scholarly journals Do Financial Literacy and Financial Education Influence Smoking Behavior in the United States?

2021 ◽  
Vol 18 (5) ◽  
pp. 2579
Author(s):  
Mostafa Saidur Rahim Khan ◽  
Pongpat Putthinun ◽  
Somtip Watanapongvanich ◽  
Pattaphol Yuktadatta ◽  
Md. Azad Uddin ◽  
...  
Keyword(s):  
United States ◽  
Decision Making ◽  
Financial Literacy ◽  
Smoking Behavior ◽  
Positive Association ◽  
Financial Education ◽  
The United States ◽  
Rational Decision ◽  
Probit Regression ◽  
Rational Decision Making

Smoking is still a serious economic, health, and social problem despite various efforts to curb its prevalence. We examined the influence of financial literacy and financial education on the smoking behavior in the United States in terms of the use of rational decision-making abilities to reduce irrational behavior. We hypothesized that financial literacy and financial education, as proxies for rational decision making, would reduce the likelihood of smoking. We used data from the Preference Parameters Study (PPS) of Osaka University conducted in the United States in 2010 and applied probit regression models to test our hypothesis on a sample of 3831 individuals. We found that financially literate people are less likely to be smokers, though we found no clear role of financial education in reducing the likelihood of smoking. Further, respondents’ gender, age, unemployment status, and risky health behaviors such as drinking and gambling, have a significantly positive association with smoking, while marital status, university degree, family size, household income, household assets, physical exercise, and level of happiness have a significantly negative association. Our findings suggest that financial literacy, as an instrument encouraging rational decision making, could be a tool to help reduce smoking in the United States.

scholarly journals Financial Literacy and Exercise Behavior in the United States

2021 ◽  
Vol 13 (16) ◽  
pp. 9452
Author(s):  
Pattaphol Yuktadatta ◽  
Mostafa Saidur Rahim Khan ◽  
Yoshihiko Kadoya
Keyword(s):  
United States ◽  
Decision Making ◽  
Financial Literacy ◽  
Financial Education ◽  
The United States ◽  
Exercise Behavior ◽  
Public Health Issue ◽  
Probit Regression ◽  
Policy Interventions ◽  
Lack Of Exercise

Lack of exercise is an important public health issue in the United States due to its link to obesity and other health risk factors. Despite several policy interventions, many Americans do not exercise sufficiently. Given recent findings that financial literacy helps to improve people’s rational decision-making ability and encourages people to exercise in Japan, we conduct a similar study for the United States, which has also been experiencing lack of exercise but has a different cultural setting. Culture has important influences on decision making and exercise behavior. This study investigates whether financial literacy is associated with exercise behavior in the United States. We used Osaka University’s 2010 Preference Parameters Study dataset and performed a probit regression analysis to test our hypothesis that financially literate people are likely to exercise more. In support of our hypothesis, we find that Americans with better financial literacy are more likely to exercise at least once a week. Additionally, financial education has a similar association with exercise behavior. Our results suggest that authorities could consider using financial literacy as an alternative policy intervention to promote regular exercise among the American population.

Orthopaedic Surgery Resident Financial Literacy: An Assessment of Knowledge in Debt, Investment, and Retirement Savings

2019 ◽  
Vol 85 (4) ◽  
pp. 353-358 ◽  
Author(s):  
John D. Jennings ◽  
Courtney Quinn ◽  
Justin A. Ly ◽  
Saqib Rehman
Keyword(s):  
United States ◽  
Orthopedic Surgery ◽  
Financial Literacy ◽  
Financial Education ◽  
Retirement Planning ◽  
The United States ◽  
Financial Knowledge ◽  
Retirement Savings ◽  
Willingness To Participate ◽  
Formal Curriculum

