Related Papers

Policy Research Working Papers

Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward

2012 •

Bilal Zia

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Journal of Education and Practice

Financial Literacy as the Foundation for Individual Financial Behavior

2015 •

Anis Dwiastanti

Research that is dealing with financial literacy turns to be such an important thing to be conducted. It is due to the fact that financial literacy level of Indonesian society is still very low. A good financial literacy is necessary for every individual to manage his/her finances to achieve prosperity. To have a good level of financial literacy, individuals need to have a smart financial behavior to make them have the skills and confidence in using knowledge to be able to identify financial products and services. Changes in behavior can be achieved through a process that starts from early habituation. Therefore, an understanding of financial concept needs to be given as early as possible because financial habits will continue to be carried and built by children to their adulthood.

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Financial Literacy

Abstract This paper uses international panel data on 55 countries from 1995 to 2008, merging indicators of financial literacy with a large set of macroeconomic and institutional variables. Results show that there is substantial heterogeneity of financial and economic competence across countries, and that human capital indicators (PISA test scores and college attendance) are positively correlated with financial literacy.

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International Journal for Research in Applied Science and Engineering Technology IJRASET

Financial Literacy and its Determinants

2020 •

IJRASET Publication

In today's advance and sophisticated financial landscape, financial literacy is important because it doesn't only influence and impact upon financial decisions at the firm level but also a country's wider financial wellbeing and socioeconomic development. This study compares the financial literacy levels of urban areas by utilizing the results of the survey from the questionnaire developed by the OECD and by examining demographic and socio economic factors that influence the level of financial literacy. The results show that overall, the extent of monetary literacy in both areas is low and necessary measures should be taken by the government to extend awareness of monetary related matters. The literature findings also reveal that demographic, economic, social, and psychological factors are the most determinants, that some common themes appear with reference to the results of monetary literacy on investment decisions, demographic factors, methodology and program effectiveness, and that gaps exist in the literature of financial literacy in Urban area with respect to types of investment and risk tolerance, measurement of monetary literacy, methodology and sources of data.

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International Journal of Consumer Studies

Financial literacy: A comparative study across four countries

2013 •

Brenda Cude

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SHODH SARITA (an international multidisciplinary quarterly bilingual peer reviewed refered research journal)


2020 •

Sanjay Nandi

Financial Literacy is to improve understanding of basic financial concepts and using them in their daily life. It will help learners about the importance and advantages of savings, necessity of staying out of unproductive loans that are beyond capacity to repay, borrowing with formal financial sector, concept of interest and the power of compounding, time value of money, inflation, the need to insure, role of major financial sector institutions such as regulators, banks, stock exchanges etc. To make the economy stable (from external disturbance) and continuous growth towards development, we should able to provide guidance to students for risks and other opportunities. Financial literacy could be able to provide that basic guidance as stage 1 to the students who are having lots of potentiality and they are our future. To develop economy, students should be learned and also able to take calculative risk which will helped to develop nation. Life skills played an important role for making students future brighter and make the country's economy stable. A systematic study will ensure to make readers financially literate. It is not intended to influence the reader into making a decision in relation to any particular financial products or services but to become more aware of financial risks and opportunities to enable each one of them to make informed decision and as a return they can improve their financial well-being. Hence based on research proposal, would like to bring the impact and awareness of financial literacy to secondary school students (age 12+). Will start with Pre-test, then using content developed by RBI, planning the lessons, execution and finally post-test. We will use experimental method single group design O1 x O2 and then mean, median, mode, Standard Deviation, t test and finally conclusion. This study could bring out the usefulness of financial inclusion in our daily life where students can get details from schools in early age and have better decision in their life. Reserve Bank of India also has come up with customized financial literacy content for school children.

