scholarly journals Education, Financial Knowledge and Consumer Confidence in Financial Goals: Evidence from the 2018 US National Financial Capability Study

2020 ◽  
pp. 9-21
Author(s):  
Fuzhong Chen ◽  
Ziteng Han ◽  
Qingyang Ma
Keyword(s):  
Higher Education ◽  
Financial Support ◽  
Financial Education ◽  
Financial Knowledge ◽  
Consumer Confidence ◽  
Education Programs ◽  
Financial Capability ◽  
Ordered Logistic Regression ◽  
Education Levels ◽  
Robustness Check

Consumer confidence in financial goals is the degree of trust expressed by consumers through the activities of setting financial goals and subsequent realization. Utilizing data from the 2018 US National Financial Capability Study, in terms of the data characteristics of the dependent variable, this study utilizes the method of ordered logistic regression to explore the roles of education and financial knowledge in consumer confidence in financial goals. Moreover, this study also performs a robustness check, which suggests unchanged results. The results indicate that both education and financial knowledge positively contribute to consumer confidence in financial goals and consumers both with higher education levels and financial knowledge will be more confident in financial goals. Thus, policymakers are recommended to provide financial support for education and focus on mechanisms of improving financial knowledge through financial education programs and financial related courses.

scholarly journals Consumer Financial Knowledge and Retirement Planning Behaviors

2021 ◽  
pp. 109-123
Author(s):  
Fuzhong Chen ◽  
Zijun Sun
Keyword(s):  
Population Aging ◽  
Financial Education ◽  
The Elderly ◽  
Retirement Planning ◽  
Financial Knowledge ◽  
Education Programs ◽  
Financial Capability ◽  
Retirement Accounts ◽  
The World ◽  
High Level

With the increasingly serious problem of population aging around the world, the issue of consumer retirement planning behaviors has been highlighted in recent years. The purpose of this study is to investigate the effect of consumer financial knowledge on retirement planning behaviors. Utilizing the data from the National Financial Capability Study in 2009, 2012, 2015, and 2018, this study measures consumer retirement planning behavior through the variables of whether consumers have retirement accounts and whether they regularly contribute to their retirement account. To verify the robustness, a series of additional regressions are conducted by replacing the estimation approach and dropping income outliers. The results imply that consumers with a high level of financial knowledge tend to perform desirable retirement behaviors. Based on the results, we recommend that financial education programs should be widely introduced and targeted at those who lack financial knowledge, such as the elderly and the under-educated, to stimulate consumers to improve their retirement planning behaviors.

scholarly journals Consumer Financial Knowledge and the Use of Mobile Banking: Evidence from the 2018 U. S. National Financial Capability Study

2021 ◽  
pp. 1-17
Author(s):  
Fuzhong Chen ◽  
Jian Xiang
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Ordered Probit ◽  
Financial Knowledge ◽  
Estimation Methods ◽  
Mobile Banking ◽  
Probit Regression ◽  
Financial Capability ◽  
The Relationship ◽  
Robustness Check

As a widely used technology in recent years, the use of mobile banking has been addressed by a great deal of extant research, and a large and growing body of literature has investigated its determinants as well. Utilizing data from the 2018 U.S. National Financial Capability Study, this study aims at examining the association between financial knowledge and mobile banking by using the approach of ordered probit regression. Besides, this study conducts a comprehensive robustness check by replacing estimation methods and removing outliers by income. The results indicate that the relationship between financial knowledge and mobile banking is negative. Besides, financial knowledge negatively contributes to the adoption of mobile payment as well as mobile transfer. Also, consumers with more financial knowledge are more likely to use traditional financial ways. Thus, financial institutions are encouraged to focus on the reduction of risks perceived by consumers to promote the penetration of financial services via mobile devices.

scholarly journals Sustainable Financial Education and Consumer Life Satisfaction

2020 ◽  
Vol 12 (3) ◽  
pp. 1150 ◽  
Author(s):  
Fuzhong Chen ◽  
Jingxin Lu ◽  
Jiaying Li ◽  
Wenting Wang ◽  
Horlane Bissielou
Keyword(s):  
Higher Education ◽  
Life Satisfaction ◽  
Financial Education ◽  
Financial Knowledge ◽  
Urban Residents ◽  
Formal Schooling ◽  
Probit Regression ◽  
Tsinghua University ◽  
Financial Research ◽  
The Impact

