scholarly journals FINANCIAL LITERACY : A COMPARISON BETWEEN THE YOUTH OF INDIA AND USA

2020 ◽  
Vol 8 (10) ◽  
pp. 734-765
Author(s):  
Dhruv Vij ◽  
Keyword(s):  
Young Adults ◽  
Financial Literacy ◽  
Indian Population ◽  
Financial Education ◽  
The United States ◽  
Literacy Programs ◽  
New Delhi ◽  
Inflation Rates ◽  
Survey Results ◽  
Capitalist World

Financial literacy is a critical aspect of our lives. When taught early, it provides life skills for young adults to make use of now as well as in the future. It can help individuals go from surviving to thriving. Financial education isnt taught in schools and colleges but is very essential to live in these times. A person not only learns how to survive in a capitalist world, but also how to grow and preserve their money. This project focused on what young adults currently know about money management and to provide recommendations to increase their financial acumen. The research also compares the responses of several questions from students in India (New Delhi) and students in the United States (Massachusetts).The goals of this project were three -fold: 1. Conducted research on the literacy models used to assess knowledge and skills regarding financial literacy in general 2. Created a survey instrument based on the research and administered the survey to participants 3. Created a set of recommendations and observations based on the survey results in the form of an infographic.To accomplish this goal a simple questionnaire, created from a composite of several internationally known literacy programs, was administered to individuals of ages 18-22. A series of 15 recommendations resulted from the analysis of the survey results and were disseminated through the use of an infographic. One of the results was that only 50% of the indian population knew in detail about the concept of interest and inflation rates.

Orthopaedic Surgery Resident Financial Literacy: An Assessment of Knowledge in Debt, Investment, and Retirement Savings

2019 ◽  
Vol 85 (4) ◽  
pp. 353-358 ◽  
Author(s):  
John D. Jennings ◽  
Courtney Quinn ◽  
Justin A. Ly ◽  
Saqib Rehman
Keyword(s):  
United States ◽  
Orthopedic Surgery ◽  
Financial Literacy ◽  
Financial Education ◽  
Retirement Planning ◽  
The United States ◽  
Financial Knowledge ◽  
Retirement Savings ◽  
Willingness To Participate ◽  
Formal Curriculum

Most orthopedic residents carry significant debt and may enter their practice with little knowledge of business management, minimal retirement savings, and overall poor financial literacy. This study aimed to gauge financial literacy, debt, and retirement planning in United States orthopedic surgery residents. Willingness to participate in formalized financial education was also assessed. Eighty-five allopathic orthopedic surgery residents in the United States completed a 14-question anonymous online survey in 2016. The survey assessed demographic data, self-assessed financial knowledge, amount of credit card debt and loans, preparation for retirement, and willingness to participate in formal didactic education on these topics. Most respondents derive their financial knowledge from personal research (51%), whereas only 4 per cent have a formal curriculum. Despite most respondents reporting more than $200,000 in outstanding loans, only 31 per cent create and stick to a budget. Few programs offer retirement advice, and 48 per cent of respondents save $0 toward retirement. Eighty-five per cent of residents expressed interest in learning about personal investment, savings, and retirement planning. Orthopedic surgery residents carry significant debt and do not achieve their high-income potential until disproportionately later in life. Only 4 per cent of residents have formal training in investing, personal finance, or retirement despite a majority who desire such a curriculum. In fact, almost 75 per cent of those surveyed felt less prepared for retirement than their peers outside of medical training. This study suggests a role for formal financial education in the orthopedic curriculum to prepare residents for retirement, improve financial literacy, and enhance debt management.

scholarly journals Thinking about the Future: How Do Young People Deal with Money?

