How financial Knowledge and personal Saving Orientation affect money management stress and financial security, Leading towards Wellbeing and positive financial behavior: the complementary Role of Materialism and Self Efficacy, mediated by the willingness to take risk

2021 ◽  
Author(s):  
Arbab Alam ◽  
Danish Ahmed Siddiqui
Keyword(s):  
Self Efficacy ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Money Management ◽  
Financial Security ◽  
Personal Saving ◽  
Complementary Role

Antecedents to responsible financial management behavior among young adults: moderating role of financial risk tolerance

2020 ◽  
Vol 38 (5) ◽  
pp. 1177-1194 ◽  
Author(s):  
Dhananjay Bapat
Keyword(s):  
Young Adults ◽  
Financial Management ◽  
Financial Risk ◽  
Risk Tolerance ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Management Behavior ◽  
Content Type ◽  
Financial Risk Tolerance

PurposeThe study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a moderating variable.Design/methodology/approachThe sample includes young adults in the age group of 18–35. The analysis uses a two-step approach via standard partial least squares structural modeling (PLS-SEM) and ordinary least square (OLS) regression.FindingsStructural modeling results show that financial attitude fully mediates the relationship between financial knowledge and responsible financial management behavior, and locus of control influences responsible financial management behavior. Financial risk tolerance moderates the relationship. Among demographic factors, age and occupation influence responsible financial management behavior.Research limitations/implicationsThe financial knowledge used in the survey are based on self-reported responses. The future study can include participants from both developed and emerging countries to assess similarities and differences.Practical implicationsDespite the growing focus on improving financial literacy, there are growing concerns regarding responsible financial behavior. Since financial services is related to fiduciary responsibility, managers and policymakers need to ensure that financial knowledge results in improving financial attitude, which further leads to responsible financial behavior.Originality/valueThe present study from an emerging country will add value to the literature.

SaveWise: The design of a financial education program in the Netherlands

2019 ◽  
Vol 18 (2) ◽  
pp. 100-120 ◽  
Author(s):  
Aisa Amagir ◽  
Wim Groot ◽  
Henriëtte Maassen van den Brink ◽  
Arie Wilschut
Keyword(s):  
High School ◽  
High School Students ◽  
The Netherlands ◽  
Education Program ◽  
Self Efficacy ◽  
Financial Education ◽  
Goal Commitment ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
School Students

Using a framework for educational design research, this article reports and evaluates the (process of the) design of a financial education program. The program is designed for high school students in the prevocational track in the Netherlands. The aim of the program is to improve students’ financial knowledge, attitudes, self-efficacy, and (savings) behavior. The main outcome of this study is the identification of design principles that can be used by others for the design of financial education programs: setting a personal savings goal, commitment with and reflection on this goal, discussing money issues with peers and family, hands-on activities with autonomy, and explicit instruction through animated video clips. The results show that our program, called “SaveWise,” improves high school students’ financial knowledge and skills, financial awareness, attitudes towards money, self-efficacy, and financial behavior.

scholarly journals The effect of financial knowledge on firm performance

2022 ◽  
Vol 10 (8) ◽  
pp. 236-249
Author(s):  
Cicik Retno Wati ◽  
Sumiati Sumiati ◽  
Andarwati Andarwati
Keyword(s):  
Firm Performance ◽  
Financial Risk ◽  
Risk Attitude ◽  
Partial Least Square ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Access To Finance ◽  
Relationship Of ◽  
The Relationship

This research aims to know the effect of financial knowledge on firm performance; the role of financial behavior and access to finance as mediation and the role of financial risk attitude as moderation. The object of this research is the owner of small-medium enterprises, sector food and beverage in Malang. Data collection was carried out using a questionnaire of 150 respondents. Data analysis of this research uses partial least square (PLS). The finding indicates that financial knowledge has a positive and significant effect on firm performance; financial behavior mediates the relationship of financial knowledge dan firm performance; while access to finance doesn’t mediate the relationship of financial knowledge with firm performance. This research also found that financial risk attitude weakens the relationship of financial knowledge with financial behavior.

