Download or read book The Influence Of Financial Experience Financial Literacy Financial Behavior and Financial Condition Toward Financial Knowledge and Its Implication on Financial Distress A Survey on Employees in Pontianak written by STEFFANY TEHAE, BBA, and SURESH KUMAR, S.T., M.Si and published by Rasibook. This book was released on 2019-09-09 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main objective of this study is to examine the major determinants of employee financial distress. Kim & Garman (2013) argue that financial distress happens when they meet their financial responsibilities and personal finance. The unemployment problem in Pontianak also triggers the financial distress. This research was conducted in Pontianak on employees as the respondents. The purpose of this research is to measure the influences of financial experience, financial literacy, financial behavior, debt, investment, financial knowledge with financial distress. The result shows that financial knowledge has more influence on financial experience, financial behavior and debt toward employee and household in Pontianak. Unfortunately, financial literacy and debt do not influence financial knowledge, and financial knowledge has a strong influence on financial distress instead.
Download or read book Financial Capability written by Nghia Nguyen Vu and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this piece of research, we inspect the influence of individual financial knowledge and financial behavior on the probability of experiencing financial distress. Using the 2015 National Financial Capability Study, we examine three measures of financial distress related to bill payment, retirement saving, and being late with a mortgage payment. Financial literacy and financial behavior indices are constructed using questions from the survey pertaining to financial knowledge (ranging in complexity) and financial decision-making. In addition to the influence of socioeconomic factors, the conclusion suggests that financial literacy is important for the prevention of financial hardships, albeit, financial behavior emerges as having a stronger impact. #
Download or read book Financial Literacy and Financial Education written by Beata Świecka and published by Walter de Gruyter GmbH & Co KG. This book was released on 2019-03-18 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is a well-known saying that money does not buy happiness. But it certainly helps in life. It is important to have enough of it to satisfy our needs and to secure ourselves from emergency situations. That's what adults think. And what about the youth? What is their approach to money, what do they know about finances and how are their skills in everyday financial management coming along? What kind of knowledge and skills should be provided? Do young people in different countries represent similar or different approaches to financial matters? Using the results of a research on young people in Poland and Germany, the authors draw a picture of financial literacy. They furthermore present a number of recommendations that help developing the knowledge and the financial skills of young people in practice.
Download or read book Student Financial Literacy written by Dorothy B. Durband and published by Springer Science & Business Media. This book was released on 2012-04-04 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: College students are particularly vulnerable to making poor financial decisions. One method of addressing personal finances and financial stress among students of higher education is through university based financial education programs. Student Financial Literacy: Program Development presents effective strategies to assist in the implementation or the enhancement of a program as a tool to improve students’ educational experience and financial well-being. It presents the key components of financial education programs designed to address the growing concerns associated with high levels of debt and low levels of financial literacy among college students. “Student Financial Literacy: Campus-Based Program Development is packed with financial education and counseling information and guidance. It was very difficult to write this review as I wanted to share ALL the excellent direction this book provides... The editors and contributing authors have developed an excellent resource for not only those interested in developing or enhancing a campus-based financial education program but also for anyone involved in financial education, counseling, and planning.” -Rebecca J. Travnichek, Family Financial Education Specialist, University of Missouri Extension Journal of Financial Counseling and Planning
Download or read book The Financial Literacy of College Students written by Thomas K. Intoccia and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial literacy is a persistent problem in society, exemplified by poor financial knowledge among college students and exacerbated by high student debt and inadequate understanding of savings concepts. The goal of this study was to better understand how college students develop financial literacy. This qualitative exploratory case study was guided by the overarching research question: How do students at a large northeastern university develop their financial knowledge? Sub-questions of this study were: (a) In what ways do students' family experiences influence their financial attitudes, beliefs, and behaviors? (b) How do students describe their financial attitudes, beliefs, and behaviors after completing the financial literacy course at a large northeastern university? To understand how college students develop financial knowledge, attitudes, beliefs, and behaviors, this study focused on 10 college students who completed a financial literacy course and on students' financial experiences with family and non-family socializers. Semi-structured interviews were utilized to illuminate the experiences of the selected college students. Findings from the study suggest that students gain financial knowledge and confidence both from family and non-family members as well as from financial literacy classes. Students described being directly and indirectly financially socialized by family and non-family members. After taking the financial literacy course, students perceived an increase in general financial knowledge, specifically regarding stocks, mutual funds, retirement accounts, and debt. Moreover, five of the ten participants described behavioral changes after taking the financial literacy course, including establishing credit, using budgeting apps, opening investment and individual retirement accounts (Roth IRAs), and investing in mutual funds. Findings from the study suggest that students have a strong interest in learning about investments and a strong understanding of debt and credit concepts, and that their direct financial socialization may influence both knowledge and behaviors. To bolster college students' financial knowledge and confidence, it is recommended that institutions of higher education provide financial literacy courses. Future research could evaluate financial literacy course effectiveness and explore the concept of indirect financial socialization.
