scholarly journals Towards a Dual Process Conception of the Selective Influence of Financial Literacy on Economic Behavior

2019 ◽  
Author(s):  
Eyal Carmel
Keyword(s):  
Financial Literacy ◽  
Personal Characteristics ◽  
Economic Behavior ◽  
Dual Process ◽  
Financial Knowledge ◽  
Cognitive Modulation ◽  
Process Conception ◽  
The Relationship ◽  
Selective Influence ◽  
Mental Resources

While many studies examined the relationship between financial literacy and economic behavior, no fundamental theory that explains the mechanism by which financial knowledge influences behavior has yet emerged. This dissertation addresses this research gap by presenting a new theoretical model for financial literacy – the Cognitive Modulation of Economic Behavior [CMEB] that relates the availability of cognitive and mental resources with factors that influence individuals’ ability to rely on their knowledge: (i) the personal characteristics of the decision-maker, and (ii) the characteristics of the task that he or she wishes to perform. The influence of cognitive and mental resources, and task features, on the ability to apply financial knowledge when needed, was investigated in four different studies. Results indicate that the CMEB model explains the wide-ranging influence of financial literacy on economic behavior. By presenting a model that focuses on the influence of cognitive and mental resources on financial literacy-based behavior, this work expands our understating of the mechanism by which financial literacy operates. The CMEB model can serve as a basis for many theoretical advancements that are still needed in this field of research.

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.

Financial Literacy: The Influencing Factors Among Youth

2021 ◽  
Vol 1 (2) ◽  
pp. 1
Author(s):  
Hazlaili Binti Hashim ◽  
Andy Lim Yee Chee ◽  
Yeo Sook Fern ◽  
Anushia Chelvarayan ◽  
Khairol Nizat Bin Lajis
Keyword(s):  
Financial Literacy ◽  
Credit Card ◽  
Questionnaire Development ◽  
Financial Knowledge ◽  
Family Influence ◽  
Wide Range ◽  
Familial Influences ◽  
Convenience Sampling ◽  
Financial Behaviour ◽  
The Relationship

Malaysia, like all other countries throughout the world, became a victim of the COVID 19 epidemic. Based on the Malaysia's Insolvency Department 2021 statistical data, the alarming increase of individual bankruptcy cases were caused by failure to pay personal loans, instalment purchases, and credit card debt especially amongst youth. This is concerning because it implies that young Malaysians are still oblivious to their financial circumstances. Hence, the goal of this research is to investigate the level of financial literacy among youth, as well as the relationship between financial knowledge, financial behaviour, financial attitude, and familial influences on financial literacy. A non-probability convenience sampling method was used to gather information from 181 respondents. The findings of the study show that financial knowledge (p=0.000), financial behaviour (p=0.000), and family influence (p=0.000), are significantly associated to financial literacy, the dependent variable in this study, with the exception of financial attitude (p=0.418). Time constraints, insufficient independent variables covered, questionnaire development, respondents' honesty, and respondents' inequity were some of the challenges encountered while conducting this study. The most significant limitation is the sample size, which does not represent the population of Malaysian youth. The findings of this study have broad implications for a wide range of stakeholders, including university students, curriculum developer, parents of students, and future researchers. In this study, the factors that influence financial literacy among youth were examined, and it was concluded that the youth literacy level was moderate. The findings of the study will also help to support the National Strategy for Financial Literacy, which runs from 2019 to 2023.

scholarly journals Factors Contributing To Financial Literacy Level Among Youth

2021 ◽  
Vol 1 (1) ◽  
pp. 30-35
Author(s):  
Hazlaili Binti Hashim ◽  
Andy Lim Yee Chee ◽  
Yeo Sook Fern ◽  
Anushia Chelvarayan ◽  
Khairol Nizat Bin Lajis
Keyword(s):  
Financial Literacy ◽  
Credit Card ◽  
Sampling Method ◽  
Financial Knowledge ◽  
Family Influence ◽  
Familial Influences ◽  
Convenience Sampling ◽  
Financial Behaviour ◽  
The Relationship ◽  
Significant Factors

