scholarly journals The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion

2021 ◽  
Vol 12 ◽  
Author(s):  
Siming Liu ◽  
Leifu Gao ◽  
Khalid Latif ◽  
Ayesha Anees Dar ◽  
Muhammad Zia-UR-Rehman ◽  
...  
Keyword(s):  
Loss Aversion ◽  
Financial Literacy ◽  
Well Being ◽  
Digital Economy ◽  
Moderating Effect ◽  
Financial Inclusion ◽  
Self Control ◽  
Behavioral Biases ◽  
The Impact ◽  
Behavioral Phenomenon

The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomenon, including self-control, optimism, herding, and loss aversion with a perspective of the digital economy. To test the proposed hypothesis, the primary data collection method was used. A structured questionnaire was designed to collect data from 102 individual households through the convenience sampling technique. SmartPLS was used to analyze collected data. This study found the negative impact of self-control, optimism, and herding on financial inclusion. In contrast, loss aversion contributes to the uplift of financial inclusion in Pakistan. Similarly, financial literacy proved to have a decreasing effect on financial inclusion because of religious concerns. The moderation effect of financial literacy was also significantly positive except for loss aversion. The behavioral phenomenon proved to have a significant impact on financial inclusion. This research shows that individual households who do not use developed technological services and products from formal financial inclusion can overcome the behavioral biases that hinder them from making informed financial decisions. This research work will significantly help households use financial services to improve their standard of living and overall long-term financial well-being. This research is essential because many households are not using bank services and have low financial knowledge in Pakistan. The key contribution of this research study is that it found the relation between behavioral factors and financial inclusion. Financial literacy also has a moderating effect on their relations.

scholarly journals Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being

2019 ◽  
pp. 211-218 ◽  
Keyword(s):  
Financial Literacy ◽  
Well Being ◽  
Self Control ◽  
Financial Behavior ◽  
Educational Institutions ◽  
Direct Impact ◽  
Consumer Market ◽  
New Generation ◽  
The Impact ◽  
The Relationship

Financial knowledge is empowering the new generation of the 21st century in the era of transformative marketing (Kumar, 2018), which leads to the well-planned financial structure for long terms. However, it is imperative to know that on what scales they are managing their budgets. Understanding the impact of selfcontrol, financial literacy, and financial behavior is very vital for living a successful life (Sarstedt et al., 2017). The literature shows, people with good self-control and financial literacy tend to behave well compared to people with less self-control and financial literacy. This study examines the relationship between self-control financial literacy, financial behavior and financial wellbeing. A survey was conducted on 416 people from educational institutions, corporate sectors and food courts in Pakistan to empirically examine the impact of self-control and financial literacy on financial behavior and financial well-being of people. Better self-control and financial literacy lead to greater financial well-being. This research paper concludes that self-control and financial literacy affect financial well-being through financial behavior. Financial literacy has a significant direct impact on financial wellbeing, however the direct impact of self-control on financial well-being is insignificant. Impact of financial behavior on financial well-being is stronger than the impacts of financial literacy and self-control on financial well-being. This paper will be useful for economists and companies in Pakistan to better understand consumer market and to make decisions accordingly.

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.

Risks of the Digitalization of Life of the Population and Ways of Decreasing Them

2021 ◽  
Vol 13 (4-1) ◽  
pp. 180-203
Author(s):  
Elena Stukalenko ◽  
Keyword(s):  
Quality Of Life ◽  
Digital Technologies ◽  
Well Being ◽  
Digital Economy ◽  
Digital Transformation ◽  
Negative Consequences ◽  
Short Period ◽  
The World ◽  
The Impact

Digital technologies, ubiquitous in our daily life, have radically changed the way we work, communicate, and consume in a short period of time. They affect all components of quality of life: well-being, work, health, education, social connections, environmental quality, the ability to participate and govern civil society, and so on. Digital transformation creates both opportunities and serious risks to the well-being of people. Researchers and statistical agencies around the world are facing a major challenge to develop new tools to analyze the impact of digital transformation on the well-being of the population. The risks are very diverse in nature and it is very difficult to identify the key factor. All researchers conclude that secure digital technologies significantly improve the lives of those who have the skills to use them and pose a serious risk of inequality for society, as they introduce a digital divide between those who have the skills to use them and those who do not. In the article, the author examines the risks created by digital technologies for some components of the quality of life (digital component of the quality of life), which are six main components: the digital quality of the population, providing the population with digital benefits, the labor market in the digital economy, the impact of digitalization on the social sphere, state electronic services for the population and the security of information activities. The study was carried out on the basis of the available statistical base and the results of research by scientists from different countries of the world. The risks of the digital economy cannot be ignored when pursuing state social policy. Attention is paid to government regulation aimed at reducing the negative consequences of digitalization through the prism of national, federal projects and other events.

