scholarly journals CRITERIA ASPECTS OF SOCIAL DIAGNOSTICS OF FINANCIAL CULTURE OF THE POPULATION OF THE RUSSIAN FEDERATION

2019 ◽  
pp. 136-143
Author(s):  
M.V. Kibakin
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
The State ◽  
Financial Behavior ◽  
Target Groups ◽  
Positive Attitudes ◽  
Personal Finances ◽  
Information And Communication ◽  
Legitimate Interests ◽  
Financial Issues

The article describes the problems of choosing the criteria for success of the system of improving financial literacy of various target groups of residents of Russia. The problems of increasing their relevance in solving the problems of diagnosing individual and group levels of financial literacy, determining its competence, motivational and activity components are shown. The analysis of existing approaches to the use of various indicators and characteristics of financial literacy as the basis of financially literate behavior, as well as an important component of financial culture, is made. The possibility of using the risk criteria of financial behavior of citizens with insufficient financial literacy is indicated. The views on the use of sufficient and necessary criteria for determining the state and dynamics of financial literacy of the population in accordance with the needs of the market, the possibilities of information and communication banking technologies for providing financial services, as well as ensuring the protection of the rights and legitimate interests of the consumers of these services and the prevention of unfair financial practices. The article provides ways to visualize indicators of financial literacy, socio-cultural factors of its determination in order to saturate the state and municipal authorities with management information for the implementation of powers in the financial and economic sphere. The author includes in the article proposals for improving the system of increasing knowledge, skills and competencies among the population on financial issues, creating positive attitudes to actively use the possibilities of the modern financial market to preserve and enhance personal finances, as well as to effectively conduct business.

scholarly journals PLANNING OF PERSONAL FINANCE IN A CRISIS PERIOD

2021 ◽  
Vol 71 (3) ◽  
Author(s):  
Iryna Borysova
Keyword(s):  
Financial Market ◽  
Financial Literacy ◽  
Financial Services ◽  
State Level ◽  
Personal Finance ◽  
The State ◽  
Financial Inclusion ◽  
Modern World ◽  
Personal Finances ◽  
The Impact

In this publication we provide tips to help strengthen personal finances in a crisis situations. It should be noted that as part of state programs aimed at increasing financial literacy, it is especially important to monitor the literacy and quality control of financial activity of the population in terms of combating various forms of financial fraud targeting people’s savings. Improving financial literacy of the population is one of the main ways to improve the management of personal finances, which does not require significant costs. We analyzed the research of both foreign and domestic scientists on these matters. Household financial planning should begin with the planning and compilation of a personal budget or a family budget. Optimization of personal expenses after their detailed analysis is rationalization. Rationalization of personal expenses should be carried out on the basis of research of current and perspective needs of the individual to define the unnecessary expenses and search for the ways to save purchasing certain groups of goods or services. Helping to control and eliminate emotional purchases, thereby minimizing the impact of inflation on own costs. Low financial literacy of consumers of retail financial services, the presence of asymmetric information in the relationship between providers and consumers of the services in the financial market create favorable conditions for various abuses and financial crimes. The concept of financial inclusion is considered, which in our opinion is a driver of economic growth and an important factor of social equality in the modern world. Central banks and other financial market regulators, international organizations, and other market players have emphasized the importance of financial inclusion in recent decades. We have selected a list of basic tips from financial advisors on managing and planning personal finances. In Ukraine, more than a third of the population remains outside the financial system. This indicates their separation from the economy of the state and society as a whole, lower level of efficiency of money management and financial security. The vocation of financial scientists is to bring to the public the basics of financial awareness and help solve many issues that arise, both in personal finance and at the state level.

scholarly journals Financial literacy of students of technical universities: analysis of opinions and development prospects

2021 ◽  
Vol 49 (1) ◽  
pp. 80-91
Author(s):  
Olga V. Stepnova ◽  
◽  
Irina Yu. Starchikova ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Research University ◽  
Educational Process ◽  
Third Party ◽  
Positive Trend ◽  
Full Time ◽  
Moscow Aviation Institute ◽  
Technical University ◽  
Financial Issues

