scholarly journals Financial Literacy. Who, whom and what are they Training for? Comparative Analysis 2016–2020

2020 ◽  
Vol 65 (4) ◽  
pp. 554-583
Author(s):  
Erzsébet Németh ◽  
Bálint Tamás Vargha ◽  
Kinga Domokos
Keyword(s):  
Public Education ◽  
Financial Literacy ◽  
Core Curriculum ◽  
Financial Education ◽  
Social Background ◽  
Vulnerable Groups ◽  
The Government ◽  
Education And Development ◽  
Financial Awareness ◽  
Compulsory Subject

The research assessed whether progress has been made in the education and development of financial awareness in Hungary since 2016. We reviewed the changes in the state’s role in the development of financial literacy, and in a questionnaire survey we examined what kind of organizations, who and in what topics are involved in trainings outside the public education. It was found that between 2016 and 2020, there was an increasing focus on developing the financial literacy, while the vast majority of the trainings continues to target the most easily reachable school age group. The National Core Curriculum identified economic and financial education as a goal for schools. However, outside of vocational high schools, such knowledge is not taught as a compulsory subject. In 2017, the Government adopted a strategy to improve the financial awareness of the population, and the first accredited financial literacy textbooks were published. The results of non-public education organisations show that the number of training programs and their participants has tripled. The average duration of trainings has become longer, multi-day trainings mainly for adults appeared. Knowledge transfer continued to focus on individual frugality and financial awareness, financial self-knowledge, attitude, and behaviour. The education of investment and entrepreneurship knowledge still isn’t a priority. Most of the trainings do not take into account the income situation and social background of the target groups and do not pay attention to the development of financially vulnerable groups.

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.

scholarly journals Financial literacy and the use of financial services in Serbia

2021 ◽  
pp. 105-114
Author(s):  
Slađana Barjaktarović-Rakočević ◽  
Nela Rakić ◽  
Marina Ignjatović ◽  
Milica Stevanović
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Middle Income ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Products ◽  
Decision Making Processes ◽  
Financial Decision ◽  
The Government

Financial services industry has always drawn a lot of attention, from possible investors, those who need financing, the government and general public. Globally, financial opportunities are becoming more attractive, but also more complex. The goal of this study is to analyze the use of financial services in Serbia. We argue that financial education and literacy are preconditions for the use of financial opportunities. Research has shown that people in Serbia are not well informed about how to make sound financial decisions. The reasons why people in Serbia do not use financial products requires to a greater extent and services special attention. In order to test the differences between people in terms of how well informed they are and which services they use and why, we conducted a survey. Our results show that people with salaries higher than 100,000 RSD are well informed but not motivated to invest. Individuals with middle income do not have enough trust and think that they are not well informed about different opportunities. Additionally, we found that men are better informed than women. This paper aims to provide an overview of the use of financial services in Serbia in order to improve financial decision-making processes and understand the different financial opportunities.

scholarly journals Pendidikan Keuangan Keluarga, Kesadaran Keuangan dan Tingkat Personal Finance

2021 ◽  
Vol 3 (2) ◽  
pp. 172-179
Author(s):  
Reza Widhar Pahlevi ◽  
Lazzuardi Nashrullah
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Sampling Method ◽  
Sampling Technique ◽  
Financial Education ◽  
Personal Finance ◽  
Analysis Technique ◽  
The Family ◽  
Data Source ◽  
Financial Awareness

The purpose of this study was to determine the effect of financial education on the family, financial education on campus, peers, financial literacy and financial awareness on the level of student personal finance. The sampling technique uses a non probability sampling technique. While the sampling method uses incidental sampling, whoever by chance or fits as a data source, then continues using the purposive sampling method, namely the sam-pling technique with the consideration of students of the Faculty of Economics in Yogya-karta who have taken Financial Management courses and who have taken courses that concentrate on Finance. From these considerations, 103 respondents. The data analysis technique uses multiple regression analysis. The results showed that financial education in the family, financial literacy and financial awareness had a significant effect on student personal finance, while financial education on campus and peers had no effect on student personal finance. DOI: https://doi.org/10.26905/afr.v3i2.5840

scholarly journals Financial literacy programmes targeting the poor: the possibilities of using financial literacy as a tool for financial inclusion

2021 ◽  
Vol 190 (5-6(2)) ◽  
pp. 162-170
Author(s):  
Zsuzsanna Győri ◽  
Keyword(s):  
Financial Literacy ◽  
Social Groups ◽  
Financial Inclusion ◽  
Vulnerable Groups ◽  
Research Papers ◽  
Policy Makers ◽  
The Poor ◽  
Financial Exclusion ◽  
Research Questions ◽  
Financial Awareness

