Importance of Financial literacy For Sustainable Future Environment: A Research Among People In Rural Areas With Special Reference To Mandi District,Himachal Pradesh

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.

The Solution to the Financial Literacy Problem is to Educate the Young - Where are we Now?

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.

The article is devoted to defining the categories of financial education, financial awareness, financial literacy, financial culture and culture of financial relations. In the conditions of the strengthening of the financial and economic crisis in Ukraine as a result of military operations, the urgency of improving the general financial culture of the population as a guarantee of the financial system's exit from the long-term crisis, preserving the country's financial stability and ensuring sustainable development in the future has become acute. Based on the results of the USAID and NBU research, the article provides an assessment of the level of financial literacy of the population in Ukraine, and a comparative analysis of the components of the financial literacy index in 2019-2021. Against the background of solving the problem of increasing financial literacy, which is inherent not only to Ukrainian society, but also has a global character, the relatively new concept of "culture of financial relations" has become widespread. The culture of financial relations as a synergy of universal and spiritual values, on the basis of which financial relations are built, can exist only in a society with a sufficient level of financial culture and literacy of subjects of financial relations. The article defines the main elements of the culture of financial relations, namely financial awareness, financial education, financial culture and financial literacy. The established relationship between them made it possible to create a hierarchical structure of the components of the culture of financial relations in society, which includes a basic level (financial awareness), a professional level (financial education), a mandatory level (financial culture and financial literacy) and a higher level (culture of financial relations). On the basis of the conducted research, it was established that the formation of the culture of financial relations characteristic of a developed society in Ukraine will contribute to shortening the time of exit from the financial and economic crisis, achieving financial stability in the state and sustainable development in future. Keywords: financial awareness, financial education, financial literacy, financial culture, culture of financial relations.

Financial education is an activity that aims to increase knowledge and skills in financial management. The 2019 Indonesian National Financial Survey shows the level of Islamic financial literacy is only 8.93 percent, meaning that only nine out of a hundred Indonesian adults are familiar with Islamic financial products. The 2019 National Financial Literacy and Inclusion Survey (SNLIK) found a financial literacy rate of 38.03% and a financial inclusion rate of 76.19%. This is because the Indonesian people in general do not have a good understanding of the characteristics of different financial products and services. Therefore, this study examines how financial literacy affects the interests of students of the Faculty of Economics and Islamic Economics, UIN STS Jambi. in Islamic banks. The purpose of this study was to measure the impact of financial literacy on savings in students of the Faculty of Islamic Economics at UIN STS Jambi Islamic bank. This research uses quantitative methods. Data collection tools in this study were observation and questionnaires/cursors. Primary data and secondary data are used as data sources. The informants of this study were students of the Faculty of Economics and Islamic Economics, UIN STS Jambi. From the research results it is known that the financial literacy variable has a significant effect on student savings

Aims: The viability of states today is largely based on the collection of tax revenues, which are considered as necessary for them to carry out their specific functions. Thus, the aim of this text is to discuss the development of citizens' tax culture, not as an isolated economic phenomenon but, as a phenomenon directly linked to their general financial literacy. Because it is the writer's belief that simply complying with the mandate to fulfill the tax obligation is not enough for the citizen to understand his contribution to the finances of his country, or, better, to appreciate this contribution in the context of understanding the ways in which the world moves financially. Methodology: It is a big question on how financially educated the modern man is and to what extent this financial education, his literacy or financial literacy, includes the concept of tax in its content to a sufficient extent to awaken consciences. In this text, the focus is on the exact age / educational stage at which this path to financial and tax literacy can begin, so that it can be integrated in a systematic way into the formal educational process. In order to draw conclusions about the appropriate stage for initiating financial awareness, the trends in the global financial literacy landscape were explored. This analysis aims to determine when it is considered appropriate to teach children financial concepts and how financial literacy is linked to making appropriate financial decisions and tax awareness at different age stages. An effort was carried out to evaluate the current financial and tax knowledge and behavior of Greeks. The research was exclusively bibliographic, i.e., a meta-analysis based on previous qualitative and quantitative studies. Results: Concerning the introduction of systematic financial and tax education for adolescents in schools, the studies accessed suggest that the age range of 12-14 marks a significant milestone for young people to begin delving into the more intricate concepts of the modern economy. Tax awareness among adolescents could arguably be attainable from around age 11 or 12, as they start demonstrating financial comprehension comparable to that of adults. Discussion: The findings of this research showed that the level of financial literacy in Greece depends on demographics, such as the geographical location and the gender of young people. Other factors are also important, but removing geographical and gender restrictions, combined with the provision of training programs already in the upper grades of Primary School, can improve financial awareness and develop the tax culture of citizens. This development requires the implementation of subjects in the curriculum, the training of the teachers so that they are able to teach children even 11 or 12 years old, the distinction of the concept of ethics from tax ethics and its teaching at an earlier age stage, and the drawing from international educational practices, i.e. leveraging successful financial literacy programs worldwide in order to obtain valuable insights for designing effective youth training initiatives.

