scholarly journals FINANCIAL LITERACY AND CONSUMER FINANCIAL WELL-BEING IN GHANA: ANY NEXUS WITH MARCO-ECONOMIC STABILITY?

2021 ◽  
Author(s):  
Juabin Matey
Keyword(s):  
Financial Literacy ◽  
Financial Stability ◽  
Well Being ◽  
Good Health ◽  
Standard Of Living ◽  
Policy Outcomes ◽  
Economic Stability ◽  
Financial Decisions ◽  
Economic Issues ◽  
Household Decisions

Despite daily efforts to deal with life's economic issues, most Ghanaians are financially vulnerable. This has made pursuing lifelong ambitions more difficult. Given these realities, it is reasonable to believe that financial literacy and consumer financial stability will be a successful strategy for promoting economic stability. Financial literacy is pivotal for making informed financial decisions at both the household and macroeconomic levels. Although disputable, a high human development index score indicates a country's population is in good health, knowledgeable, and has a better standard of living. As a result, linking household decisions to broader policy outcomes becomes increasingly vital. This research aims to find a link between financial literacy and consumer financial stability as well as their relationship with macroeconomic stability.

scholarly journals FINANCIAL LITERACY AND CONSUMER FINANCIAL WELL-BEING IN GHANA: ANY NEXUS WITH MARCO-ECONOMIC STABILITY?

2021 ◽  
Author(s):  
Juabin Matey
Keyword(s):  
Financial Literacy ◽  
Financial Stability ◽  
Well Being ◽  
Good Health ◽  
Standard Of Living ◽  
Policy Outcomes ◽  
Economic Stability ◽  
Financial Decisions ◽  
Economic Issues ◽  
Household Decisions

Despite daily efforts to deal with life's economic issues, most Ghanaians are financially vulnerable. This has made pursuing lifelong ambitions more difficult. Given these realities, it is reasonable to believe that financial literacy and consumer financial stability will be a successful strategy for promoting economic stability. Financial literacy is pivotal for making informed financial decisions at both the household and macroeconomic levels. Although disputable, a high human development index score indicates a country's population is in good health, knowledgeable, and has a better standard of living. As a result, linking household decisions to broader policy outcomes becomes increasingly vital. This research aims to find a link between financial literacy and consumer financial stability as well as their relationship with macroeconomic stability.

scholarly journals FINANCIAL LITERACY AND CONSUMER FINANCIAL STABILITY: ANY RELATIONSHIP WITH Macro-ECONOMIC STABILITY?

2021 ◽  
Author(s):  
Juabin Matey
Keyword(s):  
Financial Literacy ◽  
Financial Stability ◽  
Positive Impact ◽  
Aggregate Demand ◽  
Good Health ◽  
Daily Basis ◽  
Policy Outcomes ◽  
Probit Regression ◽  
Economic Stability ◽  
National Economic

Despite efforts to deal with life’s economic issues on a daily basis, the majority of Ghanaians are financially vulnerable. This has made pursuing lifelong ambitions more difficult. Given these realities, it is reasonable to believe that financial literacy and consumer financial stability will be a successful strategy for promoting economic stability. Financial literacy is pivotal for making informed financial decisions at both the household and macroeconomic levels. A high human development index score indicates that persons who make up the country’s population are in good health. As a result, linking household decisions to broader policy outcomes becomes increasingly vital. This research aims to find a link between financial literacy and consumer financial stability as well as their relationship with macroeconomic stability. Financial literacy has a significant association with economic stability as measured by citizens’ welfare. This discovery has several ramifications for financial literacy initiatives. In addition, consumer financial wellness has an insignificant positive impact on national economic stability. Nonetheless, it demonstrates how a financially sound consumer can boost aggregate demand by spending more, impacting job creation and macroeconomic growth. The Probit-Regression Model facilitated data analysis using a participant population of 960 across eight studied regions in Ghana. This study believes that national governments should take the favourable correlations between financial literacy and consumer financial stability on the one hand, and national economic stability on the other, seriously. As a result, policy efforts should consider the relationship between microeconomic actions and macroeconomic outcomes since the former is observed to influence the latter.

