individual’s knowledge on financial concepts and theories. Practical knowledge on financial and cash flow management should be assessed. Practical implications – The study reiterates the importance of financial education. It is imperative to include financial education as part of the schools’ curriculum and also to be incorporated as part of the Continuous Professional Development modules for working adults. Originality/value – The study is based on the first nationwide study of consumer finances in Malaysia. It contributes to the literature by integrating financial behaviour and attitudinal factors into the analysis of the ability of individuals to live within their means. The findings also show the limitations of the existing self-assessment of financial behaviour and attitude and the assessment of financial knowledge.

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 ПІДВИЩЕННЯ РІВНЯ ФІНАНСОВОЇ ГРАМОТНОСТІ ТА ФІНАНСОВОЇ ОСВІТИ — ВИКЛИК СУЧАСНОСТІ

2019 ◽  
Vol 13 ◽  
pp. 429-438
Author(s):  
Т. А. Латковська
Keyword(s):  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
General Information ◽  
Financial Knowledge ◽  
System Protection

У статті розглядаються питання фінансової грамотності та фінансової освіти, які на сьогоднішній день є актуальними та необхідними. Доводиться, що недостатнє володіння основами фінансових знань і загальною інформацією громадян про свої права та обов'яз­ки викликає недовіру до фінансових установ, небажання використовувати їх як інстру­мент забезпечення збереження заощаджень та підвищення рівня добробуту. Робиться висновок про потребу системного захисту фінансових прав та законних інтересів широ­ких верств населення, створення умов для підвищення фінансової грамотності та фінан­сової освіти, створення механізмів досудового вирішення конфліктів між споживачами фінансових послуг та фінансовими інститутами.   The questions of financial literacy and financial education, being to date actual and necessary, are examined in the article. Proved, that the insufficient possessing bases of financial knowledge and general information of citizens about the rights and duties is caused mistrust to financial institutions, unwillingness to use them as an instrument of providing of maintenance of economies and increase of level of welfare. Drawn conclusion about the necessity of system protection of financial rights and legal interests of wide layers of population, in conditioning for the increase of financial literacy and financial education, in creation of mechanisms of pre-trial decision of conflicts between the consumers of financial services and financial institutes.

scholarly journals THE INFLUENCE OF SOCIO-DEMOGRAPHIC AND FINANCIAL KNOWLEDGE FACTORS ON FINANCIAL MANAGEMENT PRACTICES OF MALAYSIANS

2017 ◽  
Vol 18 (1) ◽  
Author(s):  
Yiing-Jia Loke
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Management Practices ◽  
Financial Education ◽  
Financial Knowledge ◽  
Insurance Policy ◽  
Management Behaviour ◽  
Income Shock ◽  
The Individual ◽  
Socio Economic Factors

Using the pilot survey data on "Measuring financial literacy" in 2010 from OECD (International Network for Financial Education, INFE), this paper aims to investigate the influence of sociodemographic and financial knowledge factors on four selected financial management practices of Malaysians. The four types of financial management practices are: whether the individual plans a budget, lives within their means, is prepared for income shock and owns an insurance policy. These four financial management practices are used to measure individuals' overall financial management behaviour. The measurement of financial management behaviour is divided into three levels depending on the type of financial management practices carried out by individuals. Ordered probit is used to determine socio-economic factors that are significant in explaining the varying differences in the financial management behaviours among Malaysians. The paper also identifies the financial knowledge gaps and investigates the levels of financial knowledge of Malaysians. While the majority of Malaysians show an average level of financial knowledge and plan their budget, many are financially unprepared for income shock and unexpected circumstances. The findings show that ethnicity, income, gender, regularity of income, education, age and financial knowledge have significant effect on individuals’ financial management behaviour. The findings have implications for regulators, financial educators and consumer groups in their efforts to enhance individuals’ financial management behaviour. Keywords: Emergency Saving; Financial Capability; Financial Knowledge; Living within One's Means; Personal Finance.

