Impact of Financial Education Mandates on Younger Consumers' Use of Alternative Financial Services

2019 ◽  
Vol 53 (3) ◽  
pp. 731-769 ◽  
Author(s):  
Melody Harvey
Keyword(s):  
Financial Services ◽  
Financial Education ◽  
Alternative Financial Services

scholarly journals FINANCIAL INCLUSION AND POVERTY ALLEVIATION AMONG SMALLHOLDER FARMERS IN ZIMBABWE

2020 ◽  
Vol 8 (3) ◽  
pp. 168-182
Author(s):  
David Mhlanga ◽  
◽  
Steven Henry Dunga ◽  
Tankiso Moloi ◽  
◽  
...  
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Poverty Reduction ◽  
Smallholder Farmers ◽  
Financial Education ◽  
Financial Inclusion ◽  
Strong Impact ◽  
Development Goals ◽  
The Government ◽  
The Impact

The study sought to investigate the impact of financial inclusion on poverty reduction in Zimbabwe among the smallholder farmers. It is alleged that financial inclusion can help in achieving seven of the seventeen sustainable development goals (SDGs), which include poverty eradication in all its forms everywhere, ending hunger, achieving food security, ensuring improved nutrition as well as promoting sustainable agriculture and many others. Using the simple regression method, the study discovered that financial inclusion has a strong impact on poverty reduction among smallholder farmers. The study went on to discover that, for the government to tackle poverty especially among the smallholder farmers, it is important to ensure that farmers do participate in the financial sector through saving, borrowing and taking out insurance among other services. So, it is important for the government of Zimbabwe to fully implement policies that encourage financial inclusion such as making sure that farmers find it easy to access financial institutions and encouraging financial institutions to review transaction costs like bank account opening charges periodically, implementing financial education programs among the farmers because these variables are important in influencing farmers to participate or preventing them from using financial services.

How positive service experiences contribute to service captivity

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Constantino Stavros ◽  
Kate Westberg ◽  
Roslyn Russell ◽  
Marcus Banks
Keyword(s):  
Financial Services ◽  
Financial Vulnerability ◽  
Socially Responsible ◽  
Content Type ◽  
Welfare Policies ◽  
Regulatory Frameworks ◽  
Alternative Financial Services ◽  
Service Experiences ◽  
Service Relationship ◽  
Practical Implications

Purpose Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to service captivity in the alternative financial services (AFS) sector for consumers experiencing financial vulnerability. Design/methodology/approach A total of 31 interviews were undertaken with Australian consumers of payday loans and/or consumer leases. Findings The authors reveal a typology of consumers based on their financial vulnerability and their experience with AFS providers. Then they present three themes relating to how the marketing practices of these providers create a positive service experience, and, in doing so, can contribute to service captivity for consumers experiencing financial vulnerability. Research limitations/implications The benefits derived from positive service experiences, including accessible solutions, self-esteem, and a sense of control over their financial situation, contribute to the service captivity of some consumers, rendering alternative avenues less attractive. Practical implications AFS providers must ensure a socially responsible approach to their marketing practices to minimize potentially harmful outcomes for consumers. However, a systems-level approach is needed to tackle the wider issue of financial precarity. Policymakers need to address the marketplace gaps, regulatory frameworks and social welfare policies that contribute to both vulnerability and captivity. Originality/value This research extends the understanding of service captivity by demonstrating how positive service experiences can perpetuate this situation. Further, specific solutions are proposed at each level of the service system to address service captivity in the AFS sector.

Financial Education for Children and Youth

2015 ◽  
pp. 69-92 ◽  
Author(s):  
Zeynep Tezel
Keyword(s):  
Young People ◽  
Financial Services ◽  
Cell Phones ◽  
Credit Cards ◽  
Financial Education ◽  
Children And Youth ◽  
Financial Risks ◽  
Young Generation ◽  
Financial Products ◽  
Bank Accounts

Although financial education consists of individuals of all ages, education of young people in the field of finance is more important. The young generation faces more financial risks and more complicated financial products than their parents. Besides, young people are introduced to financial services at very early ages owing to cell phones, bank accounts, credit cards. Therefore, it is important that individuals are educated in finance as early as possible.

