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.
Download or read book Consumer Finance written by Alicia Puente Cackley and published by DIANE Publishing. This book was released on 2010-10 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than 12 million adults in the U.S. report they do not speak English well or at all. Proficiency in reading, writing, speaking, and understanding the English language appears to be linked to multiple dimensions of adult life in the U.S., including financial literacy -- the ability to make informed judgments and take effective actions regarding the current and future use and management of money. A recent Federal Act in 2009 mandated an examination of the relationship between fluency in the English language and financial literacy. This report examines the extent, if any, to which individuals with limited English proficiency are impeded in their financial literacy and conduct of financial affairs. Illustrations.
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 Financial Literacy Education written by Chris Arthur and published by . This book was released on 2012 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer fi nancial literacy education often appears as a helpful, commonsense solution to neoliberalism and the individualization of responsibility for economic risk. However, in Financial Literacy Education: Neoliberalism, the Consumer and the Citizen this particular literacy is argued to be both ineffective and unjust. Socially created poverty, unemployment and economic insecurity require more than individual consumer solutions; they require collective responses by engaged, critical citizens. Utilizing concepts from Marx, Foucault, Bourdieu and Baudrillard this book challenges those who claim that 'there is no alternative' to neoliberal insecurity and reduce education to a consumerist training of entrepreneurial consumer-citizens who can continually invest in themselves and the market. Through an analysis of consumer fi nancial literacy education's present and historical supports, as well as its likely effects, this book argues that the choice before us is not fi nancial illiteracy or fi nancial literacy. Rather, the choice is between subjugation to the requirements of perpetual competition or overcoming alienation, insecurity and exploitation, aims the critical fi nancial literacy education outlined at the end of this book supports. This book will appeal to those interested in understanding the conditions of our freedom in an increasingly fi nancialized world - critical educators, philosophers and sociologists of education and fi nancial literacy researchers.
Download or read book Consumer Knowledge and Financial Decisions written by Douglas J. Lamdin and published by Springer. This book was released on 2014-01-26 with total page 0 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 Consumer Finance written by Alicia Puente Cackley and published by . This book was released on 2010 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to Census data, more than 12 million adults in the United States report they do not speak English well or at all. Proficiency in reading, writing, speaking, and understanding the English language appears to be linked to multiple dimensions of adult life in the United States, including financial literacy--the ability to make informed judgments and take effective actions regarding the current and future use and management of money. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 mandated GAO to examine the relationship between fluency in the English language and financial literacy. Responding to this mandate, this report examines the extent, if any, to which individuals with limited English proficiency are impeded in their financial literacy and conduct of financial affairs. To address this objective, GAO conducted a literature review of relevant studies, reports, and surveys, and conducted interviews at federal, nonprofit, and private entities that address financial literacy issues and serve people with limited English proficiency. GAO also conducted a series of focus groups with consumers and with staff at community and financial organizations. Three appendices are included: (1) Scope and Methodology; (2) Examples of Financial Education Targeted at Populations with Limited English Proficiency; and (3) GAO Contact and Staff Acknowledgments. (Contains 1 table, 1 figure and 45 footnotes.).
Download or read book Financial Literacy Annual Report written by Consumer Financial Consumer Financial Protection Bureau and published by CreateSpace. This book was released on 2014-12-12 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) mandates that the Director of the Consumer Financial Protection Bureau (CFPB or Bureau) submit a report, no later than 24 months after the designated transfer date, and annually thereafter, on the Bureau's activities and strategy to improve the financial literacy of consumers to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. The Bureau is pleased to submit this inaugural report on the Bureau's financial literacy work. The report covers the time period from July 21, 2011, when the Bureau opened its doors, through June 15, 2013. The economic crisis that led to passage of the Dodd-Frank Act demonstrated that national financial stability can depend on the financial well-being of individuals and families. The Bureau is the nation's first federal agency focused solely on consumer financial protection. Created by the Dodd-Frank Act, the Bureau's mission is to help consumer financial markets work for American consumers, responsible providers, and the economy as a whole, - by making rules more effective; - by consistently and fairly enforcing those rules; and - by empowering consumers to take more control over their economic lives.
