How Does Language Impact Foreign Investing in a Multilingual Country?

Impact of Gender and Academic Performance Differences on Financial Literacy

Patient-reported financial hardship is an increasing challenge in cancer care delivery. Health insurance literacy and its association with financial hardship in patients with cancer, especially after controlling for financial literacy, have not been well examined. To examine the prevalence of and factors in the association between health insurance literacy and financial literacy as well as the overall and individual domains of financial hardship and their association with health insurance literacy, both independently and when adjusted for financial literacy, in patients with cancer. This cross-sectional survey study recruited and enrolled patients from 2 separate ambulatory infusion centers at Mayo Clinic Arizona in Phoenix, Arizona, and the University of Mississippi Medical Center in Jackson, Mississippi. Adult patients aged 18 years or older were enrolled from December 2019 to February 2020 and from August to October 2020 at Mayo Clinic Arizona (n = 299) and from September 2020 through January 2021 at the University of Mississippi Medical Center (n = 105). Survey respondents received a $5 gift card. Surveys included questions about sociodemographic characteristics, health insurance literacy and financial literacy, financial knowledge, and financial hardship and its domains (material hardship, psychological hardship, and behavioral hardship). Financial hardship was assessed using the COST-FACIT (Comprehensive Score for Financial Toxicity-Functional Assessment of Chronic Illness Therapy) measure and National Health Interview Survey questions to capture information about the domains of financial hardship. The Health Insurance Literacy Measure is a validated 21-item measure of a consumer's ability to select and use health insurance. Five questions from the National Financial Capability Study assessed financial literacy. A total of 404 participants were enrolled in the study. Median (IQR) age of the respondents was 63 (54-71) years, and 219 were women (54%), 307 were non-Hispanic White individuals (76%), 153 (38%) had private insurance, and 289 (72%) had solid tumors. Overall financial hardship (denoted by median COST-FACIT score <27 points) was reported by 49% (95% CI, 44%-53%) of the cohort. Prevalence of financial hardship was higher using the National Health Interview Survey questions, with 68% (95% CI, 63%-72%) of respondents reporting at least 1 hardship domain (n = 276). Sixty-six percent (95% CI, 60%-69%) of respondents (n = 265) had a high level of financial literacy. The mean (SD) Health Insurance Literacy Measure score was 64.9 (13.3) points. In multivariable analyses, each 10-point increase in the Health Insurance Literacy Measure score was associated with lower odds of financial hardship (odds ratio, 0.82; 95% CI, 0.68-0.99; P = .04). However, this association was no longer significant after adjusting for financial literacy. Results of this study showed that, despite a high level of health insurance literacy and financial literacy, the prevalence of financial hardship was high. Although there were lower odds of financial hardship with increased health insurance literacy, the association was no longer significant when financial literacy was added to the model, suggesting that a high level of financial literacy may help mitigate the adverse outcome of lower health insurance literacy levels in patients with cancer.

The article is devoted to the problem of the formation of financial literacy of students of economic universities in the context of the integration of academic disciplines. The aim of the work is to identify the possibilities of integrative links between academic disciplines in improving the level of financial literacy within the framework of the continuity of educational programs for undergraduate and graduate programs. As a means of integration, it is proposed to use the models of simple and compound percent. The importance of formalized models in the performance of financial operations of accumulation, discounting and, accordingly, in assessing the effectiveness of financial decision-making is noted. The paper presents the results of monitoring the dynamics of the level of financial literacy of students of the University of Economics. An online survey of undergraduate students was conducted in the context of courses of study and undergraduates. Respondents were asked questions related to identifying the objective level of financial literacy (knowledge of financial terms, activity in the financial services market, knowledge of simple and compound interest formulas, etc.). A separate block includes questions about the subjective level of financial literacy of respondents and the need for additional knowledge and skills in financial literacy. he results of the analysis of empirical material indicate a positive correlation between the objective and subjective levels of financial literacy of students, as well as the need for additional knowledge on financial literacy. At the same time, higher levels of financial literacy are associated with skills in mastering simple and compound interest models and demonstrate a positive trend in the cumulative effect of integrating academic disciplines. In its turn, the study of student activity in the financial services market determines the widespread use of digital financial instruments. The findings determine the need for students of economic universities to master formalized methods for assessing financial decision-making, which in the future will allow avoiding costly mistakes in practice and maintaining the required level of digital financial literacy.