Struggling to make ends meet: can consumer financial behaviors improve?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lisa K. Meneau ◽  
Janakiraman Moorthy
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Group Analysis ◽  
Self Control ◽  
Thinking Styles ◽  
Financial Health ◽  
Content Type ◽  
Financial Behaviors ◽  
Financial Products ◽  
The Impact

PurposeThe purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of financial literacy, thinking styles and self-control have with a consumer's financial behaviors. The second goal was to ascertain financial management products' ability to aid those consumers who need it the most by weakening the predictive effects of consumer traits on financial behaviors.Design/methodology/approachThe study employed a web-based survey to gather information. The measurement and structural models were analyzed using generalized structured component analysis (GSCA), a component-based structural equation model. The mediation effect of self-control is assessed using the GSCA. The conditional mediation of demographic variables and use of personal financial management products are evaluated using multi-group analysis (MGA) in GSCA.FindingsAntecedents, financial literacy, thinking styles and self-control consumer characteristics are predictors of financial behaviors. However, self-control plays a more prominent role as a mediator between the other variables, strengthening the overall relationship. Also, financial products can have a beneficial moderation effect assisting those consumers who need them the most.Practical implicationsThese insights help in creating target specific financial literacy strategies to influence consumers' financial behaviors. Also, there is a need to develop mechanisms to influence a consumer's self-control and thinking styles to improve financial behavior. In conjunction with other initiatives, the impact of financial literacy has a greater effect on financial behaviors. Further, the insights assist financial institutions and financial technology firms in offering and creating products to help customers make better financial decisions and improve their financial behaviors.Social implicationsThe research addressed a significant global issue – consumer financial health. The Great Recession and the COVID-19 recession highlight the need to focus on the consumer and efforts to improve their financial health.Originality/valueThis research highlighted the mediating role of self-control and suggested that existing and future financial products can positively influence consumer behavior drivers.

scholarly journals P091 The impact of cognitive fitness and gender on sleep quantity and timing and mental health of competitive athletes

2021 ◽  
Vol 2 (Supplement_1) ◽  
pp. A50-A51
Author(s):  
L Mascaro ◽  
S Drummond ◽  
J Leota ◽  
J Boardman ◽  
D Hoffman ◽  
...  
Keyword(s):  
Mental Health ◽  
Gender Differences ◽  
Female Athletes ◽  
Intolerance Of Uncertainty ◽  
Well Being ◽  
Sleep Time ◽  
Self Control ◽  
Sleep Quantity ◽  
Competitive Athletes ◽  
The Impact

Abstract Introduction Mental fitness is increasingly considered key to an athlete’s competitive arsenal. Its active ingredients include cognitive fitness factors, such as impulse control, and recovery factors, such as sleep, which may differ between male and female athletes. Our study investigated: 1) gender differences in cognitive fitness; and 2) the associations of gender and cognitive fitness with sleep and mental health in competitive athletes during the COVID-19 lockdown. Methods 84 athletes competing at levels from regional/state to international (42F, mean age=23.2) completed a questionnaire battery containing validated measures of: a) depression, anxiety, and stress; b) sleep (Total Sleep Time, Sleep Latency, mid-sleep time on training- and competition-free days); and c) self-control, intolerance of uncertainty, and impulsivity (representing cognitive fitness constructs). Results Female athletes reported significantly higher depression, anxiety, and stress, a later mid-sleep time on free days, lower self-control, higher intolerance of uncertainty, and higher positive urgency impulsivity compared with male athletes. Self-control was negatively associated, and intolerance of uncertainty was positively associated, with depression, anxiety, and mid-sleep time on free days. Discussion Female athletes in our sample reported poorer mental health and cognitive fitness, and later sleeping times on free days. Greater cognitive fitness was associated with better mental health, independent of gender. Overall, these findings are consistent with prior work in community samples. Future work should examine the source(s) of these gender differences. If replicated, our findings would suggest a need to develop interventions aimed at improving athlete well-being, potentially with a particular focus on female athletes.

scholarly journals Financial Homo Ignorans: measuring vulnerability to behavioral biases in household finance

2020 ◽  
Author(s):  
Kinga Barrafrem ◽  
Daniel Västfjäll ◽  
Gustav Tinghög
Keyword(s):  
Financial Literacy ◽  
Household Finance ◽  
Well Being ◽  
Financial Behavior ◽  
Policy Makers ◽  
Total N ◽  
Behavioral Biases ◽  
Finance Management ◽  
Item Questionnaire ◽  
Application Potential

