scholarly journals Impact of Financial Literacy and Parental Socialization on the Saving Behavior of University Level Students

2018 ◽  
Vol 4 (2) ◽  
pp. 133-140
Author(s):  
Junaid Afsar ◽  
Ghulam Mujtaba Chaudhary ◽  
Zafar Iqbal ◽  
Muhammad Aamir
Keyword(s):  
Financial Literacy ◽  
Pearson Correlation ◽  
Financial Education ◽  
Financial Knowledge ◽  
Primary Data ◽  
Parental Socialization ◽  
Collection Method ◽  
Saving Behavior ◽  
University Level ◽  
The Impact

This is an explanatory study on the impact of financial literacy and parental socialization on the saving behavior of university level students. Using primary data collection method, 400 questionnaires were distributed to the students of universities across Pakistan. Pearson correlation and multiple regression analysis are employed by using SPSS. Our results demonstrate that financial literacy and parental socialization positively influence the saving behavior of students. Our result revealed that the students who have financial literacy exhibit more saving behavior as compared to others who do not have financial knowledge. It is also concluded that the student willingness to save increased due to receiving financial education from their parents.

scholarly journals The Impact of Islamic Economics and Finance Courses on Islamic Financial Literacy

2020 ◽  
Vol 13 (2) ◽  
pp. 197
Author(s):  
Mohamad Fany Alfarisi ◽  
A. Agestayani ◽  
Silvi Delfiani
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Public Universities ◽  
Quantitative Approach ◽  
Financial Knowledge ◽  
Primary Data ◽  
Economics Courses ◽  
The Impact ◽  
Self Administered Questionnaire

<p class="Abstract">The present study seeks to investigate the impact of Islamic economics courses on Islamic financial literacy of university students. Additionally, it intends to compare Islamic financial literacy of those who have taken Islamic economics and finance courses and those who have not. With respect to the approach, the current study employed a quantitative approach to explain the linkage between the two variables. The population of the present study was all currently enrolled students of public universities in Padang particularly those from the faculty of economics and business. A self-administered questionnaire had been used to collect primary data. From the total distributed questionnaire, 300 of them were completed and included in the sample. As a result the respond rate is 71.3%. The results show 145 respondents are in the category of having poor Islamic financial knowledge, while 155 respondents are in the category of moderate From 145 respondents with poor Islamic financial knowledge 79  respondents (66%) have (not) taken (any) Islamic economics and finance courses. From 155 respondents with moderate financial knowledge 114 respondents (41%) have not taken any Islamic economics and finance courses. The findings of the present study suggest that most respondents can be categorized as having moderate knowledge and attending formal Islamic economics and finance courses can positively contribute to have a greater level of Islamic financial literacy.</p>

scholarly journals Relationship between Financial Literacy and Its Component: A Research on Working Women

2019 ◽  
pp. 1-6 ◽  
Author(s):  
Nur Najihah Binti Ashaari ◽  
Zahayu Binti Md. Yusof
Keyword(s):  
Correlation Coefficient ◽  
Significant Relationship ◽  
Financial Literacy ◽  
Pearson Correlation ◽  
Working Women ◽  
Financial Education ◽  
Debt Management ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Pearson Correlation Coefficient

Developing countries, such as Malaysia, are in need of working women to help to improve the country's economy. Thus, it is of immense need for our economy to take into consideration the fact that where and how working women are spending or investing their funds. For appropriate utilization of funds, working women need to be financially literate. Financial literacy is the convergence of financial, credit and debt management and the knowledge that is necessary to make financially responsible decisions. This paper is conducted to assess the correlation between financial literacy and its component namely financial education, financial attitude, financial behavior and financial knowledge. Data processing of this study using a Pearson correlation coefficient and the sample size of 35 respondents which is working women in Universiti Utara Malaysia. A part from Pearson correlation coefficient, include descriptive statistics of frequency counts and percentages as a methid of data analysis employed in this study. The data are quantitatively analyzed through statistical software namely, Statistical Packages for Social Science (SPSS) version 25.0. The result indicates that financial literacy does not have a significant relationship with financial knowledge. However financial education, financial attitude and financial behavior together have a significant relationship with financial literacy.

Evaluating the effects of sociodemographic characteristics and financial education on saving behavior

2020 ◽  
Vol 40 (11/12) ◽  
pp. 1423-1438 ◽  
Author(s):  
Mouna Amari ◽  
Bassem Salhi ◽  
Anis Jarboui
Keyword(s):  
Risk Aversion ◽  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Mediating Effect ◽  
Content Type ◽  
Saving Behavior ◽  
Literacy Level ◽  
Education Training ◽  
The Impact

