Financial Education Research Articles

Educational Sector Financing and Economic Wellbeing

This study examines the relationship between educational Sector financing and economic wellbeing in Nigeria, focusing on government funding, private domestic investment, and foreign expenditure in education. The study employs econometric techniques to analyze the long-term dynamics of educational financing on the Human Development Index (HDI). The findings reveal a significant increase in educational financing activities over time, particularly in domestic funding. However, despite the growth in funding, there is evidence of underemployment among educated individuals, suggesting a disconnect between educational investments and economic outcomes. Co-integration analysis indicates a long-term relationship between government educational financing and human development. The reliance on government funding for education underscores the need for effective resource management and targeted interventions to address gaps in the education system. Keywords: Educational financing, economic development, Nigeria, government funding, private investment.

Impact of financial literacy and education on breast and cervical cancer screening participation in Japan.

Despite government efforts, the uptake of screening for breast and cervical cancers among Japanese women remains low. This study employs financial literacy and financial education as proxies for rational decision-making to explore their potential to enhance cancer screening practices in Japan. Using data from Osaka University's Preference Parameters Study, mean comparison tests and probit regression models are utilized to examine the association between breast and cervical cancer screening and financial literacy and financial education. The results of probit regression show that individuals with higher levels of financial education tend to participate in both breast and cervical cancer screening. In contrast, individuals with higher financial literacy are likely to participate in breast cancer screening, whereas no significant impact is observed for cervical cancer screening. Furthermore, our findings reveal that financial education positively influences both breast and cervical cancer screening. Factors such as employment, marriage, higher education, increased household income, and greater assets demonstrate robust positive relationships with breast and cervical cancer screening. Meanwhile, psychological factors including happiness, a myopic view of the future, anxiety about later life, and perceived health status have no significant associations, except for a positive association between anxiety about life and cervical cancer screening. Our study suggests the development of targeted educational programs that leverage financial literacy and financial education to raise awareness about the importance of breast and cervical cancer screening.

Pathways for Enhancing the Teaching Quality of Financial Education through Research Practices

Objective: This study investigates how integrating research practices into financial education can enhance students' learning outcomes, practical skills, and innovation capacity. With the rapid evolution of the financial sector due to globalization and technological advancements, financial education must move beyond traditional theoretical approaches to prepare students for complex real-world challenges. The objective of this research is to explore specific pathways for incorporating research-driven practices into financial curricula to better align education with industry demands. Methods: The study employed a mixed-method approach, combining quantitative and qualitative research methods. Surveys were distributed to 461 students and 121 faculty members from four universities—two research-intensive institutions and two applied colleges—aiming to capture diverse perspectives on the integration of research into teaching. The data were analyzed using descriptive statistics, regression models, and qualitative analysis of interviews with selected participants. The regression analysis focused on the relationship between the frequency of research participation and the development of practical skills and innovation capacity. Results: The regression analysis revealed a significant positive correlation between research participation and improved learning outcomes (β=0.52, p<0.01), practical skills (β=0.47, p<0.01), and innovation capacity (β=0.43, p<0.01). Students who participated in research projects demonstrated a deeper understanding of financial theories, stronger data analysis and decision-making skills, and greater creativity in problem-solving. These results suggest that research engagement significantly enhances students' ability to apply theoretical knowledge in practical contexts. Conclusion: Integrating research practices into financial education bridges the gap between theory and practice, fostering critical thinking, problem-solving skills, and innovation among students. Universities should prioritize research-based learning, offering opportunities for interdisciplinary research, university-business collaborations, and digital platforms to expand student access to research experiences. Future studies should explore the role of interdisciplinary research in further enhancing financial education outcomes, particularly through fields such as data science, behavioral economics, and artificial intelligence.

Building Financial Wellness: Randomized Controlled Trial of a Financial Education and Support Intervention.