Download or read book The Routledge Handbook of Financial Literacy written by Gianni Nicolini and published by Routledge. This book was released on 2021-12-30 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial literacy and financial education are not new topics, even though interest in these topics among policymakers, financial authorities, and academics continues to grow. The Routledge Handbook of Financial Literacy provides a comprehensive reference work that addresses both research perspectives and practical applications to financial education. This is the first volume to summarize the milestones of research in financial literacy from multiple perspectives to offer an overview. The book is organized into six parts. The first three parts provide a conceptual framework, which discusses what financial literacy is, how it should be measured, and explains why it represents a relevant topic and effective tool in enhancing decision-making among consumers as well as consumer protection strategies. Part IV addresses the connection between financial education and financial literacy, with chapters about financial education in school settings as well as for adults. This part includes an analysis of the role of Fintech and the use of gamification in financial education. Part V is a collection of contributions that analyze financial literacy and financial education around the world, with a focus on geographical areas including the U.S., South America, Western Europe, Eastern Europe, Asia, and Africa. This part also considers how financial literacy should be addressed in the case of Islamic finance. The concluding part of the book examines how financial literacy is related to other possible approaches to consumer finance and consumer protection, addressing the relationships between financial literacy and behavioral economics, financial well-being, and financial inclusion. This volume is an indispensable reference for scholars who are new to the topic, including undergraduate and graduate students, and for experienced researchers who wish to enrich their knowledge, policymakers seeking a broader understanding and an international perspective, and practitioners who seek knowledge of best practices as well as innovative approaches.
Download or read book Financial literacy motivated reasoning and gender written by Thérèse Lind and published by Linköping University Electronic Press. This book was released on 2019-05-16 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: I wrote this thesis to create a better understanding of how individual characteristics influence our feelings, our behavior and our way of interpreting information. My focus is on financial behavior and financial information, however I also consider a political context. I investigate the (usually) enabling abilities of financial literacy and numeracy. I also consider impediments such as stereotype threat and motivated reasoning, which can prevent people from engaging in certain behaviors or from interpreting information objectively. Both processes stem from valued beliefs and psychological foundations, consequently peoples’ efforts, decisions, and evaluations are based on them. The first essay, “Competence, confidence, and gender: The role of perceived and actual financial literacy in household finance,” broadens our understanding of the benefits of financial competence. I contrast perceived and actual levels of financial literacy, and consider the role of numeracy and cognitive reflective ability. I conclude that perceived and actual levels of financial literacy positively affect behavior and wellbeing; however, perceived financial literacy more so than actual financial literacy. No such effect is observed for numeric ability and cognitive reflection. Furthermore, women are more anxious about financial matters even though they tend to engage more frequently in the considered financial behaviors. The second essay, “Threatening finance? Examining the gender gap in financial literacy,” continues my exploration of the relationship between gender and financial literacy. In a series of studies, I investigate whether the observed gender gap in financial literacy can be identified in nonnumerical contexts, if it can be associated with confidence in financial matters, and if it can be attributed to stereotype threat, which posits that inbuilt prejudices about gender and finance undermine women’s performance of tasks that involve finance. The results show that the observed gender gap in financial literacy is robust even in nonnumerical financial contexts and suggest that a stereotype threat for women in the financial domain might be present. The gender gap in financial literacy could not