scholarly journals Financial Literacy Perception Scale for the Portuguese Population

2020 ◽  
Vol 67 (2) ◽  
pp. 277-290
Author(s):  
Fernando Oliveira Tavares ◽  
Eulália Santos
Keyword(s):  
Numerical Calculation ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Education ◽  
Financial Behavior ◽  
Factorial Structure ◽  
Validity And Reliability ◽  
Portuguese Population ◽  
Sociodemographic Profile

This study aims to propose and validate a financial literacy perception scale for the Portuguese population. The utilized methodology was quantitative, based on a two-part questionnaire survey. The first part studies the sociodemographic profile and the second part evaluates the respondent's perception of financial literacy. The sample consisted of 830 Portuguese individuals, over 18 years old. The main results of this study demonstrate that the financial literacy perception scale presents a tri-factorial structure with satisfactory validity and reliability levels. The three obtained factors are 1-2 years financial planning and goals, long term savings and an affinity for numerical calculation. This study contributes to the increase of scientific knowledge in the field of financial literacy, to the assistance of financial education policymakers in the reformulation of their policies and to the creation of tools to help consumer financial behavior.

The profile of the Portuguese regarding the perception of financial literacy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eulália Maria Mota Santos ◽  
Vasco Capela Tavares ◽  
Vanessa Ratten ◽  
Fernando Oliveira Tavares
Keyword(s):  
Cluster Analysis ◽  
Factor Structure ◽  
Financial Literacy ◽  
Financial Planning ◽  
Questionnaire Survey ◽  
Design Methodology ◽  
Validity And Reliability ◽  
Content Type ◽  
Numeric Calculation

PurposeThe purpose of this study is to identify the profile of the Portuguese regarding the perception of financial literacy.Design/methodology/approachThe utilized methodology is based on a questionnaire survey that assesses the perception of financial literacy. The sample is composed of 830 Portuguese individuals over 18 years old.FindingsThe results show that the financial literacy scale presents a tri-factor structure with adequate validity and reliability levels. The three obtained factors are designated 1-2-year financial planning and goals, long-term saving and taste for numeric calculations.Originality/valueThe originality in this study is shown in the application of the cluster analysis, which demonstrates the formation of three clusters that present different perceptions of financial literacy, classifying the Portuguese into a cluster of high financial literacy and taste for numeric calculation, a cluster of low financial literacy and a cluster of financial planning and saving but without the taste for numeric calculation.

scholarly journals CLUSTER ANALYSIS OF FINANCIAL BEHAVIORS AND PREFERENCES AMONG THE BOTTOM OF THE PYRAMID GROUP

2019 ◽  
Vol 21 (1) ◽  
pp. 51-63
Author(s):  
Dewi Saraswati ◽  
Dian Kusumaningrum
Keyword(s):  
Cluster Analysis ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Inclusion ◽  
Financial Behavior ◽  
Bottom Of The Pyramid ◽  
Chi Square ◽  
Banking Services ◽  
Financial Behaviors

This study investigates the financial behavior and preferences of the bottom of the pyramid (BOP) group, and thus, contributes to the financial inclusion demand-side literature. A survey of 100 households was conducted. A cluster analysis was used to analyze the data and portray the characteristics of the BOP. Further analysis was conducted using chi-square and ANOVA tests. The results reveal three sub-groups within the BOP which consists of the very low, low, and medium. Financial behaviors are found to be indifferent among the sub-groups, except for savings allocations and financial planning. Households with a better economic condition are found to have a higher attention to use banking services. The financial literacy category indicates different attitudes in conducting long-term financial planning and service preferences. This result implies that financial literacy and adequate financial products are beneficial towards the financial inclusion of the BOP group.

scholarly journals Some Insights Into Financial Literacy Among Undergraduate Students: A Case of Bosnia and Herzegovina

2021 ◽  
Vol 12 (3) ◽  
pp. 103
Author(s):  
Jasmina Okicic ◽  
Meldina Kokorovic Jukan ◽  
Mensur Heric
Keyword(s):  
Undergraduate Students ◽  
Financial Literacy ◽  
Sampling Technique ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Financial Attitudes ◽  
Significant Difference ◽  
Financial Behaviour ◽  
The Relationship