scholarly journals KARAKTERISTIK SOSIAL EKONOMI YANG MEMPENGARUHI LITERASI KEUANGAN SERTA DAMPAKNYA TERHADAP MANAJEMEN KEUANGAN PERSONAL (Survei Pada Pegawai Negeri Sipil Daerah di Kabupaten Kuningan)

2017 ◽  
Vol 1 (02) ◽  
Author(s):  
Herma Wiharno
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Financial Education ◽  
Civil Servants ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Sample Collection ◽  
Socioeconomic Characteristics ◽  
Units Of Analysis ◽  
Education Levels

The purpose of this study was to assess the socioeconomic characteristics that influence financial literacy and the influence of financial literacy towards personal financial management. The financial literacy in this study was divided into dimensions of financial literacy, financial behavior, and financial attitudes.The method used is descriptive and verificative methods. This research was conducted in the Kuningan Regency, and the Regional Civil Servants were the units of analysis. The samples used in this study were 390 Regional Civil Servants with the sample collection technique of proportional stratified cluster random sampling.The results of the verificative analysis revealed that only education levels significantly affect the financial knowledge, while having a significant effect on the behavior and attitudes in addition to the level of financial education is also a place to stay. Financial knowledge, financial behaviors, and financial attitudes significantly influence towards the personal financial management. In relation between socioeconomic characteristics with personal financial management, education level only that significant effect on personal financial management.

Transnational financial education for Filipino migrant workers

2019 ◽  
Vol 28 (4) ◽  
pp. 457-468
Author(s):  
Juyoung Jang ◽  
Seori Choi ◽  
Chang Won Lee ◽  
Stella Go
Keyword(s):  
Education Program ◽  
Migrant Workers ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Education ◽  
The Philippines ◽  
Primary Data ◽  
Education Programs ◽  
Contract Of Employment

This exploratory study sought to identify relevant topics for financial education programs for Filipino Employment Permit System (EPS) workers in Korea. EPS workers are temporary migrant workers who return to their home countries after their contract of employment ends. The study reviewed existing financial education programs for migrants in Korea and the Philippines and collected primary data through surveys and focus group interviews to develop a suitable financial education program for Filipino EPS workers. The results revealed that Filipino EPS workers were passive users of Korean financial services and often lacked financial literacy. Also, they did not have much communication with their families in the Philippines about financial management. A forum about transnational financial education was organized to discuss the implications of the study findings and a pilot financial education program was developed.

scholarly journals DOES FINANCIAL LITERACY REALLY MATTER FOR MALAYSIANS? A REVIEW.

2020 ◽  
Vol 2 (2) ◽  
pp. 13-20
Author(s):  
Nor Izzati Mohd Aziz ◽  
Salina Kassim
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Ad Hoc ◽  
National Level ◽  
Financial Education ◽  
Debt Management ◽  
Financial Knowledge ◽  
Management Research ◽  
Current Scenario ◽  
Education Network

Malaysians lack financial literacy but are generally unaware of the fact. The national level of financial literacy measured in terms of financial knowledge is still low among Malaysians. A survey by the Credit Counselling and Debt Management Agency (AKPK) found that 1 out of 3 Malaysians rated themselves as having a low level of confidence about financial management. Research on the issue has made some attempt to examine the cause of lower financial literacy and its effects on decision making, but studies have been limited. This paper examines studies on the topic compiled between the years 2017 and 2019 and some surveys made by organizations in Malaysia to see the current scenario of financial literacy in Malaysia. Up to the present, it is clear that current approaches and strategies toward financial literacy have been ad-hoc. The latest initiative from the Financial Education Network concerned with empowering financial literacy is the National Strategy for Financial Literacy 2019-2023. Each of the organizations involved is committed to improving financial literacy among Malaysian by organizing financial education initiatives such as carnivals, clubs, and seminars. The present study will benefit other researchers and maybe a reference for any organizations that will benefit from the updated statistics and information.

scholarly journals The Effect of Financial Knowledge on Financial Literacy with Mediated by Financial Behavior in Society of Palembang City South Sumatera

2019 ◽  
Vol 9 (3) ◽  
pp. 421
Author(s):  
YULIANI YULIANI
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Structural Equation ◽  
Measurement Data ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Indirect Influence