PurposeThe objective of this study is to explore the effects of financial literacy level and risk aversion on the saving behavior. The literature review showed dialectical results. Therefore, this study attempts to clarify the debatable of these results by studying the mediating effect of risk aversion on the relationships between demographics determinants and saving behavior moderated by the effect of the financial literacy level.Design/methodology/approachThe data were collected from the University of Normandy; the study sample included 516 respondents representing different segments of French households. The structural equation analysis was utilized to control the impact of financial literacy as a moderate variable and the risk aversion as a mediator variable among the link between sociodemographic factors and saving behavior.FindingsThe results demonstrated that there were significant effects of demographics factors on risk aversion. Moreover, financial literacy moderates the relationships between risk aversion and saving behavior.Research limitations/implicationsThe major limitation of this research is the small size of the study sample. This paper is restricted to French households. Future financial education training should cover the European context.Practical implicationsThis study provides further evidence that financial literacy should be considered an important factor for improving household well-being. The paper encourages governments and financial institutions to create a national financial education program.Originality/valueThis paper is the first attempt to employ a sample of low-income households after financial education training in the French context.

Antecedents of the Youngster’s Awareness About Financial Literacy: A Structure Equation Modelling Approach

2021 ◽  
pp. 097226292199656
Author(s):  
Pallavi Dogra ◽  
Arun Kaushal ◽  
Rishi Raj Sharma
Keyword(s):  
Factor Analysis ◽  
Financial Literacy ◽  
Structural Equation ◽  
Demographic Variables ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Primary Data ◽  
Equation Modeling ◽  
Financial Products ◽  
The Impact

Financial literacy has been identified as an important functional area that attains a special concern in the Indian government policies and plans specially designed for the financial market. SEBI has issued various guidelines and awareness programs towards investment financial products, digital payment systems, consumer protection and so on. Therefore, the purpose of the present article is to analyze the level of financial literacy among youngsters in India. The study examined the relationship between the antecedents of financial literacy, that is, financial attitude, financial knowledge and financial behavior. The theoretical purposed model was tested with the help of primary data that was collected with the help of the self-structured questionnaire. A total of 647 responses were obtained from the respondents belonging to the holy city Mathura, Uttar Pradesh, India. To identify the financial literacy antecedents and their inter-relationship, exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and structural equation modeling were applied to the collected data. The findings indicated that in the case of the Indian population, financial attitude and financial behavior were significantly associated with financial literacy. The moderation analysis reveals that males are more particular about financial knowledge and financial behavior in comparison to females. Respondents belonging to the age group of 26–30 years have better financial knowledge. Respondents who have income more than ₹800 thousand and below two years have more financial knowledge. This article contributes to the theoretical body of knowledge by providing insights about the interesting topic of financial literacy by identifying its antecedents. The study also highlights the impact of the demographic variables as moderators on the antecedents of financial literacy. The outcomes of the study are vital for the government in the designing of public policies. The findings are helpful for the educational program designers for the outlining of the programs and syllabus for the subjects taught in the schools and colleges. The findings are useful for the bank managers to understand the psychological behavior as well as demographic variables for the effective marketing and communication of their financial products.

scholarly journals Financial Education In Building Financial Literacy Among Sudanese Youth

2015 ◽  
Vol 3 (4) ◽  
pp. 90-101
Author(s):  
Omaima Eltahir Babikir Mohamed
Keyword(s):  
Health Insurance ◽  
Thematic Analysis ◽  
Financial Literacy ◽  
Financial Education ◽  
Financial Knowledge ◽  
Early Age ◽  
Life Skill ◽  
Structured Interviews ◽  
Financial Difficulties ◽  
The Impact

Financial literacy is a crucial life skill. It goes well beyond the simple concepts of saving and borrowing. Lack of financial knowledge can expose youth to face financial difficulties. This research focuses on assessing the impact of financial exposure via educational channels on university student’s financial attitude. The approach of the research is qualitative in nature. Data was collected through structured interviews. The interview included questions on demographics, education, health insurance and financial capability among Sudanese youth. Twenty (20) university students from two different states were interviewed between August 2013 and September 2013. Thematic analysis was used to analyse the data. The findings of this research revealed that youth who were exposed to financial knowledge during their university studies have better understanding of financial knowledge compared to those who were not exposed. The paper concludes that financial education at an early age can reduce the financial illiteracy and alleviate financial difficulties among youth significantly.

scholarly journals The Role of Knowledge Brokers in Improving Financial Literacy

2021 ◽  
pp. 75-103
Author(s):  
Chaouki Mouelhi ◽  
Hajer Hammami
Keyword(s):  
Structural Equation Modeling ◽  
Financial Literacy ◽  
Structural Equation ◽  
Positive Impact ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Knowledge Brokers ◽  
The Impact