The number of bankruptcy cases registered from 2017 to April 2021, according to the Malaysian Insolvency Department, is 58,065. Bankruptcy cases involving people under the age of 34 accounted for 24.28 percent of all filings. The inability to pay personal loans, instalment purchases, and credit card debt led to the majority of bankruptcy cases. This is alarming because it suggests that young Malaysians are still unaware of their financial situation. As a result, the goal of this research is to investigate the level of financial literacy among youth, as well as the relationship between financial knowledge, financial behaviour, financial attitude, and familial influences on financial literacy. A non-probability convenience sampling method was used to gather information from 181 respondents. The findings of the study show that financial knowledge (p=0.000), financial behaviour (p=0.000), and family influence (p=0.000) are significantly associated with financial literacy, the dependent variable in this study, with the exception of financial attitude (p=0.418). The sample size is among the limitation of this study which it does not represent the population of youth in Malaysia. The conclusions of this study have significant consequences for a variety of stakeholders, including university students, universities, students' parents, government, and future researchers. The factors that influence financial literacy among youth were investigated in this study, and several significant factors were revealed. This will also add to the supports of the agenda in the National Strategy for Financial Literacy 2019 to 2023.

scholarly journals Financial Literacy and Retirement Planning of Working-Age People

2020 ◽  
Vol 5 (3) ◽  
pp. 99-107
Author(s):  
Tatiyaporn SIRISAKDAKUL ◽  
Butsakorn KHORNJAMNONG
Keyword(s):  
Financial Literacy ◽  
Labor Union ◽  
Retirement Planning ◽  
Ordinary Least Squares ◽  
Jel Classification ◽  
Financial Knowledge ◽  
Working Age ◽  
The Government ◽  
Level Of Understanding ◽  
The Relationship

Objective – This study aimed to investigate the level of understanding of financial knowledge and the relationship between financial literacy and retirement planning of working-age people. Methodology/Technique – The participants of the study were residents of Sakon Nakhon, Nakhon Phanom and Mukdahan, Thailand. The questionnaire is the research tool for collecting data with 1,200 adults, aged between 25-60. This study will use a descriptive statistical analysis to describe frequency, percentage, mean and mode. Ordinary Least Squares (OLS) method is widely used to describe the relationship between financial literacy and retirement planning. Findings – The result show that the level of education has a positive relationship with financial literacy. Most of middle lower income people have a moderate to low level of the basic financial literacy and are not involved in retirement planning. The respondents of women in Sakon Nakhon, Nakhon Phanom and Mukdahan have more understanding of retirement planning than men; this result is different to the previous research undertaken by Lusardi and Mitchell (2011), Bucher-Koenen and Lusardi (2011) Grohmann et al. (2016). Novelty – This paper will study the level of understanding of financial knowledge and the relationship between financial literacy and retirement planning of working-age people. Most of the previous research concentrated on people who live in the big city; there was. little focus on people living in the countryside, especially in the Northeastern part of Thailand. Not too many papers have focused on the working-age people, who in due course will contribute to Thailand becoming an Aging Society. It could help to the government, labor union, Bureau of Financial Inclusion Policy and Development and related departments to know the level of financial knowledge and retirement planning. So, they could provide guidance of financial literacy to community. Type of Paper: Empirical Keywords: Financial Literacy; Retirement Planning; Working-Age People Reference to this paper should be made as follows: Sirisakdakul, T; Khornjamnong, B. (2020). Financial Literacy and Retirement Planning of Working-Age People, J. Fin. Bank. Review, 5 (3): 99 – 107 https://doi.org/10.35609/jfbr.2020.5.3(4) JEL Classification: E21, G02, I22, J26

scholarly journals Mediation effect of financial attitude on financial knowledge and financial behavior

2020 ◽  
Vol 9 (2) ◽  
pp. 01-08
Author(s):  
Ali Çoşkun ◽  
Nurdilek Dalziel
Keyword(s):  
Financial Literacy ◽  
Structural Equation ◽  
Financial Knowledge ◽  
Mediation Effect ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Literacy Survey ◽  
The Individual ◽  
And Behavior ◽  
The Relationship

In this study, 396 university students in Turkey are surveyed online regarding their attitudes towards financial issues, their level of financial knowledge, and their financial behavior. The latest version of OECD/INFE Financial Literacy Survey (2018) is used in the study. Using SPSS and LISREL. Factor analysis, Cronbach's Alpha, and Structural Equation Modeling (SEM) are used to analyze the relationship between financial knowledge of the participants with their financial attitude and behavior as well as the mediation effect of financial attitude in this relationship. In line with the common wisdom that the relationship between knowledge and behavior is higher if knowledge is better reflected in the attitude of the individual, the mediation effect of financial attitude strengthens the financial knowledge and financial behavior relationship.

