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on Financial Literacy and Education |
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Issue of 2022‒08‒22
four papers chosen by |
| By: | Nurhazrina Mat Rahim (Faculty of Accountancy, Universiti Teknologi MARA Author-2-Name: Norli Ali Author-2-Workplace-Name: Faculty of Accountancy, Universiti Teknologi MARA Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | "Objective - The study aims to examine the financial literacy level of Malaysian households and the role of financial socialization in improving an individual's financial literacy level. Methodology/Technique - Convenience sampling was used to select respondents in Malaysian households through questionnaires distributed between August and December of 2021 with a total of 132 retrieved responses. Findings - The results indicated that the Malaysian financial literacy level is above average. Financial education and financial socialization significantly enhanced an individual's financial literacy level. Novelty - The study is based on the Social Learning Theory and demonstrated the importance of financial socialization in improving an individual's financial literacy level. Hence, measures should be taken to enhance the role of social agents (family or friends) in informal financial education. Type of Paper - Empirical." |
| Keywords: | Financial literacy, financial socialization, financial education, drivers of financial literacy, social agents |
| JEL: | I22 M29 |
| Date: | 2022–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr212&r= |
| By: | Ms. Sumiko Ogawa; Purva Khera; Mahima Vasishth; Ms. Ratna Sahay |
| Abstract: | While digital financial services have made access to finance easier, faster, and less costly, helping to broaden digital financial inclusion, its impact on gender gaps varies across countries. Moreover, women leaders in the fintech industry, although growing, remain scarce. This paper explores the interaction between ‘women’ and ‘fintech’ by examining: (i) the role of women leaders on firm-level performance in the fintech industry; and (ii) the determinants of gender gaps in the usage of digital services to better understand the cross-country differences. Results indicate that greater gender diversity in the executive board is associated with better performance of fintech firms.With regard to determinants of the gender gaps in the usage of digital financial services, we find that higher financial and digital literacy of women is associated with lower gender gaps in digital financial inclusion, and that socio-cultural factors also play a key role. |
| Keywords: | Firm Performance;Women Leaders; Digital Financial Inclusion; Financial Literacy; Digital Literacy |
| Date: | 2022–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2022/140&r= |
| By: | Ante Sterc |
| Abstract: | This study characterizes the household’s choice of investment fund as a multiple step procedure. Using two structural econometric models, I estimate potential investor characteristics that drive the decision process. While the first step includes choosing whether to invest in a fund or not, i.e. it models the extensive margin, the second step models the intensive margin, depending on the choice of the econometric model. In the first step, the probability of becoming a fund investor rises with the level of education, financial literacy and wealth, but falls with age and indebtedness. In the second step, the investment size increases with wealth and age but decreases with financial literacy. Further, I model the choice between different types of investment funds as extensions of the Random Utility Model (RUM) - representing full consideration - and the Limited Consideration Model. In this way, I am able to estimate and compare resulting models. I reject full consideration in favor of limited consideration behavior. Using a novel framework for investment fund choice, I estimate average monetary losses affected by limited consideration. In contrast to previous research that uses only the full consideration framework, I find that all households across the wealth distribution face significant losses. However, conditional on wealth, households with a lower level of education or financial literacy face larger losses. In addition, by combining results from multiple steps of the investment decision, I calculate the elasticity of marginal utility of investing in variables such as financial literacy. |
| Keywords: | investment fund choice; limited consideration; financial literacy; |
| JEL: | D83 G11 G23 G41 G53 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:cer:papers:wp729&r= |
| By: | Guillermo Jr. Cárdenas Salgado; Juan José Li Ng; Héctor Ortega Rosas; Susana Ramos Villaseñor; Carlos Serrano; Elmer Solano Flores |
| Abstract: | We presented the results of a Randomized Control Test (RCT) to people who received nudges through SMS in order to promote financial health variables. The target population was about 95,000 people in two age groups: 27 to 38 and 39 to 56 years old. We presented the results of a Randomized Control Test (RCT) to people who received nudges through SMS in order to promote financial health variables. The target population was about 95,000 people in two age groups: 27 to 38 and 39 to 56 years old. |
| Keywords: | Nudges, Empujones del comportamiento, Behavioral economics, Economía del comportamiento, savings, ahorro, Digital banking, Banca digital, Financial health, Salud financiera, Mexico, México, Banks, Banca, Digital Trends, Tendencias Digitales, Financial Inclusion, Inclusión Financiera, Digital Economy, Economía Digital, Sustainable Development, Desarrollo Sostenible, Working Papers, Documento de Trabajo |
| JEL: | D14 D91 G21 O16 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:bbv:wpaper:2206&r= |