FİNANSAL EĞİTİME BAKIŞ

PurposeChina's New Rural Pension Program (NRPP) has been implemented for a decade, but the factors that facilitate rural residents' participation have received little attention. This study aims to investigate whether financial literacy has an influence on rural residents' behavior of participation in the NRPP. In particular, this study further verifies if high financial literacy is important and whether financial education can enhance the impact of financial literacy on current, long-term and dynamic pension decisions of rural households.Design/methodology/approachThis study investigates the impact of financial literacy on rural residents' participation in China's NRPP using the China Household Financial Survey (CHFS) Data of 2015 and 2017. This study constructs an analytical framework for current, long-term and dynamic impacts and comprehensively analyzes the value of financial literacy in the decision making of the NRPP. This study uses the instrumental variable method to solve the possible endogeneity problem. In addition, the authors also demonstrate the positive role of high financial literacy in household pension decisions. Further analysis reveals gender and regional heterogeneity in the impact of financial literacy on pension decisions. The moderating effect model explores whether financial education has a significant moderating effect on financial literacy and pension decision making of the NRPP.FindingsFinancial literacy can improve the participation behavior of households in rural areas (dynamic effect) and promote their current and long-term participation in the NRPP, choosing a higher pension contribution level in the NRPP. However, financial literacy has no significant effect on the change in the contribution amount of the NRPP. Further research finds that high financial literacy has comparative advantages in household pension decision making in rural areas. There are gender and regional differences in the impact of financial literacy on pension decisions. In addition, effective financial literacy education enhances the current, long-term and dynamic impacts of residents' financial literacy on NRPP participation and pension contributions.Practical implicationsThis study comprehensively considers the impact of financial literacy on pension decision making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.Originality/valueThis study comprehensively considers the impact of financial literacy on pension decision-making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.

Forte, K. S., Taylor, E. W., & Tisdell, E. J. (Eds.). (2014). Financial Literacy and Adult Education. New Directions for Adult and Continuing Education, 141. San Francisco, CA: Jossey-Bass. 112 pp. ISBN: 978-1118-85003-9 (paperback) With the recent economic downturn, high unemployment rates, changes in employer retirement plans, increased health care costs, and decreased savings, it is now more important than ever that individuals be financially literate. The purpose of Financial Literacy and Adult Education, edited by Forte, Taylor, and Tisdell (2014), is to highlight how adult education theories and ideas can be utilized to teach financial literacy, thus improving an individual's financial stability. They draw from scholars in the fields of adult education and financial literacy to illuminate the opportunity to inform one another. The first four chapters highlight factors that affect financial learning. In Chapter 1, Forte encourages financial educators to consider sociocultural issues when developing adult financial education programs. She suggests financial educators engage in culturally responsive teaching, which emphasizes learning about learners, matching the materials and lessons to learners' needs, demonstrating cultural caring, and building a learning community. Buckland, in Chapter 2, examines how financial exclusion (e.g., being unable to rely on mainstream banks for financial services) creates structural barriers that can reinforce poverty. He illustrates how situated learning theory could provide a foundation for understanding adults' learning and recommends improving community relationships, providing greater access to mainstream banks and financial tools to create a better learning experience and ultimately assist low-income individuals. In Chapter 3, Way explores the theory of reasoned action, the theory of planned behavior, and the transtheoretical model of change as tools to assist educators in structuring financial education to yield more productive results. Way details the impact of financial interventions focusing on interpersonal interactions, community and organizational settings, and policy and systems, and presents an ecological model that illustrates how interventions can modify behavior. Jarecke, Taylor, and Hira, in Chapter 4, explore financial literacy education for women and suggest instructional strategies to meet their unique needs. English, in Chapter 5, urges adult educators to examine their own assumptions and to critically reflect on financial education programs. …

It has been a busy time for the Association of Education Finance and Policy (AEFP). Over the past few years the association has acquired a new name, a new journal, and many new members. The 2012 annual conference, convened in Boston last March, proved to be the largest conference in the association’s thirty-seven-year history, with 556 members in attendance. The theme, selected by incoming president Deborah Cunningham, was “Education Finance, Policy, and Practice: The Role of Evidence in a Dynamic World,” which underscores the contemporary challenge to the association: how to apply an increasing abundance of information and sophisticated analytical tools to produce the evidence needed to guide decision making by educational policy makers and practitioners. The Boston meeting was notable not only for the number in attendance. The unique qualities and strengths of the association were in clear display: papers of unusual methodological rigor; an interdisciplinary mix of academics from the social sciences, public policy schools, and colleges of education; educational finance professionals, policy analysts, and practitioners, a mix rarely found in the same place; and sessions addressing today’s hot topics as well as issues that have endured over the years. Having said this, all indications are that AEFP is what it has always been: a small, diverse group of people tackling some really big problems. Of particular note was a trend that has been growing for years but has clearly come into full flower: the large

