scholarly journals THE RELATION BETWEEN FINANCIAL KNOWLEDGE AND ECONOMIC DECISIONS

2014 ◽  
Vol 59 (1) ◽  
pp. 59-67
Author(s):  
Sabina Kołodziej
Keyword(s):  
Young Adults ◽  
Young People ◽  
Banking System ◽  
Financial Education ◽  
Financial Knowledge ◽  
Economic Decisions ◽  
Current Economic Situation ◽  
Common Observation ◽  
Saving Decisions

Nowadays policymakers, government agencies and educators in Poland and in many European countries emphasize the role of individual possibilities to take independent decisions regarding one’s financial resources. Consequently, the increased interest in financial education programs is observed. Moreover, the complexity of financial products further demonstrates the need for a financial knowledge when making decisions in this sphere. However, simultaneously, the common observation of numerous examples of irrelevant decision-making, consequently leading to financial (e.g. abundant debt) or professional (e.g. loss of work) problems as well as results of studies on the level of financial knowledge show that in many cases our society, most probably, does not have the indispensable level of analyzed knowledge. The article presents results of 2 studies on the relation between financial knowledge and economic decisions made by Polish young adults. The study 1 focuses on the correlation between financial knowledge and saving decisions while the study 2 financial knowledge and respondents debts. In both studies the level of financial knowledge was measured by the test relating to the current economic situation of Poland, knowledge of basic economic and financial concepts and understanding of basic market mechanisms. Specially designed questionnaires analyzed respondents’ savings (study 1) and debts (study 2) decisions. The results of those studies show that examined a group of Polish young adults has an average level of financial knowledge. Moreover, the first study found positive correlation (on the level of statistical trend) between financial knowledge and savings decisions. The results of study 2 showed the higher financial knowledge among people who took credits or loans from bank in comparison with people who take credit and loans outside the banking system. Results obtained in the studies reinforce the idea of the important role of financial education in preparing young people to make their own economic decisions. Key words: debt, financial education, financial knowledge, saving, young people.

The Myth of the Digital Native and What It Means for Higher Education

2018 ◽  
pp. 97-114
Author(s):  
Linda Corrin ◽  
Tiffani Apps ◽  
Karley Beckman ◽  
Sue Bennett
Keyword(s):  
Higher Education ◽  
Young Adults ◽  
Young People ◽  
Digital Technology ◽  
University Education ◽  
Childhood And Adolescence ◽  
Digital Native ◽  
College And University ◽  
Radical Transformation

The term “digital native” entered popular and academic discourse in the early 1990s to characterize young people who, having grown up surrounded by digital technology, were said to be highly technologically skilled. The premise was mobilized to criticize education for not meeting the needs of young people, thereby needing radical transformation. Despite being repeatedly discredited by empirical research and scholarly argument, the idea of the digital native has been remarkably persistent. This chapter explores the myth of the digital native and its implications for higher education. It suggests that the myth’s persistence signals a need to better understand the role of technology in young people’s lives. The chapter conceptualizes technology “practices,” considers how young adults experience technology in their college and university education, and how their practices are shaped by childhood and adolescence. The chapter closes with some propositions for educators, institutions, and researchers.

scholarly journals Consistency or contradiction? Mobility-Related Attitudes and Travel Mode Use of the Young ‘New Generation’

2019 ◽  
Vol 0 (0) ◽  
Author(s):  
Kathrin Konrad ◽  
Sören Groth
Keyword(s):  
Young Adults ◽  
Young People ◽  
Demographic Trends ◽  
Travel Mode ◽  
Current Discussion ◽  
Explanatory Factors ◽  
Research Gap ◽  
New Generation ◽  
The Relationship

Abstract In this paper, we examine the role of mobility-related attitudes in the travel mode use of young people, the extent to which young adults and teenagers behave consistently in relation to their attitudes, and the conditions on which the consistency of attitudes and behaviour depends. We thus continue the current discussion about the loss of importance of the car for young people in which various socio-demographic trends, but also changed attitudes, are used as explanatory factors, especially on a hypothetical level. Our contribution closes a research gap in that so far neither the relationship between attitudes and behaviour among young people has been empirically investigated nor has this relationship been empirically placed in a context of spatial, economic and socio-demographic conditions. We address this by means of differentiated correlation analyses and the calculation of correlation differences on the basis of a nationwide German survey of young people from 2013. This enables us to demonstrate that young people basically behave consistently in line with their attitudes. However, there are significant differences which confirm that certain spatial, economic and socio-demographic conditions are essential for the implementation of attitudes into corresponding travel mode use.

