scholarly journals Financial Well-Being of Nigerian Family in Ikeja Lagos State Nigeria

2019 ◽  
Vol 7 (1) ◽  
pp. 1-8
Author(s):  
Ogunleye Kemisola Christianah ◽  
Mohamad Fazil Sabri ◽  
Shamsul Azahari Zainal Badari
Keyword(s):  
Local Government ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Well Being ◽  
Financial Strain ◽  
Financial Decisions ◽  
Recent Advancement ◽  
Financial Economy ◽  
Market Restructuring

With the recent advancement in the financial economy, it has become pertinent to families to be knowledgeable and adept in handling their finances. Financial markets terrain has increased so much, resulting in the availability of a more extensive choice of financial products and services, thus making financial decisions more complex and demanding. The ease of accessibility to inventive loans and credit services, financial market restructuring and technological advancements in the mode of offering and distributing financial services have indisputably left several individuals with a puzzling assortment of savings opportunities and decisions that need to be made. Therefore, this study was conceptualized to examine the factors that determine the financial well-being of Nigerian families in Ikeja local government, Nigeria. The researcher employed a stratified random sampling in selecting the number of employees, and 400 questionnaires were distributed to achieve a reasonable responses rate. As such, eighty (80) questionnaires were distributed to each of the five departments selected. From the study, it was shown research showed that majority of the respondents were female between the age ranges 20 to over 60 years. Results of the study showed that there was a significant relationship between financial well-being and financial management and financial strain expect for financial literacy. The regression analysis showed that the factors (financial literacy, financial stress, and business management) jointly for 45.7% of the variance in financial well-being. It was suggested that to improve economic prosperity among the employees in the local government, in Ikeja Lagos, Nigeria, an active factor is needed for family financial well-being.

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.

scholarly journals AN ANALYSIS OF PERSONAL FINANCIAL LITERACY AMONG ADULTS IN VHEMBE DISTRICT, A RURAL MUNICIPALITY IN SOUTH AFRICA

2021 ◽  
Vol 9 (1) ◽  
pp. 55-66
Author(s):  
Adam Ndou ◽  
◽  
Sam Ngwenya ◽  
Keyword(s):  
South Africa ◽  
Low Income ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Quantitative Research ◽  
Well Being ◽  
Primary Data ◽  
Research Approach ◽  
Vhembe District

Consumers in rural and low-income areas are the most financially vulnerable and are facing challenges with their finances and depend mostly on unsecured loans to finance their daily expenses. This has been exacerbated by global financial crises, which left many consumers in financial strains. The purpose of this paper is to measure the level of financial literacy focusing on the areas of day-to-day money management, financial planning, choosing appropriate financial services and products, and financial knowledge and understanding. The quantitative research approach was used to collect primary data among adults in Vhembe District Municipality (VDM), a rural and low-income municipality in South Africa. Primary data were analyzed through descriptive statistics. The results indicate that the level of financial literacy among adults in VDM is low at 38.73%. The low levels of financial literacy have serious consequences for an adult’s personal financial management skills and lead to their inability to make correct financial decisions. It is apparent that an individual’s level of financial literacy has become important in how individuals manage their finances in today’s complicated financial world. The paper concludes by suggesting interventions that could help adults to improve their level of financial literacy, manage and sustain their financial well-being.

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 Financial literacy as the main determinant of household wealth growth

2021 ◽  
Author(s):  
Л.Т. Баяхметова ◽  
Л.Т. Баяхметова ◽  
П.Б. Исахова ◽  
А.Т. Баяхметова ◽  
L. Bayakhmetova ◽  
...  
Keyword(s):  
Financial Markets ◽  
Financial Literacy ◽  
Financial Services ◽  
Information Technologies ◽  
Global Financial Crisis ◽  
Rapid Development ◽  
Empirical Studies ◽  
Well Being ◽  
Household Wealth ◽  
Financial Decisions