2021 ◽  
Vol 11 (2) ◽  
pp. 20
Author(s):  
Claudia MontAlvao ◽  
Pedro Bevilaqua ◽  
Raquel Cappelletto
Keyword(s):  
Young Adults ◽  
Human Factors ◽  
Financial Literacy ◽  
Quantitative Research ◽  
Financial Education ◽  
Information Design ◽  
World Population ◽  
Qualitative And Quantitative ◽  
Descriptive Approach

The world population is changing and ageing. And young adults? Are they prepared to be an older adult? How to deal with expectations for life and financial aspects in the long term? These are the questions discussed in this paper, gathering information design, financial literacy, and human factors. A descriptive approach considered a literature review of financial education and literacy, consumer consumption by adolescents and young adults, and how human factors specialists discuss this topic. Based on this information, both qualitative and quantitative research with young adults on their financial literacy was conducted to investigate young adults' perspectives on their future, decision-making about money now, and retiring. Data results pointed out a view, and some solutions are proposed as the next steps.

scholarly journals Personal Financial Literacy among University Students studying Engineering

2020 ◽  
Vol 8 (8) ◽  
pp. 669-692
Author(s):  
Sirli Mändmaa
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Academic Discipline ◽  
Financial Education ◽  
Future Research ◽  
Financial Responsibility ◽  
Survey Results ◽  
The Individual ◽  
The Impact ◽  
A Current

Nowadays financial literacy is essential as in a society much of the financial responsibility has shifted from governments to the individual. The findings of earlier studies show that university students are not knowledgeable about personal finance and their financial skills needs improvement. This study analyzed the survey results of 536 university students to assess the financial literacy, the impact of educational and demo-graphical characteristics to the participants' financial literacy, and the students' financial opinions and choices. Results of regression analyze showed that statistically significant impact to the financial literacy had factors: academic discipline, level of education, gender, nationality, age and the choices to have a current account, a debit card, and investment services. Students studied in the Faculty of Civil Engineering compared to others, had higher knowledge in finance, especially female students. These results of study give the direction for future research and enable to enhance financial education. 

scholarly journals Financial literacy as a mediator of personal financial health during COVID-19: A structural equation modelling approach

2021 ◽  
Vol 2 ◽  
pp. 59
Author(s):  
Swati Anand ◽  
Kushendra Mishra ◽  
Vishal Verma ◽  
Taruna Taruna
Keyword(s):  
Financial Literacy ◽  
Structural Equation Modelling ◽  
Structural Equation ◽  
Financial Education ◽  
Household Wealth ◽  
Mediating Effect ◽  
Literacy Programs ◽  
Financial Health ◽  
Equation Modelling ◽  
Modelling Approach

The coronavirus disease 2019 (COVID-19) pandemic has become a global humanitarian challenge. This scourge has impacted people from all walks of life as well as every economic sector and activity, from travel to automotives, hotels to banking, and supply chain to retail. The pandemic has affected not only physical and mental health but also financial health. Studies have examined the pandemic’s economic impact, but very few have examined its impact on personal finances. Efforts to contain the pandemic’s spread, such as lockdowns, have resulted in suspended business operations throughout the world that have intensified joblessness. To prepare and protect people from such unforeseen situations, financial education and planning are necessary. We attempt to expand the evidence on this issue by applying a structural equation modelling approach to identify the mediating role of financial literacy programs in preparing and protecting household wealth against sudden worldwide setbacks. The research design is descriptive and exploratory using snowball sampling technique. The data was collected through an internet survey. In total, 400 survey responses were obtained. After testing the measurement model for key validity dimensions, the hypothesised causal relationships are examined in several path models. The results indicated that coronavirus awareness exerts a direct or indirect influence on the financial health of individuals through financial literacy.  We conclude that financial literacy has a full mediating effect on the personal finance of individuals during the COVID-19 pandemic. The findings not only contributed to the need and understanding of financial literacy but also have managerial implications. Financial literacy programs provide investment advice and suggestions which are actionable and also work to help individuals to come out stronger in terms of knowledge and skill set when the COVID-19 crisis passes.