PurposeThe purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction.Design/methodology/approachData are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions.FindingsFinancial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction.Research limitations/implicationsThe study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education.Practical implicationsThe findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients.Social implicationsPolicy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being.Originality/valueThis study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

Objective: The objective of this study is to analyze the importance of effective management of financial inclusion and education in the context of sustainable development, highlighting its impact on the achievement of the SDGs. It also aims to identify the main challenges faced by vulnerable populations in accessing financial services and propose comprehensive strategies to improve financial literacy and accessibility, contributing to a more inclusive and equitable society. Theoretical Framework: For this research we have several relevant approaches and theories such as: financial inclusion theory; its relationship with the SDGs; financial education theory, as well as inclusion and sustainable development. Method: The methodology adopted for this research comprises a qualitative approach, based on the review of documents, public policies and government programs on financial inclusion and education to assess their effectiveness with respect to the SDGs. Data from the World Bank's Data Dashboard (The Global Findex Database, 2024) was analyzed using content analysis, which allowed identifying key themes and gaining a deeper understanding of the perceptions and experiences related to the evaluated programs.. Results and Discussion:The results obtained revealed that, although there is progress in financial inclusion in Mexico, there are still areas of opportunity to improve access to and use of financial services, especially among the most vulnerable segments of the population. It is necessary to highlight the need to continue working on the promotion of financial inclusion in Mexico and in other regions, through public policies that promote financial education, technological innovation, and collaboration between the public and private sectors. Research Implications: The practical implications of this research include the improvement of public policies and programs focused on financial inclusion and education, promoting more equitable access to financial services in vulnerable populations. At a theoretical level, the study provides a deeper understanding of the relationship between financial management and sustainable development, offering a conceptual framework that links financial inclusion with the SDGs. This strengthens the academic analysis on how financial education can drive inclusive economic growth. Originality/Value: The originality and value of this research lies in its focus on the direct relationship between financial inclusion and financial education with the SDGs, an area underdeveloped in the literature. The research offers a new perspective by assessing how financial education can be a key tool for achieving equitable and sustainable development. Its contribution to the literature is in providing a detailed analysis of public policies and government programs, highlighting their effectiveness and identifying areas for improvement, which brings a comprehensive and updated approach to the study of financial inclusion.

“Consumer financial education as a novel edu-regulatory technique” maps out academic literature on sociology of indicators, social studies of finance and legal scholarship on financial literacy education. Borrowing insights and observations from this literature, the chapter introduces two novel, conceptual frameworks that are used throughout the book to examine the financial education project. The concept of “edu-regulation” is developed to analyse and consider a distinct, legal regime designed in the UK to govern consumer behaviour and consumer markets through the use of information, education and advice. The concept of edu-regulation emerged as a result of careful and detailed scrutiny of different financial education programmes rolled out in the UK. It helps to theorise various financial education programmes adopted by the UK’s policy makers and financial regulators with an aim to police and regulate household financial decision-making. The chapter’s key argument is that these edu-regulatory policies and programmes are used to expand consumer access to financial information, financial education and financial advice. Naming this process “the democratisation of financial knowledge”, the chapter introduces another conceptual framework. The democratisation of financial knowledge as a concept is used in the book to theorise ever greater broadening, deepening, and expansion of consumer access to financial knowledge. This conclusion is of particular importance since the key aim of this concept is to shift the academic debate on and analysis of financial literacy education from access to finance to one on access to financial knowledge. This concept provides analytical space to interrogate and question the neutrality, universality and objectivity of financial knowledge. It provides a means to question the ways in which financial knowledge participates in governance of consumer financial markets.It is suggested in this chapter that the project on consumer financial education aims to democratise consumer access to highly restrictive and problematic financial knowledge. Various financial education programmes and policies do not develop and facilitate access to all kinds of financial knowledge. Instead, the financial education project builds access to financial information, financial education and financial advice largely oriented towards consumer activation and integration in financial markets.