Several governments around the world have tried strategies based primarily on financial education programs to improve the financial literacy of their citizens. In this study, we discuss a new strategy that involves using knowledge transfer activities carried out by intermediary agents, called financial knowledge brokers, to achieve significant improvement in financial literacy. Thus, the aim of this paper is to test the impact of the five activities of financial knowledge brokers (i.e., financial knowledge acquisition, financial knowledge integration, financial knowledge adaptation, financial knowledge dissemination, and creation of links) on financial literacy. For this, we built a database from a questionnaire carried out to nearly 103 financial advisers during the period June 2015 to June 2017. Overall, the results of Structural equation Modeling (SEM) technique showed that the financial knowledge brokerage activities (four of the five activities) have a positive impact on improving financial literacy as well as on its four dimensions, namely financial attitude, financial behavior, basic financial knowledge, and advanced financial knowledge. JEL classification numbers: D80, F65, G20, I20. Keywords: Financial literacy, Knowledge brokers, Structural equation modeling.

scholarly journals The Effect of Financial Literacy on Personal Investment Decisions amongst Medical Practitioners in Sri Lanka

2021 ◽  
Vol 6 (4) ◽  
pp. 123-126
Author(s):  
S. H. M. L. Walakumbura
Keyword(s):  
Sri Lanka ◽  
Financial Literacy ◽  
Investment Decision ◽  
Investment Decisions ◽  
Financial Knowledge ◽  
Primary Data ◽  
Policy Makers ◽  
Medical Practitioners ◽  
Personal Investment ◽  
The Impact

Financial literacy is very essential for any individual in order to efficient and effective decisions regarding their personal investments. Based on that scenario, this study examines the impact of financial literacy on personal investment decisions amongst medical practitioners in Sri Lanka. Personal investment decision has been considered as the dependent variable while financial knowledge, financial skills and financial attitude has been considered as the proxies for the independent variable. Deductive approach has been employed using primary data which is obtained from 205 respondents throughout the country. Descriptive and inferential statistics such as multiple linear regression have been used for the analysis purpose. The results suggested that there is a significant impact between the financial knowledge and financial skills on investment decision while the financial attitude does not have a significant impact on the investment decision. The empirical findings of this study are helpful for any individual who is willing to take effective investment decisions, academics, policy makers and all other related interested parties.

Determinants of Personal Financial Literacy among Young Adults in Malaysian Accounting Firms

2019 ◽  
Vol 7 (1) ◽  
pp. 8-19
Author(s):  
Aik Myin Loh ◽  
Kwee Kim Peong ◽  
Kwee Peng Peong
Keyword(s):  
Young Adults ◽  
Financial Literacy ◽  
Pearson Correlation ◽  
Geographical Location ◽  
Financial Education ◽  
Well Being ◽  
Jel Classification ◽  
Family Characteristics ◽  
Financial Knowledge ◽  
Accounting Firms

Objective - In the twenty-first century, financial competencies are an essential tool in understanding the connection between financial behaviour and knowledge of individual financial problems. High financial knowledge may encourage young adults to carry less debt, increase their wealth and have a better financial retirement plan. According to Wolla (2017), less than one-third of youths have basic financial knowledge. This will have an impact to their lifelong financial well-being. Hence, this research intends to explore the personal financial literacy of young adults in Malaysian accounting firms. Methodology/Technique – The study examines 150 young working adults between the ages of 18-35 years old, working in accounting firms in Malacca, Malaysia. Stratified sampling and convenience sampling techniques were used to distribute questionnaires. Descriptive statistics, Pearson correlation coefficient and multiple regression analyses were also employed. Findings - The empirical findings show that geographical locations and family characteristics are significantly related to the personal financial literacy of young adults in accounting firms in Malacca. However, financial education and financial experience do not influence young adults in their financial decision making. Novelty – The results of this study suggest that the relevant authority should take an appropriate action to improve the financial well-being of young adults in Malacca, Malaysia. Type of Paper: Empirical. JEL Classification: M40, M41, M49 Keywords: Financial Literacy; Financial Education; Financial Experience; Family Characteristics; Geographical Location.

The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda

2020 ◽  
Vol 9 (3) ◽  
pp. 26-41
Author(s):  
Colin Agabalinda ◽  
Alain Vilard Ndi Isoh
Keyword(s):  
Financial Literacy ◽  
Small And Medium Enterprises ◽  
Group Analysis ◽  
Moderating Effect ◽  
Primary Data ◽  
Retirement Preparedness ◽  
Medium Enterprises ◽  
The Impact ◽  
The Relationship ◽  
Effect Of Age

The study investigated the direct effects of financial literacy (knowledge, skills, and attitudes) on financial preparedness for retirement and the moderating effect of age among the small and medium enterprises in Uganda. Primary data was collected from a sample of n = 380 selected from the SME workforce. Descriptive analysis was run on SPSS, while validity and reliability of the measurement items yielded satisfactory composite reliability scores and average variance explained (AVE) scores for all items. Structural equation modelling (SEM) was used to test the hypotheses and multi-group analysis conducted to test for the moderating effect of age on the relationship between financial literacy and retirement preparedness. The results revealed that knowledge and skills were significant predictors of retirement preparedness. However, ‘attitude' was not a significant predictor, and age had no moderating effect on the relationship between the study variables. These findings present practical implications for policymakers and financial educators in a developing country context.

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