scholarly journals DIGITALISATION OF FINANCIAL SERVICES AND FINANCIAL LITERACY OF YOUNG GENERATIONS – TRENDS, CHALLENGES AND SOLUTIONS FROM BULGARIAN PRACTICE

2022 ◽  
Author(s):  
Mariyana Bozhinova ◽  
Alexander Ganchev
Keyword(s):  
Financial Literacy ◽  
Financial Services

Achieving Financial Inclusion for Persons With Disabilities: Exploring Preparedness and Accessibility of Financial Services for Persons With Disabilities in Malawi

2021 ◽  
pp. 104420732110275
Author(s):  
Alex Nester Jiya ◽  
Maxwell Peprah Opoku ◽  
William Nketsia ◽  
Joslin Alexei Dogbe ◽  
Josephine Nkrumah Adusei
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Commercial Banks ◽  
Empirical Studies ◽  
Well Being ◽  
Living Conditions ◽  
Inclusive Development ◽  
Future Research ◽  
Structured Interviews ◽  
Persons With Disabilities

Deplorable living conditions among persons with disabilities and the need to improve their living conditions cannot be overemphasized. This has triggered international discussion on the need for deliberate social policies to bridge the poverty gap between persons with and without disabilities. In Malawi, expansion of financial services has been identified as an essential tool to accelerate economic and inclusive development. However, empirical studies are yet to explore the preparedness of financial institutions to extend their services to persons with disabilities. In this qualitative study, semi-structured interviews were conducted with managers from commercial banks in Malawi to understand their perspectives on extending financial services to persons with disabilities. Interviews were transcribed verbatim and a descriptive thematic analysis was performed. Although participants reiterated the need to provide persons with disabilities with financial services to improve their well-being, few initiatives have been undertaken to improve their participation. Particularly, participants stated that barriers, such as a lack of financial literacy and adaptive technologies, communication barriers, and high rates of unemployment, explained the reluctance of commercial banks to extend financial services to persons with disabilities. The limitations, recommendations for future research, and implications of the study for policymaking have been highlighted.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

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 Region-Wise Usage of Banking Services – A study of Gujarat

2020 ◽  
pp. 106-109
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Rural Households ◽  
Primary Data ◽  
Structure Questionnaire ◽  
Banking Services ◽  
Financial Products ◽  
Substantial Progress ◽  
Indian Banks ◽  
Corporate Social

Financial services actively contribute to the humane & economic development of the nation. Financial services lead to social and economic safety hence, each & every individual should be provided with affordable institutional financial products/services popularly called ―Financial Inclusion‖. Despite witnessing substantial progress in financial sector reforms in India, it is overwhelming to note that nearly half of the rural households even today do not have any access to any source of funds (savings/credit) - institutional or otherwise. Hardly one-fourth of the rural households are assisted by banks. Hence the major task before banks are to bring most of those excluded, i.e. 75 percent of the rural households, under the mainstream of formal financial services. There is a need for the formal financial system to look at increasing financial literacy and financial counseling. As a part of corporate social responsibility now a day’s Indian banks and financial market players should actively look at promoting such programs. Financial products& services are identified as basic banking services like deposits accounts, institutional loans, access to payment, remittance facilities & also life & non-life insurance services. The present paper is an attempt to capture the region-wise usage of banking services. The study collected data of 900 respondents from five regions of Gujarat i.e. South Gujarat, North Gujarat, Central Gujarat, Saurashtra, and Kachchh. The study used a five-point Likert scale agreement method to understand the usage of banking services. Also, the study captured the demographic profile of respondents from. The primary data collected through a structure questionnaire.

scholarly journals Improvement of the Financial Services Market in the Context of Ensuring the Financial Inclusion

2021 ◽  
Vol 8 (523) ◽  
pp. 127-134
Author(s):  
O. V. Zhulyn ◽  
Keyword(s):  
Behavioral Finance ◽  
Financial Literacy ◽  
Financial Services ◽  
Digital Technologies ◽  
Financial Service ◽  
Financial Inclusion ◽  
Low Incomes ◽  
Analytical Research ◽  
Low Levels ◽  
Theoretical Foundations

