Financial Life Research Articles

Making climate finance: toward everyday, historically informed, and reparative understandings

The centering of climate finance around a narrow set of institutions, sites, instruments, practices, and technologies is an achievement made possible by the domination of finance capital and policy elites. In this intervention, we shift the spotlight away from such elite projects and practices in favor of a wider understanding of urban climate finance—one that includes a more diverse set of sites, activities and participants. A wider and more inclusive conceptualization of urban climate finance requires accounting for the historical and ongoing role of finance in the production of climate vulnerability. Reconceptualized in this way, urban climate finance expands to include everyday financial life in cities around the world. Everyday climate finance is thus generated in places where the risks and uncertainties of climate change are currently unrecognized by policy elites as such, yet are being managed through improvised repertoires of financial practices. Additionally, (re)considering past financial practices as climate finance (e.g. historical residential redlining that produces climate vulnerability today), provides a rationale for demanding that past and present financial actors account for today’s climate injustices, and contribute to future reparative and abolitionist climate action.

Using value-focused thinking to elicit oncologic inpatients' life and treatment objectives: a qualitative interview study.

Value-focused thinking (VFT) is a decision-making method that places the qualitative elicitation of decisionmakers' objectives at the beginning of the decision-making process. A potential healthcare application of VFT is to elicit patients' objectives to better understand what matters to them. Only then can treatments be tailored accordingly. This is particularly important for patients with life-threatening diseases such as cancer. Thus, this interview study used VFT to elicit the life and treatment objectives of non-terminal oncologic inpatients. Fifteen cancer inpatients (median age 66 years) were sampled in a German university hospital in September 2019. The participants completed questionnaires, the data of which were used to semi-structure the subsequent interviews. Data were analysed using inductive category formation to identify objectives in the transcribed interviews. Sixteen objectives in five life domains (optimising physical wellbeing, optimising mental wellbeing, optimising personal life, optimising family life and optimising financial life) were identified. Comparison of the findings with previous research indicated that VFT is a reliable approach to elicit patients' objectives. The identified objectives could increase understanding of the outcomes that cancer inpatients care about.

Managing Financial Life: Examining the Factors Impacting the Financial Literacy of Indonesian Students Studying Abroad

Introduction/Main Objectives: The number of Indonesian students who study abroad has expanded significantly during the past few decades. Nonetheless, the nation has a lot of variables that would assist in the growth of overseas students leaving the country in the future. Consequently, this study aims to investigate the variables influencing the financial literacy of Indonesian students participating in international exchange programs. This study empirically examines how students' financial behavior could be affected by their financial knowledge, financial attitude, and financial culture. It also tests how financial literacy can be directly influenced by financial behavior. Additionally, the mediating role of financial behavior has been evaluated. Background Problems: Notwithstanding the rise in the number of students enrolled in international programs, and the availability of such programs in educational institutions worldwide, these students will confront numerous obstacles and difficulties. A vital skill for these students to possess is financial literacy, since there is a lot of emphasis on cost-saving when pursuing higher education in a global setting. However, studies into financial literacy are noticeably lacking, particularly in emerging nations such as Indonesia. Novelty: The current paper adds to the limited studies concerning the financial life of international students by developing an integrated framework to examine the most crucial factors impacting the financial literacy of Indonesian students participating in international exchange programs. Research Methods: An online survey was conducted to gather the primary data from the respondents. The acquired data were analyzed using PLS-SEM. Finding/Results: The research findings showed that financial literacy was significantly impacted by financial behavior, which in turn was impacted by financial knowledge, financial attitudes, and financial culture. The relationship between financial knowledge, financial attitudes, financial culture, and financial literacy was found to be significantly mediated by financial behavior. Conclusion: The present work provides theoretical and managerial contributions regarding managing the financial life of international students in Indonesia.

Unpredictability and consequence in play-to-earn crypto gaming

ABSTRACT This study observes through qualitative textual analysis the Discord community of Virtually Human Studio’s play-to-earn (P2E), blockchain-based videogame ‘ZED Run’ to better understand the nature of non-fungible token (NFT) applications and their users. This study emphasizes gaming and gambling opportunities related to NFTs and blockchain technology which suggest shifts towards increased risk-taking and a blurring of financial and entertainment contexts. In ZED Run, users’ interactions with designed systems, as well as interest in improving one’s understanding of the application and its associated marketplace, is motivated by interest in financial reward. This work argues this close relationship of financial interests to gaming and gambling environments risks fostering an increasingly gamified approach to financial life. Ultimately, ZED Run represents the application of media affordances to an acceleration of risk-taking and an adoption of alternative financial assets that challenge governmental authority while placing users at greater personal and financial risk.