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.

scholarly journals Financial Literacy in Japan: New Evidence Using Financial Knowledge, Behavior, and Attitude

2020 ◽  
Vol 12 (9) ◽  
pp. 3683 ◽  
Author(s):  
Yoshihiko Kadoya ◽  
Mostafa Saidur Rahim Khan
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Economic Factors ◽  
Financial Decisions ◽  
Aged People ◽  
And Behavior ◽  
Socio Economic Factors

Success in the current complex and sophisticated financial marketplaces depends on the ability of people to make sustainable financial decisions to improve their future well-being, for which financial literacy is a pathway. This study examines the relationship between the demographic and socio-economic factors and financial literacy in Japan by segregating financial literacy into financial knowledge, attitude, and behavior, and providing a deeper understanding of the relationships. The methodology included using data from the Financial Literacy Survey 2016 by the Central Council for Financial Services Information of Japan. We used a linear regression model to explain how demographic and socio-economic factors relate to financial knowledge, attitude, and behavior. Results show that education, the balance of financial assets, and the use of financial information are positively related, while the experience of financial trouble is negatively related to financial knowledge, attitude, and behavior. We show that males are more financially knowledgeable than females, but females are more positive than males with regard to financial behavior and financial attitude. Age is positively related to financial knowledge but negatively related to financial attitude, thus suggesting that middle-aged people in Japan are more financially knowledgeable, but younger and older people are more positive with regard to financial behavior and attitude. The findings have implications for policymakers.

The Argument for Teaching Financial Literacy at Higher-Education Institutions

2016 ◽  
Vol 43 (3) ◽  
pp. 349-365 ◽  
Author(s):  
SHERI GEDDES ◽  
TODD STEEN
Keyword(s):  
Higher Education ◽  
Postsecondary Education ◽  
Financial Literacy ◽  
Higher Education Institutions ◽  
Financial Education ◽  
Well Being ◽  
Academic Programs ◽  
Human Flourishing ◽  
Substantial Impact ◽  
Financial Decisions

ABSTRACT Evidence suggests that financial decisions have a substantial impact on human flourishing. This paper examines the arguments for higher-education institutions to take a role in the provision of financial education for their students, families and alumni, who often incur substantial debt and make other sacrifices to obtain a postsecondary education. It also analyzes the current state of financial education at 322 higher-education institutions. While many postsecondary institutions have embraced some aspects of financial education, other higher-education institutions appear reluctant to infuse this multidisciplinary topic into their academic programs. Colleges and universities should consider developing robust programs that boost financial literacy and improve lifelong economic well-being.

scholarly journals Pelaksanaan Pendidikan Literasi Finansial pada Siswa Sekolah Dasar

2019 ◽  
Vol 4 (11) ◽  
pp. 1491
Author(s):  
Viving Laila ◽  
Syamsul Hadi ◽  
Subanji Subanji
Keyword(s):  
Financial Literacy ◽  
Well Being ◽  
Literacy Education ◽  
School Students ◽  
Financial Decisions ◽  
Positive Attitudes ◽  
The People ◽  
Basic Competencies ◽  
Teachers And Students

<div align="center"><table width="645" border="1" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top" width="439"><p><strong>Abstract:</strong> This study discusses how to implement financial literacy education in elementary school students. Financial literacy education is a person's activity in applying, understanding and managing information to make financial decisions. Financial literacy education can be taught early to provide knowledge and skills in improving financial well-being. This study uses a descriptive qualitative approach to describe the activities of teachers and students in the implementation of financial literacy education in elementary schools. This study shows that the implementation of financial literacy education can provide positive attitudes for students to participate in production activities and motivate students to save. Teachers can teach financial literacy education in accordance with the basic competencies that already exist in subjects such as mathematics and social studies. Teachers can teach the material the role of the economy in an effort to improve the lives of the people by introducing the type of business and doing activities to make a work and sell it.</p><p class="Abstract"><strong>Abstrak:</strong><em> </em>Penelitian ini membahas tentang bagaimana melaksanakan pendidikan literasi finansial pada siswa sekolah dasar. Pendidikan literasi finansial merupakan aktivitas seseorang dalam mengaplikasikan, memahami, dan mengelola informasi untuk membuat suatu keputusan finansialnya. Pendidikan literasi finansial dapat diajarkan sejak dini untuk memberikan pengetahuan dan keterampilan dalam meningkatkan kesejahteraan finansialnya. Penelitian ini menggunakan pendekatan kualitatif jenis deskriptif, untuk mendeskripsikan aktivitas guru dan siswa dalam pelaksanaan pendidikan literasi finansial di sekolah dasar. Penelitian ini menunjukkan bahwa pelaksanaan pendidikan literasi finansial dapat memberikan sikap positif siswa untuk berpartisipasi dalam kegiatan produksi dan memotivasi siswa untuk menabung. Guru dapat mengajarkan pendidikan literasi finansial sesuai dengan kompetensi dasar yang sudah ada pada mata pelajaran, seperti Matematika dan IPS. Guru dapat mengajarkan materi peran ekonomi dalam upaya menyejahterakan kehidupan masyarakat dengan mengenalkan jenis usaha serta melakukan kegiatan membuat sebuah karya dan menjualnya.</p></td></tr></tbody></table></div>

scholarly journals Financial Literacy Education with an Aboriginal Community: Identifying Critical Moments for Enabling Praxis

