Financial Literacy Research Articles

Financial literacy and data analysis impacts on business sustainability

Financial literacy and data analysis have emerged as critical drivers of business sustainability in an increasingly complex and competitive global economy. This study explores the interplay between financial literacy and data analytics, examining their combined impact on enhancing profitability, operational resilience, and long-term sustainability. Financial literacy equips business leaders with the knowledge and skills to make informed decisions, manage resources effectively, and mitigate financial risks. Meanwhile, data analysis provides actionable insights that bridge gaps in financial decision-making, enabling businesses to forecast trends, optimize operations, and adapt to dynamic market conditions. By integrating these capabilities, organizations can foster a culture of data-driven decision-making that enhances resource efficiency and supports sustainable growth. This research employs a mixed-methods approach, utilizing quantitative surveys and secondary data analysis to evaluate the relationship between financial literacy and data analytics in small and medium enterprises (SMEs). The findings highlight actionable strategies for improving financial literacy, adopting analytics tools, and overcoming barriers to integration. This study contributes to the theoretical understanding of financial literacy and data analytics synergy and offers practical recommendations for fostering sustainability in modern business practices.

An exploratory analysis of the impact of financial literacy on the profitability of small-scale businesses in Suburban Lagos, Nigeria

An exploratory analysis of the impact of financial literacy on the profitability of small-scale businesses in Suburban Lagos, Nigeria

Financial Literacy & Digital Banking: An Empirical Study on Customer Satisfaction with Special Reference to Tumkur District

Financial Literacy & Digital Banking: An Empirical Study on Customer Satisfaction with Special Reference to Tumkur District

Financial literacy for individuals with intellectual and developmental disabilities: Border crossing required

AbstractIn the evolving landscape of financial literacy in education, this study aims to describe methodologies used in mathematics and special education research, specifically targeting individuals with intellectual and developmental disabilities (IDD). Based on a systematic review of research studies that addressed financial literacy for students with IDD, we analyzed definitions of financial literacy, educational objectives, and the differing strategies employed to meet those objectives and aligned target domains in financial literacy using Bloom's taxonomy. Our investigation reveals disciplinary differences in definitions, objectives, and strategies in studies from mathematics and special education. Mathematics education research encourages contextual problem‐solving, urging students to apply learned knowledge to practical situations, thereby facilitating advanced financial decision‐making skills. In a complementary view, special education research tends to focus on skill acquisition and maintenance that support student performance of essential financial tasks (identifying coins and their value). Both disciplines aim to enhance students' financial literacy, catering to the complex needs of individuals with IDD. This analysis underscores the need for an integrated approach to reinforce financial literacy and to promote more independent and community‐involved experiences for individuals with IDD.

Why is it important? Financial literacy in students in entrepreneurship: A systematic literature review

This paper aims to analyze financial literacy in students a foundational understanding of personal finance management in addition to more intricate financial concepts like corporate risk analysis and capital management techniques. A comprehensive evaluation of the literature has been conducted by locating 155 studies from different sources. 36 papers were determined to be pertinent for the current investigation after the 155 research were eliminated based on selection criteria. The results of the study show that financial literacy has a significant impact on the success of students in entrepreneurship, both in planning, management, and business development. This article also provides recommendations for the development of a more comprehensive entrepreneurship education curriculum, which integrates financial literacy as a core competency. This paper develops a research model that can be used for universities or policymakers who need to create financial skills in entrepreneurial students in order to improve financial performance.

The Use of Project-Based Learning on Early Childhood Financial Literacy Skills

Literacy is a set of individual abilities and skills in reading, writing, speaking, counting, and problem-solving at a certain level of expertise required in everyday life. Basic literacy consists of 6 things, namely language literacy, numerization literacy, science literacy, digital literacy, financial literacy, and cultural/civic literacy. Financial literacy is education on how to manage finances wisely as needed. Financial literacy education is given to children from an early age with the hope that children are used to managing finances well so that they can be free from financial problems in the future and can achieve their welfare This research is an experimental research that aims to find out whether there is an influence of project-based learning on early childhood financial literacy skills. The data analysis technique is analyzed using the paired sample t-test technique. Based on the paired sample test results, a t-value of -16.412 was obtained with a significance value of 0.001 < 0.05. It can be concluded that project-based learning has a significant effect on early childhood financial literacy skills.