The next generation: Experiences of higher educated Turkish-Dutch on The Hague labour market

2014 ◽  
Vol 11 (2) ◽  
pp. 206-217
Author(s):  
Karijn G. Nijhoff
Keyword(s):  
Higher Education ◽  
Qualitative Study ◽  
Labour Market ◽  
Education System ◽  
Minority Groups ◽  
Personal Characteristics ◽  
Market Positioning ◽  
The Hague ◽  
The Relationship ◽  
Dutch City

This paper explores the relationship between education and labour market positioning in The Hague, a Dutch city with a unique labour market. One of the main minority groups, Turkish-Dutch, is the focus in this qualitative study on higher educated minorities and their labour market success. Interviews reveal that the obstacles the respondents face are linked to discrimination and network limitation. The respondents perceive “personal characteristics” as the most important tool to overcoming the obstacles. Education does not only increase their professional skills, but also widens their networks. The Dutch education system facilitates the chances of minorities in higher education through the “layering” of degrees. 

The (Mis) Education of Immigrant Children in Today’s America

2019 ◽  
Vol 5 (2) ◽  
pp. 32
Author(s):  
Gabriela E. Gui
Keyword(s):  
General Education ◽  
Immigrant Students ◽  
Geographical Location ◽  
Personal Characteristics ◽  
Immigrant Children ◽  
Playing Field ◽  
Survey Interviews ◽  
The Individual ◽  
The Relationship ◽  
General Education Classrooms

In today’s America, not every child starts on a level playing field, and very few children move ahead based solely on hard work or talent. Generational poverty and a lack of cultural capital hold many students back, robbing them of the opportunity to move up professionally and socially. Children of immigrants are especially at-risk because, in addition to facing poverty, race, geographical location or economic disadvantages, they are also confronted with failure due to their limited or non-existent English proficiency. This study focuses on the degree to which teachers in a mid-sized urban school district take into consideration the individual needs of immigrant children in the process of their education. The study also examines the preparation teachers have had to equip them with knowledge of best practices in teaching immigrant children, and the relationship between teachers’ practices, beliefs, and their demographic and personal characteristics (age, gender, years of experience, level of education, etc.). Quantitative data was collected via a survey. Interviews with teachers and one central office administrator provided data for the qualitative section of the study. The findings revealed that teachers, in general, appeared to lack knowledge of specific policies for mainstreaming immigrant students into general education classrooms; their use of effective teaching practices for working with immigrant children were limited; and most of the teachers had not participated actively in professional development that focused on teaching immigrant children.

Organization of Individual Counselling of Children Brought up in Foster Families (on the example of the «Family» Centre»)

2020 ◽  
pp. 42-50
Author(s):  
Aygul Fazlyeva ◽  
Aliya Akhmetshina
Keyword(s):  
Interpersonal Relationships ◽  
Personal Characteristics ◽  
Social Situation ◽  
Individual Counseling ◽  
Emotional Instability ◽  
Foster Families ◽  
Individual Counselling ◽  
The Social ◽  
The Family ◽  
The Relationship

Children, brought up in foster families, experience various problems (diffi culties in interpersonal relationships with parents, diffi culties in communicating with peers, emotional instability), which lead to confl icts, quarrels, running away from home, destructive phenomena, etc. One of the eff ective forms of working with children brought up in foster families is individual counselling. Individual counselling is used by various specialists (psychologists, educators, psychotherapists), where a special place is taken by a social educator. His or her activity involves the implementation of social-protective, preventive, educational, informational, advisory functions. In the process of organizing individual counseling, the social educator takes into account the social situation of the family and the child, personal characteristics, social conditions, social and cultural characteristics and the nature of the relationship with the social environment. To organize individual counseling, a social educator needs to master various and eff ective techniques, and take into account a number of recommendations. An analysis of the literature and practical socio-pedagogical experience led to an understanding of the insuffi cient degree of elaboration of this issue. The purpose of this article was the solution to this problem.

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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