Unbanked status and use of alternative financial services among minority populations

2019 ◽  
pp. 1-14 ◽  
Author(s):  
Silvia Helena Barcellos ◽  
Gema Zamarro
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Economic Status ◽  
Large Fraction ◽  
Explanatory Power ◽  
Primary Data ◽  
Wealth Accumulation ◽  
Alternative Financial Services ◽  
Underlying Causes ◽  
Racial Ethnic

AbstractA large number of Americans do not have bank accounts (the ‘unbanked’) or rely on costly alternative financial services (AFS) such as payday loans (the ‘underbanked’), with implications for wealth accumulation and retirement preparedness. Using primary data, we document large racial/ethnic differences in unbanked and in frequent AFS usage rates. We study the role of socio-economic status (SES), financial literacy, trust in financial institutions, networks, and time preferences in explaining these gaps. While these variables explain a large fraction of the white-minority gaps in unbanked status the same is not true for gaps in AFS use. A Blinder-Oaxaca decomposition confirms these patterns: gaps in unbanked status are mostly explained by differences in endowments across groups, for AFS gaps differences in returns to endowments have the largest explanatory power. Our findings suggest that, while related, unbanked and underbanked are distinct concepts with different underlying causes that may require different policy responses.

Financial relations small business energy complex

2016 ◽  
Author(s):  
Natalya Morozko ◽  
Valyentina Didyenko
Keyword(s):  
Small Business ◽  
Financial Planning ◽  
Financial Services ◽  
Small Businesses ◽  
Energy Sector ◽  
Small Organizations ◽  
Developed Economies ◽  
Energy Complex ◽  
Financial Condition ◽  
Alternative Financial Services

The paper deals with the peculiarities of small organizations in the energy sector, taking into account the principles of effective financial cooperation of small businesses with a variety of large and medium-sized structures. We studied the experience of the financial relations of countries with developed economies on a set of market tools and in business management in the energy sector. The analysis of the financial condition of small organizations and energy sector. Defined financial planning tools of organizations that allow to carry out the relationship of financial planning practices with the main objectives of a small organization. Reasoned application of the tax policy in the system of financial relations for small and large businesses and energy complex. The conditions for the use of alternative financial services market lending small business operations using efficient technologies.

Exploratory insights into the financial habits of CALD migrants

2015 ◽  
Vol 35 (11/12) ◽  
pp. 795-811
Author(s):  
Riccardo Natoli
Keyword(s):  
Financial Services ◽  
Financial Education ◽  
Linguistically Diverse ◽  
Cultural Barriers ◽  
Future Research ◽  
Structured Interviews ◽  
Content Type ◽  
Vietnamese Community ◽  
Barriers And Challenges ◽  
Second Wave

Purpose – The purpose of this paper is to explore the financial habits and experience of culturally and linguistically diverse (CALD) migrants via a case study of first and second wave migrants from the Vietnamese community in Australia. Design/methodology/approach – This paper utilises a qualitative approach through semi-structured interviews. A thematic analysis was adopted when coding the interview data which led to the emergence of identified themes related to financial habits and experience. Findings – The findings reveal that first and second wave migrants shared similar views on seeking professional financial advice, but not on the use of community-based financial schemes. When asked about the potential benefits of attending financial education workshops to inform themselves of financial services, most were unwilling to attend. Research limitations/implications – Although the research targets first and second wave Vietnamese CALD migrants, no claims can be made regarding the representation of CALD migrants as a whole. The research has implications with respect to the perceived necessity of CALD migrants to utilise mainstream financial services. This paper provides recommendations for future research in this area. Originality/value – The paper provides one of the few studies of an Australian CALD migrant cohort with respect to financial habits. The paper also provides an understanding of the cultural barriers and challenges facing this specific cohort of the Vietnamese community in Australia with respect to potentially accessing financial services.

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