Factors Affecting Personal Financial Well-Being of Young Working Adults in Colombo District, Sri Lanka

This paper aims to identify the factors affecting personal financial well-being of young working adults in the Colombo district, Sri Lanka. Given the increasing importance of financial stability in today’s economic landscape, this study seeks to understand how financial literacy, financial attitudes, and financial behaviors contribute to an individual's financial well-being. A quantitative research approach was adopted, utilizing a structured questionnaire to collect data from a sample of 384 young working adults derived from a convenience sampling technique in the Colombo district. The data were analyzed using multiple regression analysis to test the hypothesized relationships between the constructs. The findings of the study revealed that financial attitudes, financial literacy, and financial behavior indicate weak positive correlations with financial well-being, suggesting that im-proved attitudes, literacy, and behavior are slightly associated with improved financial well-being. Moreover, financial literacy, financial attitudes, and financial behavior have a significant positive impact on personal financial well-being. Furthermore, prudent financial behaviors, such as budgeting, saving, and responsible spending, are strongly associated with improved financial well-being. By understanding the key factors influencing financial welbeing, stakeholders can develop targeted financial education programs and create products promoting financial literacy and fostering positive financial attitudes and behaviors. Such initiatives can help young working adults in Sri Lanka achieve greater financial stability and security, ultimately contributing to the financial welbeing of future generations.

The Effect of Financial Literacy, Lifestyle, and Self-Control on the Consumptive Behavior of Students

This study aims to determine the Influence of financial literacy, lifestyle, and self-control affect the consumptive behavior of students. The research method used is quantitative through the type of correlation research. The use of this research sample is students of the Faculty of Social Sciences and Economics with a total of 93 students. The research technique used Propotional Random Sampling and Accidental Sampling with data collection in this study by distributing questionnaires. Based on the results of data analysis, partially there is a positive influence on financial literacy variables with a t value> t table (2.187> 1.990), lifestyle variables with a t value> t table (7.047> 1.990), self-control variables with a t value> t table (2.772> 1.990). So that through simultaneous good impact between financial literacy variables, lifestyle, and self-control on consumptive behavior. This is evidenced by the value of F count> F table (19.951> 2.70) with a significant 5%. It can be concluded that partially or simultaneously the variables of financial literacy, lifestyle, and self-control have a positive effect on consumptive behavior. The results of the coefficient of determination test on variables X1, X2, and X3 are 0.382, this means that consumptive behavior is influenced by the variables of financial literacy (X1), lifestyle (X2), and self-control (X3) by 38.2% while the remaining 61.8% is influenced by other variables.

The Effect of Financial Literacy, Financial Inclusion and Fintech Payment on The Performance of UMKM in Bandar Lampung City

Research to see financial technology, financial inclusion, and financial literacy in influencing the performance of MSMEs in Bandar Lampung City. The population in this research is MSMEs in Bandar Lampung, the sample size is calculated using the Slovin technique, resulting in 100 MSME respondents. Primary data was collected through questionnaires, and the results of the questionnaire will be tested using SPSS 27 with a multiple linear approach. This study found that financial inclusion, financial literacy, and financial technology can positively influence the performance of MSMEs partially and simultaneously.

Comparing Financial Outcomes Among Households Headed by Women, Men, or Both Partners: The Gender Pay Gap Prevails

Research shows gender disparities in savings habits and financial literacy. However, recent studies indicate that the higher earner in a household, regardless of gender, typically manages finances more effectively. This study examines if households where women are the primary decision-makers face more financial challenges and if they have less financial resilience, knowledge, and capability due to lower household income. Using data from the Canadian Financial Capability Survey (n= 2,149), we employ regression analysis to analyze differences in financial circumstances among households headed by women, men, and both genders jointly. Our findings show that women-led households have lower incomes, struggle to balance expenses, and are less likely to pay off credit card balances compared with households led by men or those with shared responsibility. Disparities in financial resilience, knowledge, and capability lessen when controlling for household income. Addressing the gender pay gap is crucial for improving financial outcomes for women and their households.

