The Argument for Teaching Financial Literacy at Higher-Education Institutions

2016 ◽  
Vol 43 (3) ◽  
pp. 349-365 ◽  
Author(s):  
SHERI GEDDES ◽  
TODD STEEN
Keyword(s):  
Higher Education ◽  
Postsecondary Education ◽  
Financial Literacy ◽  
Higher Education Institutions ◽  
Financial Education ◽  
Well Being ◽  
Academic Programs ◽  
Human Flourishing ◽  
Substantial Impact ◽  
Financial Decisions

ABSTRACT Evidence suggests that financial decisions have a substantial impact on human flourishing. This paper examines the arguments for higher-education institutions to take a role in the provision of financial education for their students, families and alumni, who often incur substantial debt and make other sacrifices to obtain a postsecondary education. It also analyzes the current state of financial education at 322 higher-education institutions. While many postsecondary institutions have embraced some aspects of financial education, other higher-education institutions appear reluctant to infuse this multidisciplinary topic into their academic programs. Colleges and universities should consider developing robust programs that boost financial literacy and improve lifelong economic well-being.

Financial Inclusion through Financial Literacy

2022 ◽  
Vol 13 (1) ◽  
pp. 0-0
Keyword(s):  
Financial Literacy ◽  
Uttar Pradesh ◽  
Secondary Data ◽  
Financial Education ◽  
Well Being ◽  
Financial Inclusion ◽  
Financial Decisions ◽  
College Curriculum ◽  
Financial Exclusion ◽  
The Government

Financial literacy is a means to tackle the problem of financial exclusion. It is a combination of awareness, skills, knowledge, attitude and behaviors necessary to make sound financial decisions and achieve financial well being. Objective of this study is to analyze current policy, practices and evidences on financial literacy. The study has been carried out on the basis of review of literature and secondary data collected from a range of sources. It is found that the government of India, RBI and other regulatory bodies are running financial literacy campaigns through diverse mediums. Financial literacy centers (FLCs) are contributing for enhancement of financial literacy. However, they need to be strengthened by enhancing resources. Inclusion of financial education in school and college curriculum has also been recommended. Scope of the study is limited to Ghaziabad district of Uttar Pradesh in India. The study might be valuable for policymakers in enhancing financial inclusion.

THE FACTORS OF CAREER SELF-DETERMINATION OF STUDENTS OF HIGHER EDUCATION INSTITUTIONS

2019 ◽  
Vol 7 (1) ◽  
pp. 9-20
Author(s):  
Inna Yeung
Keyword(s):  
Higher Education ◽  
Higher Education Institutions ◽  
Well Being ◽  
Young Person ◽  
Self Determination ◽  
Full Time ◽  
Actual Problem ◽  
The Third ◽  
The Right

Choice of profession is a social phenomenon that every person has to face in life. Numerous studies convince us that not only the well-being of a person depends on the chosen work, but also his attitude to himself and life in general, therefore, the right and timely professional choice is very important. Research about factors of career self-determination of students of higher education institutions in Ukraine shows that self-determination is an important factor in the socialization of young person, and the factors that determine students' career choices become an actual problem of nowadays. The present study involved full-time and part-time students of Institute of Philology and Mass Communications of Open International University of Human Development "Ukraine" in order to examine the factors of career self-determination of students of higher education institutions (N=189). Diagnostic factors of career self-determination of students studying in the third and fourth year were carried out using the author's questionnaire. Processing of obtained data was carried out using the Excel 2010 program; factorial and comparative analysis were applied. Results of the study showed that initial stage of career self-determination falls down on the third and fourth studying year at the university, when an image of future career and career orientations begin to form. At the same time, the content of career self-determination in this period is contradictory and uncertain, therefore, the implementation of pedagogical support of this process among students is effective.