Pengaruh Financial Literacy, Lifestyle, dan Self-Control Terhadap Saving Behavior Generasi Z Jakarta Selatan

Background – Z Generation is a generation with digital native and multitasking characters who are surrounded by lifestyle trends and technological developments that are constantly changing rapidly, this makes the level of financial literacy and self-control low where saving behavior is necessary as an important aspect of financial life in order to achieve stability of finances and future preparation. Aim – The purpose of this study was to examine and analyze whether financial literacy, lifestyle, and self-control have an influence on the saving behavior of Z Generation South Jakarta. Design/ methodology/ approach – This research approach uses a quantitative approach by obtaining data from distributing questionnaires to 349 respondents which are then processed using data analysis techniques using the SEM (Structural Equation Modeling) model with SmartPLS software version 3.2.9 (Partial Least Square). Findings – Based on the results of the study proving that financial literacy has a significant positive effect on saving behavior, these results mean that the higher the financial literacy of Z Generation, the higher their saving behavior will be. Meanwhile, lifestyle and self-control do not have an influence on saving behavior, this can be interpreted that everyone has a different lifestyle and self-control, so whatever the lifestyle and self-control of Z Generation, it does not have an influence on the saving behavior of Generation Z, South Jakarta it can be caused by other factors. Conclusion - Gen Z's lifestyle does not have a significant influence on the savings decisions of individuals in Gen Z. Similar to Gen Z's self control which does not support saving behavior. Research implication – This research adds insight into the factors related to saving behavior, especially financial literacy, lifestyle, and self-control of the younger generation. It is necessary to highlight these factors for generation Z in South Jakarta to be able to care more about their finances which will grow and improve behavior in saving for a controlled and peaceful future. Limitations – In this research, the limitation is that the area only took four sub-districts in South Jakarta, including Cilandak sub-district, Jagakarsa sub-district, Kebayoran Lama sub-district, and Pasar Minggu sub-district. In addition, the population and sample focus on Z Generation with the age chosen as a sample of 16-26 years, where future researchers are expected to use a wider number of sub-districts or research in one area and choose a variety of ages to provide even better results and able to provide more extensive information.

THE RATIONALITY OF URBAN FINANCIAL NETWORK LAYOUT BASED ON POI DATA

Abstract. Financial outlets are branches or business outlets of financial institutions such as banks, investment and finance companies and insurance companies in cities, which are used to provide a variety of financial services and businesses. The location of financial outlets is usually determined on the basis of factors such as population density, commercial areas, residential areas and transportation convenience. As an important carrier of urban financial services, the rationality of the layout of financial outlets can reflect the financial needs and behavioral patterns of people in the city. Urban functional area is a product after urbanization, different from urban land use type which focuses on the classification of urban land use through natural conditions, urban functional area mainly analyzes the internal spatial structure of the city, focusing on the discernment of the dominant functions within the built-up area of the city. By categorizing urban functions such as residence, commercial service and industry, the spatial distribution of urban functions can be grasped to provide support for urban planning and development. Urban functional areas can reveal human behavior patterns, needs and preferences in different areas. The current research on financial outlets mainly focuses on the accessibility and coverage of financial outlets, and researchers treat financial outlets as spatially undifferentiated points, ignoring the problem of spatial heterogeneity of financial outlets within different functional zones. When studying the rationality of the layout of urban financial outlets, considering different functional zones within the city can better meet the financial needs of residents, enterprises and institutions in the region and improve the accessibility and convenience of financial services. Analyzing the comprehensive service capacity of financial outlets within different functional areas is obviously insufficient in the current study, which is not conducive to the configuration planning of financial outlets and the promotion of the accessibility of urban financial services. The wide application of Point of Interest (POI) data in spatial analysis provides a new perspective for the study of urban financial outlets, for this reason, this paper analyzes and researches the current situation and rationality of the spatial layout of financial outlets based on POI data, under the perspective of the functional areas of the city, and combined with the population travel vitality index. The Term Frequency-Inverse Document Frequency (TF-IDF) algorithm is used to process the POI data to generate the urban functional area, on the basis of which the travel vitality index in the city is calculated by combining the population coverage and road network density, so as to judge the reasonableness of the layout of urban financial outlets. This helps us to better understand the behavioral decision-making process and social interaction of human beings about financial life in the city, and provides guidance and decision-making support for urban financial layout planning, financial public services and financial policies.