В последние годы, актуальность финансовой грамотности возросла в свете динамичного и стремительного развития финансовых систем стран, в том числе под влиянием глобализации и активного внедрения информационных технологий. Именно финансовая грамотность является одним из важнейших показателей, характеризующих способность домашних хозяйств в принятие адекватных финансовых решений для дальнейшего увеличения своего благосостояния. В масштабе страны низкая финансовая грамотность населения сдерживает развитие финансовых рынков, способствует развитию бедности, снижает доверие к финансовым институтам, а также дестимулирует темпы экономического роста страны. Произошедшие и происходящие в мире события и процессы, например, такие как мировой финансовый кризис, глобализация финансовых рынков, активное внедрение инновационных информационных технологий в финансовые услуги, реализация странами различных программ по повышению финансовой доступности обозначили необходимость в повышении финансовой грамотности населения. Характер финансовой неграмотности и ее проявления могут быть различными, но они находят свое отражение в повседневном финансовом выборе, который делают практически большинство домашних хозяйств. Как показывают эмпирические исследования без понимания и знаний основ экономики, финансовых услуг и продуктов, и структуры их рисков и доходности, финансово неграмотные индивидуумы с большей вероятностью примут неверные инвестиционные и финансовые решения, которые ухудшат их финансовое положение. Ключевые слова: Финансовая грамотность домашних хозяйств, неадекватность финансовых решений, дестабилизация финансовой системы, концепция финансовой грамотности, благосостояние домашних хозяйств, измерение финансовой грамотности, доверие к финансовым институтам, развитие бедности, глобальный финансовый кризис, причины глобального финансового кризиса. In recent years, the relevance of financial literacy has increased in the light of the dynamic and rapid development of the financial systems of countries, including under the influence of globalization and the active introduction of information technologies. Financial literacy is one of the most important indicators that characterize the ability of households to make adequate financial decisions to further increase their well-being. On the national scale, low financial literacy of the population hinders the development of financial markets, contributes to the development of poverty, reduces confidence in financial institutions, and also discourages the country's economic growth rates. The events and processes that have taken place and are taking place in the world, for example, such as the global financial crisis, the globalization of financial markets, the active introduction of innovative information technologies in financial services, the implementation by countries of various programs to increase financial accessibility have indicated the need to increase the financial literacy of the population. The nature of financial illiteracy and its manifestations may be different, but they are reflected in the everyday financial choices that almost most households make. Empirical studies show that without understanding and knowledge of the basics of economics, financial services and products, and the structure of their risks and profitability, financially illiterate individuals are more likely to make incorrect investment and financial decisions that will worsen their financial situation.

scholarly journals Financial Well-being of State and Local Government Retirees in North Carolina

2020 ◽  
pp. 184-206
Author(s):  
Robert L. Clark ◽  
Siyan Liu
Keyword(s):  
North Carolina ◽  
Financial Literacy ◽  
Financial Management ◽  
Well Being ◽  
Retirement Savings ◽  
Management Skills ◽  
Financial Decisions ◽  
Standards Of Living ◽  
State And Local Government ◽  
State And Local

This chapter analyzes how low- and moderate-income retirees utilize retirement savings, and how financially fragile they are, relying on survey data on public employees in North Carolina. We investigate whether retirees make systematic errors when they manage their assets so as to maintain their standards of living, and whether there are notable differences in financial management skills across subgroups. We also ask whether financial literacy is positively associated with lower rates of committing such errors and, and whether low-income households have lower levels of financial literacy leaving them likely to make poor financial decisions. We show that many retirees have no emergency cash, and one quarter maintain high-interest debt while leaving low-return funds in retirement saving plans. Suboptimal debt holding is associated with lower household income and lower financial literacy.

scholarly journals Factors Affecting the Financial Literacy During Pandemic

2021 ◽  
Vol 2 (7) ◽  
pp. 503-515
Author(s):  
Ari Susanti
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Sampling Technique ◽  
Well Being ◽  
Coefficient Of Determination ◽  
Factors Affecting ◽  
Or Groups ◽  
Data Collection Technique ◽  
Taking Action

Insights on literacy during the current pandemic are needed in order to create qualified and financially intelligent individuals or groups that can be used for financial management so that they are beneficial for their lives and able to prosper financially. Financial literacy is an intelligence and understanding of financial institutions, financial products and financial services. Individuals who have good financial literacy will have an awareness of the direction of their financial management goals, thus, they will be smarter in taking action on their assets. Having good financial literacy, a person will have strong abilities in terms of managing finances, financial planning skills, investment insight and knowledge of saving and borrowing, so that individuals will be careful of the assets they have and not easily get trapped into online loans or fake loans detrimental and far from financial well-being. Factors that influence the financial literacy during the pandemic include financial attitude, income and peers. The population taken in this observation was active female students in Surakarta with a total number of 230 respondents. This observation sample was taken using the purposive sampling technique. The data collection technique was done using questionnaires distributed online to respondents and the data analysis of hypotheses testing was done using multiple linear regressions with t test, f test and coefficient of determination through SPSS 21. According to the results of the analysis that has been carried out, it shows that the financial attitude variable has a relevant influence on financial literacy, income has no effect on financial literacy and peers have a relevant influence on financial literacy.