Most orthopedic residents carry significant debt and may enter their practice with little knowledge of business management, minimal retirement savings, and overall poor financial literacy. This study aimed to gauge financial literacy, debt, and retirement planning in United States orthopedic surgery residents. Willingness to participate in formalized financial education was also assessed. Eighty-five allopathic orthopedic surgery residents in the United States completed a 14-question anonymous online survey in 2016. The survey assessed demographic data, self-assessed financial knowledge, amount of credit card debt and loans, preparation for retirement, and willingness to participate in formal didactic education on these topics. Most respondents derive their financial knowledge from personal research (51%), whereas only 4 per cent have a formal curriculum. Despite most respondents reporting more than $200,000 in outstanding loans, only 31 per cent create and stick to a budget. Few programs offer retirement advice, and 48 per cent of respondents save $0 toward retirement. Eighty-five per cent of residents expressed interest in learning about personal investment, savings, and retirement planning. Orthopedic surgery residents carry significant debt and do not achieve their high-income potential until disproportionately later in life. Only 4 per cent of residents have formal training in investing, personal finance, or retirement despite a majority who desire such a curriculum. In fact, almost 75 per cent of those surveyed felt less prepared for retirement than their peers outside of medical training. This study suggests a role for formal financial education in the orthopedic curriculum to prepare residents for retirement, improve financial literacy, and enhance debt management.

FİNANSAL EĞİTİME BAKIŞ

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Fatih Temizel
Keyword(s):  
United States ◽  
Best Practices ◽  
International Organizations ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
The United States ◽  
Developing Nations ◽  
Public Authority ◽  
Turkish Case

This study determines the importance of financial education in contemporary societies. A review of various organizations for increasing financial education whose individual and societal importance has been internationally accepted is also offered. Towards this end initiatives undertaken by international organizations and national authorities are examined. Aspects of these initiatives that can be offered as best practices for developing nations are identified. For the Turkish case financial education examples that can be organized under public authority leadership, with NGO participation are collated. Various experiences about measuring and increasing financial literacy are examined. Among these are the implementations in Australia, Japan, England and the United States. It is put forth, in light of international experience, that increasing access to financial education and efficiency of financial services are possible through, informing, education and consulting.

scholarly journals Financial Literacy and Exercise Behavior: Evidence from Japan

2021 ◽  
Vol 13 (8) ◽  
pp. 4189
Author(s):  
Shunsuke Ono ◽  
Pattaphol Yuktadatta ◽  
Takafumi Taniguchi ◽  
Tomoe Iitsuka ◽  
Masafumi Noguchi ◽  
...  
Keyword(s):  
Decision Making ◽  
Mental Illness ◽  
Financial Literacy ◽  
Physical Inactivity ◽  
Exercise Behavior ◽  
Rational Decision ◽  
Rational Decision Making ◽  
Irrational Behavior ◽  
Alternative Approach ◽  
Lack Of Exercise

Lack of exercise, which increases the risk of many serious physical and mental illness, has been a common health issue in Japan. Recent studies confirm that financial literacy discourages irrational behavior like gambling and smoking. We therefore investigate how financial literacy, as a rational decision-making instrument, relates to peoples’ exercise behavior in Japan. We hypothesize that financial literacy encourages people to exercise regularly. Using Osaka University’s Preference Parameters Study (PPS) for 2010, we categorized respondents into two groups: those who exercise regularly or at least once a week and those who do not. Our probit estimation results show that financial literacy is positively related with exercise behavior, meaning that financially literate people are more likely to exercise regularly. As the COVID-19 health pandemic seems to exacerbate peoples’ physical inactivity, the results of our study show an alternative approach to encourage exercise. We therefore recommend that governments implement a financial literacy improvement policy to alleviate the lack of exercise.

scholarly journals Is Financial Literacy Associated with Investment in Financial Markets in the United States?

2020 ◽  
Vol 12 (18) ◽  
pp. 7370
Author(s):  
Mostafa Saidur Rahim Khan ◽  
Naheed Rabbani ◽  
Yoshihiko Kadoya
Keyword(s):  
United States ◽  
Financial Markets ◽  
Financial Literacy ◽  
Foreign Currency ◽  
Positive Association ◽  
The United States ◽  
Policy Implications ◽  
Parameter Study ◽  
Futures Options ◽  
Using Data

Lack of investment in financial markets is one of the enduring puzzles in empirical finance. Although recent studies ascribe the lack of investment in stocks to financial literacy, the association between financial literacy and investment in financial markets remains inconclusive. We examine whether financial literacy is associated with investment in financial markets in the United States. We use investment in stocks, futures/options, investment trusts, corporate bonds, foreign currency deposits, and government bonds of foreign currency as a proxy for investment in financial markets. Using data from the Preference Parameter Study, a nationwide panel survey conducted by Osaka University of Japan, we provide evidence that financial literacy has a significantly positive association with investment in financial markets even after controlling for demographic, socioeconomic, and psychological factors. We check the robustness of our results by using an alternative proxy for investment in financial markets. Our study has far-reaching policy implications and we conclude by suggesting the introduction of financial literacy programs into the academic curriculum. Improving financial literacy could positively impact the mobilization of household funds and contribute to capital formation.

