Demystifying Financial Literacy in Covid-19 Environment: A Review

2021 ◽  
pp. 420-431
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
The Elderly ◽  
Personal Finance ◽  
Financial Products ◽  
Financial Wellness ◽  
Reality Check ◽  
Relationship Of ◽  
The Relationship

The Covid-19 situation has thrown lights for a reality check about managing personal finance among the households. The research was designed in the context of the pandemic affecting the personal finance of millions of households. It stressed the need for financial literacy by explaining the various aspects – understanding the concept, identifying the benefits out of acquiring knowledge and skills in financial literacy, establishing the relationship of financial literacy with financial wellbeing, mapping the global situation in financial literacy, suggesting the remedial measures in ensuring financial wellness in the Covid-19 pandemic situation. The methodology of the study was to review the existing literature on financial literacy and education. The approaches and practices of financial education followed by countries interpreted by researchers in this field were reviewed and documented. The study contributes to the existing literature by summarizing the findings of the researchers in terms of knowledge one possesses in financial products and processes, the ability to make appropriate decisions to invest, borrow and secure, to understand the importance of savings and investment for retired life, etc. The global scenario versus India in financial literacy was brought out, throwing the light that India needs to travel further in the financial literacy landscape. It concludes by prescribing a series of financial wellness measures to make people resilient and reach financial well-being. The policy options suggested by the authors to start the learning of financial literacy from school education onwards, introduce financial education at the workplace, and implement financial education for the elderly and women invite the attention of policymakers and practitioners. The study can influence policymakers and practitioners to design target-specific financial education measures.

Ways and Means

Watchdog ◽  
2020 ◽  
pp. 105-116
Author(s):  
Richard Cordray
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Personal Finance ◽  
Financial Protection ◽  
Know How ◽  
Financial Products ◽  
Personal Finance Education ◽  
Breaking Work ◽  
Finance Education

We expect people to shop for the best deal, know their limits, and make responsible decisions. But contracts for financial products and services have become incredibly complex, and people receive surprisingly little education in how to manage their money. This lack of know-how makes consumers easy targets, not only for predators, but also for legitimate businesses looking to maximize their profits. This chapter makes the case for providing personal finance education in schools and also in the workplace. It also describes the Consumer Financial Protection Bureau’s research on the gross mismatch between corporate spending to market financial products and general spending to improve financial literacy ($25 to $1), its efforts to help deliver financial education, and its ground-breaking work on defining and measuring the concept of financial well-being.

Variations in Health Perception between Black and White Elderly

1981 ◽  
Vol 2 (2) ◽  
pp. 157-173 ◽  
Author(s):  
Eunice Boyer
Keyword(s):  
Health Education ◽  
Social Participation ◽  
Well Being ◽  
The Elderly ◽  
Health Condition ◽  
Health Perception ◽  
Education Professionals ◽  
Objective Health ◽  
Relationship Of ◽  
The Relationship

In a sample of 414 residents of public housing for the elderly, health perception is significantly lower among Black residents than among Whites. The relationship of health perception to several measures of objective health status, to cultural background, to social participation, and to morale is analyzed separately for the two ethnic groups. The relationship of measures of health to health perception is more direct among Whites than among Blacks, except for an Index of Daily Well-Being, in which the relationship is similar for both groups. Social participation also influences health perception. With Blacks, participation in church-related activities is the most direct influence. While health perception is related to morale, life orientation (an index of morale) is higher for Blacks than for Whites. The implications for health education professionals seem to lie in the lack of direct links between objective measures of health and self-perception of health for Blacks. The need for health education, so that there may be a realistic appraisal of one's own health condition, is shown here. The relatively low educational level of many older citizens, especially elderly Blacks, suggests that newspaper releases are not an adequate tool for health education for the elderly.

scholarly journals RETIREMENT FINANCIAL LITERACY LEVELS AMONG JAMAICANS

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S580-S580
Author(s):  
Kayon Donaldson-Davis
Keyword(s):  
Social Status ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Education ◽  
Well Being ◽  
The Elderly ◽  
Data Sets ◽  
Literacy Rate ◽  
Financial Preparation ◽  
Research Findings

Abstract Although the general literacy rate (ability to read and write at a 6th-grade level or higher) of Jamaicans is 89%, the number of people who are adequately prepared financially is not comparable. Dissertation research findings revealed that 52% (n=203) of respondents had not received any financial education. Approximately 71% of respondents who reported high levels of financial distress and low financial well-being, had not received financial information about retirement planning. Results from the 2012 Social Status on the Elderly in Jamaica showed that 60.5% (n=1,716) of respondents had no pension and of those receiving money from abroad, most (75.0%, n=813) indicated that they received it only occasionally. Those who were self-employed, women and rural residents were most likely not to have a pension. This paper describes financial literacy levels among Jamaicans using two separate data sets – the 2012 Social Status on the Elderly and the 2018 Financial Preparation Study.

scholarly journals DOES FINANCIAL LITERACY AND FINANCIAL STRESS EFFECT THE FINANCIAL WELLNESS?