The main aim of this study is to examine the nature of the term financial literacy and link it to opportunities for financial inclusion. The author uses experience of some Hungarian programmes. Financial literacy is the focus of some of them, while in other cases it is just a part of a more complex initiative. After the literature review, the study offers answers for the following research questions: • What are the main characteristics of existing financial literacy programmes in Hungary? • How financial exclusion and the lack of financial literacy are connected in practice? • What are the strengths (achievements) and weaknesses (pitfalls and disadvantages) of existing financial literacy programmes related to the financial inclusion of poor and marginalized social groups? Data from semi-structured in-depth expert interviews, documents and former research papers were collected for identifying Hungarian financial literacy programmes and their existing, missing and potential connections to financial inclusion. Originality of the Research In the literature, there are few articles that connect financial literacy and financial inclusion. Similarly, in practice, financial literacy programmes rarely target the poor. In turn, financial awareness is a very strong prerequisite of financial inclusion, e.g. successful debt settlement for financially vulnerable groups. The findings from the study will enlighten policy-makers, managers of financial institutions and financial inclusion advocates on the importance of special context and complexity of financial literacy programmes provided for the poor.

scholarly journals Pedagogy of Financial Education among College Students

2016 ◽  
Vol 13 (2) ◽  
pp. 23-34
Author(s):  
Michael Ben Jacob
Keyword(s):  
Financial Literacy ◽  
Life Quality ◽  
Financial Education ◽  
Educational Process ◽  
Economic Life ◽  
Process Technology ◽  
Multicultural Environment ◽  
Key Factor ◽  
Financial Awareness ◽  
Economic Thinking

Abstract The level of economic thinking and financial culture of population should be considered one of the most important components of society’s economic life quality. Here, a key factor is economic and financial socialization of an individual, which can be achieved mainly by modelling appropriate training process technology to promote and ensure financial awareness at the early stages of training in high school and later on in colleges and universities. This paper focuses on one of the options of a unique subject matter (course) in Financial Education, for which testing started in 2008 and is successfully continuing in the Department of Business Management of Neri Bloomfield School of Design and Education (Haifa, Israel) against the backdrop of a multicultural environment. The study shows the dynamics of the formation of the main teaching methods of the new course. In parallel, we analysed the results of the final examinations of students to further adjust the content and pedagogy of the educational process. The results once again confirmed the urgent need to improve the financial literacy of students in accordance with the challenges of economics and culture in the twenty-first century.

scholarly journals Post-crisis trends in household credit market behavior: evidence from Hungary (Literature review)

2019 ◽  
Vol 14 (3) ◽  
pp. 162-174 ◽  
Author(s):  
Judit Sági ◽  
Csaba Lentner
Keyword(s):  
Financial Literacy ◽  
Banking Sector ◽  
Household Saving ◽  
Preventive Actions ◽  
Regulatory Bodies ◽  
Household Credit ◽  
Regulatory Measures ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
Financial Awareness

In response to a sharp rise in household credit repayment risk after the 2008 crisis, the banking sector was consolidated, borrowing conditions were tightened and the regulatory authorities had to improve the financial literacy of population. The study evaluates the effectiveness of regulatory measures to prevent excessive indebtedness, and analyzes the results of the latest survey of population financial literacy in Hungary after the 2008 financial crisis. The results confirm the scientific studies of different economists and scholars who state that the financial awareness is closely related to household saving and borrowing patterns. The outcomes of the analysis reveal the risks associated with the lack of financial literacy in Hungary. In fact, the financial awareness of households over the past years has not improved significantly either in the wake of losses suffered on FX-based loans, or as a result of the preventive actions undertaken by the government regulatory bodies.

scholarly journals Multifunkciós könyvtár és pénzügyi edukáció

2021 ◽  
Author(s):  
Péter Kiszl
Keyword(s):  
Financial Literacy ◽  
Information Science ◽  
Public Libraries ◽  
Interdisciplinary Approach ◽  
Financial Education ◽  
Information Support ◽  
Good Practices ◽  
Library Network ◽  
Financial Awareness ◽  
Foreign Good

