scholarly journals FINANCIAL LITERACY AND RISK PROFILE: AN EXTENSIVE OBSERVATION ON BANK EMPLOYEES

2021 ◽  
Vol 19 (1) ◽  
pp. 175-186
Author(s):  
Sylviana Maya Damayanti ◽  
◽  
Pramudya Wicaksana ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Demographic Factors ◽  
Sampling Technique ◽  
Well Being ◽  
Risk Profile ◽  
Financial Decisions ◽  
Bank Employees ◽  
And Gender ◽  
High Level

People with a high level of financial literacy tend to have better financial management skills to realize their financial well-being through effective financial decisions including investing according to their risk profile. The banking industry is an industry that has the highest inclusive level selected because it can represent financial literacy conditions. On the other hand, the gap between financial inclusion and financial literacy leads to a large number of investment (illegal) cases and complaints to regulators. The purpose of this research is to find out the level of financial literacy and type of risk profile, factors that affect it with bank employees in Bandung as research objects. The sampling technique used is a non-probability sampling technique that is purposive sampling with a total of 408 respondents. Data collection is through online questionnaires. There are three sections questionnaire, demographic factors, financial literacy, and risk profile. The data processing techniques used are descriptive statistical analysis and multiple regressions. The results showed that bank employees in Bandung had financial literacy indexes categorized as “medium” or “sufficient” (66.7%) with a risk profile index of “moderate” type (60%). Demographic factors that affect financial literacy are age, education level, and organizational position. While the factor that affects the risk profile is age and gender. Research has also revealed a strong correlation between financial literacy and risk profile.

scholarly journals Financial Well-being of State and Local Government Retirees in North Carolina

2020 ◽  
pp. 184-206
Author(s):  
Robert L. Clark ◽  
Siyan Liu
Keyword(s):  
North Carolina ◽  
Financial Literacy ◽  
Financial Management ◽  
Well Being ◽  
Retirement Savings ◽  
Management Skills ◽  
Financial Decisions ◽  
Standards Of Living ◽  
State And Local Government ◽  
State And Local

This chapter analyzes how low- and moderate-income retirees utilize retirement savings, and how financially fragile they are, relying on survey data on public employees in North Carolina. We investigate whether retirees make systematic errors when they manage their assets so as to maintain their standards of living, and whether there are notable differences in financial management skills across subgroups. We also ask whether financial literacy is positively associated with lower rates of committing such errors and, and whether low-income households have lower levels of financial literacy leaving them likely to make poor financial decisions. We show that many retirees have no emergency cash, and one quarter maintain high-interest debt while leaving low-return funds in retirement saving plans. Suboptimal debt holding is associated with lower household income and lower financial literacy.

scholarly journals In Pursuit of Financial Well-being: The Effects of Financial Literacy, Financial Behaviour and Financial Stress on Employees in Labuan

2020 ◽  
Vol 3 (1) ◽  
pp. 55
Author(s):  
Zaiton Osman ◽  
Erni Marlina Madzlan ◽  
Phang Ing
Keyword(s):  
Financial Literacy ◽  
Online Survey ◽  
Financial Stress ◽  
Sampling Technique ◽  
Well Being ◽  
Partial Least Square ◽  
Least Square ◽  
Financial Decisions ◽  
Financial Behaviour ◽  
The Government

The exposure to a plethora of choices and relatively complex financial products has intensified the need for financial knowledge adequacy in order to acquire the skills needed to make sound financial decisions. The studyaimed to examine the effects of financial literacy and financial behaviour on respondents’ financial well-being and to assess the role of financial stress in mediating these relationships. Using a web-based online survey approach, a total of 213 employees in the government and private sectors in the Federal Territory of Labuan responded to the self-administered questionnaire via convenience sampling technique. All data were analyzed using Partial Least Square (PLS) version 3.0. This study found significant relationships between financial literacy, financial stress, and financial well-being. However, there was no significant correlation between financial behaviour and financial wellbeing. Subsequently, financial stress proved to have no mediating effecton predicting employee’s financial well-being in FT Labuan.

scholarly journals Financial Well-Being of Nigerian Family in Ikeja Lagos State Nigeria

2019 ◽  
Vol 7 (1) ◽  
pp. 1-8
Author(s):  
Ogunleye Kemisola Christianah ◽  
Mohamad Fazil Sabri ◽  
Shamsul Azahari Zainal Badari
Keyword(s):  
Local Government ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Well Being ◽  
Financial Strain ◽  
Financial Decisions ◽  
Recent Advancement ◽  
Financial Economy ◽  
Market Restructuring