More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood. Identification comes from variation in financial literacy, economics, and mathematics course offerings and graduation requirements mandated over the 1990s and 2000s by state-level high-school curricula. The FRBNY Consumer Credit Panel provides debt outcomes based on quarterly Equifax credit reports from 1999 to 2012. Our analysis, based on a flexible event-study approach, reveals significant effects of financial education on debt-related outcomes of youth. On the extensive margin, financial literacy education has a sizable impact on the propensity of youth having a credit report. Conditional on having a credit report, on the intensive margin, math and financial literacy education exposure reduces the incidence of adverse outcomes – such as accounts in collections and delinquent accounts – and reduces both the likelihood of youth carrying debt and their average debt balances. The net effect of both math and financial literacy education is an increase in youths’ average creditworthiness, as measured by the Equifax risk score. On the other hand, economic education increases the likelihood of individuals carrying balances, leads to significant increases in debt balances – in particular, debt used to support consumption – and, at the same time, increases the likelihood of adverse credit outcomes, leading to a decline in youths’ average risk scores. The effects of these financial education policies accumulate over the course of early adulthood. Our results suggest that financial education programs, increasingly promoted by policymakers, are likely to have significant impacts on the financial decision-making of youth, but the effects depend on the content of these programs.

College students, including athletes, have limited exposure to financial education prior to enrolling in college (Britt et al., 2015). Athletes juggling two full-time roles as athlete and college student have limited time for financial education and the opportunity to work. Some athletes receive athletic scholarships and some do not, but either way, many athletes must seek additional funding and student loans to pay for college. Huston’s (2010) model demonstrated connections between financial literacy, behaviors, and education to serve as a framework for our study. The purpose of this study was to determine college athletes’ subjective and objective financial literacy, how they applied this knowledge, and their preferred mode(s) of financial education to pilot financial literacy education geared specifically for athletes based on their preferences. Data was collected from two institutions in the same Power 5 conference: monthly spending logs, focus groups, interviews, a financial knowledge survey, and pre- and post-tests flanking a financial literacy module in first-year experience courses and summer bridge. A Money 101 course was piloted over eight weeks, and peer financial counseling was offered. As athletes might gain access to their name, image, and likeness (NIL) for potential income in the near future, financial education is paramount.

Using the concept of problematization, this paper reveals the rationale for governing consumers in the practice of Swedish financial literacy education. Before the 1980s, the problematization of consumers was characterized by teaching economic thrift to ‘at-risk groups’. Through observations of and interviews with teachers and organizers, as well as analyzes of policy texts, this study shows that contemporary financial education instead describes a whole population of consumers lacking ‘financial self-confidence’. This study also shows how social, political, and economic developments prompted the problematization of the previously unnoticed issue of Swedish citizens’ ‘financial literacy’. Neo-liberal ideas and reforms, financialization, and the Organization for Economic Cooperation and Development’s promotion of financial literacy are all strong factors in the current problematization of Swedish consumers and the ongoing practice of financial education. Financial education attempts to foster economically rational, responsible, self-reliant financial citizens; in other words, it seeks to make people more like the ‘virtual consumer’ of neo- classic economic theory. The ideal consumer of contemporary financial education is expected to turn to financial markets to ensure his or her economic welfare. Doing so is assumed to lead consumers to contribute to efficient and stable global and national financial markets. However, consistent with the local problematization of Swedish consumers as having diverse problems and needs in relation to finance, such education is adjusted to fit different categories of consumers. While some are said to require financial ‘inspiration’ to become active and engaged financial consumers, the traditional morality of thrift still characterizes financial education tailored for consumers deemed to be at risk of over-indebtedness.

Financial literacy education has traditionally never been a major subject area in most public schools in Maryland. With the unanticipated struggling of the United States of America (USA) Economy, Maryland (one of the richest states in the USA and its residents, especially of its major urban city, Baltimore, is facing severe family and personal financial crisis. This unanticipated financial crisis characterized by declining family and personal savings, mortgage defaults and foreclosures, and tenant evictions due to rent defaults is motivating educators, business entities, and politicians to develop education strategies to educate children from future financial crisis. Although there is an overwhelming consensus for providing financial education as a major curriculum to our schoolchildren, the practicability of most curriculums is obscure. To develop a practical approach to teaching financial literacy in elementary schools, an assessment using a Grid Familiarity Rating Chart (Very Familiar – Not Familiar) of basic financial and economics concepts was assigned to 210 students (4th – 5th graders) in four inner city schools. Students received information to place a check mark by each concept if they are very familiar or familiar with the concept. Results revealed that 97% of the students were very familiar or familiar with the basic financial concepts as compared to 49% of the students who were very familiar or familiar with basic economic concepts. Even when students were encouraged to explain their very familiar or familiar concepts, 80% provided explanations that were accurate or almost accurate for basic financial concepts as compared to 20% accuracy for explanations with basic economic concepts. Conclusively, the most basic economic concepts (scarcity, choice, and opportunity cost), which are essential decision making tools for most financial decisions should be simplified and included in financial education lesson plans.