Financial literacy and information requires that a person knows and understands the forms, functions and use of money and financial services. In today’s world financial literacy is important to every individual who wishes to select the best way to carry out payments and take care of banking issues. The current paper examines the impact of different demographic variables on the level of financial literacy among Saudi investors. Furthermore, the impact of financial literacy on different kinds of financial decision making is also investigated. The result of the current study confirms a significant impact from gender and age on financial literacy. Males are more financially literate than females, and older people also show a higher level of financial literacy compared with younger people. There is no significant impact from educational level and current work situation on financial literacy. Financial literacy is measured in reference to retirement planning and stock market participation. People with a higher level of financial literacy have a greater urge to engage in retirement planning and stock market participation. However, there is a negative relationship between financial literacy and the need for financial advice.

The purpose of this study is, with the existing data about the level of financial literacy at hand, to examine which factors actually determine the level of personal financial literacy among the youth in India's financial capital city. A total of 650 completed and returned questionnaires have finally been used for the purpose of this study. The data analysis uses descriptive statistics and multivariate analysis. The explanatory variables are gender, district of residence, educational level, father's educational level, employment, marital status and parenthood. Findings of the study depict that having children is the most positively correlated (+0.327) with financial literacy. Education (+0.245) and employment (+0.140) are positively correlated with financial literacy. It is also concluded that females are less likely to have a high level of financial literacy (-0.271) compared to males.

Finansal okuryazarlık, gündelik yaşamda kullanılan finansal enstrümanların seçiminde bilgi temelli kararlar verebilmeyi sağlayan yeterlilik düzeyini ifade etmektedir. Finansal okuryazarlık, aynı zamanda uzun vadeli birikim ve yatırıma dönük kararlarda finansal farkındalığı temel alır. Toplumun dinamik bir kesimi olarak geleceği temsil eden üniversite öğrencileri için finansal okuryazarlık düzeyinin yüksek olması önemlidir. Aile dışında okullarda alınacak eğitim finansal okuryazarlık düzeyini yükseltebilir. Bu çalışmada İktisadi ve İdari Bilimler öğrencilerinin temel düzeyde finansal okuryazarlık seviyesi belirlenmeye çalışılmıştır. Öğrenciler finansal durumlarını yönetmede kendilerini olduğundan daha başarılı olarak algılamaktadır. Bu nedenle, finansal okuryazarlık düzeyinin yükseltilmesini sağlayacak program içeriklerinin eğitim müfredatlarında yer alması gerekmektedir. Finansal okuryazarlık konusunda yaygın bir eğitim sunabilecek internet gibi mecraların kullanılması da katkı sağlayabilir.

Financial literacy refers to level of competence in making information based decisions about selection of financial instruments in daily life. Financial awareness in decisions about investment and savings underlie the concept of financial literacy. University students who can be viewed as the future of the society are expected to have a relatively high level of financial literacy. Formal institutional education is expected to increase the level of financial literacy. This study attempts to determine the level of basic financial literacy of students of a Faculty of Economics and Administrative Sciences and Porsuk Vacational School. Findings show that students perceive themselves to be more successful than they really are in managing their self finances. Therefore inclusion of program content in curriculum to increase their level of financial literacy is necessary. Employment of media like the internet that is able to provide general education and training about financial literacy will contribute to improvements.