Household Financial Planning Education In Duyu Urban Village, Palu City

Poor financial management can create chaos in the financial life of an individual or household. Excessive debt, financial crisis, mental stress, and limited investment in education and health are possible outcomes. The inability to achieve financial goals is a serious consequence. Therefore, wise financial management practices are essential to maintain financial stability and well-being in the long run. This activity aims to provide socialization and education in household financial management. The activity was carried out in Duyu's residence with 50 participants. The method used was a form of presentation and discussion with participants. The output of the activity is increasing community understanding of household financial management that can be implemented in realizing smart and effective households.

Effect of Individual Attributes toward Financial Management Behavior through Locus of Control

Only a few studies have examined the use of comprehensive variables in determining financial management behavior, though the model involves many other variables. Therefore, this study aimed to examine the locus of control as a mediator variable in the effect of financial attitude and knowledge, income, and spiritual intelligence on financial management behavior. It used a quantitative descriptive method and involved 391 respondents determined through convenience sampling. The results showed that financial attitude and spiritual intelligence significantly impact financial management behavior through locus of control. Whereas in the other two variables, namely financial knowledge, and income, the role of the mediator does not function effectively, so it does not have an indirect effect. These findings have implications for individuals to practice financial readiness in daily financial life. The information obtained also strengthens the role of self-control in financial management.JEL Classification: G40, G41

Improving Digital Literacy on Business for Adolescents in SMP Muhammadiyah Daarul Arqom Klaten

This community service (PKM) objectives are to discover how these adolescents utilize digital platforms and their obstacles for their businesses and to find out how to improve digital literacy on business for adolescents in SMP Muhammadiyah Daarul Arqom Klaten . This activity employs qualitative research using four steps in collecting the data; observation and interview, preparation of material, implementation of activities, and evaluation. This community service (PKM) was held from March 11-13, 2023 in SMP Muhammadiyah Daarul Arqom Klaten with the total of 40 adolescent participants. The first result, the majority students use internet and social media for entertainment and pleasure, not business interest. Second, the students faced obstacles in improving digital literacy and starting business using digital media. Third, the community service (PKM) team create solution to improve digital literacy on business for adolescent such as increasing the knowledge of digital literacy and its utilization, arranging schedules for individual target or business, learning more about the product strategy and marketing, upgrading and escalating new information every day, finding networks to level up their spread of communication, and being confident and independent, especially on financial life.

‘OBVIOUSLY BECAUSE IT'S A TEAR IT WON'T NECESSARILY MEND ITSELF.’ A QUALITATIVE STUDY OF PATIENT EXPERIENCES AND EXPECTATIONS OF TREATMENT FOR A MENISCAL TEAR

AbstractIntroductionRecent research has questioned the role of arthroscopic meniscectomy in patients with a meniscal tear leading to the development of treatment recommendations for these patients. There is a clear need to understand patient perceptions of living with a meniscal tear in order to plan future research and treatment guidelines.AimsTo explore the experiences and expectations of treatment of young patients with a meniscal tear of the kneeMethodologyTen participants diagnosed with a meniscal tear were recruited from the METRO cohort study using a purposive sampling strategy. These patients underwent semi-sructured interviews between April and May 2021. Thematic analysis was used to code the transcripts and generate key themes in order to describe the data.ResultsThemes identified relate to the broad areas of: the effect of symptoms, the expericne of the clinical consultation and the experience of the treatment modality undertaken. Meniscal tears have a profound impact on pain and many patients experience effects on their family and financial life in addition to physical symptoms. Participants expected the majority of their management to occur in secondary care and most thought surgery would be a definitive treatment, while the effectiveness of physiotherapy could not be guaranteed as it would not fix the physical tear.ConclusionPatient experience of meniscal tear may not correspond with current available clinical evidence. Clinicians should consider the common misconceptions highlighted in this study when conducting a consultation and pre-empt them to optimally manage patient expectations.

Effectiveness of debt modification system in Korea

This study aims to examine the effectiveness of the debt modification system (DMS) in Korea. We find that DMS does have a positive effect in increasing the credit scores and annual income of DMS users. We also find that a debt management plan (DMP) is more effective in raising credit scores than personal rehabilitation (PR). However, the credit scores of DMS users in the first half of 2019 (551.1–626.1 points) are at a very low level, making it difficult to access low-interest unsecured loans from banks. Therefore, DMS in Kores is still insufficient to support the return of debt-ridden consumers to normal financial life and provide opportunities for a fresh start.