scholarly journals Financial Literacy, Financial Education, and Smoking Behavior: Evidence From Japan

2021 ◽  
Vol 8 ◽  
Author(s):  
Somtip Watanapongvanich ◽  
Mostafa Saidur Rahim Khan ◽  
Pongpat Putthinun ◽  
Shunsuke Ono ◽  
Yoshihiko Kadoya
Keyword(s):  
Financial Literacy ◽  
Negative Impact ◽  
Smoking Behavior ◽  
Financial Education ◽  
Risky Behaviors ◽  
Current Smoker ◽  
Probit Regression ◽  
Savings Behavior ◽  
Significant Negative Impact ◽  
The Relationship

In this study, we examine the relationship between financial literacy, financial education, and smoking behavior among the Japanese population. We hypothesize that financially literate and financially educated people, who have the ability to make more rational decisions, are less likely to smoke. Using the Preference Parameters Study of Osaka University, conducted in 2010 (N = 3,706), the probit regression results show that both financial literacy (with an emphasis on knowledge of investments) and financial education (with an emphasis on savings behavior) have a significant negative impact on smoking behavior. In addition, gender, age, education, marital status, household income and assets, risky behaviors, a myopic view of the future, risk preference, and level of happiness also significantly predict the likelihood of a person being a current smoker. This study provides empirical evidence that enhancing the rational decision-making ability of individuals through financial literacy and financial education may curtail smoking behavior.

scholarly journals Is Universal Financial Education Putting the Cart Before the Horse?

2014 ◽  
Vol 6 (4) ◽  
pp. 318-332
Author(s):  
Kathryn Simms
Keyword(s):  
United States ◽  
Logistic Regression ◽  
Financial Literacy ◽  
Financial Education ◽  
The United States ◽  
Regression Analyses ◽  
Nationally Representative ◽  
Policy Priority ◽  
Intense Debate

This study evaluates the effectiveness of extant financial education in the United States (i.e., employer-provided education, financial education in high school, and financial education in college) via linear regression and logistic regression analyses conducted on data from the 2012 National Financial Capability Study (NFCS). It concludes that although formal financial education is associated with improved financial literacy above and beyond general educational attainment, employer-provided education and financial education in US high schools are frequently associated directly or indirectly with increased odds of an adverse personal financial event (i.e., foreclosure, bankruptcy, or being underwater). Financial education in college is either not significant or is indirectly associated with reduced odds of some these adverse events. Given these findings, it seems that generating and evaluating rigorous empirical evidence about effective methods and curriculums for teaching financial education should be an immediate policy priority rather than requiring universal financial education in haste. However, requiring universal financial education may be a worthy long-term goal, after these more immediate policy needs are achieved. These findings and recommendations contribute to the literature by helping to resolve relatively intense debate among researchers about the effectiveness of financial education via the first study that examines the efficacy of financial literacy in a nationally representative, US database.

The United States and the Iranian Nuclear Programme

2018 ◽  
Author(s):  
Steven Hurst
Keyword(s):  
United States ◽  
Decision Making ◽  
Domestic Politics ◽  
The United States ◽  
Nixon Administration ◽  
Comprehensive Plan ◽  
The Us ◽  
Nuclear Issue ◽  
The Relationship

The United States, Iran and the Bomb provides the first comprehensive analysis of the US-Iranian nuclear relationship from its origins through to the signing of the Joint Comprehensive Plan of Action (JCPOA) in 2015. Starting with the Nixon administration in the 1970s, it analyses the policies of successive US administrations toward the Iranian nuclear programme. Emphasizing the centrality of domestic politics to decision-making on both sides, it offers both an explanation of the evolution of the relationship and a critique of successive US administrations' efforts to halt the Iranian nuclear programme, with neither coercive measures nor inducements effectively applied. The book further argues that factional politics inside Iran played a crucial role in Iranian nuclear decision-making and that American policy tended to reinforce the position of Iranian hardliners and undermine that of those who were prepared to compromise on the nuclear issue. In the final chapter it demonstrates how President Obama's alterations to American strategy, accompanied by shifts in Iranian domestic politics, finally brought about the signing of the JCPOA in 2015.

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