2019 ◽  
Vol 9 (1) ◽  
pp. 12
Author(s):  
Levon Blue
Keyword(s):  
Financial Literacy ◽  
Well Being ◽  
Literacy Education ◽  
Wealth Accumulation ◽  
Individual Choice ◽  
Structured Interviews ◽  
Aboriginal Community ◽  
Financial Decisions ◽  
Train The Trainer ◽  
Critical Moments

Conventional financial literacy education (FLE) practices promote individual choice and responsibility for financial circumstances. The untruth connected to conventional FLE is that achieving financial well-being is possible after acquiring financial skills and knowledge and choosing to make effective financial decisions. In this article, I share an exploration of FLE practices with an Aboriginal community that unfolded after a conventional train-the-trainer financial literacy workshop failed to gain traction. Nineteen semi-structured interviews took place with community members to understand their experiences, interest and perceived relevance of FLE. The importance of site-specific FLE was revealed as the tension between individual wealth accumulation practices promoted in conventional FLE collided with Indigenous ways of being, knowing and doing. Identified are critical moments for reflection that may enable praxis in FLE. By enabling praxis an educator moves away from conventional one-size-fits-all approaches to FLE, where participants’ needs are assumed, and towards more tailored approaches.

scholarly journals Navigating complex financial decisions at retirement: evidence from annuity choices in public sector pensions

2019 ◽  
Vol 18 (04) ◽  
pp. 594-611 ◽  
Author(s):  
Robert L. Clark ◽  
Robert G. Hammond ◽  
David Vanderweide
Keyword(s):  
Public Sector ◽  
Financial Literacy ◽  
Pension Plan ◽  
Well Being ◽  
Retirement Income ◽  
Income Security ◽  
Financial Decisions ◽  
Administrative Records ◽  
Different Types ◽  
Retirement Income Security

AbstractChoices regarding the disposition of wealth at retirement can have substantial implications for retirement income security. We analyze the factors determining annuity payout option choices within the context of a public sector defined pension plan with no default annuity option. Using combined administrative records and survey data, we explore the role of individual and household characteristics as well as risk preferences, time preferences, and financial literacy. We also document retiree well-being and satisfaction with retirement decision making. The evidence is consistent with predictions over which households might benefit most from each annuity option. Comparing retirees who chose different types of annuities, we find that these groups of retirees report very different levels of well-being in retirement. All retirees report lower levels of retirement income security over time, with strong differences among those who chose different types of annuities.

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 Trends of standard of living preferences of economics university students as a result of the economic crisis

2021 ◽  
Vol 190 (5-6(2)) ◽  
pp. 181-195
Author(s):  
Zoltán Zéman ◽  
◽  
Botond Kálmán ◽  
Judit Bárczi ◽  
◽  
...  
Keyword(s):  
University Students ◽  
Economic Crisis ◽  
Financial Literacy ◽  
Important Variable ◽  
Demographic Variables ◽  
Standard Of Living ◽  
Financial Decisions ◽  
Economics Students ◽  
Questionnaire Research ◽  
Short Time

One of today’s central subject ranges is the theme of personal financial decisions. Standard of living preferences are also closely related to these. The generation that will soon enter the labor market still has these questions in front of them. This is the reason why we focused on university students in our study. We asked Hungarian, Austrian, and Slovak economics students in our questionnaire research. We conducted the study in 2 successive years, in the autumn of 2019 and the autumn of 2020. The first phase of the coronavirus pandemic happened between the two occasions. We examined the received responses along the lines of demographic variables, with the application of linear modelling and decision trees. The year was proven to be the most important variable, which indicates that the crisis caused by the coronavirus had a significant effect on the ideas of students regarding a better standard of living. Our results not only highlight the importance of financial literacy, but also show that personal opinions transform in a crisis regarding the criteria that embody a higher standard of living. It appears that a severe economic crisis increases the sense of responsibility and the importance of future security. Of course, because of the short time that passed, the practical verification of our findings will have to wait.

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