Income satisfaction among Millennials during COVID-19: the interplay among cognitive, noncognitive and financial factors

PurposeThe purpose of this study is to examine income satisfaction among Millennials during COVID-19. The authors explore the roles of cognitive factors: financial literacy and noncognitive factors: personality traits. Further, the authors also determine if financial status moderates the linkage between consumers' financial literacy and income satisfaction.Design/methodology/approachThe sample size of the study is 1754, and the data were collected from April to December 2020. The authors employ ordered logistic regression analysis in the study.FindingsThe authors find that financially literate Millennials report high-income satisfaction during the pandemic. However, the impact of the cognitive factor gets nullified after considering the role of noncognitive factors. Further, income moderates the linkage between financial literacy and income satisfaction such that financially literate consumers in the high-income category derived more income satisfaction.Practical implicationsConsumer financial education should become more pervasive, and the focus should be placed on high-income consumers as, without financial literacy, they may not report high-income satisfaction. Further, the marketers should also keep in mind that personality traits play an important role in consumers' overall satisfaction, so financial services and products should be designed considering consumer personality traits.Originality/valueThe primary contribution of the paper is to show the positive impact of cognitive and noncognitive factors on income satisfaction. Moreover, personality traits are stronger predictors of income satisfaction such that extroverted individuals have high satisfaction, whereas openness to experience and neuroticism is negatively related to income satisfaction among Millennials.

The Impact of Financial Education and Socioeconomic Status on the Undergraduate Students' Financial Literacy

Financial literacy is a crucial variable for researchers and policymakers because financial literacy's contribution encourages inhabitants to organize future financial planning and decision improvement. The study aims to empirically investigate the determinants of financial literacy such as financial education, parents' socioeconomic status, and gender. The authors used a cross-sectional survey approach with N = 325 samples. The result of measuring students' financial literacy showed a moderate condition (moderate level). The multiple linear regression models showed that parents' socioeconomic status significantly improved students' financial literacy. Meanwhile, financial education and gender did not prove significant in influencing students' financial literacy. The empirical study generated that encouraging parents is one of the essential policy elements in improving students' financial literacy. The higher students' socioeconomic status tends to encourage better financial planning and decision because they comprehend the literacy skills.

Financial education for MSMEs

This study aims to determine the types of financial education learning techniques for MSMEs in Tasikmalaya City. Financial education after owning a business is no less important than the financial education given at school or college. Based on external factors, learning techniques can affect financial education. The study used a quantitative descriptive method, and data was collected through an interview process using a closed questionnaire to 30 small business entrepreneurs in Tasikmalaya City. The results showed that the dominant learning technique chosen by the Tasikmalaya City MSME beginner entrepreneurs was through online and offline workshops accompanied by adequate time assistance.

Financial Inclusion through Financial Literacy

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 Impact of University Curricula on Financial Education of Millennials

The objective of this research is to analyze the financial literacy knowledge of the Millennial generation. The research method is qualitative-quantitative of correlational type since it consists of identifying the relationship between the independent variable and the dependent variable. The general hypothesis is that limited financial education in curricula affects the financial education of the Millennials. Through the information gathered and the surveys applied, it is evident that Millennials have no financial knowledge and university curricula have limited information on financial education.

An Empirical Analysis of the Influence of Financial Literacy on Family Cultural Consumption – Based on the Data from CFPS

Based on the data from Chinese Family Panel Studies (CFPS), this study uses the Tobit model to empirically analyze the influence of financial literacy on family cultural consumption. This study found that the average financial literacy level of Chinese residents is still relatively low. The improvement of their financial literacy would help enhance the household cultural consumption expenditure. From this study, it is recommended that there should be an improvement in the cultural consumption of Chinese families and their quality of life by targeting financial education, raising the income level of residents, and stimulating the residents’ cultural consumption willingness.

FINANCIAL EDUCATION FOR WELFARE BENEFICIARIES IN POLAND. NECESSITY OR REDUNDANT ACTIVITY?

Article discusses issue of professionalization of welfare assistance institutions in Poland in topic of financial education service for beneficiaries. Supporting welfare beneficiaries in making financially reasonable decisions is common practice among developed countries, where massive consumption favors consumer habits, that contribute to fall into poverty trap. Actions taken in aim to raise consumer awareness won’t replace social security institutions but may have positive impact as a preventive measure. Article is based on experiences from the project “Potentials – new forms of social capital in city Przasnysz”.