Download or read book Global Innovation Science Handbook written by Praveen Gupta and published by McGraw Hill Professional. This book was released on 2014-02-05 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher's Note: Products purchased from Third Party sellers are not guaranteed by the publisher for quality, authenticity, or access to any online entitlements included with the product. A GROUNDBREAKING GUIDE TO THE ART, SCIENCE, TOOLS, AND DEPLOYMENT OF INNOVATION "It has never been more important to educate people and organizations how to out-imagine, out-create, and out-innovate....The insight and experiences captured by [this book] make an important contribution toward reaching this goal." -- From the Foreword by Deborah Wince-Smith, President, Council on Competitiveness Developed by the editors of the International Journal of Innovation Science and featuring contributions from more than 40 innovation experts and thought leaders, Global Innovation Science Handbook presents a proven approach for understanding and implementing innovation in any industry. This pioneering work is based on a defined body of knowledge that includes intent, methodology, tools, and measurements. It challenges the popular paradigm that "learned" innovation is impossible, and lays out a systematic process for developing innovation skills. Each chapter can be independently read and utilized in the daily practice of innovation. Real-world case studies from financial, government, and education sectors illustrate the concepts discussed in this definitive resource. Global Innovation Science Handbook covers: Preparing for innovation--establishing a framework and creating a culture for innovation Key innovation concepts, such as creativity, neuroscience, biomimetics, benchmarking, and ethnography Creativity tools, including Kano analysis, storyboarding, absence thinking, Lotus Blossom, SCAMPER, and others Techniques essential to innovation science, such as Six Thinking Hats, mind mapping, social networks, market research, and lead user analysis Innovation radar, indices, and other measurements Idea management--the process of creating, screening, exploring, and evaluating ideas to bring those most valuable from concept to reality Innovation methodologies, including TRIZ, Brinnovation, crowdsourcing, Eureka, stage gate, and others Deployment--a life-cycle approach involving inspiration, strategy, organization, excellence, culture, measurement, protection of intellectual property, and launch Case studies featuring cutting-edge technological innovations in finance, government, and education
Download or read book FINANCIAL LITERACY BASICS 2022 23 written by and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Gradual Disappearance of Financial Literacy in Today s World written by Eileen Gertrude Cammilla Kristiansen and published by . This book was released on 2022 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing concern in this country that the middle class is disappearing and not in the way one would hope. Instead of families moving into a higher socio-economic class and being able to provide richer life experiences for themselves and their children, vast numbers are shifting to a lower socio-economic status level. The gap between the affluent and those barely eking out an existence is increasing at an alarming rate. This trend will directly affect who can successfully attend college and who will be available and capable to perform the blue-collar jobs that are vital to the continuation of our economy. Many of these jobs are becoming increasingly complex and sophisticated. While they may not require a college degree, they do require additional post-secondary training and expertise. Longer reaching concerns are that a dwindling middle class equates to a smaller tax base and contributes to a larger segment of the population that needs financial assistance. The productive management of money is part of a concept known as financial literacy. People that have money take this knowledge for granted. Somewhere along the line, whether it was at home, in school, or from personal experiences, successful people learned the value of earning money and using it thoughtfully and intentionally in order to achieve a future goal. No one disputes the fact that personal choices and discretion are parts of the picture. Imagine, however, that the environment in which you grew up did not contain earning possibilities. Perhaps you had to work without pay caring for your siblings, leaving no time to go out and earn your own money. Maybe your family was in the situation where everything that each family member earned was required to try to make ends meet. The result can be a feeling of ignorance and powerlessness around financial literacy and a lack of understanding the difference it could make in your life. This dissertation examines these issues. As a Scholarly Personal Narrative, it will also relate the story of my own journey of acquiring financial literacy and how that knowledge has affected my life. It concludes with a proposal that I created for teaching the concepts of financial literacy to underserved members of our society living at the lower socio-economic level. This education is important because understanding financial literacy can build self-confidence, empowerment, and purpose. This knowledge can also set an example that parents can pass on to their children and future generations. I believe this is one possible route toward breaking the cycle of poverty.