Digitális, globális és multikulturális világunkban a könyvtár szerepe, funkciórendszere jelentősen kiszélesedett. A könyvtár- és információtudomány kutatási horizontja is egyre tágul, a felsőfokú könyvtárosképzés mindenkori szakmai trendeknek, felhasználói, munkaadói és munkavállalói igényeknek megfelelő alakítása folyamatos. A tanulmány bemutatja a multifunkciós könyvtár olyan modelljét, amelyben szerepet kap a pénzügyi kultúrát és a vállalkozásfejlesztést célzó edukáció is. Napjainkban ugyanis kiemelt jelentőségűek a kellő tájékozottsággal meghozott pénzügyi döntések. Különösen igaz ez hazánkra, ahol a felmérések és a tapasztalatok szerint a lakosság pénzügyi tudatossága fejlesztésre szorul. Kézenfekvő megoldásként jelentkezik Magyarország legnagyobb kulturális intézményrendszerének, a könyvtári hálózatnak a bevonása is a képzésbe. Sanghajtól Londonon át Chicagóig és Phoenixig már számos nemzetközi jó gyakorlattal lehet bizonyítani, hogy a könyvtári hálózat tagjai – kiemelten a nemzeti- és a közkönyvtárak – sikerrel kapcsolhatók be a társadalom pénzügyi műveltségének pallérozásába, ami a könyvtári hálózat társadalmi beágyazottságát és elismertségét erősíti, illetve az esélyegyenlőség támogatásán túl, az állampolgárok és a gazdasági szektor szereplői számára is innovatív megoldásokat hozhat, úgymint például a start-upok alapításának és működtetésének könyvtári-információs támogatása. A közlemény interdiszciplináris megalapozottsággal tárja fel a külföldi bevált gyakorlatokat a nem formális, könyvtári pénzügyi oktatási akciók hazai adaptálása érdekében, nemzetközi kontextusban tárgyalva és rendszerezve az alapvető elméleti (szakirodalmimódszertani) forrásokat és kijelölve a jövőbeli hazai kutatási-fejlesztési irányokat. ----- Multifunctional library and financial education --- - - The scope of the library’s roles and functions has expanded considerably in our digital, global, and multicultural world. The research horizon of library and information science is also constantly broadening; post-secondary librarian training is being continuously shaped to fit current professional trends and the needs of users, employees and employers. This paper introduces a model for the multifunctional library, in which education on financial literacy and business development is also present, since informed financial decisions are of particular importance nowadays. This is especially true in Hungary, where surveys and experience suggest that the population’s financial awareness needs improvement. An obvious solution is to involve in this education the biggest cultural institutional system of Hungary: the library network. There are many international examples of good practices from Shanghai to London, and from Chicago to Phoenix, which prove that members of the library network, especially national and public libraries, can be successfully involved in improving the financial literacy of society, which also increases the social embeddedness and reputation of the library network, and in addition to promoting equal opportunities, it can provide innovative solutions for citizens and for the operators of the economic sector, for instance library and information support for the founding and management of start-ups. This paper explores foreign good practices with an interdisciplinary approach in order to adapt non-formal financial educational library operations in Hungary. It also discusses and organizes the basic theoretical resources (literature and methodology) available in the international context to provide directions for future domestic research and development.

scholarly journals Adolescents’ and young adults' naïve understandings of the economic crisis

2017 ◽  
Vol 13 (1) ◽  
pp. 143-161 ◽  
Author(s):  
Anna Emilia Berti ◽  
Anna Maria Ajello ◽  
Carmela Aprea ◽  
Ilaria Castelli ◽  
Elisabetta Lombardi ◽  
...  
Keyword(s):  
Secondary School ◽  
Economic Crisis ◽  
International Organizations ◽  
Financial Literacy ◽  
Financial Education ◽  
Real Economy ◽  
School Students ◽  
The World Bank ◽  
The Government ◽  
Learning And Instruction

Over the last decade, Financial Literacy (FL) and interventions aimed at improving it, that is Financial Education (FE), have been the focus of increased attention from economists, governments, and international organizations such as the world Bank and OECD, but much less by scholars in the fields of Learning and Instruction. We examined open-ended written answers on the causes of the economic crisis that started in 2007-2008, as given by 381 Italian secondary school and university students, and 268 Swiss Italian-speaking secondary school students. Most Italian students mentioned internal political causes (i.e., corrupt politicians or inefficiency of the government), whereas Swiss students mentioned banks more often. International factors were rarely mentioned by either group, and explanations were generally very poor, listing a few causes without making connections between them. These findings indicate the need for economics education aimed at making people more knowledgeable of the workings of the economic system and the effects of financial systems on the real economy.

FINANCIAL LITERACY AND THE NEED FOR FINANCIAL EDUCATION

2020 ◽  
Author(s):  
Патимат Султановна Батаева ◽  
Ахмед Магомедович Гачаев
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Financial Decisions ◽  
Financial Awareness

В статье рассматривается вопрос повышающейся актуальности осведомленности людей в финансовом отношении, степени знаний в области финансов при принятии финансовых решений The article discusses the issue of the increasing relevance of financial awareness of people, the degree of knowledge in the field of finance when making financial decisions.

scholarly journals Factors Identification of Banking Penetration and Financial Empowerment: Application of Confirmatory Factor Analysis

2019 ◽  
Vol 8 (2) ◽  
pp. 108-113
Author(s):  
R. Mohammed Abubakkar Siddique ◽  
M. Selvakumar
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Customer Behavior ◽  
Rural People ◽  
The People ◽  
Reserve Bank ◽  
Confirmatory Factor ◽  
The Government ◽  
Financial Awareness ◽  
Reserve Bank Of India

Banking plays a very important role in the development of the economy. In order to develop the rural areas various schemes were introduced by the government of India and Reserve bank of India. The people must make use of those schemes. Banking penetration must be followed by the customer behavior towards the banking products and services. This customer behavior leads to the financial empowerment of the people which enhances the financial planning, financial awareness and financial literacy. This paper studies about the identification of the factors assigned for the variables of banking penetration, customer behavior and financial empowerment of the rural people.

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