On My Own: Boosting Financial Literacy Among Disadvantaged Youth in Peru

ABSTRACTYoung adults can greatly benefit from financial education because they are starting to earn money and manage their personal finances. We use a randomised control trial to estimate the impacts of #PorMiCuenta (#OnMyOwn), an online asynchronous edutainment‐based financial education program, on financial literacy among poor post‐secondary scholarship recipients. We find this program has a large take‐up (74%) and it improves financial knowledge (by 19.7 percentage points (p.p.)), abilities (22.8 p.p.), attitudes (23.7 p.p.), and behaviour (16.5 p.p.). Our findings suggest this type of financial education approach can be very effective and useful for targeting disadvantaged young adults.

The Impact of Microfinance Institutions on the Growth of Umkm: a Case Study of Baitul Maal Wa Tamwil (BMT) at Al-Amin Mosque, Deli Serdang

This study aims to analyze the impact of Baitul Maal wa Tamwil (BMT) at Al-Amin Mosque, Deli Serdang, on the growth of Micro, Small, and Medium Enterprises (MSMEs). Using a mixed-method approach through quantitative surveys and qualitative interviews, this study examines changes in indicators of turnover, business assets, workforce, and profitability of MSMEs before and after receiving financing from BMT. The results of the study indicate that BMT financing services have a positive impact on MSME growth. Average turnover increased by 60%, business assets increased, and 40% of respondents were able to employ additional workers. In addition, business profitability also increased significantly. However, this study also found several obstacles, such as low financial management capabilities and limited market access. This indicates the need to strengthen technology-based service innovation and coaching programs to support the sustainability of MSMEs. This study concludes that BMTs play a strategic role in empowering the local economy through sharia-based microfinance services. The results of this study provide recommendations for the development of similar MFIs to support MSME growth more effectively and inclusively.

EFEKTIVITAS INDUSTRI EMAS UNTUK MENINGKATKAN PENDAPATAN UMKM (STUDI NASABAH UMKM DI PEGADAIAN NGAWI)

This research aims to analyze the impact of gold investment at Pegadaian on the income of Micro, Small and Medium Enterprises (MSMEs) in the Ngawi area, East Java and identify what factors influence MSMEs in utilizing gold investment services at Pegadaian Ngawi, as well as what efforts can be made. carried out to increase the participation of MSMEs in gold investment. Data was collected through interviews, observations, documentation and observation. Data analysis is carried out using data reduction, data presentation, and drawing conclusions or verification. Data validity methods use theoretical triangulation, data source triangulation, method triangulation, time triangulation and inter-researcher triangulation. The research results show that PT. Pegadaian (Persero) in Ngawi Regency, East Java, has had a positive impact on MSMEs through gold pawning services, which facilitate access to capital and support local economic growth. Apart from that, Pegadaian also increases financial literacy through education, helping MSMEs understand gold investment. However, MSME participation is still limited due to low financial awareness and accessibility. To overcome this, it is necessary to carry out intensive education, increase access to technology, and transparency in the investment process. This step is expected to make Pegadaian an agent of change for economic growth and financial independence of MSMEs in Ngawi.

Navigating the Watershed: Challenges and Opportunities for Women's Empowerment in Rural Development

Women empowerment in rural development encompasses economic, social, human, and legal dimensions, aiming to enhance women's quality of life and capacity as agents of economic progress. This review evaluates women's empowerment within the context of watershed development programs implemented through Self-Help Groups (SHGs) in India. Watershed initiatives focus on sustainable resource management, integrating participatory approaches to build community resilience and address socio-economic disparities. SHGs emerge as pivotal mechanisms, fostering social cohesion, enhancing financial literacy, and enabling women to engage in income-generating activities. However, systemic barriers—such as entrenched gender norms and limited institutional support—challenge their scalability and inclusivity. The study underscores the need for gender-sensitive policies, combining hard and soft adaptation strategies to maximize community engagement and equity. Highlighting successful SHG-driven models and participatory evaluation frameworks, this paper provides actionable insights to enhance women's roles in sustainable watershed governance and rural innovation systems.