Introduction. The development of students' ability to make informed and responsible decisions in the field of personal finance is an urgent problem. Young people must have the appropriate competencies, have the required level of financial literacy. This also applies to students of non-economic areas of training, in particular students of technical specialties. The purpose of the study is to analyze the financial literacy of students of a technical university. Materials and methods. The material of the research was the data of an anonymous sociological survey of 100 students of Stupino branch of Moscow Aviation Institute (National Research University) of the 3rd and 4th courses of full-time education by filling in Google forms. Results. Analysis of students' opinions showed a positive trend (65% of respondents) for the introduction of financial literacy in the educational process of a technical university. Students admitted (54% of respondents) that they are not aware of all kinds of risks when investing in NPFs, when buying a home, compulsory motor third party liability insurance, taking a loan, when calculating wages, etc. Based on the students' answers, it was found that 62% of the respondents had no experience in solving financial issues. At the same time, 67% of students are not interested in rates on deposits, loans, the key rate of the Central Bank, but daily use the financial services of the bank (plastic cards, payment for services via the Internet, e-wallet, etc.) 97% of students. Conclusion. Today, the financial literacy of the population is fraught with many vital issues and affects the effectiveness of decisions made and the associated risks.

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.

Collaborative Finance and Its Hurdles to Overcome

2020 ◽  
pp. 239-262
Author(s):  
Elisabet Ruiz-Dotras ◽  
Krystyna Mitręga-Niestrój
Keyword(s):  
Social Network ◽  
Social Interaction ◽  
Financial Literacy ◽  
Financial Services ◽  
Peer To Peer ◽  
Online Networks ◽  
The Social ◽  
Finance Development ◽  
Personal Trust ◽  
Financial Issues

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

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 ANALISIS LITERASI KEUANGAN MAHASISWA S-1 FAKULTAS EKONOMIKA DAN BISNIS UNIVERSITAS DIPONEGORO ANGKATAN 2014 - 2017

2018 ◽  
Vol 1 (2) ◽  
pp. 54
Author(s):  
Gina Sakinah ◽  
Bagio Mudakir
Keyword(s):  
Undergraduate Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Parental Education ◽  
Descriptive Statistics ◽  
Financial Behavior ◽  
Primary Data ◽  
Personal Finances ◽  
Regression Test ◽  
And Behavior

Financial management failure occurs when students do not have good financial literacy. Students must have good knowledge, attitude, and behavior in managing their personal finances. This study aims to analyze the level of financial literacy of undergraduate students of the Faculty of Economics and Business at Diponegoro University class of 2014 to 2017 and the factors that influence it. Financial literacy in this study uses a financial literacy index consisting of components of the knowledge, attitude, and financial behavior of students. The research data uses primary data with questionnaires and sample of 100 students. Meanwhile, the method used in this study is descriptive statistics and multiple linear regression test (OLS). As a result, the level of student financial literacy is categorized as quite literary, that is 50.4%, influenced by age, GPA, parental education, and length of study. On the other hand, gender and income do not affect student financial literacy.

scholarly journals Economic culture as a factor in the financial behavior of Russians: the role of archetypes and modern context

POPULATION ◽  
2021 ◽  
Vol 24 (2) ◽  
pp. 29-40
Author(s):  
Olga Aleksandrova
Keyword(s):  
Interpersonal Relationships ◽  
Financial Literacy ◽  
The State ◽  
Economic Life ◽  
Individual Responsibility ◽  
Financial Behavior ◽  
Modern World ◽  
Economic Culture ◽  
Patterns Of Behavior ◽  
The Impact

In Russia, as in many countries, the state is showing increased attention to the topic of financial literacy of the population, which is connected, on the one hand, with the expansion of the financial market inherent in the modern world economy, involving ordinary people in its orbit, and, on the other hand, with the curtail of the welfare state, and the reorientation of citizens to self-financing their needs for pensions, medical care, education, etc. In the process of such pushing up people to become investors, borrowers, participants of funded pension schemes, the specific character of the economic culture of the population is not taken into account, while many observed phenomena, such as low level of financial literacy and massive distrust of financial institutions, are due exactly to it. The article presents analysis of the cultural archetypes and patterns of behavior characteristic of the Russians that make up the economic culture; they were correlated with the models of behavior of the population of interest to the state; the impact on the existing economic culture of the current socio-economic context is considered. It is shown that the natural-climatic, geographic, geopolitical and religious factors have shaped Russians' specific attitude towards savings, their own and other people's property, planning horizons, contractual obligations, separation of common and individual responsibility, financial discipline, work ethics, state and commercial institutions, interpersonal relationships, etc., which is far from that sought by the state. Meanwhile, the problem is that it is the socio-economic policy pursued by the state, the events of the economic life of the past thirty years that act as the factors of reproduction and consolidation of the formed cultural archetypes and patterns of behavior, but not their productive transformation.