Many people receiving services for psychiatric disorders live on low incomes, navigate complex financial situations, and have limited economic security. The authors sought to determine whether a financial wellness intervention delivered virtually by peers would increase financial literacy, reduce economic strain, and improve financial competency. One hundred participants receiving services for psychiatric disorders were recruited from community programs and via social media and were randomly assigned (1:1) to receive either an intervention called Building Financial Wellness (N=51) or services as usual (N=49). The intervention involved six virtual 1.5-hour group sessions, followed by three virtual one-on-one booster sessions. Outcomes were assessed with the Consumer Financial Protection Bureau's Financial Well-Being Scale (primary), Financial Strain Questionnaire, Financial Capability Scale, and Financial Self-Sufficiency Scale. Knowledge regarding money management was measured with a financial literacy assessment based on class content. Intent-to-treat longitudinal multivariable analysis included random-effects linear and logistic regression models. Overall, 86% of the study participants either lived in poverty (46%) or met the federal definition of low income (40%). Participants assigned to the intervention had greater improvement over time in financial well-being, capability, strain, self-sufficiency, and literacy. Satisfaction with the intervention was high. Reports from participants receiving booster sessions indicated that ongoing support facilitated their achievement of longer-term financial goals. Provision of financial education and support improved monetary well-being, competence, and literacy. With poverty long considered to be an intractable problem associated with psychiatric disorders, peer-taught financial education focused on financial wellness can help people acquire money management skills and manage economic stressors.

Financial behavior between male and female: a systematic literature review

Finance is an essential aspect of existence. Handling it is reflected in one’s financial behavior. Poor financial decisions have consequences, therefore it's critical for people of both genders, men and women, to be financially informed in making financial decisions. A synthesis of the differences in financial behavior between men and women is the aim of this systematic literature review. Twenty-seven papers (27) published papers between 2014 and 2024 were extracted from the database using the Preferred Reporting Items for Systematic Review (PRISMA) framework. The findings showed that, in comparison to women, men are more financially knowledgeable; they have a greater risk appetite than women, which allows then to take advantage of financial products and services. Contrarily, females with their risk aversion attitude, leaves them financially susceptible because it prevents them from taking advantage of financial products and services like optimizing the potential for money growth. In terms of spending, women are more conservative, and are price sensitive than men. The findings also indicates that women are more vulnerable to financial misconduct; yet, financial literacy will mitigate this risk. Therefore, programs for gender-sensitive financial education should be taken into consideration to close the gap in financial literacy and give women more power in making financial decisions. With this, it would promote financial inclusion and aid in the realization of Sustainable Development Goals (SDG) 5 and 10 or Gender Equality and Reduce inequalities respectively. Future studies may focus on how financial technology affects gendered financial behavior to promote more equal economic outcomes.

Examining the Financial Literacy of Healthcare Professionals: A Research on a Provincial Health Directorate.

This research aimed to assess the financial literacy levels of healthcare professionals working at a Provincial Health Directorate and examine their relationships with various financial domains. The study utilized a cross-sectional online survey. The financial literacy scale was employed to assess the financial knowledge and compentencies of healthcare professionals, providing a structured evaluation of their understandig across various financial domains. Statistical analyses, including correlation analysis, independent samples t-test, and one-way ANOVA, were performed using SPSS-25 and R programs. A total of 240 participants took part, comprising 52.1% males and 47.9% females, aged between 20 and 65 years. Younger healthcare professionals (p=.017) and males (p=.001) demonstrated higher financial literacy levels. Significant correlations were found between financial literacy and domains such as investment instruments, debt and risk management, and personal finance management. Weak but positive relationships were observed between financial literacy and digital assets, indicating emerging trends in digital finance awareness. For instance, males exhibited higher proficiency in investment instruments and debt management, while younger professionals displayed higher knowledge in investment areas. The findings underscore the importance of targeted financial education for healthcare professionals, highlighting the need for sector-specific training programs. Enhanced financial literacy is essential for improving financial decision-making, ultimately benefiting both personal financial well-being and professional performance in the healthcare sector.

Defeating the Dark Sides of FinTech: A Regression-Based Analysis of Digitalization’s Role in Fostering Consumers’ Financial Inclusion in Central and Eastern Europe

Financial technologies metamorphose economies with customer-focused innovation. In this way, financial inclusion is fostered and economic growth is increased. However, risks, trust issues, and ethical concerns stem from the faster advancement of digital technologies and expanding financial innovation. Thus, this paper aims to understand the risks and barriers associated with FinTech and consumer adoption, focussing on the impact of digitalization on financial products/services’ acceptance. The research investigates the impact of digitalization on financial services and the recognition of the role played in the global economy by FinTech. For this reason, the regression analysis was used to explore the influence and correlation of various variables on FinTech in Central and Eastern European (CEE) countries, such as Internet usage, online shopping, paying bills via the Internet, and making and receiving digital payments. The results show differences between three clusters of CEEs in terms of FinTech adoption. While several past studies have explored the advantages of FinTech, few studies have investigated the risks associated with its adoption, trust, and barriers to its usage in different country contexts. The present paper fills the gap by analysing the data on Internet usage, online shopping, paying bills via Internet, and sending or receiving digital payments in CEE countries. The study recommends that FinTech companies share information online not only to present their offerings to users, but also to promote financial education through clear and straightforward communication about the features of their services. This approach can indirectly benefit society by contributing to financial development, inclusion, social stability, and, consequently, sustainable development.

