scholarly journals Mitigating Personal Financial Distress: The Role of Religiosity and Financial Literacy

2021 ◽  
Vol 1 ◽  
Author(s):  
Ninditya Nareswari ◽  
Nugroho Priyo Negoro ◽  
Gusti Dian Wirani Dalem
Keyword(s):  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Millennial Generation ◽  
Online Survey ◽  
Personal Life ◽  
Sandwich Generation ◽  
Study Find ◽  
Generation Problem

Millennials tend to face personal financial distress due to sandwich generation problem. Personal financial distress is one of issues in personal financial management. It can bring many problems to another aspect in personal life. Therefore, it’s important for people to mitigate that issue and reach personal financial goals. Personal financial distress is condition when individual is unable to fulfill a financial needs. This condition can be influenced by religiosity and financial literacy. Religiosity and financial literacy could explain a spending behaviour and how to use money. This study aims to test the influence of religiosity and financial literacy on personal financial distress. Using online survey targeting millennial generation in Indonesia, this study find that religiosity have negative significant impact on personal financial distress and financial literacy play a role as moderating variable that weaken relationship between religiosity and financial distress. In conclusion, mitigating personal financial distress could be implemented in several ways. Personal financial distress could be avoided by higher religiosity and financial literacy

scholarly journals Landscaping Pre-Service Teachers’ Stress Caused by Lack of Financial Management

2018 ◽  
Vol 8 (3) ◽  
pp. 172
Author(s):  
Ramanaidu Rao Ramesh ◽  
Ghanaguru Sharmini ◽  
Antonysamy Carolina Assunta ◽  
Prakash Nair Sadhna
Keyword(s):  
Logistic Regression ◽  
Distinctive Feature ◽  
Financial Literacy ◽  
Financial Management ◽  
Online Survey ◽  
Financial Behavior ◽  
And Gender ◽  
The Relationship ◽  
Determinant Factor

Age plays an important role in the financial behavior of people. Financial matters are usually more seriously perceived at later stages of life. Nevertheless, the role of age in financial behavior is inconclusive. This study intends to add to the literature on financial behavior by focusing on the relationship between expenditure planning, gender and stress. The distinctive feature of this study is its scope and the sample of people participating in it. Besides being young, the participants are pre-service teachers. Hence, studying their financial behavior also augurs well for the nation, for these are the shapers of its future. Using an online survey, 127 pre-service teachers responded to 17 questions, dwelling mainly on their financial behavior. Logistic regression was then used to identify whether expenditure planning is related to stress and gender. The findings reveal that the failure to plan one’s expenditures could cause stress and in which gender could be the determinant factor. Thus, it is recommended to take actions on higher rate of financial literacy among pre-service teachers.

Living beyond one’s means: evidence from Malaysia

2015 ◽  
Vol 43 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yiing Jia Loke
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Financial Distress ◽  
Financial Management ◽  
Practical Knowledge ◽  
Financial Education ◽  
Financial Knowledge ◽  
Content Type ◽  
Explanatory Variables ◽  
Financial Behaviour

Purpose – The purpose of the paper is to identify the determinants of the probability of living beyond one’s means. The paper also explores the coping mechanisms of those financially distressed as well as the debt taking behaviour of consumers. Design/methodology/approach – The study uses data obtained from the OECD International Network on Financial Education pilot study on Measuring Financial Literacy in 2010 for the case of Malaysia. A logistic regression model is used to identify the main determinants of the probability that a consumer will live beyond his/her means. The analysis is carried out by using a set of socio-economic factors and the individual’s financial behaviour and attitudinal characteristics as explanatory variables. Findings – The findings indicate that low income and seasonal income earners are more vulnerable to financial distress. Furthermore, having a higher education, higher financial knowledge and prudent financial behaviour and attitude do not necessarily translate into better financial management. Family and friends provide the main source of financial assistance in times of need. Research limitations/implications – The assessment of financial knowledge should go beyond individual’s knowledge on financial concepts and theories. Practical knowledge on financial and cash flow management should be assessed. Practical implications – The study reiterates the importance of financial education. It is imperative to include financial education as part of the schools’ curriculum and also to be incorporated as part of the Continuous Professional Development modules for working adults. Originality/value – The study is based on the first nationwide study of consumer finances in Malaysia. It contributes to the literature by integrating financial behaviour and attitudinal factors into the analysis of the ability of individuals to live within their means. The findings also show the limitations of the existing self-assessment of financial behaviour and attitude and the assessment of financial knowledge.

scholarly journals PENGARUH LITERASI KEUANGAN TERHADAP PERILAKU KEUANGAN MAHASISWA

2021 ◽  
pp. 127
Author(s):  
Wayan Tari Indra Putri ◽  
Kadek Nita Sumiari
Keyword(s):  
Regression Analysis ◽  
Financial Literacy ◽  
Financial Management ◽  
Linear Regression Analysis ◽  
Financial Inclusion ◽  
Financial Behavior ◽  
Test Results ◽  
Simple Linear Regression ◽  
Literacy Knowledge

Having knowledge of financial literacy is a must in order to have a prosperous life. Currently the OJK is working to improve financial inclusion and literacy, especially among students. This step is a form of effort to increase the role of students in the Indonesian economy. As the next generation, a student must have knowledge related to personal financial management. This knowledge will be very useful for students to manage their finances in the future. Four diploma students majoring in Accounting at the Bali State Polytechnic have obtained courses related to finance and investment so that they should have a good level of financial literacy knowledge. The purpose of this research is to examine the effect of financial literacy on student financial behavior. Respondents in this study amounted to 95 people. The data in this study were analyzed using simple linear regression analysis. The results of this study are that there is an influence between financial literacy variables on student financial behavior. The test results show that the better the knowledge or understanding of financial literacy possessed by students, the better the student's ability to implement good financial behavior.