The purpose of this research is to provide some insights into financial literacy among undergraduate students focusing primarily on the relationship between financial knowledge, financial attitudes and financial behavior and on possible gender and financial education gap in financial literacy. Using the purposive sampling technique, data collection was carried out from April to June 2020, yielding a sample of 1,046 valid responses. To gain a better understanding of the relationship between financial behaviour, financial attitudes and financial knowledge, we, primarily, use exploratory factor analysis and multiple regression model. The research findings have revealed several important issues. First, findings have suggested that financial knowledge, financial attitudes and gender may be considered as an antecedent of the financial behaviour of undergraduate students. Second, findings have also suggested a statistically - significant difference between the financial literacy of undergraduate students concerning their exposure to formal financial education.

scholarly journals Personal Finance Knowlegde and Practice: An Opinion Survey with Employed and Self-employed People in Pokhara

2012 ◽  
Vol 7 (1) ◽  
pp. 80-99
Author(s):  
Puspa Raj Sharma ◽  
Yub Raj Bohara
Keyword(s):  
Financial Literacy ◽  
Financial Planning ◽  
Sampling Method ◽  
Personal Finance ◽  
Financial Knowledge ◽  
Short Term ◽  
Business Studies ◽  
Personal Finances ◽  
Knowledge And Practice

The ability to manage personal finances has become increasingly important in today's world. People must plan for long - term investments for their retirement and children's education. They must also decide on short - term savings and borrowing for daily life like a down payment for a house, a car loan, and other big - ticket items. Additionally, they must manage their different risk and insurance needs. This is might be the first survey about 'Personal Financial Knowledge and Practice' survey was conducted in 2011 with employed and Self-Employed people in Pokhara, Nepal. The survey revealed encouraging findings about how Employed and Self-Employed people of Pokhara approach money matters. This Personal financial literacy modeling research has been attempted to measure the literacy of Personal Finance with respect to their financial knowledge of different financial instrument and their practice or investment decisions. This study is based on stratified random sampling method with the help of financial literacy related parameters. This study has the intention to explore the skills of financial literacy; hence the objective was to test the basic financial knowledge of key products that is common to current society. In general, both categories have fairly healthy attitudes towards basic money management, financial planning and investment matters. Minorities of respondents of both categories save, monitor their spending and are generally responsible in the use of credit. Most of the respondents recognize the importance of financial planning and have done some basic financial planning.The Journal of Nepalese Business Studies Vol. Vii, No. 1, 2010-2011Page : 80-99Uploaded date: July 8, 2012

Financial education and financial satisfaction

2017 ◽  
Vol 35 (5) ◽  
pp. 805-817 ◽  
Author(s):  
Jing Jian Xiao ◽  
Nilton Porto
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Behavior ◽  
Future Research ◽  
Financial Satisfaction ◽  
Financial Capability ◽  
Data Set ◽  
Content Type ◽  
Mediating Factors

Purpose The purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction. Design/methodology/approach Data are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions. Findings Financial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction. Research limitations/implications The study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education. Practical implications The findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients. Social implications Policy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being. Originality/value This study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

scholarly journals Financial Literacy in Turkey

2019 ◽  
Vol 8 (3) ◽  
pp. 01-16
Author(s):  
Ali Coskun ◽  
Muhammed Abdullah Sahin ◽  
Alperen Zengin
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
International Network

We measure the level of financial literacy in Turkey using the OECD/International Network on Financial Education (INFE) methodology and compare our results with the ones obtained in 14 other countries that has used the same methodology. In our sample, financial knowledge and financial behavior levels are lower than the average of the 14 countries, whereas financial attitude level is around the average. The overall financial literacy score, which is a combination of the three aforementioned aspects, is also lower than the average of the 14 countries. We find that financial behavior is positively related with financial knowledge, female respondents are lagging behind the male respondents in financial literacy, and this lag is bigger than those in the 14 countries. Very young respondents and old respondents are less financially literate, financial literacy score is positively related with income, education, and income stability.