be attributed to a difference in (displayed) confidence. In the third essay, “Preferences for lump-sum over divided payment structures,” I investigate whether or not people display systematic preferences for lump–sum or divided payment structures and how these preferences differ in gain (benefit) and loss (payment) situations. I investigate what happens when payments belong to a single underlying event, such as when people can choose to pay immediately or in installments. I also examine whether or not individual differences in time preferences, risk preferences, numeracy, and financial literacy are associated with preferences for one payment structure or the other. The aggregate results show a tendency for people to prefer obtaining and paying money in lump sums. I find no systematic indication that the considered individual differences play a role in this type of decision. The fourth essay, “Motivated reasoning when assessing the effect of refugee intake,” inquires into differences in worldview ideology, whether people identify as nationally or globally oriented, hinder them from objectively interpreting information. I use an experiment to find out if people display motivated reasoning when interpreting numerical information about the effects of refugees on the crime rate. Our results show evidence of motivated reasoning along the lines of worldview ideology. However, individuals with higher numeric ability were less likely to engage in motivated reasoning, leading to the conclusion that motivated reasoning is more likely to be driven by feelings and emotional cues than by deliberate analytical processes.
Download or read book Determinants of Saving Behavior and Financial Problem written by ELLENE, BBA and SURESH KUMAR, S.T., M.Si. and published by Rasibook. This book was released on 2019-10-25 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowadays, many Indonesian are suffering from poverty, bankruptcy, and health problem because they do not know how to face a financial problem when Indonesia is facing an economic crisis. When Indonesia is in crisis, the exchange rate falls dramatically; banking credit growth also experienced a significant drop. As a result, many people's savings were lost. The forced unemployment and financial bankruptcy had drastically decreased the living conditions in Indonesia. This research aims to analyze the influence of Financial Literacy, Financial Stress, and Financial Management to Saving Behavior and Financial Problem.
Download or read book Financialization Financial Literacy and Social Education written by Thomas A. Lucey and published by Routledge. This book was released on 2021-09-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this book is to prompt a re-examination of financial literacy, its social foundations, and its relationship to citizenship education. The collection includes topics that concern indigenous people’s perspectives, critical race theory, and transdisciplinary perspectives, which invite a dialogue about the ideologies that drive traditional and critical perspectives. This volume offers readers opportunities to learn about different views of financial literacy from a variety of sociological, historical and cultural perspectives. The reader may perceive financial literacy as representing a multifaceted concept best interpreted through a non-segregated lens. The volume includes chapters that describe groundings for revising standards, provide innovative teaching concepts, and offer unique sociological and historical perspectives. This book contains 13 chapters, with each one speaking to a distinctive topic that, taken as a whole, offers a well-rounded vision of financial literacy to benefit social education, its research, and teaching. Each chapter provides a response from an alternative view, and the reader can also access an eResource featuring the authors’ rejoinders. It therefore offers contrasting visions about the nature and purpose of financial education. These dissimilar perspectives offer an opportunity for examining different social ideologies that may guide approaches to financial literacy and citizenship, along with the philosophies and principles that shape them. The principles that teach and inform about financial literacy defines the premises for base personal and community responsibility. The work invites researchers and practitioners to reconsider financial literacy/financial education and its social foundations. The book will appeal to a range of students, academics and researchers across a number of disciplines, including economics, personal finance/personal economics, business ethics, citizenship, moral education, consumer education, and spiritual education.