Sustainable financial education is defined as the continuous input of money and time on financial knowledge education after formal schooling. The purpose of this paper is to examine the impact of sustainable financial education on consumer life satisfaction. Utilizing the dataset of Household Consumer Finance of Chinese Urban Residents in 2012 by the China Financial Research Center of Tsinghua University, the variable of sustainable financial education is constructed through the variables of the necessity of financial education, the money spent on financial education, and the time spent on financial education. To improve the estimation results, order probit regression is utilized. The results indicate that financial education is significantly positive to consumer life satisfaction only for a consumer with higher education. Consumers who regard financial education to be of high necessity will feel more satisfied. The results also show that consumers who spend more money and time on financial education after formal schooling will be more satisfied. Moreover, the sustainable impacts of financial education on consumer life satisfaction are verified. In addition, this study provides empirical evidence that suggests that sustainable financial education positively contributes to consumer life satisfaction. The results have implications for policymakers to take measures in enhancing sustainable financial education to improve consumer life satisfaction.

scholarly journals KARAKTERISTIK SOSIAL EKONOMI YANG MEMPENGARUHI LITERASI KEUANGAN SERTA DAMPAKNYA TERHADAP MANAJEMEN KEUANGAN PERSONAL (Survei Pada Pegawai Negeri Sipil Daerah di Kabupaten Kuningan)

2017 ◽  
Vol 1 (02) ◽  
Author(s):  
Herma Wiharno
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Financial Education ◽  
Civil Servants ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Sample Collection ◽  
Socioeconomic Characteristics ◽  
Units Of Analysis ◽  
Education Levels

The purpose of this study was to assess the socioeconomic characteristics that influence financial literacy and the influence of financial literacy towards personal financial management. The financial literacy in this study was divided into dimensions of financial literacy, financial behavior, and financial attitudes.The method used is descriptive and verificative methods. This research was conducted in the Kuningan Regency, and the Regional Civil Servants were the units of analysis. The samples used in this study were 390 Regional Civil Servants with the sample collection technique of proportional stratified cluster random sampling.The results of the verificative analysis revealed that only education levels significantly affect the financial knowledge, while having a significant effect on the behavior and attitudes in addition to the level of financial education is also a place to stay. Financial knowledge, financial behaviors, and financial attitudes significantly influence towards the personal financial management. In relation between socioeconomic characteristics with personal financial management, education level only that significant effect on personal financial management.

scholarly journals The Impact of Financial Education Participation on Financial Knowledge and Efficacy: Evidence from the Canadian Financial Capability Survey

2017 ◽  
Author(s):  
David W. Rothwell ◽  
Shiyou Wu
Keyword(s):  
Self Efficacy ◽  
Age Groups ◽  
Financial Education ◽  
Cognitive Outcomes ◽  
Financial Knowledge ◽  
Future Research ◽  
Financial Capability ◽  
Education Participation ◽  
Nationally Representative ◽  
The Impact

Very little is known about how participation in financial education affects cognitive outcomes such as financial knowledge and self-efficacy. We used two waves of the nationally representative Canadian Financial Capability Survey along with propensity score matching to compare outcomes between persons who had taken a financial education course to those who had not. After matching and adjusting for demographic and economic factors, financial education participants exhibited significantly higher financial knowledge and financial self-efficacy scores. Post-estimation analysis showed that higher overall financial knowledge scores of participants were at least partially driven by higher scores of men. There was no difference in knowledge scores for women across all age groups. Financial education participants had higher efficacy scores for both genders and across age. Future research into the impact of financial education ought to consider cognitive dimensions in addition to strictly behavioral and financial outcomes.

“Where is Our Space Within this Ivory Tower?” The Teaching Experiences of Black Women Faculty in Education Programs

2021 ◽  
pp. 194277512110022
Author(s):  
Tomika L. Ferguson ◽  
Risha R. Berry ◽  
Jasmine D. Collins
Keyword(s):  
Higher Education ◽  
Black Women ◽  
Culturally Relevant ◽  
Organizational Structures ◽  
Women Faculty ◽  
Full Time ◽  
Education Programs ◽  
Self Reflection ◽  
Culturally Relevant Practices ◽  
Black Women Faculty

Black women faculty represent a small percentage of full-time faculty in higher education and are often invisible, marginalized, and expected to perform duties beyond teaching, research, and service. Yet, their success in higher education positions them as possibility models for change on their campuses. The purpose of this study is to investigate the experiences of three Black women faculty who teach in graduate education programs. Specifically, we examined how teaching using culturally relevant practices may cause Black women faculty to negotiate their identity within higher education organizational structures. Using a theoretical framework informed by Black feminism and the Culturally Relevant Leadership Learning Model, three salient themes were identified: roles and responsibilities, resistance, and limitations within the academy. Implications for practice include the creation of identity specific support for Black women faculty and attention be given to faculty and student readiness prior to engaging in culturally relevant practices beyond critical self-reflection.

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