Understanding systematic differences in sound financial behavior between individuals is a key area for public policy and the possibility to tailor interventions to promote financial well-being. In this paper we develop and validate a concise 12 item questionnaire measuring individual’s vulnerability to behavioral biases in household finance – the Financial Homo Ignorans (FHI) Scale. We conduct two studies with general population samples (total N=2508) and show that the FHI scale can predict behavior in financial tasks such as consumer purchases, loan choices, or investment decisions, also when controlling for demographics, financial literacy and other related constructs. In addition, we show that consumer heterogeneity as assessed by the FHI scale explains the variation in household finance management and financial well-being. The FHI scale has application potential as it can be used by researchers, policy makers, and financial institutions to study the psychological underpinnings of financial behavior and design interventions by targeting individuals who are particularly vulnerable.

scholarly journals An Empirical Analysis of the Impact of Agency Banking on Financial Inclusion in Benue State, Nigeria: Implications for Economic Activities

2022 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
David Terfa Akighir ◽  
Tyagher Margaret ◽  
Jacob Terungwa Tyagher ◽  
Tordue Emmanuel Kpoghul
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Survey Design ◽  
Secondary Data ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
The Impact

Twelve (12) out of the Twenty-three (23) local government areas (LGAs) in Benue State do not have the presence of banks over a long period of time. This situation has deprived the inhabitants of these LGAs of access to formal financial services until the advent of agency banking. This study therefore, investigates the impact of agency banking on financial inclusion and economic activities in Benue State focusing on the agency banking activities of First Bank Ltd. The study is anchored on the agency theory and it used a survey design. The study has utilized both primary and secondary data that were analyzed using descriptive statistical tools and structural equation models. Findings of the study have revealed that agency banking activities of First Bank Ltd have immensely enhanced financial inclusion and economic activities in Benue State. However, challenges such as shortages of cash, security problems, network failures, and lack of financial literacy are militating against the smooth operations of the agency banking in the State. On the basis of these findings, the study has recommended among others that, other banks operating in the State should be encouraged to venture into agency banking in the state so as to have a wider coverage of agency banking in the State. Also, government should provide security and partner with the private sector to provide national carrier communication network system to overcome the network failure challenge. Finally, banks should intensify efforts to educate the masses about the validity and potency of agency banking.

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.

Perceived Parenting Styles and Emotional Intelligence Among Adolescents in Vietnam

2020 ◽  
Vol 28 (4) ◽  
pp. 441-454
Author(s):  
Quynh-Anh N. Nguyen ◽  
Thach D. Tran ◽  
Tu-Anh Tran ◽  
T. A. Nguyen ◽  
Jane Fisher
Keyword(s):  
Emotional Intelligence ◽  
Parenting Styles ◽  
Short Form ◽  
Well Being ◽  
Self Control ◽  
Multilevel Regression ◽  
Cross Sectional ◽  
Perceived Parenting ◽  
Trait Emotional Intelligence Questionnaire ◽  
The Impact

Emotional intelligence (EI) has a significant role in psychological well-being and is affected by parenting styles. There is no evidence about this relationship in countries with the impact of Confucianism and feudalism, in which parents use authoritarian caregiving to foster their children. The aim of the current study was to examine the association between parenting styles and EI among Vietnamese adolescents. This is a cross-sectional school survey using multilevel regression analyses controlling for potential confounders and school cluster effects. The principal data sources were the Trait Emotional Intelligence Questionnaire—Adolescent Short Form, which has been translated into Vietnamese, and the locally validated Parental Bonding Instrument, which assesses three main parenting styles: warmth, overprotectiveness, and authoritarianism. Results from 1,593 students revealed that boys had significantly higher overall EI, Well-Being, and Self-Control subscale scores than girls. The warmth of parents during childhood was associated with higher EI, while overprotectiveness and authoritarianism from mothers were associated with lower EI among adolescents. This study supports the impact of parenting styles on EI. The warmth and care from both mother and father will benefit the emotional development of their children in Vietnam.

Economic Abuse Within Intimate Partner Violence: A Review of the Literature

2018 ◽  
Vol 33 (1) ◽  
pp. 3-22 ◽  
Author(s):  
Amanda M. Stylianou
Keyword(s):  
Financial Literacy ◽  
Partner Violence ◽  
Parenting Practices ◽  
Well Being ◽  
Intimate Partner ◽  
Central Component ◽  
Economic Abuse ◽  
Youth Outcomes ◽  
Current Assessment ◽  
The Impact

This article reviews the literature on the measurement of, impact of, and interventions for economic abuse within intimate partner relationships. Current assessment measures for economic abuse, along with estimates of the prevalence of economic abuse, are reviewed and critiqued. Research exploring the impact of economic abuse on the victim’s mental health and psychological well-being, family formations and parenting practices, and children’s behaviors and youth outcomes are presented. Recently developed interventions, including financial literacy program models, are discussed and emphasized as a critical service to increase victims’ economic self-efficacy, financial literacy, and financial behaviors. Finally, the review provides detailed recommendations on incorporating economic abuse as a central component of domestic violence research, practice, and policies.

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