The Indonesian financial literacy index is still very low. This low index makes the government through the Financial Services Authority (OJK) make a strategy contained in the Indonesian National Financial Literacy Strategy or SNLKI (Revisit 2017). The strategy is expected that the Indonesian people have the knowledge and skills and beliefs that are reflected in attitudes and behaviors regarding financial management and are able to take quality financial decisions for Financial Well Being. The research objective is to analyze the direct effect of financial knowledge on financial literacy. Analyzing the indirect influence of financial behavior as a mediator of the effect of financial knowledge on financial literacy. Non-probability of purposive sampling technique as many as 105 respondents. Data collection conducted in May-June 2019. The data used is primary using the research instrument in the form of a questionnaire with a 5-point Likert scale measurement. Data was collected by distributing questionnaires both directly and online questionnaires through a Google questionnaire. Data analysis techniques are descriptive and inferential. Inferential testing using Structural Equation Modeling (SEM). The research findings are that there is a direct influence of financial knowledge on financial literacy. The indirect influence of financial behavior on financial literacy is not significant so financial behavior is not mediation.

scholarly journals Personal Finances in the Era of Modern Technological Solutions

2021 ◽  
Vol 1 (29) ◽  
pp. 155-174
Author(s):  
Anna Janina Warchewska ◽  
Alfred Janc ◽  
Rafał Iwański
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Education ◽  
Personal Finance ◽  
Financial Industry ◽  
Financial Decisions ◽  
Finance Management ◽  
Self Confidence ◽  
The Impact

The purpose of the article: the aim of the article is to present the essence of personal finance management using modern financial technologies. The paper seeks to answer the question of the impact financial literacy and the growth of the fintech solutions have on personal financial management. Methodology: the analysis leads to an answer to the question of which determinants have an impact on consumers' financial decisions and what remote tools the market offers. The paper hypothesizes that the intensification of educational activities tailored to each age group by institutions offering financial services may influence the greater use of modern tools in the process of personal finance management. Theoretical considerations are based on an in-depth query of literature on the subject. Research and financial experimentation in the field of financial knowledge and skills are presented. The secondary empirical material is used to analyze the development of the FinTech industry. Results: The effectiveness of financial education is observed only in specific financial behaviors. The financial industry is shaped by recipients, who instead of financial education, look e.g. financial coaching for a specific problem at different stages of their lives. Changes in population structure (aging population) and a large group of customers from disadvantaged groups (e. i. seniors, disabled people) require the development of new, matched strategies by banks and financial services providers. Too much self-confidence and a low level of consumer knowledge of cybersecurity is becoming a challenge for modern financial technologies.

scholarly journals Silver Finance—Asset Management of Elderly People in the Modern Era

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 441-442
Author(s):  
Frances Yang ◽  
Ka Hin ◽  
Edward Cheung ◽  
Vivian Lou
Keyword(s):  
Elderly People ◽  
Asset Management ◽  
Financial Literacy ◽  
Financial Services ◽  
Technology Use ◽  
Financial Management ◽  
Financial Education ◽  
The Elderly ◽  
Mature Adult ◽  
Financial Products

Abstract This study aims to explore the elderly people’s knowledge, attitude, and understandings toward financial management, and how they behave in using IT-supported financial services. Mixed methodologies, including quantitative street survey and qualitative focus group interviews, are used. The result shows an active involvement with investment market of the mature segments despite claiming safe and stable returns as the paramount principle of asset management. They also have a substantial knowledge on some of the technological-enabled financial services, particularly the younger groups (age 50-59). Cybersecurity is their major concern and barrier on whether to use them or not. Besides, their value and behaviors of buying mature adult financial products should be understood within a context of traditional family culture value. Based on the above analysis, the elderly can be categorized into three major types in using IT-supported financial products and services, including proactive users, passive followers and hard opposition. On the one hand, this research breaks up the outdated stereotype of technology use among elderly people; on the other hand, aged people are facing the challenges of cognitive and physical decline led by ageing. As such, it is essential to conduct specific financial literacy intervention. This project brings new insights into the financial education which is appropriate to the elderly.

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