Examining the Impact of Financial Literacy on Investment Behaviour and Demographic Factors in Bangalore

This study investigates the relationship between financial literacy, investment behavior, and demographic factors such as age, gender, education, and marital status among individuals in Bangalore. Utilizing a quantitative research design, data were collected through a structured questionnaire from 78 respondents. Descriptive statistics summarized demographic profiles and financial literacy scores, while inferential statistics, including ANOVA and chi-square tests, were used to test hypotheses. Results indicated significant relationships between age and savings, education and savings, financial literacy and investment returns, and education and investment returns. However, no significant differences were found in financial literacy scores across different investment behaviors, marital statuses, and savings levels. These findings underscore the critical role of financial literacy in shaping investment behavior and highlight the need for targeted financial education programs to enhance financial decision-making among diverse demographic groups in Bangalore.

Advancing financial inclusion through digital payment platforms in emerging markets

Advancing financial inclusion in emerging markets has become a critical focus for economic development, and digital payment platforms are playing a transformative role in this process. These platforms offer a scalable solution to bridge the gap between the unbanked population and formal financial services, enabling individuals and businesses to access affordable and secure financial products. The rise of mobile technology and widespread internet penetration have provided the infrastructure for digital payments to thrive, particularly in regions where traditional banking systems are underdeveloped. Key enablers include mobile money services, fintech innovations, and supportive regulatory frameworks that promote adopting digital financial solutions. Digital payment platforms facilitate faster, more efficient transactions, reduce the reliance on cash, and open up opportunities for marginalized groups, including women and small business owners, to participate in the formal economy. They also enhance financial literacy by offering accessible financial education tools, which empower users to manage their finances more effectively. However, challenges such as limited digital literacy, regulatory barriers, cybersecurity risks, and the digital divide must be addressed to maximize the potential of these platforms. Emerging markets have witnessed significant success stories, particularly in Africa and Southeast Asia, where mobile money platforms like M-Pesa and GCash have expanded financial access to millions. These platforms contribute to financial inclusion and stimulate economic growth by integrating more people into the financial system. Moving forward, collaborative efforts between governments, private sector stakeholders, and development organizations are essential to ensuring that digital payment platforms continue to drive financial inclusion sustainably and equitably.. Keywords: Financial Inclusion, Digital Payment Platforms, Emerging Markets, Mobile Money, Fintech, Unbanked Population, Economic Development, Financial Literacy, Digital Financial Services, Mobile Technology.

How Does the Nexus Between Digitalization and Banking Performance Drive Digital Transformation in Central and Eastern European Countries?

The aim of this paper is to create a digitalization index for banking sectors using a set of indicators based on World Bank data for the period of 2010–2021, which will allow us to rank the sectors of Central and Eastern European countries (CEECs). The digitalization index is built based on how ready banks are for digitalization, the potential customers available for digital banking, and the level of digital infrastructure, with each of these aspects representing one pillar. Based on the calculation of the digitalization index, we emphasize that Romania is the leader, followed by Latvia and Lithuania, while Hungary and Estonia are at the opposite pole. Furthermore, we applied the fully modified ordinary least squares (FMOLS) method to measure the impact of digitalization on banking performance. This study reveals that Romania, Latvia, and Lithuania lead in digital banking transformation due to significant investments in infrastructure and customer engagement, while Hungary and Poland lag in terms of digital readiness. The results indicate that digitalization has a significant positive effect on banking performance (ROE), although countries experiencing market saturation had the potential to see a decline post-2018, necessitating further innovation to sustain growth. In the digitalization context, the results are relevant for policymakers, showing that investing more in digitalization is important and that there is a need to help people have greater access to banking services due to a lack of willingness and financial education, factors which prevent them from embracing digital changes. The results show that improving banking digitalization positively influences banking performances. This study provides an innovative and complex index for assessing banking digitalization in Central and Eastern Europe, with valuable implications for policymakers. We highlight the need to align digitalization policies with the specific level of digital development of each country in order to optimize the integration of digital technologies and enhance economic competitiveness.