The main objective of the paper is to characterize the level of financial literacy of academic youth and to identify selected socio-demographic factors that determine this level. The main source of data used for analysis and conclusions was primary information obtained from the author’s own research. The research was conducted in 2018 with the PAPI method on a group of 337 respondents. The interview was conducted with young people studying at the second largest academic centre in Poland – Kraków. The study used a set of questions to assess the level of financial literacy of adults proposed by the OECD. Apart from primary sources, Polish and foreign literature on the subject was also used to achieve the goal. To analyze the data, total statistical indicators (mean, minimum, maximum) and non-parametric "chi square" test” (χ2) were used. The analysis shows that students are characterized by an average level of financial literacy. The factors that significantly determined the level of students' financial literacy were gender and the field of study. A higher level of financial literacy was characteristic for men and those studying the economic faculties, which results from the curriculum contents. In order to increase the level of financial competence of students in other fields of study, curricula should be supplemented with subjects covering personal finance. The factors that did not differentiate the level of financial performance are the place of residence, the degree of study and the student's professional experience.

This study aims to measure and analyze the level of digital financial literacy of students at the Faculty of Islamic Economics and Business, State Islamic University of Mataram using the measurement indicators proposed by Chen and Volve. This research is a descriptive quantitative research using survey methods for data collection. Aplying proportional random sampling so that the sample is spread proportionally from the total population. Data analysis was carried out by calculating the total score obtained for each indicator divided by the ideal score multiplied by 100 percent. The results showed that the average digital financial literacy level was 73.46% or moderate scale according to the financial literacy measurement index from Chen and Volve. In addition, it is known that sociodemographic factors such as gender, age, parental income, and work experience affects the digital financial literacy levels. Where male students tend to have a higher level of digital financial literacy than female students. Based on the age level, the older the student the higher the level digital financial literacy. Furthermore, based on the amount of parents monthly income, students who have parents with higher income levels tend to have higher levels of financial literacy as well. And finally, based on work experience, it was found that the digital financial literacy level of students who had work experience tended to have a higher percentage than students who had never worked.

Adolescents’ financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth

Your Future Starts Today, Not Tomorrow: An Explanatory Study of Financial Literacy and Debt-Related Behavior Among Students in the Netherlands

Introduction. The intensive development of the financial services market, optimal financial relations, which characterize the socio-economic situation in the modern world, require the improvement of the quality of education. The social order of the education system is a competitive member of society with a developed economic thinking and the ability to solve emerging problems in a constantly changing environment. Of particular importance is the task of developing financial literacy at the stage of preschool childhood, when children are just beginning to form ideas about financial categories. The purpose of this article was to identify the relationship between the levels of development of financial literacy in children and their parents. Materials and methods. The study involved 226 children of senior preschool age and their parents in the amount of 134 people. The main method for studying the financial literacy of older preschool children was a survey conducted on the basis of A.A. Smolentsev, modified by us. In order to identify the level of financial literacy of parents, we used a survey. For statistical processing of the obtained results, the Pearson correlation coefficient was used. Results. A high level of financial literacy was shown by 13% of six-year-old children: they explained the meaning of financial concepts, showed a steady interest in the work of their parents. 57% of children were at the average level. The existing representations of preschoolers were characterized as fuzzy and superficial. A low level was found in 30% of respondents. Preschoolers had no idea about the economic life of people. The results of the survey of parents showed the following: 12% of respondents were at a high level of financial literacy, 56% – at an average level and 32% – at a low level. A positive correlation was found between the levels of financial literacy of six-year-old children and their parents (p&lt;0.05). Conclusion. The novelty of the study is to identify the relationship between the level of financial literacy of children and the specifics of economic literacy of their parents. The results obtained will improve the scientific and methodological support for the process of developing the basics of financial literacy in children of six years old, and can also be used in the development of preschool education programs.

There is a wide perception of physicians as having minimal financial literacy, and this assumption is perpetuated through the community as the "Dumb Doctor" persona relating to financial management. This study examined medical student and resident financial behaviors and assessed their level of financial literacy using previously validated questions within the survey tool. Two surveys were distributed to medical students and residents, 1 survey each, who are part of a single medical education system. After the initial email request, 2 additional email requests were sent at 2 and 6 weeks. Using the validated questions, "The Big 3" and "The Big 5," the level of financial literacy was assessed. Of the 461 possible respondents, 261 trainees responded with 65 residents and 196 medical students, for a response rate of 57%. Financial literacy was demonstrated to be higher than the average adult with 60% answering all 3 of "Big 3" correctly, compared to national average of 30%. Investment-based questions were the most difficult with 16% correct for bond price activity and 70% for stock risk. There is high level of interest with 93% open to education on financial topics. This study showed that this cohort of medical trainees demonstrated better financial habits and a very high level of financial literacy compared to the general population. There are areas surrounding investment principles that provide an opportunity to improve their financial literacy and would likely be well received based on the high level of interest for more education.