scholarly journals THE INFLUENCE OF FINANCIAL INFORMATION, FINANCIAL SELF EFFICACY, AND EMOTIONAL INTELLIGENCE TO FINANCIAL MANAGEMENT BEHAVIOR OF FEMALE LECTURER

2020 ◽  
Vol 7 (6) ◽  
pp. 1112-1124
Author(s):  
Nadia Asandimitra ◽  
Achmad Kautsar
Keyword(s):  
Emotional Intelligence ◽  
Financial Literacy ◽  
Financial Management ◽  
Self Efficacy ◽  
Psychological Factors ◽  
Private Universities ◽  
Financial Information ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Management Behavior

Purpose of the study: The purpose of the study was to compare the financial information, financial self-efficacy and emotional intelligence on the financial management of women lecturer in state and private university. Methodology: This study was designed as a conclusive causality study. The study population was female lectures of state and private universities in Indonesia. From the population, there are two hundred (200) female lectures from a state university and private universities have selected as a sample of study by quota sampling method. The data collection techniques used in this research are interviews and surveys. Multiple regressions was chosen to get results with the SPSS tools. Main Findings: There is an influence of financial knowledge, financial self-efficacy, financial literacy, and emotional intelligence to the financial management behavior of female lecturers at state universities while there is no influence of financial attitude, financial literacy, and emotional intelligence to the financial management [behavior] of female university lecturers in private universities. Applications of this study: The results of this study will be beneficial for financial institutions and governments that usually hold education and training programs for their customers to increase financial knowledge so as to increase the confidence of their customers (including lecturers) in their ability to manage finance. Furthermore, this knowledge will be conveyed back to the students of the lecturer in the learning process about finance, so that it will indirectly increase the financial literacy of their students and society at large. Novelty/Originality of this study: Many researches about financial behavior topics have analyzed financial information factors’ influence on financial management behavior, but few of them have included psychological factors such as financial self-efficacy and emotional intelligence. This distinguishes this research compared to other studies of financial behavior as it analyzes the two effects of psychological factors on financial management behavior. Another novelty of this study is the selection of female lecturer as research object as their characteristic as well-informed and well-educated about financial management that has not observed by previous studies.

The Role of Financial Self-Efficacy Scale in Predicting Financial Behavior

2017 ◽  
Vol 23 (5) ◽  
pp. 4635-4639 ◽  
Author(s):  
Shafinar Ismail ◽  
Fathin Ahmad Faique ◽  
Mohammed Hariri Bakri ◽  
Zainab Mohd Zain ◽  
Nur Hafidzah Idris ◽  
...  
Keyword(s):  
Self Efficacy ◽  
Financial Behavior

Personal factors as antecedents of perceived financial well-being: evidence from Brazil

2019 ◽  
Vol 37 (4) ◽  
pp. 1004-1024 ◽  
Author(s):  
Mateus Canniatti Ponchio ◽  
Rafaela Almeida Cordeiro ◽  
Virginia Nicolau Gonçalves
Keyword(s):  
Financial Education ◽  
Well Being ◽  
Two Dimensions ◽  
Future Research ◽  
Money Management ◽  
Financial Security ◽  
Personal Factors ◽  
Content Type ◽  
Personal Saving ◽  
The Impact