Some Aspects about Financial Knowledge of Undergraduate Students

2013 ◽  
Vol 2 (4) ◽  
pp. 40-62
Author(s):  
Elena Moreno-García ◽  
Arturo García-Santillán ◽  
Juan Pablo Munguía-Tiburcio
Keyword(s):  
Learning Styles ◽  
Undergraduate Students ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Principal Component ◽  
Financial Education ◽  
Financial Knowledge ◽  
Important Indicator ◽  
Financial Issues

The purpose of study is to measure the level of financial literacy of accounting students at the Universidad Veracruzana; campus Mocambo, considering that financial education is the knowledge that people have on financial issues in order to solve everyday problems regarding financial management. The variables analyzed include age, gender, race, socioeconomic status, learning styles and student’s perceptions on financial services, the way they take care of their money and their knowledge of five key financial issues. Three hypotheses were raised, therefore, in order to test H1 we performed a factorial analysis with an extracted principal component; to H1.a the statistical procedure of linear correlation of Pearson r and t test are applied, and to H2 a Z test is performed. Although the theory suggests that the level of higher education gives the student a better understanding of the financial issues, this research however, proves otherwise. In fact, the range of “excellent money management” is below 50%. The findings suggest that there is no a good level of financial literacy in the population studied. This fact is contrary to expectations, because the student who studies public accountant is expected to have financial knowledge in these subjects, all this, in considering the subjects which integrates the curriculum related to the field of finance. Therefore this finding should be an important indicator for the academic authorities of the Universidad Veracruzana for corrective actions in this respect.

Collaborative Finance and Its Hurdles to Overcome

2021 ◽  
pp. 457-481
Author(s):  
Elisabet Ruiz-Dotras ◽  
Krystyna Mitręga-Niestrój
Keyword(s):  
Social Network ◽  
Social Interaction ◽  
Financial Literacy ◽  
Financial Services ◽  
Peer To Peer ◽  
Online Networks ◽  
The Social ◽  
Finance Development ◽  
Personal Trust ◽  
Financial Issues

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

Financial behavior of households and its determinants

2019 ◽  
pp. 42-47
Author(s):  
Lidiya Dudynets ◽  
Hanna Holub ◽  
Roksolana Holub
Keyword(s):  
Financial Market ◽  
Financial Literacy ◽  
Financial Services ◽  
Economic Behavior ◽  
Financial Behavior ◽  
Financial Resources ◽  
Public Confidence ◽  
Compensatory Mechanisms ◽  
Low Level ◽  
Bank Card

The economic meaning of the term «financial behavior» has been researched. In this study, financial behavior is considered as a special type of economic behavior that is related to the actions of the population in the financial services market, which involves the mobilization, redistribution and investment of the population’s monetary resources. The classification of financial behavior of the population is considered. It should be classified on the basis of such features as the activity in the financial services market, the type of the result of financial behavior, the source of financial resources, the form of implementation, the instruments used in the financial services markets, the degree of risk, the propensity to innovate, the type of property of financial resources. The factors influencing financial behavior of households are analyzed, and the following types are distinguished: political, demographic, cultural, social, psychological, economic. The features of financial behavior of the population in Ukraine in comparison with other countries are determined. It has been established that the level of penetration of financial services is significantly lower than the world standards: on average, one Ukrainian has only one bank card and one current account in the bank, and the intentions of the population to save and invest are passive in nature. It is established that the greatest determinant of financial behavior, inclusiveness and literacy in Ukraine is the age and property status of financial services consumers. The problems, the solution of which will facilitate the increase of financial behavior of domestic households and their involvement in the financial market of Ukraine, are outlined. The main issues are as follows: 1) The absence of financial traditions and positive practices in financial activity in Ukraine, which is due to past historical development of the state; 2) Insufficient development of the financial market in terms of working with a private investor and limited supply of financial services to such clients; 3) Absence of the Institute of financial advisers; 4) The scope of application of compensatory mechanisms in the financial market; 5) Lack of effective tax incentives for citizen investments; 6) Low level of public confidence in financial intermediaries; 7) Disadvantages of providing market participants with the necessary financial information; 8) Low level of financial literacy of the population.

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