scholarly journals Financial Literacy and Behavioral Biases among Traditional Age College Students

2018 ◽  
Vol 8 (1) ◽  
pp. 30
Author(s):  
Ohaness Paskelian ◽  
Kevin Jones ◽  
Stephen Bell ◽  
Robert Kao
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Retirement Savings ◽  
Retirement Plans ◽  
Private Companies ◽  
Financial Decisions ◽  
Personal Finances ◽  
The Status ◽  
Literacy Knowledge ◽  
Short Run

Financial literacy and planning are crucial for everyone. This is especially true for college students who as the decisions they make in this stage of their lives can haunt them throughout their income earning years and beyond. In this paper, we examine several financial literacy issues facing college students. We identify college students’ perceptions about their own financial situation, assess student financial literacy knowledge, as well as evaluate their awareness about the status of their savings and retirement positions. We find that basic financial literacy is not the only factor in making sound financial decisions. Our results show the majority of the college students surveyed are financially literate and have the ability to make informed decisions about their personal finances in the short-run. While our respondents appear confident in making short-run financial decisions, their behavior tends to suggest that their confidence is somewhat misguided. In addition, a large number of the students surveyed feel they do not have the requisite knowledge to make wise retirement planning choices. Furthermore, several respondents report a distrust of retirement plans offer by private companies, which may lead to suboptimal retirement savings.

Financial Literacy of Indian Youth: A Study on the Twin Cities of Hyderabad–Secunderabad

2016 ◽  
Vol 6 (2) ◽  
pp. 132-147
Author(s):  
Mousumi Singha Mahapatra ◽  
Swati Alok ◽  
Jayasree Raveendran
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Financial Planning ◽  
Parental Influence ◽  
Negative Impact ◽  
Positive Impact ◽  
Twin Cities ◽  
Different Types ◽  
The Status

A person’s capability to manage financial matters has become important in today’s world. Availability of different types of sophisticated financial products coupled with the complexity and increased uncertainty of the economy and financial markets have generated a strong move to measure and study financial literacy among investors. The present article aims to analyze the status of financial literacy of college students with three identified antecedents, namely, socio-demographic characteristics, parental influence and attitude towards financial planning. A sample of 425 students from various colleges of the Hyderabad–Secunderabad region was studied to understand the role of the identified antecedents on financial literacy. The results of logistic regression analysis support the hypothesis that financial literacy of Indian college students is influenced by their socio-demographic characters, parental influence and their attitude towards financial planning. While both socio-demographic and parental influences have a positive impact on financial literacy, attitude towards financial planning is observed to have a negative impact.

scholarly journals Financial Well-being of State and Local Government Retirees in North Carolina

2020 ◽  
pp. 184-206
Author(s):  
Robert L. Clark ◽  
Siyan Liu
Keyword(s):  
North Carolina ◽  
Financial Literacy ◽  
Financial Management ◽  
Well Being ◽  
Retirement Savings ◽  
Management Skills ◽  
Financial Decisions ◽  
Standards Of Living ◽  
State And Local Government ◽  
State And Local

This chapter analyzes how low- and moderate-income retirees utilize retirement savings, and how financially fragile they are, relying on survey data on public employees in North Carolina. We investigate whether retirees make systematic errors when they manage their assets so as to maintain their standards of living, and whether there are notable differences in financial management skills across subgroups. We also ask whether financial literacy is positively associated with lower rates of committing such errors and, and whether low-income households have lower levels of financial literacy leaving them likely to make poor financial decisions. We show that many retirees have no emergency cash, and one quarter maintain high-interest debt while leaving low-return funds in retirement saving plans. Suboptimal debt holding is associated with lower household income and lower financial literacy.