Download or read book Financial Education and Financial Literacy written by Jared Ogden and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses data from the National Financial Capability Surveys performed by the Financial Industry Regulatory Authority (FINRA) to examine the impact of financial education on respondents financial knowledge and financial behavior. Influential variables such as income, age, education, gender, and ethnicity are controlled for to distill the most accurate measure of contribution from financial education. The results show that financial education has a greater contribution to conceptual financial knowledge and less to financial behavior. Overall, the effect of financial education on respondents in general is minimal, especially compared to controlling variables. This paper confirms the concerning levels of financial illiteracy in America as evident from the survey results, and contributes evidence towards the limited efficacy of existing financial education altering financial decision making.
Download or read book Consumer Knowledge and Financial Decisions written by Douglas J. Lamdin and published by Springer Science & Business Media. This book was released on 2011-11-23 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been an increasing recognition that financial knowledge (i.e., literacy) is lacking across the population. Moreover, there is recognition that this lack of knowledge poses real problems as credit, mortgages, health insurance, retirement benefits, and savings and investment decisions become increasingly complex. Financial Decisions Across the Lifespan brings together the work of scholars from various disciplines (family and consumer sciences, economics, law, finance, sociology, and public policy) to provide a broad range of perspectives on financial knowledge, financial decisions, and policies. For consistency across the volume each chapter follows a similar format: (1) what individuals know or need to know (2) how what they know or need to know affects financial decisions and outcomes (3) ways in which policies or programs or financial innovations can enhance their knowledge, or decisions, or outcomes. Contributors will provide both new and existing research to create a valuable picture of the state of financial literacy and how it can be improved.
Download or read book THE IMPACT OF FINANCIAL LITERACY ON INVESTMENT DECISIONS written by Dr. Pradeep K. Gupta and published by Ashok Yakkaldevi. This book was released on 2021-10-30 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system plays a vital role in the growth and development of the economy. The evolution of financial market economies has been dramatically broadening the opportunities to consumers and investors, business houses, policymakers and the economy of a country. The growing innovations and increasing complexity of financial products over the past decade have put enormous pressure and responsibilities on shoulders of financial investors. Financial Literacy is must to understand return and risk attached to these products. Financial literacy enables an individual to gain a better understanding of financial instruments and the risk and return involved in investment at various avenues. The financial literacy helps to overcome problems relating to personal finance such as savings, borrowings, investments, retirement planning, etc. The Organization for Economic Co-operation and Development (OECD) has defined financial literacy as “a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual well-being”.
Download or read book The Effects of Financial Education in the Workplace written by Patrick J. Bayer and published by . This book was released on 1996 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the effects of education on financial decision-making skills by identifying an interesting source of variation in pertinent training. During the 1990s, an increasing number of individuals were exposed to programs of financial education provided by their employers. If, as some have argued, low saving frequently results from a failure to appreciate economic vulnerabilities, then education of this form could prove to have a powerful effect on rates of behavior. The current paper undertakes an analysis of these programs using a previously unexploited survey of employers. We find that both participation in and contributions to voluntary savings plans are significantly higher when employers offer retirement seminars. The effect is typically much stronger for non-highly compensated employees than for highly compensated employees. The frequency of seminars emerges as a particularly important correlate of behavior. We are unable to detect any effects of written materials, such as newsletters and summary plan descriptions, regardless of frequency. We also present evidence on other determinants of plan activity.
Download or read book Financial Literacy written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2011-10-27 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: As defined contribution pensions become prevalent, retirees are increasingly responsible for managing their own pension assets and thus their own financial literacy becomes crucial. Based on empirical evidence and new research, the book examines how financial literacy enhances retirement decision-making in ever more complex financial markets.
Download or read book Financial Literacy and the Limits of Financial Decision Making written by Tina Harrison and published by Springer. This book was released on 2016-09-20 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents selected papers on the factors that serve to influence an individual’s capacity in financial decision-making. Initial chapters provide an overview of the cognitive factors affecting financial decisions and suggest a link between limited cognitive capacity and the need for financial education. The book then expands on these cognitive limitations to explore the tendency for overconfidence in decision-making and the interplay between rational and irrational factors. Later contributions show how credit card companies benefit from limitations in consumer financial literacy, how gender and cognition intersect to play an important role in financial decision-making, and how to improve financial capacity through financial literacy and education campaigns, including those addressing developed marketplaces. This comprehensive collection of papers will be of value to all readers who seek to better understand the multi-factorial and complex nature of personal financial management in today’s economic climate.