Evaluation of the aspects involved in the breakdown of romantic relationships

Introduction: Relationships bring quality of life, satisfaction, and even contribute to personal growth and mental health. However, the end of a relationship can affect the physical, emotional, and social aspects of an individual. Objective: To identify and analyze the aspects involved in the end of romantic relationships. Materials and Methods: This study is a prospective quantitative cross-sectional research with discourse analysis. Results: Through the categories, it was possible to identify that in the category of "emotional symptoms," there are negative aspects such as sadness, guilt, anxiety, etc., as well as positive aspects such as self-esteem and freedom, among others. In "physical symptoms," self-harm, eating disorders, drug use, etc., were identified. In "psychological symptoms," manipulations, anger, traumas, etc., were identified. Regarding "infidelity," the pain it causes to the individual, and "financial life," the dynamics of marriage include this factor. Conclusion: By identifying the aspects involved in the end of relationships, it becomes possible to understand the complexity of the situation and refer individuals to appropriate help, whether psychological or medical.

Attitude, behavior and financial knowledge of young university students in Mexico

Financial literacy, which includes the dimensions of attitude, behavior and knowledge, is a condition for individuals to achieve financial well-being. In the population of young university students, it is a relevant aspect since they begin the financial life cycle, with a forecast of medium and high income, but whose generation of wealth will depend on decision making. Therefore, the objective of this paper is to measure the level of financial literacy of students at the Universidad Autónoma del Estado de México, in order to identify areas of opportunity and gaps to address. For which an instrument designed in Ecuador was applied, for the Latin American context, which meets the necessary psychometric levels. The sample consisted of 521 participants from various programs and educational spaces that were close to graduation. Analysis was subject to central and dispersion measures as well as non-parametric group comparison tests. Among the results, it was identified that most students are at a high level of financial literacy, although the lowest score was obtained in the knowledge dimension. Significant differences were found in gender, by educational program, academic space and employment status.

Changes in health and social relationships on loneliness among older adults

ABSTRACT Purpose Loneliness affect older people’s health and well-being. This study explored the effects of changes in health and social relationships on loneliness in older adults. Methods Data were from the 2011 and 2015 surveys of the Taiwan Longitudinal Survey on Aging. Individuals who were aged ≥55 years at the baseline (2011) and who completed both waves of the survey were included in the analysis (n = 2,512). In the 2015 wave, loneliness was predicted on the basis of the factors identified in the 2011 wave and the changes in health and social relationship between the two waves. Multiple linear regression analysis was performed. Results Decreased social group participation, decreased receiving instrumental social support, increased negative support, decreased feeling of usefulness to others, decreased informational support, decreased financial life satisfaction, increased stress, and increased depressive symptoms were related to a higher level of loneliness, whereas increased social support and social participation as well as decreased stress and depressive symptoms were related to a lower level of loneliness. Changes in depressive symptoms, a reduction in financial satisfaction, and an increase in stress were related to both the social and emotional dimensions of loneliness. Decreased social connection, social support, and social participation were related to social loneliness, whereas an increase in physical disability was related to emotional loneliness. Conclusion Older people’s changes in social support, social participation, financial satisfaction, stress, and depressive symptoms may affect their loneliness afterward. Social networks and resources should be developed in the community for older adults.

Financial education among adults in Romania

The aim of this paper is to highlight the need for financial education among adults in Romania. For this purpose, we will take as a starting point the current level of financial knowledge that the target group possesses. The research's central hypothesis is the relationship between our nation's educational level and the current economic and financial predicament. Therefore, the traditional questionnaire will serve as the primary research method for this study. The information obtained from the questionnaire will be related to statistical data concerning the financial field in Romania, with the main result being the dimension of the impact of the educational element in the financial life of Romanians.

Variations of Rotating Savings and Credit Associations for Community Development

Informal financial cooperation strategies have emerged as a solution to improve the resilience of low-income communities, being one of the most popular ones the rotating savings and credit associations (ROSCAs). In this article, using computational tools and dynamical systems modeling, we study the performance of two variations of ROSCAs that can potentially increase the resilience of communities. First, we propose a strategy that saves a percentage of the contributions of each member of the ROSCA to reduce the impact of individuals who stop contributing to the association and study how this strategy impacts the financial life of the individuals and trust among community members. Second, we study a decentralized version of the ROSCA in which individuals contribute to more than one association and analyze the impact of the size of the cooperation scheme and the number of associations where each individual participates. Through mathematical and simulation analyses, we show how the cooperation strategies impact the resilience of low-income communities.