How emergency departments are responding to the opioid crisis: Results from a statewide survey in Kentucky

ObjectiveThere is a rising effort for hospital emergency departments (EDs) to offer and expand substance use disorder (SUD) services. This state-wide evaluation studies SUD services offered along the continuum of implementation across Kentucky’s EDs to inform future state efforts to build ED bridge programs.MethodsWe conducted a mixed-methods study using an online survey of all Kentucky Emergency Department Directors between January and May of 2023. We created a hospital-level dataset which we used to summarize quantitative questions and thematically analyze open-ended responses.ResultsOur sample included 85 unique respondents (89% of all eligible Kentucky hospitals). Nine (11%) had active bridge programs to initiate opioid use disorder patients on buprenorphine. Respondents reported that the most challenging SUD-related services for EDs to implement were buprenorphine induction for opioid use disorder treatment (n = 36, 42%), referrals to community-based providers (n = 34, 40%), and providing social work services (n = 25, 29%). Respondents noted that the implementation and improvement of screening protocols were needed to better identify patients with SUD, expressed concerns about care continuity, and explicitly conveyed the need and desire for additional supports to provide SUD care.ConclusionsThe landscape of Kentucky’s ED SUD supports shows several hospitals that offer services along the continuum of SUD care, and highlights the importance of technical assistance and financial resources to ensure the continuum is broadly available. Kentucky’s experience speaks to broader national challenges in supporting SUD in EDs – specifically the need for financial resources, buy-in and education, and creating referral relationships to ensure care continuity.

EDUCAÇÃO FINANCEIRA NA EDUCAÇÃO PROFISSIONAL E TECNOLÓGICA

Strictly speaking, capitalism is a cyclical system that alternates cycles of economic growth followed by declines in activities. This magnifies social vulnerability and contributes to the indebtedness of Brazilian families, making Financial Education an urgent and necessary demand. Within the school context, the integration of Financial Education into the integrated curricula of the Federal Network of Professional, Scientific, and Technological Education contributes to the formation of more conscious, critical individuals capable of dealing with the economic and financial challenges of contemporary times. In light of the foregoing, this study aimed to ascertain the perception of graduates from the Integrated Technical Course in Accounting at the Patrocínio Campus of the Federal Institute of Triângulo Mineiro - IFTM regarding the teaching of Financial Education in schools. To do so, it relied on a qualitative methodological approach through bibliographic analysis and questionnaire application. The data indicate that graduates from the Integrated Technical Course in Accounting at the Patrocínio Campus of IFTM consider the topic relevant and even suggest a mandatory and separate discipline to address it in more detail. They also recommend that facilitating the learning of Financial Education topics occur, among other pedagogical practices, through videos. The results obtained stimulate discussion about the importance of integrating Financial Education into educational institutions, especially those offering Professional, Scientific, and Technological Education, thus contributing to the holistic formation of individuals.

The Impact of Microfinance on Women Empowerment in the Kpone Katamanso Municpal Assembly

Microfinance is a financial service that provides small loams, savings and other financial products to individuals or groups who lack access to traditional banking services. The Kpone Katamanso Municipal Assembly which was carved out from the Tema Metropolitan Assembly with the promulgation of the Legislative instrument (L.I) 2031 was selected for the study on the impact of Microfinance Institution (MFI) on women empowerment. A descriptive approach was adopted for the study. Primary and secondary data were used. Two sets of questionnaires were administered in the study; one each for clients of the MFI and the officials of the Eddieyn Microfinance Ltd. Combinations of purposive and convenient sampling methods were used to select the MFI and the clients for the study. The main findings of the study revealed that the presence of MFI has contributed to a large extent, an increase in access to credit and savings mobilization. This contributed in women’s ability to improve their petty trading, hence increase their income, and subsequently leading to good health and education for their families, acquisition of assets and taking part in household decision making. Based on the findings it is recommended that financial education be intensified by financial institutions to educate women on financial services available and how to access them through meetings and seminars. Also, the Municipal Assembly should encourage MFIs to establish their branches in rural areas.