Financial Software Use and Retirement Savings

2017 ◽  
Vol 28 (1) ◽  
pp. 107-128 ◽  
Author(s):  
Qianwen Bi ◽  
Michael Finke ◽  
Sandra J. Huston
Keyword(s):  
Human Capital ◽  
Financial Literacy ◽  
Independent Predictor ◽  
Financial Knowledge ◽  
Retirement Savings ◽  
Financial Outcomes ◽  
Financial Decisions ◽  
Using Data ◽  
Retirement Wealth ◽  
Financial Software

Financial software offers an appealing substitute for an investment in complex financial knowledge to help individuals make better financial decisions. Little is known, however, about which consumers use financial software and whether the use of financial software results in improved financial outcomes. Using data from the 2008 National Longitudinal Survey of Youth 1979 cohort (NLSY79), we find that respondents with greater human capital and financial resources are more likely to use financial software. The use of a financial software program to calculate retirement needs is a stronger independent predictor of accumulated retirement wealth than calculating retirement needs without a computer aid and is surpassed only by cognitive ability as an independent predictor of retirement savings. Results suggest that financial software is used primarily by those that have greater endowed and attained human capital and may be a complement to (rather than a substitute for) financial literacy.

scholarly journals Book Review: Personal Finance: An Encyclopedia of Modern Money Management

2015 ◽  
Vol 55 (1) ◽  
pp. 76
Author(s):  
Caroline Geck
Keyword(s):  
Financial Literacy ◽  
Personal Finance ◽  
Money Management ◽  
Life Stages ◽  
Investment Portfolio ◽  
Financial Decisions ◽  
Personal Finances ◽  
Key Events ◽  
First Time

This single-volume reference offers access to overviews of financial ideas and concepts, key events, and business figures that have shaped modern personal finance and money management. The editor, Barbara Friedberg, the author of How to Get Rich: Without Winning the Lottery and Invest and Beat the Pros—Create and Manage a Successful Investment Portfolio and founder of the popular website BarbaraFriedbergPersonalFinance.com, has compiled an invaluable and easy-to-use reference to increase financial literacy and independence among American citizens across different age brackets and life stages, especially young adults who are handling personal finances and making financial decisions for the first time.

Clear, conspicuous, and improving

2017 ◽  
Vol 35 (5) ◽  
pp. 761-780 ◽  
Author(s):  
Taejun (David) Lee
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Individual Investors ◽  
Economic Downturn ◽  
Retirement Plans ◽  
Content Type ◽  
Financial Decisions ◽  
Literacy Activities ◽  
Corporate Websites ◽  
The Us

Purpose The economic downturn and financial meltdown in the changing retirement savings and pension landscape in the US placed individual investors and financial companies at risk. Recognizing the need for more financial literacy among investors, the US financial services companies for retirement plans and investment options (i.e. the retirement financial services providers (RFSPs)) have stepped up consumer marketing, particularly through creation of corporate websites. Seeing their potential for increasing literacy and aiding consumer financial decisions, a majority of RFSPs are promoting websites and a large number of consumers use them. With this backdrop, the purpose of this paper is to examine the use of these websites and their conformity to existing regulations regarding design and structure. Design/methodology/approach The present study used a quantitative content analysis to examine the types of disclosure information presented on the corporate websites of RFSPs during 2013-2015. It also examined the adherence to the Federal Trade Commission’s (FTC) clear and conspicuous standards (CCS) disclosure guidelines over the three-year period. Finally, this study examined the levels of financial literacy activities employed on 164 RFSPs’ websites over the three-year period. Findings This study shows that RFSPs are increasingly providing disclosure information for target consumers via their websites. Although problems still exist with the presentation of that material in terms of the FTC’s suggestions for prominence, there have been some improvements in compliance with proximity of disclosures. In addition, just under one-fourth of the RFSPs were providing tactics and features on their websites to potentially aid in the creation and maintenance of critical financial literacy and acumen. Practical implications The key point emerging from this analysis is that financial services providers, regulators, advocacy groups, and policymakers should continue to address varying levels of financial literacy activities to promote the deliberation and discussion of the retirement issues and topics across media while facilitating the provision and dissemination of financial information and data in a clear and conspicuous manner. Originality/value This is the first study to explore the content of RFSPs’ websites with regard to disclosure information, adherence to FTC CCS disclosure guidelines, and the use of techniques related to various levels of financial literacy from 2013-2015.