Adoption of students' loan schemes: the contingent role of financial knowledge

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gloria Ocran ◽  
Livingstone Divine Caesar
Keyword(s):  
Critical Role ◽  
Financial Education ◽  
The Body ◽  
Financial Knowledge ◽  
Relative Advantage ◽  
Research Approach ◽  
Content Type ◽  
Four Dimensions ◽  
Behavioural Factors

PurposeDespite the introduction of structural reforms to the students' loan scheme (SLS) in Ghana's higher education sector, patronage is still low. This paper aims to examine the complexity of technological and behavioural factors underpinning the low rate of students' loan adoption in Ghana. It further contributes to the body of knowledge by exploring the moderating role of financial knowledge in the hypothesized relationships.Design/methodology/approachUsing a positivistic research approach, a sample of 700 tertiary students with experience in accessing SLSs were surveyed. An 88% response rate was realized and the data analysed using descriptive statistics, exploratory and confirmatory factor analysis.FindingsFour dimensions of technological factors (relative advantage, trialability, observability and compatibility) and two of behavioural factors (attitude and control behaviour) were positively related to adoption of the SLS. Financial knowledge only moderated the relationship between compatibility, attitude, behavioural control and students' loan adoption.Practical implicationsFinancial knowledge plays a critical role in influencing the investment decisions of people. Management of SLSs needs to offer financial education to targeted parents/students to clear misconceptions. It is also imperative that all other technical challenges are addressed to enhance adoption rates for the SLS. Review of guarantor requirements is needed also.Originality/valueThis paper introduces financial knowledge as a moderating variable to investigate the hypothesized relationships. It offers a developing country insight into how technological/behavioural factors and financial knowledge might be impacting adoption of SLSs.

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.

The Heritability of Attitude Toward Economic Risk

2009 ◽  
Vol 12 (1) ◽  
pp. 103-107 ◽  
Author(s):  
Songfa Zhong ◽  
Soo Hong Chew ◽  
Eric Set ◽  
Junsen Zhang ◽  
Hong Xue ◽  
...  
Keyword(s):  
Risk Taking ◽  
Genetic Basis ◽  
Direct Evidence ◽  
Behavioral Genetics ◽  
Risk Attitude ◽  
Economic Risk ◽  
Economic Decisions ◽  
Common Observation ◽  
Decision Making Behavior

AbstractThe propensity to take risk underpins a wide variety of decision-making behavior, ranging from common ones such as asking for directions and trying out a new restaurant to more substantial economic decisions involving, for instance, one's investment or career. Despite the fundamental role of risk attitude in the economy, its genetic basis remains unknown. Using an experimental economics protocol combined with a classical twin strategy, we provide the first direct evidence of the heritability of economic risk attitude, at 57%. We do not find a significant role for shared environmental effects, a common observation in behavioral genetics that is contrary to commonly held views in economics. Our findings complement recent neuroeconomic studies in enhancing the understanding of the neurobiological basis of risk taking.

scholarly journals The Role of Financial Education in Adolescent Consumers’ Financial Knowledge Enhancement

2020 ◽  
Vol 32 (SI) ◽  
pp. 115-130
Author(s):  
Andrea Lučić ◽  
Dajana Barbić ◽  
Marija Uzelac
Keyword(s):  
Financial Education ◽  
Financial Knowledge ◽  
Knowledge Enhancement

scholarly journals The role of personality in the relationship between financial stress and well-being in young people

2020 ◽  
Vol 11 (2) ◽  
pp. 81-92
Author(s):  
Ana Maria Chipeșiu
Keyword(s):  
Young People ◽  
Satisfaction With Life ◽  
Financial Stress ◽  
Financial Education ◽  
Well Being ◽  
Moderating Effect ◽  
Satisfaction With Life Scale ◽  
Personality Factor ◽  
The Relationship

The present study is aimed to study the moderating role of personality in the relationship between financial stress and well-being in young people in Romania. The sample consisted of 168 young people aged between 20 and 35 years old (M = 22.05, AS = 2.72), of which 116 are female (69%) and 52 male (31%). To measure the variables, we used InCharge Financial Distress/Financial Well-Being Scale, The Satisfaction with Life Scale and questionnaires of ten items each (Markers Big Five) that are part of the collection of items of the IPIP-Ro project. The results showed that only Openness to experience, as a personality factor, has a moderating effect on the relationship between financial stress and well-being. The novelty of the study consists in capturing the relationships between personality, financial stress and well-being of young people in Romania. Few Romanian studies analyzed the moderating effect of personality in the relationship between the two variables mentioned above. The present study can contribute to the development of financial education programs, the aim being to reduce financial stress and increase the well-being of young people through strategies for efficient management of personal resources

scholarly journals Financial Literacy in the Czech Republic

2015 ◽  
Vol 2 (4) ◽  
pp. 25-35
Author(s):  
Liběna Kantnerová
Keyword(s):  
Young Adults ◽  
Czech Republic ◽  
High Schools ◽  
Young People ◽  
Financial Literacy ◽  
Financial Knowledge ◽  
The Czech Republic ◽  
Youth And Young Adults ◽  
The University ◽  
South Bohemia

This paper analyses the need to deal with the issue of financial literacy and financial knowledge not only by adults, but also by youth and young adults. This paper is focused on research into the knowledge and understanding of the financial literacy of young people, mostly between the ages of 16 to 33 years, via a questionnaire. The survey, undertaken in the Czech Republic, is based on a sample of 329 students from high schools and 329 students from the University of South Bohemia in České Budějovice [658].

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