scholarly journals Financial Literacy Among German Students at Secondary Schools: Some Empirical Evidence from the State of Hesse

2019 ◽  
Vol 65 (4) ◽  
pp. 299-326
Author(s):  
Volker Brühl
Keyword(s):  
Secondary Schools ◽  
Empirical Evidence ◽  
Test Performance ◽  
Financial Literacy ◽  
Financial Education ◽  
The State ◽  
International Standards ◽  
Basic Knowledge ◽  
German School ◽  
The Impact

Abstract Since the financial crisis financial literacy has attracted growing interest among researchers and policy makers, as there is international empirical evidence that financial literacy is poor among both adults and students. In Germany we have almost no empirical evidence on financial literacy, especially in the case of students attending secondary schools, as financial education has not featured on German school curricula to date. Besides, Germany has not yet participated in the optional financial literacy module of PISA, which was offered for the first time in 2012. However, a lack of private pension provisioning, in spite of demographic change, and low stock ownership among German households indicate a deficit in financial knowledge and skills in this country as well. In this paper we investigate financial literacy among students aged 14 to 16 attending a secondary school in the state of Hesse. The foundation is a test designed according to international standards. The statistical analysis of the test reveals substantial deficits in key areas of financial literacy. Particular deficits could be identified in the fields of basic knowledge of financial matters and, to an even greater degree, in more advanced concepts such as risk diversification. Applying interest calculations to financial matters turned out to be problematic for many students. Furthermore, the paper analyses the impact of gender and type of school on the overall test score as well as test performance in specific tasks. The findings suggest that financial matters should be covered in some form at secondary schools. In light of the potentially far-reaching consequences of financial illiteracy for financial wellbeing, German participation in future PISA financial literacy tests seems highly advisable to gain a deeper understanding of the preliminary findings presented in this paper.

scholarly journals An Empirical Analysis of the Impact of Agency Banking on Financial Inclusion in Benue State, Nigeria: Implications for Economic Activities

2022 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
David Terfa Akighir ◽  
Tyagher Margaret ◽  
Jacob Terungwa Tyagher ◽  
Tordue Emmanuel Kpoghul
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Survey Design ◽  
Secondary Data ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
The Impact

Twelve (12) out of the Twenty-three (23) local government areas (LGAs) in Benue State do not have the presence of banks over a long period of time. This situation has deprived the inhabitants of these LGAs of access to formal financial services until the advent of agency banking. This study therefore, investigates the impact of agency banking on financial inclusion and economic activities in Benue State focusing on the agency banking activities of First Bank Ltd. The study is anchored on the agency theory and it used a survey design. The study has utilized both primary and secondary data that were analyzed using descriptive statistical tools and structural equation models. Findings of the study have revealed that agency banking activities of First Bank Ltd have immensely enhanced financial inclusion and economic activities in Benue State. However, challenges such as shortages of cash, security problems, network failures, and lack of financial literacy are militating against the smooth operations of the agency banking in the State. On the basis of these findings, the study has recommended among others that, other banks operating in the State should be encouraged to venture into agency banking in the state so as to have a wider coverage of agency banking in the State. Also, government should provide security and partner with the private sector to provide national carrier communication network system to overcome the network failure challenge. Finally, banks should intensify efforts to educate the masses about the validity and potency of agency banking.

Kaizen, a continuous improvement practice in organizations

2018 ◽  
Vol 30 (4) ◽  
pp. 255-268 ◽  
Author(s):  
Karla María Alvarado-Ramírez ◽  
Víctor Hipólito Pumisacho-Álvaro ◽  
José Ángel Miguel-Davila ◽  
Manuel F. Suárez Barraza
Keyword(s):  
Empirical Evidence ◽  
Continuous Improvement ◽  
Latin American ◽  
The State ◽  
Structured Interviews ◽  
Managerial Behavior ◽  
Content Type ◽  
Service Companies ◽  
The Impact ◽  
Latin American Countries

PurposeThe purpose of this paper is to compare the practices of continuous improvement that are applied in medium and large manufacturing and service companies in two Latin American countries. At the same time, benefits and barriers experienced by these companies with regard to sustainability of continuous improvement are explored.Design/methodology/approachIn order to generate a comparative study between two Latin American countries, interviews were conducted with managers linked to continuous improvement in medium and large companies in the State of Puebla and the Metropolitan District of Quito, which are important areas in Mexico and Ecuador, respectively. Data were collected by means of document analysis, semi-structured interviews, and direct observation.FindingsCompanies in both countries identify the use of various techniques and/or tools for continuous improvement. The results of the empirical evidence show how the impact of the application of the techniques has been beneficial in economic and human terms. Thus, the exploratory study has permitted the identification of the drivers and inhibitors in the maintenance of continuous improvement.Research limitations/implicationsThe research is based on only two areas of the Latin American countries: Mexico and Ecuador. Their results can therefore not be generalized. The approach is applied in a specific environment, namely, the State of Puebla and the Metropolitan District of Quito. This study incorporates the perception of managers, directors, and/or supervisors involved in continuous improvement processes.Practical implicationsThis paper seeks to provide analytical input. The study is of great interest to researchers, managers, consultants, and professionals linked to projects of continuous improvement who wish to incorporate continuous improvement practices which are sustainable over time. A new managerial behavior is the basis of continuous improvement, where the training and development of the human resource increases the commitment to achieve organizational changes.Originality/valueThis research makes an empirical contribution to the literature through the understanding of practices of continuous improvement in a Latin American context, highlighting the factors that improve or impede the process of continuous improvement. Particularly in Mexico and Ecuador, the empirical evidence on this subject is still scarce despite the existence of theoretical academic literature.