How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences

PurposeThe aim of this paper is to help management scholars and executives learn from the COVID-19 global crisis by analyzing if and how the level of financial literacy affected stakeholders' sensitivity to corporate social responsibility (CSR) issues during the pandemic, as well as identifying whether financial literacy is an important variable to account for in the postpandemic period. The authors test the relationship between objective (measurable) and subjective (self-assessed) financial literacy, as well as financial happiness (i.e. satisfaction with one's current financial situation) with CSR during the pandemic. High levels of financial literacy cause individuals to reward companies that implement CSR strategies and processes.Design/methodology/approachThe authors designed an online survey and obtained data on objective and subjective financial literacy, financial happiness and COVID-19 infections, as well as on the demographic and socioeconomic characteristics of a representative sample of 1,334 Italian respondents. From a methodological point of view, the authors perform a factor analysis on the CSR-related questions to extract the principal components (PCs) that were used as dependent variables in the regression models to analyze the effects of explanatory variables (financial literacy, financial happiness and COVID-19 infections) and consider the control variables (demographic and socioeconomic characteristics). The authors follow a theoretical approach merging stakeholder theory with CSR.FindingsRespondents with a high level of financial literacy and financial happiness are highly sensitive to all CSR components (ethical, philanthropic, economic and legal social responsibilities). Being infected by COVID-19 increased participants' sensitivity to ethical and philanthropic social responsibility (SR), but not to economic and legal SR. The more educated and employed respondents were, the more sensitive they were to CSR, especially compared to their less educated and unemployed counterparts.Research limitations/implicationsWhile the sample used is large and representative of the Italian population, Italy is an interesting and useful case to analyze, given that it was the first Western country to be severely hit by COVID-19; since the paper only refers to a specific country scenario, the results cannot be generalized to other countries. A cross-country comparison relating financial literacy and financial happiness to CSR during the COVID-19 pandemic period would be desirable. The research study has theoretical implications for management scholars since the authors show that, during the pandemic period, financial education and financial happiness are relevant in explaining stakeholders' greater sensitivity to CSR issues. The findings may thus help scholars to learn from the COVID-19 period, with the aim of further developing and enhancing stakeholders' theory.Practical implicationsThe research also has practical implications, both for corporate executives and for policymakers, helping them to learn from the COVID-19 global crisis concerning the role of financial literacy and financial happiness on CSR sensitivity and, consequently, how they may consider these important variables in the postpandemic era. On the one hand, executives may improve stakeholders' segmentation and eventually modify CSR policies, considering the higher sensitivity of their stakeholders' due to a higher degree of financial literacy. On the other hand, the findings suggest that policymakers should have a stronger role in supporting employment and education in general and in promoting programs to improve financial literacy to increase stakeholders' sensitivity to CSR, thus further stimulating the inclusion of CSR factors in companies' strategies. Increasing stakeholders' sensitivity to CSR will, in turn, increase the propensity of companies to include SR in their strategies. Thus, increasing financial literacy will have tangible positive effects of increasing CSR. Given the greater role played by companies during the COVID-19 period with respect to societal risk, the findings seem particularly useful.Originality/valueTo the best of the authors’ knowledge, this study represents the first that links financial literacy and financial happiness with CSR during the COVID-19 crisis. The large and representative dataset, as well as the use of specific variables related to financial literacy, financial happiness and COVID-19 infections in the CSR assessment model, makes our analysis original, robust and significant by contributing to the CSR literature and to the financial literacy literature from a methodological point of view, as well as by informing corporate executives and policymakers about the role of financial literacy with regard to CSR during the pandemic, which may help them in learning how to improve their decisions and actions in the postpandemic era.