scholarly journals RELATIONSHIP BETWEEN FINANCIAL LITERACY AND INDEBTEDNESS: A CASE OF UNIVERSITY OF NAIROBI STUDENTS

2021 ◽  
Vol 8 (65) ◽  
pp. 14993-15007
Author(s):  
Morris Irungu Kariuki
Keyword(s):  
Financial Literacy ◽  
Financial Planning ◽  
Financial Education ◽  
Money Management ◽  
Study Objective ◽  
Financial Decisions ◽  
Descriptive Research ◽  
Study Population ◽  
Level Of Significance ◽  
The University

The study objective was to determine the relationship between financial literacy and indebtedness a case of University of Nairobi Students. The study used a descriptive research design. The study was based at the University of Nairobi, Mombasa Campus. The study population was 2101. The sample size was 336 students. A questionnaire was used to collect the data. SPSS was used to analyze the data. The study attained 83% response rate. Money management, financial planning and financial planning were found to correlate strongly and positively with indebtedness and also significant at 5% level of significance. Therefore, they were found to be major contributors to student indebtedness. The study therefore found that money management, financial planning and financial decisions, affect indebtedness of the students at University of Nairobi. The study concluded that financial literacy affected indebtedness of the students at University of Nairobi. The study recommended that the University of Nairobi should roll out financial education, training, advice and counseling programs targeted at its students.

scholarly journals Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

2017 ◽  
Vol 31 (3) ◽  
pp. 611-630 ◽  
Author(s):  
Tim Kaiser ◽  
Lukas Menkhoff
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Impact Evaluation ◽  
Evaluation Studies ◽  
Meta Analysis ◽  
Financial Education ◽  
Financial Behavior ◽  
Teachable Moment ◽  
Randomized Experiments ◽  
Middle Income

Abstract In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle–income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a “teachable moment.”

Strategies of financial behavior of Russians: Concept, dynamics, factors

2021 ◽  
pp. 71-88
Author(s):  
O. E. Kuzina ◽  
D. V. Moiseeva
Keyword(s):  
Higher Education ◽  
Financial Planning ◽  
Positive Relationship ◽  
Planning Horizon ◽  
Demographic Variables ◽  
Demographic Characteristics ◽  
Financial Behavior ◽  
Financial Strategy ◽  
One Year

The article presents the justification of the methodology for studying the strategies of financial behavior of the population, the dynamics of their prevalence in Russia in the period 2009—2020, as well as the assessment of the influence of socio-demographic variables on the probability of having a financial strategy in the household. The analysis of the data obtained from “Monitoring of the financial behavior of the population” for 2009—2020 has demonstrated that the financial planning horizon of the majority of Russians does not exceed one year, about 50% of Russians have long-term financial goals, and about 30% have strategies to achieve them. A positive relationship has been revealed with a number of socio-demographic characteristics that fit into the logic of the life cycle: age, presence of children, higher education and income.

scholarly journals PERMODELAN POLA PERENCANAAN KEUANGAN BERDASARKAN STATUS PERNIKAHAN

2021 ◽  
Vol 15 (4) ◽  
pp. 773-784
Author(s):  
Lukmanul Hakim ◽  
Sri Andriani ◽  
Nenny Noor Umami
Keyword(s):  
Structural Equation Modeling ◽  
Marital Status ◽  
Financial Literacy ◽  
Financial Planning ◽  
Financial Management ◽  
Structural Equation ◽  
Partial Least Square ◽  
Least Square ◽  
Financial Behavior ◽  
Equation Modeling

A Marital status at community can make an impact on financial management. The purpose of this study was to analyze financial planning based on marital status with the variables of financial attitude, financial behavior, and financial literacy towards people who live in Sumbawa. The data were analyzed using Structural Equation Modeling Partial Least Square (SEM-PLS) through smartPLS version 3.0 software. The results of the analysis in this study indicate that (1) financial attitude has a significant effect on financial behavior both based on married and unmarried status, (2) financial attitude has a significant effect on financial literacy both based on married and unmarried status, (3) financial attitude has an effect significant on financial planning based on both married and unmarried status, (4) financial behavior has no significant effect on financial literacy both based on married and unmarried status, (5) financial behavior has no significant effect on financial planning both based on married and unmarried status, (6) financial literacy has no significant effect on financial planning based on both married and unmarried status, and (7) There is no difference in financial planning based on marital status

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