Social Justice Integration in Clinical Social Work: Teaching with Current Events from the Media

ABSTRACT Scant research focused on building a practice platform to integrate social justice issues in clinical social work education. In a clinical course from 2016 to 2019 at a public university in a Southern state in the United States, this research team content-analyzed 41 real-life vignettes prepared by 82 Master of Social Work students to connect social justice focuses with current-events clinical learning. We analyzed these vignettes against the 13 Grand Challenges for Social Work (GCSW) in the United States: youth development, healthcare, interpersonal violence, productive aging, social isolation, homelessness, changing environments, technology for social good, antiracism, decarceration, financial capability, economic equality, and opportunity justice. Most vignettes (85.4%) had microlevel challenges, over half (56.1%) had macrolevel challenges, and almost half (41.5%) had mezzolevel challenges; 60% addressed more than one of these GCSW levels. These clinical social justice cases shared five common elements: (a) improving clients’ self-efficacy, (b) combating institutionalized oppression, (c) accessing effective mental health services, (d) building healthy social relationships, and (e) eliminating safety threats. In future studies, direct input from social workers will help develop a learning platform for justice-based skill development.

Cryptocurrency Investments: The Role of Advisory Sources, Investor Confidence, and Risk Perception in Shaping Behaviors and Intentions

The rapid growth and increasing adoption of cryptocurrencies have reshaped the investment landscape, presenting unique opportunities and challenges for investors. This study examines how advisory information sources influence cryptocurrency investment behaviors and intentions among U.S. investors. Using data from the 2021 National Financial Capability Study, it explores how reliance on financial professionals, media, and social networks shapes investment decisions. The motivation for this research lies in the need to understand the divergent roles of these sources in an era where traditional and emerging financial advice coexist. Findings reveal that reliance on financial advisors correlates with reduced cryptocurrency investment and future investment intentions, reflecting advisors’ cautious stance toward volatile assets. Conversely, reliance on media and social networks significantly increases both current investments and future intentions. The findings also highlight that investor confidence is positively associated with the likelihood and intentions to invest in cryptocurrency. Conversely, heightened risk perceptions associated with cryptocurrency reduce both the likelihood and intentions to invest. The study calls for financial professionals to enhance client education on cryptocurrency risks and for policymakers to strengthen regulations, ensuring accurate information dissemination through media and social networks. By providing a nuanced understanding of advisory influence and investors’ characteristics, this research offers valuable insights for financial professionals, policymakers, and investors navigating the complexities of cryptocurrency investments.

The Relationship Between Financial Inclusion and Real Economic Growth: Examples from Turkey, Developing Countries, Developed Countries, and the World

Facilitating the integration of individuals and enterprises into the financial system, financial inclusion promotes wider engagement in economic processes and contributes to economic development. Over the past few years, Turkey has made significant strides in enhancing financial inclusion, largely attributed to advancements in digital technologies. Nevertheless, the precise role of these improvements in driving economic growth remains a topic of ongoing discussion. Key indicators such as bank account ownership, the utilization of mobile payment platforms, and access to credit are commonly used to measure financial inclusion. These indicators influence economic growth through both direct and indirect channels. Increased access to financial services enables businesses to obtain funding more effectively and supports individuals in managing their savings. However, limited financial literacy can act as a barrier, reducing the potential positive effects of financial inclusion on economic growth. An in-depth analysis of Turkey's financial inclusion indicators, utilizing data from the IMF's International Financial Index spanning 2009 to 2022 and assessed through the ARDL methodology, indicates a modest influence of financial inclusion on economic growth. Several challenges, such as inadequate access to financial services for low-income populations and ongoing regional disparities, have limited the capacity of financial inclusion to significantly propel economic advancement. While Turkey's financial inclusion indicators still fall short of those seen in developed countries, the increasing uptake of digital financial services highlights opportunities for future progress. Evidence from other nations underscores that higher levels of financial inclusion can play a transformative role in fostering economic growth. The findings suggest that Turkey has yet to realize the full economic benefits of financial inclusion. Future studies should aim to optimize policies targeting financial inclusion and develop approaches to enhance their effectiveness. Key initiatives may include promoting financial literacy, expanding the reach of digital financial platforms, and addressing regional disparities in access to financial services.