FİNANSAL EĞİTİME BAKIŞ

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Fatih Temizel
Keyword(s):  
United States ◽  
Best Practices ◽  
International Organizations ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
The United States ◽  
Developing Nations ◽  
Public Authority ◽  
Turkish Case

This study determines the importance of financial education in contemporary societies. A review of various organizations for increasing financial education whose individual and societal importance has been internationally accepted is also offered. Towards this end initiatives undertaken by international organizations and national authorities are examined. Aspects of these initiatives that can be offered as best practices for developing nations are identified. For the Turkish case financial education examples that can be organized under public authority leadership, with NGO participation are collated. Various experiences about measuring and increasing financial literacy are examined. Among these are the implementations in Australia, Japan, England and the United States. It is put forth, in light of international experience, that increasing access to financial education and efficiency of financial services are possible through, informing, education and consulting.

scholarly journals Do Financial Literacy and Financial Education Influence Smoking Behavior in the United States?

2021 ◽  
Vol 18 (5) ◽  
pp. 2579
Author(s):  
Mostafa Saidur Rahim Khan ◽  
Pongpat Putthinun ◽  
Somtip Watanapongvanich ◽  
Pattaphol Yuktadatta ◽  
Md. Azad Uddin ◽  
...  
Keyword(s):  
United States ◽  
Decision Making ◽  
Financial Literacy ◽  
Smoking Behavior ◽  
Positive Association ◽  
Financial Education ◽  
The United States ◽  
Rational Decision ◽  
Probit Regression ◽  
Rational Decision Making

Smoking is still a serious economic, health, and social problem despite various efforts to curb its prevalence. We examined the influence of financial literacy and financial education on the smoking behavior in the United States in terms of the use of rational decision-making abilities to reduce irrational behavior. We hypothesized that financial literacy and financial education, as proxies for rational decision making, would reduce the likelihood of smoking. We used data from the Preference Parameters Study (PPS) of Osaka University conducted in the United States in 2010 and applied probit regression models to test our hypothesis on a sample of 3831 individuals. We found that financially literate people are less likely to be smokers, though we found no clear role of financial education in reducing the likelihood of smoking. Further, respondents’ gender, age, unemployment status, and risky health behaviors such as drinking and gambling, have a significantly positive association with smoking, while marital status, university degree, family size, household income, household assets, physical exercise, and level of happiness have a significantly negative association. Our findings suggest that financial literacy, as an instrument encouraging rational decision making, could be a tool to help reduce smoking in the United States.

scholarly journals Financial literacy as a mediator of personal financial health during COVID-19: A structural equation modelling approach

2020 ◽  
Vol 2 ◽  
pp. 59
Author(s):  
Swati Anand ◽  
Kushendra Mishra ◽  
Vishal Verma ◽  
Taruna Taruna
Keyword(s):  
Financial Literacy ◽  
Structural Equation Modelling ◽  
Structural Equation ◽  
Financial Education ◽  
Household Wealth ◽  
Mediating Effect ◽  
Literacy Programs ◽  
Financial Health ◽  
Equation Modelling ◽  
Modelling Approach

The coronavirus disease 2019 (COVID-19) pandemic has become a global humanitarian challenge. This scourge has impacted people from all walks of life as well as every economic sector and activity, from travel to automotives, hotels to banking, and supply chain to retail. The pandemic has affected not only physical and mental health but also financial health. Studies have examined the pandemic’s economic impact, but very few have examined its impact on personal finances. Efforts to contain the pandemic’s spread, such as lockdowns, have resulted in suspended business operations throughout the world that have intensified joblessness. To prepare and protect people from such unforeseen situations, financial education and planning are necessary. We attempt to expand the evidence on this issue by applying a structural equation modelling approach to identify the mediating role of financial literacy programs in preparing and protecting household wealth against sudden worldwide setbacks. The research design is descriptive and exploratory using snowball sampling technique. The data was collected through an internet survey. In total, 400 survey responses were obtained. After testing the measurement model for key validity dimensions, the hypothesised causal relationships are examined in several path models. The results indicated that coronavirus awareness exerts a direct or indirect influence on the financial health of individuals through financial literacy.  We conclude that financial literacy has a full mediating effect on the personal finance of individuals during the COVID-19 pandemic. The findings not only contributed to the need and understanding of financial literacy but also have managerial implications. Financial literacy programs provide investment advice and suggestions which are actionable and also work to help individuals to come out stronger in terms of knowledge and skill set when the COVID-19 crisis passes.

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