With the recent advancement in the financial economy, it has become pertinent to families to be knowledgeable and adept in handling their finances. Financial markets terrain has increased so much, resulting in the availability of a more extensive choice of financial products and services, thus making financial decisions more complex and demanding. The ease of accessibility to inventive loans and credit services, financial market restructuring and technological advancements in the mode of offering and distributing financial services have indisputably left several individuals with a puzzling assortment of savings opportunities and decisions that need to be made. Therefore, this study was conceptualized to examine the factors that determine the financial well-being of Nigerian families in Ikeja local government, Nigeria. The researcher employed a stratified random sampling in selecting the number of employees, and 400 questionnaires were distributed to achieve a reasonable responses rate. As such, eighty (80) questionnaires were distributed to each of the five departments selected. From the study, it was shown research showed that majority of the respondents were female between the age ranges 20 to over 60 years. Results of the study showed that there was a significant relationship between financial well-being and financial management and financial strain expect for financial literacy. The regression analysis showed that the factors (financial literacy, financial stress, and business management) jointly for 45.7% of the variance in financial well-being. It was suggested that to improve economic prosperity among the employees in the local government, in Ikeja Lagos, Nigeria, an active factor is needed for family financial well-being.

scholarly journals Factors Affecting the Financial Literacy During Pandemic

2021 ◽  
Vol 2 (7) ◽  
pp. 503-515
Author(s):  
Ari Susanti
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Sampling Technique ◽  
Well Being ◽  
Coefficient Of Determination ◽  
Factors Affecting ◽  
Or Groups ◽  
Data Collection Technique ◽  
Taking Action

Insights on literacy during the current pandemic are needed in order to create qualified and financially intelligent individuals or groups that can be used for financial management so that they are beneficial for their lives and able to prosper financially. Financial literacy is an intelligence and understanding of financial institutions, financial products and financial services. Individuals who have good financial literacy will have an awareness of the direction of their financial management goals, thus, they will be smarter in taking action on their assets. Having good financial literacy, a person will have strong abilities in terms of managing finances, financial planning skills, investment insight and knowledge of saving and borrowing, so that individuals will be careful of the assets they have and not easily get trapped into online loans or fake loans detrimental and far from financial well-being. Factors that influence the financial literacy during the pandemic include financial attitude, income and peers. The population taken in this observation was active female students in Surakarta with a total number of 230 respondents. This observation sample was taken using the purposive sampling technique. The data collection technique was done using questionnaires distributed online to respondents and the data analysis of hypotheses testing was done using multiple linear regressions with t test, f test and coefficient of determination through SPSS 21. According to the results of the analysis that has been carried out, it shows that the financial attitude variable has a relevant influence on financial literacy, income has no effect on financial literacy and peers have a relevant influence on financial literacy.

Determinants of Financial Well-Being Among Young Workers in Jakarta During the Covid-19 Pandemic

2021 ◽  
Vol 26 (2) ◽  
pp. 295
Author(s):  
Pamela Lavonda, Ignatius Roni Setyawan, Margarita Ekadjadja
Keyword(s):  
Financial Literacy ◽  
Structural Equation ◽  
Sampling Technique ◽  
Well Being ◽  
Positive Influence ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Risks ◽  
Financial Attitudes ◽  
Financial Decisions

This study aims to analyze the effect of financial attitudes, financial behavior, and financial literacy on financial welfare. This research model uses convenience sampling technique through distributing questionnaires and collected as many as 163 respondents. The data was processed using the Structural Equation Modeling (SEM) method with smartPLS 3 software. The results indicate that financial attitudes have a positive influence on financial welfare. A good financial attitude can increase awareness to manage finances so as to improve financial well-being. Financial behavior has a positive influence on financial well-being. Good financial behavior encourages people to make long-term plans to cover unforeseen costs which can ultimately improve financial well-being. Financial literacy has a positive influence on financial well-being. Financial literacy not only affects the way individuals manage finances and solve financial problems, but also has implications for the individual's ability to make financial decisions related to investments, savings, and other financial risks. Thus financial prosperity can be achieved.

scholarly journals ASSET: A new measure of Economic and Financial Literacy (Accepted at the European Journal of Psychological Assesment)

2019 ◽  
Author(s):  
Tomas Folke ◽  
Jovana Gjorgjiovska ◽  
Alessandro Paul ◽  
Lea Jakob ◽  
Kai Ruggeri
Keyword(s):  
Socioeconomic Status ◽  
Young Adults ◽  
Young People ◽  
Psychometric Properties ◽  
Financial Literacy ◽  
Predictive Power ◽  
Mathematical Ability ◽  
Financial Decisions ◽  
High Level ◽  
Literacy Research

Young adults increasingly require good financial literacy to make the most of the opportunities provided to them. Unfortunately, existing financial literacy measures that may assist with targeting interventions show low reliability, ceiling effects, and a high level of abstraction. To address this, we designed and assessed the psychometric properties of a new measure specifically targeting young people, the Assessment of Economic and Financial Literacy (ASSET). We find it has better overall validity, reliability, and predictive power than existing measures. Using ASSET, we find that mathematical ability, calculator use (an example of deliberative thinking), gender, and socioeconomic status are key predictors of financial literacy. We recommend this more robust tool for use in financial literacy research to assess implications for guiding major financial decisions amongst young people.