Factors Affecting Financial Literacy of Vietnamese Adults: A Case Study for Hanoi and Nghe An

2017 ◽  
Vol 33 (2) ◽  
Author(s):  
Tue Nguyen Dang
Keyword(s):  
Higher Education ◽  
Multiple Regression ◽  
Financial Literacy ◽  
Urban Areas ◽  
Logistic Models ◽  
Factors Affecting ◽  
Financial Behaviors ◽  
Financial Decisions ◽  
Literacy Level

This research examines the factors affecting the financial literacy of Vietnamese adults. Using a sample of 266 observations of adults in 2 big cities in Vietnam (Hanoi and Vinh in Nghe An Province), the author evaluates the literacy level of adults in these urban areas. The financial literacy of the interviewed people is low. The multiple regression results show that lower financial literacy levels associate with higher age and married status and higher financial literacy levels associate with higher education, more family members, the person making financial decisions and the person attending a useful financial course. This research also explores the association between financial literacy and financial behaviors of individuals employing logistic models. It is found that higher financial literacy associates with less probability of overspending and higher probability of saving money and careful spending. Higher financial literacy is also found to associate with higher probability of opening a savings account and making various investments. 

scholarly journals Sexual Harassment at African Higher Education Institutions

2018 ◽  
Vol 94 ◽  
pp. 4 ◽  
Author(s):  
Christine Dranzoa
Keyword(s):  
Higher Education ◽  
Sexual Harassment ◽  
Gender Equity ◽  
Higher Education Institutions ◽  
Well Being ◽  
Good Health ◽  
Gender Based Violence ◽  
The Sustainable Development ◽  
Gender Policy ◽  
Gender Based

In most African states, joining higher education institutions (HEIs) is, for students, an investment in their own economic progress. Yet, HEIs are sites where sexual harassment and gender-based violence (GBV) occur, increasing the vulnerability of newly enrolled female students and of women in general. A strong gender policy environment, a clear stand by senior management at HEIs, and the empowerment ofmen with respect to gender equity issues are remedies to help achieve the Sustainable Development Goals (SDGs), especially goal 3 (Good Health and Well-being), goal 4 (Quality Education), goal 5 (Gender Equality), and goal 10 (Reduced Inequality).

Do learning organizations learn? Higher education institutions and pandemic response strategies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michael T. Miller
Keyword(s):  
Higher Education ◽  
Organizational Behavior ◽  
Structural Changes ◽  
Higher Education Institutions ◽  
Well Being ◽  
Content Type ◽  
Institutional Leadership ◽  
Response Strategies ◽  
Global Pandemic ◽  
The Usa

Purpose This study was designed to address the problem of how higher education institutions, as organizations designed to promote learning, responded to the COVID pandemic and the suspension of in-person instruction. The purpose of this paper was specifically to explore how institutions go about learning from the pandemic to better prepare themselves for the future that they will face. Design/methodology/approach A researcher-developed survey instrument was distributed electronically to 300 faculty leaders at randomly selected universities in the USA. With three follow-up e-mail requests, the survey had a 31% usable response rate. Findings Survey results indicated that institutional leadership did not make strong use of shared governance in responding to the COVID pandemic in creating operational response strategies. Further, institutions did not alter their policies or make structural changes to be more adept in facing the challenges of a global pandemic and its impact on the financial well-being of the institutions. Although institutions did make changes to their attitudes about students, these were not developmental changes but rather behavioral modification expectations. Originality/value This study drew upon data collected after the first three months of the global COVID pandemic, providing an important first-look at organizational behavior in response to a largely unplanned global event.

scholarly journals The Assessment of Financial Literacy: New Evidence from Europe

2019 ◽  
Vol 7 (3) ◽  
pp. 54 ◽  
Author(s):  
Nicolini ◽  
Haupt
Keyword(s):  
Financial Literacy ◽  
Selection Process ◽  
Financial Education ◽  
Assessment Tools ◽  
Financial Behaviors ◽  
Financial Decisions ◽  
The Uk ◽  
New Evidence ◽  
The Relationship ◽  
Literacy Research

