Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs

A recent meta-analysis of the effect of financial literacy and financial education on downstream financial behaviors has shown a weak collective impact of the work of financial education. While the findings are not stellar, they do not support a dismantling of financial education programs and funding. This paper examines the findings of the meta-analysis and discusses the implications for the field. In this discussion, a more thoughtful consideration of the ways to provide financial education and the manner about how to influence behavior is highlighted. In addition, this article proposes a systematic examination of why timely educational approaches should coexist with longer-term financial education programming. The field also needs a more rigorous examination of factors that impact intervention effectiveness, including a call for improved research protocol and evaluation and a plea for greater visibility between researchers and practitioners.

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Financial Literacy, Materialism and Financial Behavior

International Journal of Multicultural and Multireligious Understanding ◽

10.18415/ijmmu.v5i4.171 ◽

2018 ◽

Vol 5 (4) ◽

pp. 370

Author(s):

Anastasia Anggarkusuma Arofah ◽

Yunastiti Purwaningsih ◽

Mintasih Indriayu

Keyword(s):

College Students ◽

Financial Literacy ◽

Significant Contribution ◽

Financial Education ◽

Economic Education ◽

Financial Behavior ◽

Original Sample ◽

Education Programs ◽

Goods And Services ◽

Financial Behaviour

AbstractOtoritas Jasa Keuangan (OJK) focus on improving financial behavior is through financial education program. This study discusses the importance of financial literacy and materialism attitudes in affecting individual’s financial behaviour. Using survey on 129 undergraduates of Economic Education, financial literacy and materialism being factor in affecting behaviour finance. The result of research shows that financial literacy has positive and significant contribution on financial behaviour. It can be seen from the original sample value is 0.244 and t-value 2.319 > 1.96. In addition materialism has a positive and significant contribution on financial behaviour with the original sample value is -0.583 and t-value 6.666 > 1.96. Undergraduates with high financial literacy has good financial behaviour, and undergraduates with low materialism tends can hold an activity related to the purchase of consumer goods and services. Moreover, the significance of financial literacy and self-efficacy has important implications for the development of policies that aim to improve financial behaviour among college students in financial education programs. Keywords: Financial Literacy, Materialism, Financial Behaviour, Financial Education

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The Role of Financial Education in the Path Towards Sustainable Development

Financial Management and Risk Analysis Strategies for Business Sustainability - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-7634-2.ch001 ◽

2021 ◽

pp. 1-19

Author(s):

Raquel González Castro ◽

Joaquín Enríquez-Diaz ◽

Begoña Alvarez García

Keyword(s):

High School Students ◽

Financial Literacy ◽

Financial Education ◽

Practical Experience ◽

School Students ◽

Financial Decisions ◽

Level Of Satisfaction ◽

Level Of Knowledge ◽

High Level

Financial decisions are present in everyone's daily life. However, citizens do not always have sufficient knowledge to understand the consequences of their decisions and the risks taken. The lack of financial literacy can contribute, along with other factors, to making wrong financial decisions. This is why financial education becomes a key element to achieve a more sustainable and egalitarian future. This research presents a practical experience intended to foster financial education among high school students. The experience consisted in providing training workshops about financial topics, specifically adapted to the students' needs. The students' level of financial knowledge was evaluated and also their level of satisfaction with the experience. Results showed a high level of satisfaction and a significant improvement in their level of knowledge. The research also helped to identify the students' socio-demographic characteristics that explain the differences in their level of financial culture and their capacity for improvement.

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Ethnicity and Household Savings in Indonesia

Research Anthology on Personal Finance and Improving Financial Literacy ◽

10.4018/978-1-7998-8049-3.ch009 ◽

2021 ◽

pp. 138-150

Author(s):

Shochrul Rohmatul Ajija ◽

Muhamad Abduh ◽

Wasiaturrahma Wasiaturrahma ◽

Ahmad Hudaifah

Keyword(s):

Family Life ◽

Logit Analysis ◽

Household Savings ◽

Household Saving ◽

Factors Influencing ◽

Indonesia Family Life Survey ◽

The Family ◽

Saving Behavior ◽

Group Variable

Household saving is very important, not only for securing the future spending of the family but also for the country's economy. Using the logit analysis on data of The Indonesia Family Life Survey (IFLS) wave three, four, and five, this chapter analyzes factors influencing, especially the role of ethnicity, upon the household savings in Indonesia. The result indicates that gender, location, and level of education are the consistent variables affecting the household saving behaviour in Indonesia across the three wave surveys. Meanwhile, as for the ethnic group variable, there are only Sunda, Batak, and Bima-Dompu that can significantly influence the people's saving behavior across the three wave surveys.

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Household’s Overindebtedness during the COVID-19 Crisis: The Role of Debt and Financial Literacy

Risks ◽

10.3390/risks9040062 ◽

2021 ◽

Vol 9 (4) ◽

pp. 62

Author(s):

Łukasz Kurowski

Keyword(s):

Financial Literacy ◽

Multinomial Logistic Regression ◽

Financial Education ◽

Management Skills ◽

Budget Management ◽

Mortgage Loans ◽

Consumer Loans ◽

Personal Finances ◽

The Face

The COVID-19 pandemic has shown how important it is to prepare one’s own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our budget management decisions. Therefore, the aim of the article is to check whether households with a higher level of financial and debt literacy have better management skills from the perspective of a household’s budget, which in the face of a crisis reduces the risk of individuals not paying their liabilities. Thus, at the turn of June and July 2020, we conducted surveys among 1300 Polish citizens. Using the multinomial logistic regression, we show that people with a higher financial and debt literacy are less affected by overindebtedness. During the crisis, people who have a higher debt literacy are better prepared to manage credit liabilities; in this situation, financial literacy is less important. In addition, the type of credit experience turned out to be significant. Respondents who have experience with consumer loans (potentially high-margin products) are more likely to have debt repayment problems than those with mortgage loans experiences.

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