Download or read book Financial Literacy Education written by Asta Zokaityte and published by Palgrave Macmillan. This book was released on 2018-08-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the issue of consumer financial education, responding to increased interest in, and calls to improve peoples’ financial literacy skills and abilities to understand and manage their money. New conceptual frameworks introduced in the book offer academic audiences an innovative way of thinking about the project on financial literacy education. Using the concepts of ‘edu-regulation’ and ‘financial knowledge democratisation’ to analyse the financial education project in the UK, the book exposes serious, and often ignored, limitations to using information and education as tools for consumer protection. It challenges the mainstream representation of financial literacy education as a viable solution to consumer financial exclusion and poverty. Instead, it argues that the project on financial literacy education fails to acknowledge important dependences between consumer financial behaviour and the socio-economic, political, and cultural context within which consumers live. Finally, it reveals how these international and national calls for ever greater financial education oversimplify and underestimate the complexity of consumer financial decision-making in our modern times.
Download or read book Understanding Consumer Financial Behavior written by W. Fred van Raaij and published by . This book was released on 2016 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Literacy written by and published by . This book was released on 2007 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Education and the Debt Behavior of the Young written by Meta Brown and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood. Identification comes from variation in financial literacy, economics, and mathematics course offerings and graduation requirements mandated over the 1990s and 2000s by state-level high-school curricula. The FRBNY Consumer Credit Panel provides debt outcomes based on quarterly Equifax credit reports from 1999 to 2012. Our analysis, based on a flexible event-study approach, reveals significant effects of financial education on debt-related outcomes of youth. On the extensive margin, financial literacy education has a sizable impact on the propensity of youth having a credit report. Conditional on having a credit report, on the intensive margin, math and financial literacy education exposure reduces the incidence of adverse outcomes - such as accounts in collections and delinquent accounts - and reduces both the likelihood of youth carrying debt and their average debt balances. The net effect of both math and financial literacy education is an increase in youths' average creditworthiness, as measured by the Equifax risk score. On the other hand, economic education increases the likelihood of individuals carrying balances, leads to significant increases in debt balances - in particular, debt used to support consumption - and, at the same time, increases the likelihood of adverse credit outcomes, leading to a decline in youths' average risk scores. The effects of these financial education policies accumulate over the course of early adulthood. Our results suggest that financial education programs, increasingly promoted by policymakers, are likely to have significant impacts on the financial decision-making of youth, but the effects depend on the content of these programs.
Download or read book Economics for Life written by Donald Thomas Wargo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: America has evolved into an ownership society. Home-buying decisions, resource allocation, debt exposure, and financial planning for the future are now left to individuals, with little guidance from the companies or institutions they work for. Economics, with its insistence on quantifying ideas and putting specific quantitative values on all manner of phenomena, can help us sort through many puzzling dilemmas. Economics for Life: Real-World Financial Literacy is designed to help soon-to-be college graduates emerge into the start of their "real lives" with better comprehension of how to analyze the financial decisions that they will soon have to make. Written in an easy-to-read, conversational style, this textbook will help students learn how to make decisions on saving and investing for retirement, buying a car, buying a home, as well as how to safely navigate the use of debt and credit cards.
Download or read book Financial Literacy written by United States. Consumer Financial Protection Bureau and published by . This book was released on 2012 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Marketing Metaphoria written by Gerald Zaltman and published by Harvard Business Press. This book was released on 2008 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Marketing Metaphoria undresses the mind of the consumer to reveal the powerful, unconscious viewing lenses that shape what people think, hear, say, and do. These lenses are called "deep metaphors" and they populate the unconscious mind. Understanding how people use deep metaphors will help you develop new products, launch innovations, enhance purchase and consumption experiences, create engaging communications, and much more." "Drawing on thousands of interview, the authors identify seven primary deep metaphors. Knowing how they influence your consumers can have a huge effect on your sales and profits. Marketing Metaphoria describes how some of the world's most famous companies as well as small firms, not-for-profits, and social enterprises have successfully leveraged deep metaphors to solve their marketing problems."--Jacket.