scholarly journals The Effect of Financial Knowledge on Financial Literacy with Mediated by Financial Behavior in Society of Palembang City South Sumatera

2019 ◽  
Vol 9 (3) ◽  
pp. 421
Author(s):  
YULIANI YULIANI
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Structural Equation ◽  
Measurement Data ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Indirect Influence

The Indonesian financial literacy index is still very low. This low index makes the government through the Financial Services Authority (OJK) make a strategy contained in the Indonesian National Financial Literacy Strategy or SNLKI (Revisit 2017). The strategy is expected that the Indonesian people have the knowledge and skills and beliefs that are reflected in attitudes and behaviors regarding financial management and are able to take quality financial decisions for Financial Well Being. The research objective is to analyze the direct effect of financial knowledge on financial literacy. Analyzing the indirect influence of financial behavior as a mediator of the effect of financial knowledge on financial literacy. Non-probability of purposive sampling technique as many as 105 respondents. Data collection conducted in May-June 2019. The data used is primary using the research instrument in the form of a questionnaire with a 5-point Likert scale measurement. Data was collected by distributing questionnaires both directly and online questionnaires through a Google questionnaire. Data analysis techniques are descriptive and inferential. Inferential testing using Structural Equation Modeling (SEM). The research findings are that there is a direct influence of financial knowledge on financial literacy. The indirect influence of financial behavior on financial literacy is not significant so financial behavior is not mediation.

scholarly journals Personal Finances in the Era of Modern Technological Solutions

2021 ◽  
Vol 1 (29) ◽  
pp. 155-174
Author(s):  
Anna Janina Warchewska ◽  
Alfred Janc ◽  
Rafał Iwański
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Education ◽  
Personal Finance ◽  
Financial Industry ◽  
Financial Decisions ◽  
Finance Management ◽  
Self Confidence ◽  
The Impact

The purpose of the article: the aim of the article is to present the essence of personal finance management using modern financial technologies. The paper seeks to answer the question of the impact financial literacy and the growth of the fintech solutions have on personal financial management. Methodology: the analysis leads to an answer to the question of which determinants have an impact on consumers' financial decisions and what remote tools the market offers. The paper hypothesizes that the intensification of educational activities tailored to each age group by institutions offering financial services may influence the greater use of modern tools in the process of personal finance management. Theoretical considerations are based on an in-depth query of literature on the subject. Research and financial experimentation in the field of financial knowledge and skills are presented. The secondary empirical material is used to analyze the development of the FinTech industry. Results: The effectiveness of financial education is observed only in specific financial behaviors. The financial industry is shaped by recipients, who instead of financial education, look e.g. financial coaching for a specific problem at different stages of their lives. Changes in population structure (aging population) and a large group of customers from disadvantaged groups (e. i. seniors, disabled people) require the development of new, matched strategies by banks and financial services providers. Too much self-confidence and a low level of consumer knowledge of cybersecurity is becoming a challenge for modern financial technologies.

Achieving Financial Inclusion for Persons With Disabilities: Exploring Preparedness and Accessibility of Financial Services for Persons With Disabilities in Malawi

2021 ◽  
pp. 104420732110275
Author(s):  
Alex Nester Jiya ◽  
Maxwell Peprah Opoku ◽  
William Nketsia ◽  
Joslin Alexei Dogbe ◽  
Josephine Nkrumah Adusei
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Commercial Banks ◽  
Empirical Studies ◽  
Well Being ◽  
Living Conditions ◽  
Inclusive Development ◽  
Future Research ◽  
Structured Interviews ◽  
Persons With Disabilities

Deplorable living conditions among persons with disabilities and the need to improve their living conditions cannot be overemphasized. This has triggered international discussion on the need for deliberate social policies to bridge the poverty gap between persons with and without disabilities. In Malawi, expansion of financial services has been identified as an essential tool to accelerate economic and inclusive development. However, empirical studies are yet to explore the preparedness of financial institutions to extend their services to persons with disabilities. In this qualitative study, semi-structured interviews were conducted with managers from commercial banks in Malawi to understand their perspectives on extending financial services to persons with disabilities. Interviews were transcribed verbatim and a descriptive thematic analysis was performed. Although participants reiterated the need to provide persons with disabilities with financial services to improve their well-being, few initiatives have been undertaken to improve their participation. Particularly, participants stated that barriers, such as a lack of financial literacy and adaptive technologies, communication barriers, and high rates of unemployment, explained the reluctance of commercial banks to extend financial services to persons with disabilities. The limitations, recommendations for future research, and implications of the study for policymaking have been highlighted.

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.

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