scholarly journals The Influence of Financial Literacy, Financial Attitude and Locus of Control on Financial Satisfaction: Evidence From the Community in Jakarta

2021 ◽  
Author(s):  
I Gede Adiputra
Keyword(s):  
Locus Of Control ◽  
Financial Literacy ◽  
Good Control ◽  
Probability Method ◽  
Financial Satisfaction ◽  
Purposive Sampling ◽  
Financial Decisions ◽  
Personal Finances ◽  
Level Of Satisfaction ◽  
Pls Method

Abstract The purpose of this study was to analyze the effect of financial literacy, financial attitude and locus of control on financial satisfaction. The sample was collected using a non-probability method through purposive sampling. The 146 participants were stock investors. Data were analyzed using the SEM- PLS method with the Smart PLS 3.2.8 application. Financial literacy had a significant effect on financial satisfaction, which shows that people who have knowledge of finance will achieve a level of satisfaction in planning and managing personal finances. Financial attitude had a significant effect on financial satisfaction, indicating that financial attitude will influence people’s behavior in making decisions. Locus of control had a significant effect on financial satisfaction, which shows that people who have good control will have satisfaction in planning, managing and making personal financial decisions. Keywords: financial literacy, financial attitude, locus of control, financial satisfaction

Research on current status and cultivation approaches of college students’ financial literacy in China under the campus loan perspective

2021 ◽  
pp. 002072092098350
Author(s):  
Ning Yida ◽  
Liu Huijun ◽  
Feng Litao
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Financial Risk ◽  
Current Status ◽  
Discrimination Ability ◽  
Development History ◽  
The Status ◽  
Internet Finance ◽  
History Of ◽  
Survey Results

This paper first reviews the development history of campus loans in China and the scale of Internet finance consumption, then conducts a survey of the status of college students’ financial literacy by using universities and colleges in Hunan as an empirical study. Basing on the survey results, we can find the general lack of financial literacy among college students. Finally, it expounds the cultivation path of college students’ financial literacy from three aspects in China, namely, establishing financial information security awareness, cultivating financial risk prevention awareness and improving financial discrimination ability, so as to control campus loan risks.

Formation of financial literacy in training of informatics teachers on the basis of the 1С:Enterprise system

2020 ◽  
Vol 1 (1) ◽  
pp. 11-18
Author(s):  
M. A. Rodionov ◽  
I. V. Akimova
Keyword(s):  
Financial Literacy ◽  
Basic Knowledge ◽  
State University ◽  
Science And Literature ◽  
Successful Development ◽  
Mathematics History ◽  
School Subjects ◽  
Personal Finances ◽  
The Right

In the submitted study the problem of the formation of financial literacy of students at informatics lessons and relevant training of future informatics teachers is considered. Financial literacy is understood as a set of basic knowledge in the field of finance, banking, insurance, as well as budgeting for personal finances that allow a person to choose the right financial product or service, soberly assess and take risks that may arise during the use of these products, correctly accumulate savings and identify doubtful (fraudulent) investment schemes. The authors conclude that successful development of meaningful lines of the course of financial literacy requires integration of a few school subjects, such as mathematics, history, informatics, social science and literature. The role of modern informatics teacher in the formation of financial literacy of students is great. Therefore, in the training of a future informatics teacher, it should be paid the attention to issues related to the study of elements of financial literacy in informatics lessons. In order to solve the problem, the authors propose to use the special course “Basics of work in 1С:Enterprise”, which is implemented at Penza State University. The article contains a program of the course and the methodological recommendations for its implementation.

Sign in / Sign up

Export Citation Format

Share Document