The Rapid Decline of Happiness: Exploring Life Satisfaction among Young People across the World

Adolescence and early adulthood are periods of rapid physical and emotional development and coincide with important social and economic processes in the lifecycle. This group now represents a quarter of the world’s population, and the antecedents of many later-life health problems occur during this period of life. We report on the level and determinants of life satisfaction among individuals age 15–24 years across the main regions of the world and contrast these findings with those for adults age 25–59 years using Gallup World Poll data from 145 countries/territories in 2014 and 2015. We find that adolescence and youth is the age range during which life satisfaction declines most rapidly in all regions of the world, except South Asia and the Middle East and North Africa (MENA). Additionally, in the three regions where overall life satisfaction is lowest, MENA, South Asia and sub-Saharan Africa, the life satisfaction gap among youth in the poorest and richest quintile is the largest, reflecting the reality that children in some of the world’s poorest countries already face adult realities and responsibilities by this age. Correlates for young people and adults are strikingly similar and include material conditions, such as financial life and food security, and noneconomic factors such as social support, health, and internet access. Differences across the life-course emerge in life satisfaction correlates of education and health, which are stronger for adults than young people.

The musical, cultural and financial life and legacy of Tito Schipa

Introduction: The article, multidimensional and multi-media in scope and sources, represents, from an accounting history perspective, the social, economic and polit-ical events influencing opera theatre and the opera tenor Tito Schipa. Aim of the work: The study presents a social and cultural real accounting-based story, linking accounting, patronage, politics, artistry and heritage, referring to ac-countability in both financial and non-financial terms. Methodological approach: The article uses a qualitative research method explor-ing, from both primary and secondary data, the epiphanies having a significant im-pact on Tito Schipa's personal and professional life. Main findings: The work develops and applies a framework of accountability in the context of opera theatre considering the influences of patronage and Fascism, and represents an example of the effects of economic and political changes on artists and of the relations of power within which accounting is embedded. Originality: The research adopts an exploratory and creative multi-media approach in using oral/aural, financial and private archive sources and it explores the Tito Schipa's life and career, largely unknown, and the related ‘accounting' information.

Disease Burden in Caregivers of Children with Congenital Heart Disease in Children’s Medical Center, Tehran, Iran

Background: Congenital Heart Disease (CHD) is the most common congenital malformation in infants. The burden is defined as the perceived caregiver’s sufferings of their emotional or physical health, social and financial life as a result of caring for loved ones. Lifelong CHD endures significant burdens on patients, families, and society. Parents of children with chronic illnesses such as CHD are more likely to be challenged than other parents. Furthermore, evidence shows the impact of this burden on parents’ health. Therefore, this study aimed to evaluate the burden on caregivers of patients with CHD.
 Methods: In this cross-sectional study, 72 caregivers of patients with CHD in the Children’s Medical Center, Tehran, Iran were recruited. Face-to-face interviews with caregivers had been done. The demographic and disease-related data were collected. Zarit Burden Interview (ZBI) was applied for disease burden assessment. Statistical analysis was performed in SPSS version 22.
 Results: In the present study, most caregivers 34 (47.2%), suffered from moderate to severe burden. The mean caregiver burden score was 42.78 which is categorized as a moderate to severe burden score. The siblings’ number and level of caregivers’ education had a significant association with the caregiver’s disease burden.
 Conclusion: CHD is associated with a significant caregivers’ disease burden. Although the disease-related factors were not related to disease burden, the higher caregivers’ education was related to fewer caregivers’ disease burden. Therefore, paying attention to the caregiver’s burden is an important clinical issue.

Undergraduate financial knowledge, attitudes, and behaviors: The impact of financial life skills course on college students

AbstractIt is increasingly common for universities to offer financial education or life skills courses as electives. However, less is known about the potential impacts of these courses on factors beyond financial literacy, such as financial attitudes, financial stress, or financial well‐being. Our study explores these topics using a unique sample of 370 undergraduate students, half of whom opted to enroll in and complete a financial life skills course and half of whom did not. We explore various aspects of student financial life, including well‐being, stress, self‐efficacy, knowledge, behavior, and socialization. Evidence from our study did not suggest that a single‐credit financial life skills course has much impact on financial well‐being or financial stress. There were notable impacts associated with financial socialization and financial self‐efficacy that reinforce some earlier explorations of financial well‐being.