2019 ◽  
pp. 1-11 ◽  
Author(s):  
Nurazleena Ismail ◽  
Nur Damia’ Amiruddin Zaki
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Help Seeking ◽  
Financial Stress ◽  
Financial Education ◽  
Well Being ◽  
Stress Effect ◽  
Financial Wellness ◽  
Financial Condition ◽  
Seeking Behavior

Nowadays, people use financial wellness’s as terminology to understand the level of the individual’s financial condition. Previous researches show that although the persons have a lot of debts, they feel satisfied with their financial status. Conversely with those who are in good financial wellness with their wealth of life. Additionally, two elements have been discussed in relation to the income earner’s financial wellness which is economic well-being and financial well-being. Imbalance of financial wellness among low-medium income earners is due to reducing in employment opportunities, income instability and increase the number of family members. Therefore, personal financial management is important to ensure good or bad financial wellness among income earners. In this paper, financial literacy and financial stress are considered to determine the relationship of financial wellness. The result showed that both factors are significant with a strong positive relationship. It is important to describe the ability of income earners manage their money and apply the knowledge to make an effective financial decision. Thus, the organization should imply the financial education programs to their employees that can enhance financial literacy and reduce financial stress. Further research should be explored the other determinant factor such as financial self-efficacy and financial help-seeking behavior. These factors will improve the low-medium income earners’ financial wellness by seeking financial help as well as reducing financial stress.

scholarly journals Silver Finance—Asset Management of Elderly People in the Modern Era

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 441-442
Author(s):  
Frances Yang ◽  
Ka Hin ◽  
Edward Cheung ◽  
Vivian Lou
Keyword(s):  
Elderly People ◽  
Asset Management ◽  
Financial Literacy ◽  
Financial Services ◽  
Technology Use ◽  
Financial Management ◽  
Financial Education ◽  
The Elderly ◽  
Mature Adult ◽  
Financial Products

Abstract This study aims to explore the elderly people’s knowledge, attitude, and understandings toward financial management, and how they behave in using IT-supported financial services. Mixed methodologies, including quantitative street survey and qualitative focus group interviews, are used. The result shows an active involvement with investment market of the mature segments despite claiming safe and stable returns as the paramount principle of asset management. They also have a substantial knowledge on some of the technological-enabled financial services, particularly the younger groups (age 50-59). Cybersecurity is their major concern and barrier on whether to use them or not. Besides, their value and behaviors of buying mature adult financial products should be understood within a context of traditional family culture value. Based on the above analysis, the elderly can be categorized into three major types in using IT-supported financial products and services, including proactive users, passive followers and hard opposition. On the one hand, this research breaks up the outdated stereotype of technology use among elderly people; on the other hand, aged people are facing the challenges of cognitive and physical decline led by ageing. As such, it is essential to conduct specific financial literacy intervention. This project brings new insights into the financial education which is appropriate to the elderly.

Health and Medicine in the Islamic Tradition

1990 ◽  
Vol 7 (1) ◽  
pp. 89-90
Author(s):  
Dennis Michael Warren
Keyword(s):  
Health Care ◽  
Medical Care ◽  
Human Health ◽  
Well Being ◽  
Islamic Tradition ◽  
Medical Tradition ◽  
Islamic Thought ◽  
History Of ◽  
Relationship Of ◽  
The Relationship

The late Dr. Fazlur Rahman, Harold H. Swift Distinguished Service Professor of Islamic Thought at the Oriental Institute of the University of Chicago, has written this book as number seven in the series on Health/Medicine and the Faith Traditions. This series has been sponsored as an interfaith program by The Park Ridge Center, an Institute for the study of health, faith, and ethics. Professor Rahman has stated that his study is "an attempt to portray the relationship of Islam as a system of faith and as a tradition to human health and health care: What value does Islam attach to human well-being-spiritual, mental, and physical-and what inspiration has it given Muslims to realize that value?" (xiii). Although he makes it quite clear that he has not attempted to write a history of medicine in Islam, readers will find considerable depth in his treatment of the historical development of medicine under the influence of Islamic traditions. The book begins with a general historical introduction to Islam, meant primarily for readers with limited background and understanding of Islam. Following the introduction are six chapters devoted to the concepts of wellness and illness in Islamic thought, the religious valuation of medicine in Islam, an overview of Prophetic Medicine, Islamic approaches to medical care and medical ethics, and the relationship of the concepts of birth, contraception, abortion, sexuality, and death to well-being in Islamic culture. The basis for Dr. Rahman's study rests on the explication of the concepts of well-being, illness, suffering, and destiny in the Islamic worldview. He describes Islam as a system of faith with strong traditions linking that faith with concepts of human health and systems for providing health care. He explains the value which Islam attaches to human spiritual, mental, and physical well-being. Aspects of spiritual medicine in the Islamic tradition are explained. The dietary Jaws and other orthodox restrictions are described as part of Prophetic Medicine. The religious valuation of medicine based on the Hadith is compared and contrasted with that found in the scientific medical tradition. The history of institutionalized medical care in the Islamic World is traced to awqaf, pious endowments used to support health services, hospices, mosques, and educational institutions. Dr. Rahman then describes the ...

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