Adoption of financial literacy: Systematic literature review and proposal of a theoretical model

The term “financial literacy” is used to describe an individual’s capacity to comprehend and utilise financial concepts in their everyday lives. These include, but are not limited to, the management of personal finances, financial planning, saving, investing, and the analysis of financial products. Notwithstanding the considerable attention it has received in the academic literature, there remain significant research gaps. The objective is to examine the research trends in the adoption of financial literacy. The methodology employed was a systematic literature review, utilising Scopus and Web of Science as the data sources, in the 2018–2024-time window. The most frequently employed instruments were identified as surveys and questionnaires. The majority of studies are situated within the geographical contexts of Asia and Europe, with a particular focus on countries such as India, China, and Ukraine. Furthermore, the most pertinent target populations are adults who have undergone business training and cancer patients. The most frequently employed models were the self-model, the technology acceptance model (TAM), and the theory of planned behavior (TPB). The key variables identified were behavioral intention, perceived usefulness, and subjective norm. This study identified that the main research gap is the lack of geographic diversity in existing studies, which hinders a comprehensive understanding of the factors influencing the adoption of financial literacy globally. The practical and theoretical implications highlight the necessity for the development of educational policies and programmes that address cultural and socioeconomic differences. Furthermore, this study puts forth an integrative model that synthesizes these theoretical frameworks and variables to inform future research and practice in the domain of financial literacy.

Can loan characteristics cushion the impact of an exogenous shock on subsistence entrepreneurs? Evidence from India

ABSTRACT We study the effect of an exogenous shock (Covid-19) on microcredit repayment behaviour of subsistence women entrepreneurs. We combine big data (Google mobility, Night-time lights and infection rates) with an original panel dataset of 2345 subsistence women entrepreneurs from rural India. Using random effects and hybrid panel regressions, we show that the COVID-19 shock adversely impacted loan repayments. However, the different loan characteristics moderated the impact. Prior to the COVID-19 shock, the repayment behaviour of entrepreneurs with joint liability group loans with group guarantee was better than of those with overdraft facilities, but was no different from individual loans. However, with rising severity of the pandemic, overdraft facility that offered flexible repayments displayed the highest resilience and outperformed joint liability group loan repayments. These findings underscore the importance of flexible loan product design to build resilience of subsistence entrepreneurs to unexpected shocks. Additionally, we show that loan repayment behaviour is positively associated with youth, financial literacy and usage of digital transactions.

What Works to Reduce Sex Workers’ Risk of Crime Victimization? A Scoping Review

ABSTRACT Purpose This scoping review investigates crime victimization prevention interventions among sex workers. Materials and methods Using the PRISMA method, we reviewed 11 papers referring to 8 studies that targeted the reduction of sex workers’ victimization. Results Effective strategies identified include community mobilization, peer-led outreach, establishment of safe spaces, legal empowerment, sociocultural activities, financial literacy training, and alcohol harm reduction initiatives. These approaches demonstrated significant reductions in victimization, improvements in community cohesion, and enhanced access to essential resources and support systems, thereby promoting the safety and well-being of sex workers. However, several challenges were also identified, such as high attrition rates, contamination, underreporting due to stigma, and variability in effectiveness across different socio-cultural and geographic contexts. Conclusion Despite the potential of these interventions, further research is needed, particularly from a criminological perspective, to better understand how these strategies can be refined and applied to improve the safety and well-being of sex workers.