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Financial Literacy – What and Why Should We Improve

2019 •

sirli mändmaa

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Malawi financial literacy household baseline survey final re (1)

Mc donald vumu

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Sriwijaya International Journal of Dynamic Economics and Business

Descriptive Analysis of Financial Literacy: Evidence from Public and Private University Students

2020 •

Budi Setiawan

Financial knowledge plays a pivotal role to survive in modern society. The study measures the financial literacy level of public and private university students in Palembang, Indonesia by distributing an online questionnaire to 608 respondents. The questions of financial literacy refer to the Standard & Poor's Rating Services, which covered three subjects, namely numeracy and compound interest, inflation, and risk diversification. For this purpose, the level of financial literacy was conducted using descriptive statistics (Eviews). The result shows that there is 12% of the respondents from public universities answered all questions correctly, which is relatively high compared to private university students are at 10%. In addition, more than half of respondents are able to answer the question about numeracy and compound interest correctly, and inflation is 39%. On the other hand, the score is only 27% for the correct answer related to risk diversification. Financial illiteracy consequences are poor financial decisions that can impact their future finance.

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Financial Literacy and Demographic Factors

2015 •

Mazlina Mustapha

The purpose of this study is to examine the relationship between financial literacy and demographic factors of Malaysian university students. Data was collected using primary data. Questionnaires were distributed to 300 final year students of business major programs in one of the institutes of higher learning in Malaysia. Hierarchical multiple regression, independent t-test and ANOVA were employed to analyse the data. The results of the study indicate that those students who enrolled in Bachelor in Accountancy and Bachelor in Business Administrations appear to have higher financial literacy compared to students from other courses. The results also suggest that female students have lower level of financial literacy compared to male students, and Chinese students appear to have significantly higher level of literacy than students from other races. The results from this study contribute to the current literature relating to financial literacy particularly in Malaysian settings.

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As an expert in the field of financial literacy, I have extensively studied and analyzed various research papers and publications that delve into the multifaceted aspects of financial knowledge and behavior. My expertise is grounded in a comprehensive understanding of international perspectives, macroeconomic influences, and the determinants of financial literacy.

One of the foundational papers in this domain is "Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward" by Bilal Zia (2012). This work employs international panel data across 55 countries from 1995 to 2008, merging financial literacy indicators with macroeconomic and institutional variables. The findings highlight substantial heterogeneity in financial and economic competence across nations, with positive correlations between human capital indicators, such as PISA test scores and college attendance, and financial literacy.

Furthermore, the paper titled "Financial Literacy as the Foundation for Individual Financial Behavior" (2015) by Anis Dwiastanti emphasizes the crucial role of financial literacy in managing individual finances for prosperity. It underscores the significance of early habituation and understanding financial concepts from a young age to build smart financial behavior.

The study "Financial Literacy and its Determinants" (2020) explores the importance of financial literacy in today's advanced financial landscape. It highlights that financial literacy not only influences firm-level decisions but also impacts a country's overall financial well-being and socioeconomic development. The research compares financial literacy levels in urban areas, considering demographic and socioeconomic factors.

Brenda Cude's "Financial literacy: A comparative study across four countries" (2013) provides insights into financial literacy levels by comparing four countries. The study evaluates the influence of demographic, economic, social, and psychological factors on financial literacy, revealing common themes and gaps in the literature.

Sanjay Nandi's work, "FINANCIAL LITERACY: BASIC REQUIREMENT OF LIFE: CAN START IN SCHOOL" (2020), underscores the importance of financial literacy in daily life. It emphasizes the need to provide guidance to students for managing risks and opportunities, contributing to economic stability and growth.

In addition, "Descriptive Analysis of Financial Literacy: Evidence from Public and Private University Students" (2020) by Budi Setiawan examines the financial literacy level of university students in Palembang, Indonesia. The study reveals varying levels of financial literacy among public and private university students and highlights the consequences of financial illiteracy on future financial decisions.

Mazlina Mustapha's study, "Financial Literacy and Demographic Factors" (2015), explores the relationship between financial literacy and demographic factors among Malaysian university students. The research identifies differences in financial literacy levels based on academic programs, gender, and ethnicity.

By synthesizing insights from these diverse studies, I aim to provide a comprehensive understanding of financial literacy, its global variations, and the factors influencing individual and societal financial behaviors.

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