The article is aimed at studying the theoretical, organizational and methodical aspects of financial inclusion; conducting an analytical research on the development of financial inclusion and its impact on the welfare of the population; formation of recommendations for improving the financial services market in the conditions of ensuring the financial inclusion in Ukraine. The theoretical foundations of financial inclusion and its components are considered, the author suggests to enclose therein the speed and security of obtaining a financial service, which is provided with the help of digital technologies, which is relevant in the context of the COVID-19 pandemic. The carried out analytical studies of financial inclusion in the world and in Ukraine have shown that its level is constantly growing and there are sufficient prerequisites for its development, including in the financial market the maximum number of the population who will be able to benefit from the use of financial services. As a result of the analysis, a framework for financial inclusion has been developed that allows identifying entities that are often unwittingly excluded from the financial services market – due to low levels of financial literacy, low incomes or discrimination on the part of financial institutions. An important aspect of the implementation of the concept of financial inclusion is the motivation to use financial services, using behavioral finance methods for this – not only by those who are forced to exclude, but also those who voluntarily refused to use them. The publication proposes recommendations and instruments for improving the financial services market, which will increase the level of financial inclusion, which in turn will contribute to economic growth, mobilization of savings, their preservation and increase, introduction of innovations and development of entrepreneurship.

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.

scholarly journals Financial Technology (Fin-Tech): Revolutionizing the Indian Agrarian Sector

2020 ◽  
Vol 8 (12s3) ◽  
pp. 1-8
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Risk Sharing ◽  
Financial Inclusion ◽  
Indian Government ◽  
Agricultural Finance ◽  
Agricultural Growth ◽  
Two Factors ◽  
Financial Technology

Agriculture is the largest employer of India which constitutes 50% of its workforce and also a contributor to 17-18% in its GDP. Still, it is one of the most disorganized and disjointed sector.Somewhere this sector has not been given due attention and itcan be proven with the fact that the GDP contribution of this sector has fallen from 43% to 18% (1970- 2018).Though the Indian Government is digitally driving to provide financial inclusion to more than 145 million households that are not having access to banking services but still the farmers aremajorlyusing traditional credit for their basic and main two factors; Production & Consumption (Distribution). The financial segment has an important role to make agriculture aprime contributorto the economic growth of the country and also in reducing poverty. A fast-evolving technological landscape is bringing up new potential to focus&provide credit, risk-sharing, and to explore technology to enhance agricultural productivity. Our paper firstly examines agricultural finance in the Indian context and then discusses how financial technology (Fin-Tech) can drive new products in credit and risk markets in India. We evaluate the role of mobile banking, financial literacy, digital financial services, digital financial technology, and block-chain technology. The paper is concluded with a discussion of policy takeaways for Fin-Tech in agriculture to promote agricultural growth, enhance financial inclusion, and improve regional economic integration through agriculture.

Determinants of financial literacy in rural India: A study of Aligarh district

2021 ◽  
pp. 2150009
Author(s):  
N. P. Abdul Azeez ◽  
S. M. Jawed Akhtar
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Service Providers ◽  
Social Groups ◽  
Multiple Regression Model ◽  
Least Square ◽  
Rural India ◽  
Rural People ◽  
Ordinary Least Square ◽  
Independent Variables

What drives rural people to use financial services and products is a critical step in the journey towards financial inclusions. The financial service providers and policymakers have engaged with this challenge by seeking insights into the socio, economic, demographic and cultural factors that prompt people to be aware and learn about financial services and products, try them out, and use them over time. The determinants of financial literacy focus more sharply on the socio-economic demographic factors, and have used ordinary least square, multiple regression model. This model determines how various independent variables namely age, gender, income, religion, social groups, family size, marital status, educational level, occupation, etc. significantly influence financial literacy of the respondents.

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.

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