scholarly journals Gender Differences in Financial Decisions

2018 ◽  
Vol 11 (1) ◽  
pp. 21-27
Author(s):  
Jeetendra Dangol
Keyword(s):  
Gender Differences ◽  
Decision Making ◽  
Financial Literacy ◽  
Sampling Technique ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Decision ◽  
Convenience Sampling ◽  
Risk Taker ◽  
Survey Questionnaires

This paper examines the gender differences in financial decision-making of university students who are young, single, childless individuals that have at least average financial literacy and very small or no income. This paper is based on the survey questionnaires developed by Grable and Lytton (2003), distributed and collected from 100 students (50 men and 50 women) by using convenience sampling technique. The study finds that men and women differ in their financial decision. Women are less risk taker than men in financial decision-making; it indicates that women prefer to safer investment.

Financial Inclusion through Financial Literacy

2022 ◽  
Vol 13 (1) ◽  
pp. 0-0
Keyword(s):  
Financial Literacy ◽  
Uttar Pradesh ◽  
Secondary Data ◽  
Financial Education ◽  
Well Being ◽  
Financial Inclusion ◽  
Financial Decisions ◽  
College Curriculum ◽  
Financial Exclusion ◽  
The Government

Financial literacy is a means to tackle the problem of financial exclusion. It is a combination of awareness, skills, knowledge, attitude and behaviors necessary to make sound financial decisions and achieve financial well being. Objective of this study is to analyze current policy, practices and evidences on financial literacy. The study has been carried out on the basis of review of literature and secondary data collected from a range of sources. It is found that the government of India, RBI and other regulatory bodies are running financial literacy campaigns through diverse mediums. Financial literacy centers (FLCs) are contributing for enhancement of financial literacy. However, they need to be strengthened by enhancing resources. Inclusion of financial education in school and college curriculum has also been recommended. Scope of the study is limited to Ghaziabad district of Uttar Pradesh in India. The study might be valuable for policymakers in enhancing financial inclusion.

Analysis of Financial Literation Levels of Micro Enterprises in Kulon Progo District, Special Region of Yogyakarta

2020 ◽  
Vol 4 (2) ◽  
pp. 163-171
Author(s):  
Dadan Ramadhan ◽  
Lilies Setiartiti
Keyword(s):  
Financial Literacy ◽  
Random Sampling ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Chi Square ◽  
Analysis Technique ◽  
Chi Square Test ◽  
High Level ◽  
Micro Enterprises ◽  
Special Region

This research is quantitative. The population of this research was all of Micro Enterprises in Kulon Progo Regency. The sample of this research were 156 micro-entrepreneurs in the Kulonprogo district. This research used a simple random sampling technique to get the data. The researcher used a questionnaire as the instrument, which tested both its validity and its reliability. The data analysis technique used in this research is the Chi-Square test. The result showed, the majority of respondents had knowledge (79,5%), and the ability of financial literacy (80,8%) was categorized in the high-level category. There was a no different level of financial literacy for the micro-entrepreneur in Kulon Progo Regency based on the gender.

On the Use of Intelligent Systems for the Modelling of Financial Literacy Parameters

2009 ◽  
Vol 2 (4) ◽  
pp. 17-35
Author(s):  
H. Tawfik ◽  
R. Huang ◽  
M. Samy ◽  
A.K. Nagar
Keyword(s):  
Financial Literacy ◽  
Educational Level ◽  
Credit Card ◽  
Intelligent Systems ◽  
Input Parameter ◽  
Support Vector ◽  
Financial Decisions ◽  
Relative Contribution ◽  
Main Determinants ◽  
And Gender

Research has shown that more young people lack good financial literacy and make poor financial decisions. Financial literacy is not only important for individuals, but also for families, financial institutions, and the entire economy. In this paper, artificial neural networks (ANNs) and support vector machines (SVMs) are used as tools to model the financial literacy levels of young university students across Australia and three Western European countries. The goal was to ascertain the students’ level of financial knowledge in relation to the use of credit card and loan facilities based on a number of input parameters such as age, gender and educational level. Sensitivity analysis is applied to determine the relative contribution of each input parameter to the overall financial literacy model. The experiments show that ANNs and SVMs exhibit promising results and capabilities for effectively modeling financial literacy. Our findings indicate that the main determinants of young people’s level of financial literacy include educational level, length of employment, age, and credit card status – in terms of the use of credit card facilities, and gender, living status and credit card status – in terms of the use of loan facilities.

Sign in / Sign up

Export Citation Format

Share Document