The Impact of University Curricula on Financial Education of Millennials

2022 ◽  
pp. 208-245
Author(s):  
José G. Vargas-Hernández ◽  
María Fernanda Higuera Cota
Keyword(s):  
Financial Literacy ◽  
Research Method ◽  
Financial Education ◽  
Limited Information ◽  
General Hypothesis ◽  
Literacy Knowledge ◽  
Independent Variable ◽  
University Curricula ◽  
The Impact ◽  
The Relationship

The objective of this research is to analyze the financial literacy knowledge of the Millennial generation. The research method is qualitative-quantitative of correlational type since it consists of identifying the relationship between the independent variable and the dependent variable. The general hypothesis is that limited financial education in curricula affects the financial education of the Millennials. Through the information gathered and the surveys applied, it is evident that Millennials have no financial knowledge and university curricula have limited information on financial education.

Cutting Through the Fog: Financial Literacy and Financial Investment Choices

2020 ◽  
Author(s):  
Marco Nieddu ◽  
Lorenzo Pandolfi
Keyword(s):  
Financial Literacy ◽  
Ambiguity Aversion ◽  
Financial Education ◽  
Certainty Equivalent ◽  
Financial Asset ◽  
Negative Effects ◽  
Coin Toss ◽  
Financial Investment ◽  
Average Value ◽  
The Impact

Abstract This paper examines the impact of financial literacy on the individual propensity to invest in financial assets. In a laboratory experiment with a two-by-two design, we study how the certainty equivalent of a risky lottery changes when varying the lottery framing and the participants’ financial literacy level. We find that presenting the lottery as a financial asset—whose payoffs need to be computed from a given return rate—rather than as a simple coin toss reduces the average value participants assign to the lottery by approximately 20% and lowers their understanding of the lottery’s structure. Enhancing financial literacy by explaining the basic financial concepts involved in the description of the financial-asset lottery, offsets the negative effects of the financial framing: it improves respondents’ understanding of the lottery and increases the certainty equivalent. Our results—which can be rationalized by ambiguity aversion—shed new light on the linkages between financial literacy and financial investment behavior. Additionally, they highlight the importance of promoting financial education to stimulate households’ financial market participation.

scholarly journals Economic culture as a factor in the financial behavior of Russians: the role of archetypes and modern context

POPULATION ◽  
2021 ◽  
Vol 24 (2) ◽  
pp. 29-40
Author(s):  
Olga Aleksandrova
Keyword(s):  
Interpersonal Relationships ◽  
Financial Literacy ◽  
The State ◽  
Economic Life ◽  
Individual Responsibility ◽  
Financial Behavior ◽  
Modern World ◽  
Economic Culture ◽  
Patterns Of Behavior ◽  
The Impact

In Russia, as in many countries, the state is showing increased attention to the topic of financial literacy of the population, which is connected, on the one hand, with the expansion of the financial market inherent in the modern world economy, involving ordinary people in its orbit, and, on the other hand, with the curtail of the welfare state, and the reorientation of citizens to self-financing their needs for pensions, medical care, education, etc. In the process of such pushing up people to become investors, borrowers, participants of funded pension schemes, the specific character of the economic culture of the population is not taken into account, while many observed phenomena, such as low level of financial literacy and massive distrust of financial institutions, are due exactly to it. The article presents analysis of the cultural archetypes and patterns of behavior characteristic of the Russians that make up the economic culture; they were correlated with the models of behavior of the population of interest to the state; the impact on the existing economic culture of the current socio-economic context is considered. It is shown that the natural-climatic, geographic, geopolitical and religious factors have shaped Russians' specific attitude towards savings, their own and other people's property, planning horizons, contractual obligations, separation of common and individual responsibility, financial discipline, work ethics, state and commercial institutions, interpersonal relationships, etc., which is far from that sought by the state. Meanwhile, the problem is that it is the socio-economic policy pursued by the state, the events of the economic life of the past thirty years that act as the factors of reproduction and consolidation of the formed cultural archetypes and patterns of behavior, but not their productive transformation.

scholarly journals The Impact of International Social Security Standards on Formalization of Social Risks in National Legislation

2017 ◽  
pp. 97-105
Keyword(s):  
Social Security ◽  
The State ◽  
Point Of View ◽  
International Standards ◽  
The Self ◽  
International Treaties ◽  
National Legislation ◽  
Social Risks ◽  
Security Standards ◽  
The Impact