Financial literacy is at low levels in the United States. Simultaneously, not enough states require students to take a personal finance course to graduate. In this paper, I examine whether there is a correlation between median household income in school districts and access to financial education at local high schools. The most recent data on local high school standards implies that varying state approaches to implementing financial literacy education produce divergent outcomes in terms of student access - particularly when examining the data through the lens of economic cohorts. This paper analyzes different financial education standards and implementation approaches across 3 states: Texas, Pennsylvania and California. The main findings are that 1) there is a correlation between household income and access in a state with only vague personal finance education mandates, and 2) when a state has specific or no mandates, levels of financial education are high or low, respectively, but access is equal among income groups.

Financial literacy ensures that an individual is able to match his income with his expenditure, lives within his means and forestall going broke or bankrupt. Like general or health literacy, financial literacy could be conceptualized as having two dimensions: understanding (personal finance knowledge) and use (personal finance application). In this study, we reviewed how financial literacy is measured in the current literature and examine how well the existing studies addresses whether financial literacy improves employees savings culture and investment. We review the literature on alternative policies to improve financial outcomes and compare the evidence on whether financial literacy improves employees spending habits, savings, investments and standard of living. The sample size of this survey based study consists of 110 working men and women from non-financial public sector in Nigeria. Data was analyzed using simple percentage and frequency distribution. The Statistical Package for Social Sciences (SPSS) was used in the analysis of the data. The major challenge in financial education has been how to measure the impact of financial education on the recipient savings culture. Investment and standard of living. On the other hand what is the influence of financial literacy on employees’ savings and investment outcome. It can be observed that in some instances those who did not have formal financial education and those who are primary or secondary school dropout have risen to own successful business empire. However, some who have tertiary financial education are struggling to survive. A large proportion of the sampled employees are deficient in financial literacy notwithstanding their exposure to financial education. Contrary to popular perception this research shows that there is no significant relationship between financial literacy and education level, savings culture and investments, of Nigerian public sector employees. Finally, we discuss directions ........

This paper explores the correspondence between financial literacy, financial education, and financial inclusion, as well as the impact these interdependent concepts have on economic and social development. The research was structured into three main stages: a theoretical analysis of the concepts, quantitative research for testing the formulated hypotheses, and qualitative research to deepen the understanding of perceptions regarding the studied phenomenon. The results highlight that financial literacy provides the necessary foundations for individuals to understand basic financial concepts and make informed financial decisions. Financial education extends this understanding by developing advanced financial skills that enable individuals to apply financial concepts in complex contexts. Similarly, financial inclusion relies on financial literacy and financial education to ensure equitable access to financial services and to support the full integration of all individuals into the financial system. Thus, financial literacy, financial education, and financial inclusion are three fundamental, closely interconnected concepts that play an essential role in improving the economic well-being of individuals and society. While financial literacy forms the basis of the essential knowledge required for financial management, financial education builds upon this knowledge and develops advanced financial skills. Financial inclusion is a direct outcome of these processes, ensuring fair access to financial services and promoting a more balanced and sustainable economic system. The study emphasizes the importance of integrating these dimensions into public policies and sustainable development strategies.

This study explores how financial literacy, financial education, and self-control affect investment motivation and financial behavior among women aged 18 and above in Medan, Indonesia. A total of 270 participants responded to a structured questionnaire, distributed three times from February to June 2024, covering five key areas: financial behavior, investment motivation, financial literacy, financial education, and self-control. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) for analysis, the findings reveal that both financial literacy and education significantly enhance investment motivation and financial behavior. Higher education levels correlate with better financial literacy, resulting in more strategic investment decisions. Although many respondents allocate a significant portion of their income to monthly expenses, those with higher financial literacy manage their finances more effectively. However, the study finds no significant impact of self-control on investment motivation and financial behavior, possibly due to the respondents' younger age and lower income. This research underscores the importance of financial literacy and education in shaping financial behavior.

Financial literacy represents the knowledge necessary to manage one's financial affairs in a way that contributes to overall wellbeing, yet financial literacy and financial education are understudied in sociology. While emerging adults have low rates of financial literacy overall, this article focuses on college students due to increasing college access and student loan debt. Based on the limited literature that assesses college financial literacy education, it appears that these types of programs may serve to advance college students' financial knowledge. Additional mechanisms that serve to develop college students' financial literacy include parent socialization, banking experience, and high school financial education programs. However, not everyone has the same access to these resources. Thus, given the magnitude of the US student debt crisis and persistent economic inequalities, college financial literacy education may prove beneficial for all students, particularly those from economically vulnerable backgrounds. This article serves as an invitation to sociologists to consider financial literacy education as both a worthwhile pursuit in application and as a research topic.