Between Tuition Fees and Trainee Allowances: Financing of Schools in the German Health Care System

Schools in the health sector play a significant role in the structure of the German education system. In addition to public schools, there are numerous schools, either substitute or supplementary, in the private sector. Many schools are directly attached to a hospital, in contrast to others operating financially independently having cooperation agreements with corresponding facilities for practical training. This article explains the differences between public, substitute and supplementary schools in the health care sector, with particular emphasis on their financing. It also shows the impact of the integration of a school at a hospital. The information regarding the types of schools was generated through expert interviews and by reviewing current laws. A schematic illustration is intended to promote further understanding of school financing in the health care sector, thus contributing to more transparency. The legal framework conditions for the professions of physiotherapy, occupational therapy and speech therapy are elaborated, as well as basic German Law forming the legal basis for the Hospital Financing Act (KHG). The financing of public schools is regulated by law and is carried by the respective state or municipality. This also applies to public schools in the health care sector. Uniform regulations are also applicable to replacement and supplementary schools falling under the KHG. Trainees receive a salary if their schools cooperate with hospitals with which corresponding funding agreements are in place. However, private schools not affiliated with the KHG training fund must rely on alternative sources of funding, ultimately leading to the necessity to charge tuition fees. Different federal/state-specific regulations contributing to the financing of health care education is often unclear and incomprehensible. Due to current laws, tuition-free education cannot be guaranteed in every federal state or at every school. It remains to be seen if or to what extent changes will take place leading to uniform, transparent and comprehensible financing of the training landscape in the health professions in the German education system.

Financial Literacy in India

The Financial literacy is very important and plays a crucial role in individuals economic well-being and overall societal development. Financial Literacy is also important to learn money management. This research paper aims to provide a comprehensive analysis and information of the current state of financial literacy in India. This paper explores various terms and factors which influencing financial literacy levels, such as education, income, money management. It covers the why India need financial literacy into different areas. This research paper investigates the critical role of financial literacy in India. By examining the current state of financial literacy among Indian citizens, the study explores its impact on personal finance decisions, economic well-being, and overall quality of life. The paper analyzes the factors influencing financial literacy levels, including education, income, and access to financial services. Furthermore, it discusses the challenges and opportunities in promoting financial literacy in India and proposes recommendations for policymakers, educators, and financial institutions to enhance financial education

The Impact of Financial Education and Employability Skills Development on Corporate Financial Performance

The Impact of Financial Education and Employability Skills Development on Corporate Financial Performance

Tantangan dan Solusi Generasi Sandwich: Mengelola Tekanan Finansial dan Emosional

The sandwich generation, namely individuals caught between the obligations of caring for their parents and their children, faces complex challenges, both financially and emotionally. In a TEDx presentation by Della Fadillah, this generation is described with a sandwich metaphor that describes the double burden they bear. This research uses descriptive qualitative methods with note-taking techniques to analyze the experiences of Fadillah, who from a young age had to support his family financially, overcome emotional difficulties, and prepare for the future with financial literacy. This article discusses how financial education and investment can be a way for the sandwich generation to achieve financial independence. The research results show that although this generation is faced with great challenges, hope and careful planning can help them break the cycle of dependency. Suggestions are given to strengthen financial literacy as a long-term solution.

Pengaruh Overconfidence Dimoderasi Gender terhadap Keputusan Investasi pada Generasi Milenial di Karawang

This research aims to examine the influence of overconfidence on investment decisions of the millennial generation in Karawang and evaluate whether gender variables can moderate this relationship. This research uses a survey research design. There is an independent variable, namely overconfidence and a dependent variable (dependent) investment decisions. This research focuses on the millennial generation population in Karawang, which numbers around 1,029,290 people. Meanwhile, the sample used was the millennial generation in Karawang who were active in investment activities, totaling 268 respondents. In this research, verification analysis uses Simple Linear Regression Analysis to test whether or not there is an influence of overconfidence on investment decisions. The next test to see whether the influence of the moderating variable (gender) can strengthen or weaken the overconfidence variable on investment decisions, the Moderated Regression Analysis (MRA) test is used. The research the results show that overconfidence has an influence on the investment decisions of the millennial generation. This generation tends to make investment decisions with a high level of self-confidence, which can lead to investment risks. However, gender is not able to moderate the relationship between overconfidence and investment decisions, meaning that both men and women show the same pattern regarding the influence of overconfidence on their investment decisions. Based on these findings, it is recommended to improve financial education to help the millennial generation make more rational and wise investment decisions.

Influence of Family Financial Education and Socioeconomic Status on Financial Literacy with Well-Being as Mediator

Influence of Family Financial Education and Socioeconomic Status on Financial Literacy with Well-Being as Mediator

Managing Inclusion and Financial Education for Sustainable Development

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.