scholarly journals STUDENTS’ CONFIDENCE IN THEIR FINANCIAL MANAGEMENT ABILITIES: THE ROLE OF SOCIO-DEMOGRAPHIC CHARACTERISTICS AND EDUCATION

2014 ◽  
Vol 58 (1) ◽  
pp. 108-117
Author(s):  
Francka Lovšin Kozina ◽  
Nina Ponikvar
Keyword(s):  
Financial Literacy ◽  
Educational Level ◽  
Financial Management ◽  
Formal Education ◽  
Female Students ◽  
Business Studies ◽  
Management Capability ◽  
Faculty Of Education ◽  
The Impact

The aim of this study was to investigate the impact of gender, age, parent’s education, scholarship and students’ education on students’ confidence in their financial management capability and knowledge. In the research, 259 students participated from two different faculties – the Faculty of Education and the Faculty of Economics. This investigation has revealed that the likelihood of students’ confidence in their financial management capability and knowledge is significantly smaller for students who do not specialize in economics or business studies, and for female students. The likelihood of confidence in their financial management capability and knowledge also statistically significantly increases with the father’s educational level, but, interestingly, not with the mother’s. The results also showed, although it is not statistically significant, that students on scholarships on average express a higher confidence in their financial management capability and knowledge. Therefore, the adequacy of the current educational policy (formal and non-formal education) should be considered. Key words: confidence, education, financial literacy, money management, perception.

Financial literacy and awareness of investment scams among university students

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hazlina Mohd Padil ◽  
Eley Suzana Kasim ◽  
Salwa Muda ◽  
Norhidayah Ismail ◽  
Norlaila Md Zin
Keyword(s):  
University Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Structural Equation ◽  
Online Survey ◽  
Least Square Method ◽  
Partial Least Square ◽  
Least Square ◽  
Prevention Measures ◽  
Content Type

Purpose This study aims to examine the relationship between budgeting skills and financial goals and the level of awareness of investment scams among university students. Design/methodology/approach An online survey was administered to university students in Malaysia. A total of 211 responses were received. The data was analysed using partial least square method based on structural equation modelling technique by using SmartPLS-3.0 and SPSS-20 statistical software. Findings Findings indicated that having adequate budgeting skills can significantly affect awareness of investment scam among students. This implies that early financial management education among students should focus on instilling disciplined budgeting habit to prevent them from becoming victims of investment scams. Nevertheless, when examining financial goals among the respondents, the study found that having a clear financial goal does not significantly contribute to their awareness in identifying investment scams. As such, students need to be properly guided in setting their financial objectives such as avoiding unrealistic goals to lead a luxurious lifestyle using “fast and easy” money. Social implications This study recommends that higher education institutions need to work together with relevant regulators and law enforcers in providing necessary financial literacy education as part of the investment scam prevention measures. Originality/value This study contributes to the literature gap on the need to focus on financial literacy in creating awareness towards investment scams among university students.

Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching

2014 ◽  
Vol 115 (2) ◽  
pp. 351-371 ◽  
Author(s):  
Elif Akben-Selcuk ◽  
Ayse Altiok-Yilmaz
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Formal Education ◽  
Learning Approaches ◽  
Turkish University Students ◽  
Literacy Survey ◽  
Deep Approach To Learning ◽  
Literacy Scores

This study assessed financial literacy and its correlates among Turkish college students, with special emphasis on the role of formal education, learning approaches, and parental influences. Financial literacy was measured by the College Student Financial Literacy Survey, which assesses knowledge in four areas: general financial management, saving and borrowing, insurance, and investing. 853 Turkish university students were administered the survey (416 men, 437 women; M age=20.3 yr., SD=0.6). The mean percentage of correct responses was 45% (SD=12.8%). Regression results showed that formal finance education in college, a deep approach to learning, and direct financial teaching by parents were significantly associated with higher financial literacy scores.

scholarly journals Individual Investors' Financial Behaviour and Financial Attitude: Role of Financial Literacy as Moderator in Decision Making

2021 ◽  
Vol VI (I) ◽  
pp. 200-213
Author(s):  
Sadaf Ambreen ◽  
Laiba Khalid ◽  
Aniqa Zubair
Keyword(s):  
Decision Making ◽  
Financial Literacy ◽  
Financial Management ◽  
Individual Investors ◽  
Individual Investor ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Decision ◽  
Financial Management System

As an individual investor, it is incredible to have a successful performance return without financial knowledge. An organization's performance must be measured and analysed based on an adequate financial management system. In today's multifaceted financial scenery Financial Literacy is crucial as it does not only impact financial decisions at the business level but is also important for the country's development. Financial literacy has the importance of the backbone of society. The study adds a new mechanism of financial literacy. The main objective of this study is to determine further insight into the role of financial literacy on an individual's behaviour and attitude towards financial decision making. For analysis, the moderator impact of financial literacy on decision-making data of 100 individual investors has been collected from different banking sectors of Pakistan. The result of this study shows that financial literacy has a significant impact on financial decision making. This study delivers knowledge that can contribute to guiding coming studies, making policies, directors and instructors in their teaching.

Sign in / Sign up

Export Citation Format

Share Document