The article deals with the international standards of social security from the position of stipulation of social risks in them. On the basis of the state self-limitation theory, the author concludes that there exists a process of self-limitation in the field of social security. By ratification of international treaties establishing standards in the field of social security, a state limits itself. Thereby the state makes a commitment to support its citizens in prevention, overcoming, and compensation of social risks. It demands from the state to formalize the social risks in the national legislation. It is proved that formalization of social risks in national legislation is an inner aspect of the self-limitation process in the field of social security. Some social risks might be also stipulated in international documents, in particular, in the UN and the International Labour Organization instruments. Both internal and external aspects of the self-limitation process in the field of social security are in close interrelation. At the same time, implementation of certain international standards entails significant financial and organizational budget expenditures, therefore such standards can be implemented in part. From the author’s point of view, it is the internal aspect of self-limitation that serves as a guarantee from arbitrariness of a legislator in formalization of social risks.

scholarly journals Quantification of the Hazard Due to Releases of Radioactive Substances in Accidents and Fires in Workplaces with Radioactive Sources

2014 ◽  
Vol 8 (2) ◽  
pp. 11-17 ◽  
Author(s):  
Jana Hudzietzová ◽  
Jozef Sabol
Keyword(s):  
The State ◽  
International Standards ◽  
Main Task ◽  
Inappropriate Use ◽  
Radioactive Substances ◽  
State Office ◽  
Means Of Measurement ◽  
Standards And Guidelines ◽  
Radioactive Sources ◽  
The Impact

Abstract In the Czech Republic, under normal conditions, the radioactive sources are used transported and stored in accordance with the relevant regulations and instructions of the State Office for Nuclear Safety (SONS), which is the regulatory authority of the state administration. Its main task is to ensure adequate safety and protection of persons in accordance with current international standards and guidelines. However, if there is an incidence, accident, or other emergency, these circumstances require taking some specific measures aimed at minimizing the impact of such situations on human health and the environment. During a fire in the workplace, the radioactive sources can get out of control or radioactive substances may begin to leak into the environment. In these cases, it is necessary to evaluate the radiation situation by means of measurement and monitoring both the external radiation and radioactive contamination of the air and the surrounding environment. For this purpose, a system of quantities and units has been developed for this purpose. If the system is not used correctly, this may cause serious confusion in some cases. Inappropriate use of quantities may also result in some misunderstanding regarding the evaluation of the severity of the radiation situation. The paper gives an overview of the relevant quantities and units in accordance with the latest recommendations of international organizations which are active in this area.

scholarly journals Evaluation of pharmaceutical education in the State of Libya: An academic perspective

2021 ◽  
pp. 344-355
Author(s):  
Mohamd M. Milad ◽  
Amal Y. Benkorah
Keyword(s):  
Public Universities ◽  
The State ◽  
Pharmacy Education ◽  
International Standards ◽  
Educational Standards ◽  
Related Services ◽  
Process Outcomes ◽  
The Impact ◽  
Pharmaceutical Education

Objective: This study evaluates the quality of educational standards in the colleges of pharmacy in the State of Libya using FIP-QA framework which is made of five sections representing the five pillars of quality, namely: context, structure, process, outcomes and impact. Method: A questionnaire was constructed based on the indicators in each section of the framework. Answers were collected by distributing the questionnaire to eight colleges of pharmacy at public universities. Results: 42 out of 50 professors completed the questionnaire. Most participants believe that the context, structure and process of pharmaceutical education in Libya require significant improvement in order to comply with international standards. Conclusions: Since the impact of pharmacy education depends on the previous pillars, it is clear that the current curricula are inefficacious in producing graduates who have the competencies to exercise patient-centred roles, and to address the limitations in providing pharmaceutical care-related services.

scholarly journals Critical Analysis of Pensions Taking into Account Selected Aspects of Financial Literacy

2020 ◽  
Vol 6 (3) ◽  
pp. 29-35
Author(s):  
Alexander Zureck ◽  
Viktoria Daus ◽  
Philippe Krahnhof
Keyword(s):  
Financial Literacy ◽  
Critical Analysis ◽  
Positive Impact ◽  
Financial Education ◽  
Scientific Paper ◽  
Net Income ◽  
Academic Degree ◽  
Federal States ◽  
The Impact ◽  
Positive Effect

In this study we investigate the impact of government debt on the economic growth of General financial education, so-called financial literacy, which plays an essential role in private retirement provisions. A study by the Organization for Economic Co-operation and Development (OECD) in 2015 shows that financial literacy is not prevalent in Germany (OECD, 2015). The aim of this scientific paper is to underline the importance of financial literacy for private retirement provisions. Due to the falling level of pensions in Germany, investments in a private pension are essential. Therefore, a regression analysis is carried out. An academic goal is to analyze if gender, net income and academic degree have a positive impact on financial literacy. In summary, it can be said that there is a significant influence of gender. With regard to the significant imbalance in the gender distribution (three quarters are male), the data should be expanded in the future. While net income as well as academic degree both have positive effect, correlation was only shown for net income. An ideal level of private retirement provisions was not determined in the empirical study. Based on these empirical insights, it is recommended that the federal states should invest in the financial education of their citizens to counteract poverty in age.

Sign in / Sign up

Export Citation Format

Share Document