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.

The article is devoted to international experience in teaching financial literacy in elementary school students. The state of research is analyzed in the theory and practice of elementary education. This article reacts to the current situation in our society and the need for financial education in schools. The modern world requires financial and economic literacy. The essence of the concept and importance of financial literacy is considered. Appearances of scientists to interpret the concept of «financial literacy» are revealed. The author proposes an actual definition of financial literacy, which is understood as human skills to dispose of their own funds, possessing the basic financial knowledge, which will rationally take financial decisions. An analysis of international experience in teaching financial literacy and organization of educational process aimed at developing financial skills of elementary school students is carried out. Financial literacy and financial education are not new categories for the world experience of young education. The number of countries that implement financial literacy programs increases annually. So, in Europe there are more than 180 such programs. The study showed that it is extremely important to include financial literacy in the educational process in the elementary school an important role in learning students of the elementary school of financial literacy play relevant programs developed by ministries of finance, national banks, public organizations, charitable foundations, etc. that exist in different countries of the world (USA, Great Britain, Netherlands, Turkey and others). The author concludes that there is a need for mastering young competencies in various types of financial activity due to the peculiarities of the development of Ukrainian society. From these grounds for key competencies that should form into school students, financial literacy includes.

Financial literacy and inclusion are essential to economic development, as they facilitate access to financial services and empower individuals to make informed decisions about their money. Despite India's impressive economic growth in recent years, a significant portion of the population, particularly low-income households, struggles with financial literacy and access to financial services. Financial technology (fintech) has emerged as a potential solution to address these challenges by providing innovative and accessible financial services to underserved communities. This paper examines the role of fintech in enhancing financial literacy and inclusion among low-income households in India. The study is based on a comprehensive review of existing literature and interviews with key stakeholders in the Indian fintech industry. The analysis reveals that fintech has the potential to significantly improve financial literacy and inclusion among low-income households in India. One key advantage of fintech is its ability to provide low-cost and convenient financial services, such as mobile banking and digital payments, which can help to reduce the financial barriers faced by low-income households. Additionally, fintech platforms can offer financial education and training programs to increase financial literacy and promote responsible financial behavior. Despite these benefits, however, several challenges are associated with using fintech to promote financial inclusion and literacy in India. One major obstacle is the need for digital infrastructure and internet connectivity in many rural areas, which limits access to fintech platforms. Additionally, there is a need for increased regulation and oversight of the fintech industry to ensure that consumers are protected from fraud and other risks. To overcome these challenges, the study recommends several policy measures that can support the development of fintech in India, including investment in digital infrastructure, the promotion of financial education and literacy programs, and the establishment of regulatory frameworks to ensure consumer protection and prevent fraud. In conclusion, fintech has the potential to play a significant role in enhancing financial literacy and inclusion among low-income households in India. However, to fully realize these benefits, policymakers must address the challenges associated with fintech adoption and ensure that fintech platforms are developed responsibly and sustainably. By doing so, India can significantly promote inclusive economic growth and reduce poverty and inequality.

Low financial literacy among adolescents can have long-term impacts on their future financial decisions. They argue that effective financial education from an early age can reduce the likelihood of poor financial behavior, such as excessive debt and inadequate retirement planning. One of the insights that must be possessed is about financial literacy. Financial literacy education is an important thing that must be given to children, so that they do not become a consumptive generation. Directing children to manage their finances properly is one of the important goals in financial literacy education. Financial literacy education also has a long-term goal, namely to increase children's insight and literacy skills, or from previously lacking literacy to understanding the concept of financial literacy, in addition literacy education also aims to increase awareness of the presence of financial institutions in the midst of society. Community Service with the theme of Socialization of Financial Management Literacy for Adolescents at the Hikmat Berkarya Mandiri Foundation. So that by holding this Community Service activity, it is hoped that it will be able to provide positive knowledge about financial management for Adolescents. This activity will be carried out in the office space of the Hikmat Berkarya Mandiri Foundation, Bekasi with the address Perum Alamanda Regency BC 09 No. 18 RT. 12 RW. 21 Karangsatria Village, Tambun Utara District, Bekasi Regency, West Java. This Community Service activity will be held face-to-face (offline). The output of this Community Service activity is an article in electronic mass media and documentation of the implementation in the form of photos and videos of activities and community service journals.