Download or read book Financial Literacy and Ageing in Developing Economies written by Kshipra Jain and published by Taylor & Francis. This book was released on 2023-05-09 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book weaves together current understanding around financial literacy and ageing, arguing for the relevance of financial literacy for old age security. Building upon on the experiences of ten developing Asian economies with a focus on India, the book enters new territory by developing frameworks that identify predictors of financial literacy and a mechanism for its internalization, as well as recognising the need for specialized training programs for the older population in order to establish a link between financial literacy and old age security. It thus makes a case about the centrality of financial literacy in creating an environment conducive to a dignified ageing experience in this world of shouldering one’s own responsibility. Going forward, the book comprehends financial literacy for India as a skill which enables an individual to decide the suitable avenues to invest savings, utilize monetary resources and shape financial decisions aligned with their financial goals, in accordance with the dynamic financial & economic environment. This original volume is a first-time attempt to provide an in-depth account of financial literacy and its association with savings behavior, old age planning, wealth accumulation, healthcare and wellbeing in older age. It also provides a detailed account of various measurement tools used and policy initiatives undertaken across the globe for financial literacy. It is an indispensable reference guide for scholars and researchers, cutting across multiple disciplines particularly financial and development economics, gerontology, demography, social work, psychology and public policy.
Download or read book Understanding Consumers Thoughts and Feelings about Financial Literacy and How Financial Literacy Affects Their Lives Using the Zaltman Metaphor Elicitation Technique ZMET written by Belle Marie and published by . This book was released on 2014 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial literacy impacts the lives of individuals, families, and communities. Not all individuals appear to possess the basic financial knowledge necessary to plan for a comfortable lifestyle (Mandell, 2008). Some individuals possess financial knowledge but other psychosocial factors interfere with the ability of that knowledge to influence their actual consumer financial behavior (Dodaro, 2011; Estelami, 2008; Huston, 2010). Personal construct theory (Kelly, 1955) posits that behavior reflects self-constructed meaning and reality derived from a combination of experience and anticipation of future events that frame an individual's worldview. Meaning is self-constructed yet influenced by society's complex interrelationships. Thus, behavior reflects social aspects and psychological aspects in addition to factual knowledge. The purpose of this phenomenological qualitative study was to develop a deeper understanding of the phenomenon of financial literacy given the complex interrelationships between financial knowledge, consumer financial behavior, and psychosocial factors. This study used a phenomenological qualitative approach as the critical lens through which to view the meaning, structure, and essence of the lived experience of financial literacy. Viewed through a phenomenological lens, personal construct theory served as the theoretical framework for the study which used the Zaltman Metaphor Elicitation Technique (ZMET) for data collection and analysis. Fourteen individuals who had completed a financial literacy program (i.e., Dave Ramsey's Financial Peace University) and 12 individuals who had not completed a financial literacy program participated in this study. ZMET was used to elicit participants' thoughts and feelings about financial literacy and how financial literacy affected their lives. Common themes elicited included the deep metaphors of journey, balance, connections, and resources. Of particular note, the deep metaphor of transformation was elicited as a theme for individuals who had participated in a financial literacy program. Participants' lives, the lives of their families, and, ultimately, broader society were transformed as a result of completion of a financial literacy program. Not only were lives transformed as a result of financial literacy, participants reported transformed attitudes towards financial literacy. A consensus map illustrating the essence of the lived experience of financial literacy was developed. Participants described financial literacy as a holistic phenomenon. Financial literacy resulted in financial well-being; a personally constructed concept that reflected individuals' aspirations for themselves, their families, and broader society. A holistic model of financial literacy that illustrated the relationships between financial knowledge, consumer financial behavior, and psychosocial factors was developed.