The hypothesis that people with more financial literacy make better financial decisions and show positive financial behaviors is crucial for more than one stakeholder. A weak connection between financial literacy and financial behaviors jeopardizes the opportunity to invest in financial education and to develop a consumer protection framework based on the chance to develop aware and responsible financial consumers. This study uses data from different countries (Germany, France, Italy, Sweden, the UK), using surveys devised and fielded specifically to measure financial literacy and in order to assess if the availability of a broad set of items on financial literacy allows to develop new measures of financial literacy to better understand the relationship between financial literacy and financial behaviors. The well-established Lusardi–Mitchell questions are compared with measures that differ in terms of number of items (the “50-items” index), range of topics (the “5-specific” index), or selection process of the items (the “unbiased” index). Results support the hypothesis that the Lusardi–Mitchell questions remain a good measure in a first-step analysis, but a deeper understanding of the connection between financial literacy and financial behaviors benefits from the measures proposed in the study, that should be considered as additional assessment tools in financial literacy research.

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.

Subjective financial knowledge, prudent behaviour and income

2019 ◽  
Vol 37 (4) ◽  
pp. 934-950 ◽  
Author(s):  
Leonore Riitsalu ◽  
Rein Murakas
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Future Research ◽  
Objective Knowledge ◽  
Content Type ◽  
Subjective Knowledge ◽  
Subjective Financial Knowledge ◽  
Behaviour Score

Purpose The purpose of this paper is to study how subjective and objective knowledge of finance, behaviour in managing personal finances and socio-economic status affect financial well-being. Design/methodology/approach The financial well-being score is constructed in quantitative financial literacy survey data from Estonia as the arithmetic mean of four statements on a five-point scale. Four hypotheses are tested in multiple regression analysis. Findings Subjective knowledge has a stronger relation with financial well-being than objective knowledge. Financial behaviour score and income level correlate with financial well-being. Research limitations/implications The paper contributes to literature on financial literacy, subjective financial knowledge and financial well-being. In future research, psychological factors and future orientated financial well-being should be included, and their relationship to subjective well-being could be analysed further. Practical implications The results highlight the importance of subjective knowledge and sound behaviour for improving financial well-being. Providers of financial services should address these more in the design of their services and communication. Social implications Policymakers developing national strategies for financial education need to address subjective financial knowledge for increasing financial well-being in society. Originality/value Knowledge, behaviour and subjective knowledge have not been used simultaneously in the analysis of financial well-being in Europe before.

Teaching Financial Problem Solving: A Curriculum Model From a Pilot BSW Course

2018 ◽  
Vol 23 (1) ◽  
pp. 1-10 ◽  
Author(s):  
Thomas E. Smith ◽  
Kristin V. Richards ◽  
Lisa S. Panisch ◽  
Victoria M. Shelton
Keyword(s):  
Social Work ◽  
Problem Solving ◽  
Social Workers ◽  
Financial Literacy ◽  
Financial Education ◽  
Integrated Approach ◽  
Well Being ◽  
Environmental Stability ◽  
Financial Problem ◽  
Curriculum Model

Social work clients need financial literacy skills. Many clients are faced with the task of overcoming increasingly complex and challenging financial obstacles that can take a dire toll on their physical and environmental stability and mental well-being. Social workers who lack skills in financial literacy are at a disadvantage when helping their clients overcome economic hardships. Financial therapy is an emerging intervention that merges techniques of psychotherapy with financial education. This integrated approach can be used by social workers in generalist settings to promote financial problem solving. Few baccalaureate social work (BSW) programs provide students with education about financial problem solving from this angle. A curriculum model and overview of a pilot course introducing BSW students to a manualized form of this approach is presented. Overall, students found the course beneficial and expressed interest in using this intervention in practice. Student feedback is reviewed, along with directions for further study.

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