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. …

Though entrepreneurial sustainability of women investment groups and businesses is integral to economic sustainability they are severely faced by a number of challenges in the quest of seeking entrepreneurial sustainability. This was quite evident during the COVID-19 pandemic where three in five businesses owned by women collapsed or downsized; resulting to job losses, and difficulties in accessing financing. This had a cascading effect on their sustainability, raising questions on the general sustainability of women investment groups and businesses. The most recurring problem that surfaced is that there exist substantial financial literacy gaps among these women groups that predispose them to financial challenges. It is on this premise that this study aimed to assess how financial literacy influence entrepreneurial sustainability of women investment groups in Nairobi. The study was anchored on human capital theory and employed descriptive research design. It targeted chairpersons drawn from 17000 groups; out of which a sample of 284 was used. The primary data was collected using semi-structured questionnaires that were self-administered. The results indicated that financial literacy had a strong positive influence on entrepreneurial sustainability of women investment groups. This powerful association emphasized the essential role played by financial literacy in empowering the women with fundamentals of financial management knowledge and skills that enable them to make sound financial and investment decision that bolsters not only growth but also entrepreneurial sustainability of their investment activities and businesses. In the light of this, the study recommended prioritization of financial education and literacy programs by all women investment groups; as well as customer-tailoring them to fulfill the diverse needs of each group. Additionally, it recommends that there should equity in access to financial education among women of all backgrounds. Equally, there should be increased collaboration and partnership between micro-financial institutions and women investment groups to promote access to credit, investment opportunities and other financial services; as well as development of policies that encourage financial inclusion.

This study explores the intersection of financial performance and sustainable economic development in Malaysia, emphasizing the role of interdisciplinary education in fostering long-term growth. In light of Malaysia’s 2021 budget priorities and the Sustainable Development Goals (SDGs), particularly economic sustainability, the research investigates how stock market performance influences national output growth. Using Ordinary Least Squares (OLS) regression analysis, the study evaluates five macroeconomic variables—stock market capitalization (MCAP), inflation rate, government expenditure, school enrollment, and openness—over a 23-year period (1989–2011). The findings reveal that MCAP is the most significant variable affecting output growth, highlighting the importance of robust financial systems in driving sustainable development. The study underscores the need for interdisciplinary approaches that integrate finance, education, and policy to enhance economic resilience. School enrollment, though less statistically significant, represents a critical link between education and economic performance, suggesting that financial literacy and education reform are essential for empowering future generations. By bridging economic theory, financial analytics, and educational policy, this research contributes to a holistic understanding of sustainable development. It advocates for finance education as a strategic tool to equip individuals with the knowledge to navigate and contribute to increasingly complex global financial systems. Ultimately, the study supports the integration of interdisciplinary education into national development strategies to ensure inclusive, informed, and sustainable economic growth.

The objective of this review article is to show the concepts and significance of financial literacy and how it can contribute to improving socio economic wellbeing, financial sector development, poverty reduction and sustainable growth in developing countries in Africa. The review covered recent literatures on financial literacy; both theoretical and empirical. The review showed that level of financial literacy is low both in developed and developing countries, but policy and academic response in developing countries in general and Africa in particular is at low level. The results of limited empirical studies implemented to evaluate financial education programs, including those in few African countries, showed that enhancing financial literacy and personal financial decision making capabilities of people would enhance the outcome of financial inclusion and other poverty reduction initiatives for the fact financially literate people can demand and properly use beneficial financial services such as savings, microcredit, insurance. Moreover, enhancing financial literacy is at the advantage of financial service providers and contributes to the development of a stable financial system, a sustainable economic growth. Thus, policy makers and academics in African developing countries need to understand the level of financial literacy in the population in order to devise suitable financial education and other related policy interventions to improve personal financial literacy for its benefits of enhancing individual socio economic welfare and building an inclusive financial system and sustainable economic growth. Key words: Financial literacy, concept and significance, developing countries, African.

The concepts of sustainability and sustainable development and their relationship with financial literacy are important topic. Our research aims to examine the trends in articles focusing on financial literacy of SMEs and to determine if sustainability or sustainable development was in a focus of the authors. To address our research questions, we selected articles from Scopus and Web of Science databases published from 2015 until present focusing on the abstract, title and keywords. By using research terms regarding financial literacy and small businesses, we systematically searched the database for relevant results Our research revealed that the terms related to sustainability and sustainable development are rarely mentioned by researchers in the abstract, title and keywords. The analysis conducted highlights the importance of appropriate usage of keywords and reveals a research gap, that could be narrowed if the concept of sustainability and sustainable development gain prominence in research, and if authors’ keywords are used properly. This research holds value for others conducting research in the field of financial literacy issues of SMEs, as it emphasizes that there is strong relationship between financial literacy and business sustainability and indirectly, to sustainable development. By including sustainability and sustainable development as authors’ keyword, or by referring to the given SDG goals, it may help to draw more attention from other researchers.