Purpose The purpose of this paper is to explore the impact of consumer spending self-control (CSSC), personal saving orientation (PSO), materialism, financial knowledge (FK) and time perspective (TP) on Brazilian consumers’ perceived financial well-being. Design/methodology/approach A conceptual framework is provided to support the research hypotheses. A survey with 1,027 respondents allowed the research hypotheses to be tested by means of regression-based models. Findings The findings show that the two dimensions of financial well-being – current money management stress and future financial security – are predicted by CSSC, materialism and TP; PSO also predicts future financial security. TP moderates the effect of materialism on current money management stress, and CSSC mediates this relationship. Research limitations/implications The role of FK in predicting financial well-being is weakened in the presence of the psychological variables investigated, which has important implications for financial education efforts. The use of survey data alone limits the research findings, as the advocated causal relationships are based solely on theory; gathering experimental data to further support the findings is a possibility for future research. Practical implications Banks and other financial institutions can create tools to stimulate control of their customers’ day-to-day spending and try to show assertive projections to evidence the impact of their present actions on their financial future, enhancing personal awareness and promoting overall well-being. Originality/value The authors advance knowledge on the antecedents of financial well-being and offer two explanations involving moderating and mediating relationships that enhance the understanding of the individual differences that shape current money management stress.

scholarly journals Consumer Financial Knowledge and Cashless Payment Behavior for Sustainable Development in Poland

2021 ◽  
Vol 13 (11) ◽  
pp. 6401
Author(s):  
Beata Świecka ◽  
Paweł Terefenko ◽  
Tomasz Wiśniewski ◽  
Jingjian Xiao
Keyword(s):  
Sustainable Development ◽  
Financial Literacy ◽  
Scientific Research ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Main Element ◽  
Personal Traits ◽  
The Sustainable Development ◽  
Complex Concept

Financial knowledge is the main element of financial literacy, which is important for the sustainable development of individuals and society. Sustainability is a complex concept that spans many fields, including financial knowledge for all ages. Financial knowledge requires significant scientific research showing its impact on individuals and the economy, including non-cash payments. Consumer payment knowledge and its association with consumer financial behavior have long been a matter of widespread interest by researchers, but no in-depth, empirically based scientific research has been completed for Poland. The objective of this study was to examine factors associated with cashless payment behavior with an emphasis on the role of consumer financial knowledge. A total of 1100 interviews were carried out with Polish nationals aged 15 and above. The collected data were analyzed with the use of statistical methods, including analysis of variances (ANOVA), in order to examine consumers’ financial knowledge by basic economic and non-economic factors. Additionally, a data-mining method known as Random Forests was implemented for finding the variable importance in correlations between consumer financial knowledge and preferred methods of payment. The results revealed the diversity of factors influencing consumer behavior. Among the consumers’ personal traits, financial knowledge was one of the most important determinants of their payment choices. The results have implications for the design of payment processes. The results can be used by central banks to determine the directions of financial inclusion, as well as for stakeholders in the payments market.

scholarly journals Influence of Life Events on the Financial Satisfaction of Individuals

2019 ◽  
Vol 15 (1) ◽  
pp. 123-137
Author(s):  
Waqas Ali ◽  
Keyword(s):  
Life Events ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Financial Satisfaction ◽  
Financial Socialization ◽  
Life Event ◽  
Mediating Role ◽  
Confirmatory Factor ◽  
Positive Effect

This  study  aims  to  determine  the  effect  of  financial  knowledge  and  financial  socialization  on the financial satisfaction of the individuals when unexpected life events happen and to examine the mediating role of the financial stressor and financial behavior between them. The data collected from 243 respondents who had experienced any unexpected hospitality in the state of Azad Jammu and Kashmir. Grab sampling method utilized for data collection. Confirmatory factor analysis (CFA) and Structural Equation Modeling (SEM) utilized for data analysis. Results of study reveal that: 1) financial knowledge and financial socialization have positive influence on financial satisfaction; 2) financial knowledge has positive effect on financial satisfaction with the mediating role of the financial stressor and financial behavior when an unexpected life event happens; and 3) financial socialization has positive effect on financial satisfaction with the mediating role of the financial stressor and financial behavior when an unexpected life event happened. This study provides clear insight toward the financial satisfaction of the individuals while confronting the unexpected life events. Practitioners and financial planners use this article for increasing the financial satisfaction of their customers. There is a plethora of researches conducted in different perspective except life events of individuals. This study utilized confirmatory factor analysis, which is necessary when research carried out from a different perspective.

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