Financial Literacy Research Articles

Navigating Change: A Comprehensive Analysis of Current Financial Trends in the United States

This research study offers a comprehensive overview of current advancements in financial practices in the United States. This research will examine recent shifts in American financial habits and offer stakeholders guidance on how to effectively manage the evolving financial landscape. A thorough assessment of prior literature reviews and empirical studies on digital finance in the US is part of the research methodology.The literature review focuses on how developments in financial technology (FinTech), regulatory changes, a growing emphasis on sustainability, and shifting consumer behavior have significantly altered the financial sector.. The influence of regulatory barriers, ESG integration, evolving consumer behavior, and the complex interactions affecting US financial practices are the main topics of discussion. The results underscore the significance of digital transformation, regulatory impediments and campaigns, consumer inclinations, the advantages and challenges of decentralized financing (DeFi), and cybersecurity and privacy issues. Recommendations are provided based on the results to enhance regulatory flexibility, raise financial literacy and awareness, fund cybersecurity infrastructure, encourage cooperation and information exchange, welcome responsible innovation, and track and react to market dynamics. By putting these recommendations into practice, stakeholders can better navigate the complexity of digital banking in the US and foster innovation, inclusion, and trust in the digital financial ecosystem while averting the dangers and difficulties that come with it.

Empowering Informed Life Insurance Decisions: The Impact of Financial Literacy on Framing Effects

This study investigates the impact of financial literacy on consumers’ intention to purchase life insurance policies with a framing effect. Although life insurance companies use framing to nudge consumers, this marketing tactic fails to foster long-term relationships and informed decisions. The study introduced a financial literacy education comparing the benefits of life insurance with traditional banking instruments. Using a rating-based conjoint analysis experiment, the effects of financial literacy on premium and benefit framing were tested and analyzed with three-way ANCOVA and Hayes Process. Results indicate that financial literacy significantly increases purchase intention for policies with monthly premiums and aggregate benefits.

Jitegemee (rely on yourself): a multi-phase process of co-creating a personal savings intervention with female sex workers in western Kenya to reduce their HIV risk

BackgroundHIV prevalence among female sex workers (FSW) is significantly higher than among women in the general population. Studies have shown that FSW engage in unprotected sex which provides higher compensation when they face emergency situations. We co-created a savings intervention – Jitegemee (rely on yourself) – with FSW to encourage them to save part of their earnings to withdraw in emergency situations in order to reduce risk.MethodsWe undertook a five-phase intervention development process between February 2021 and July 2023: 1) qualitative interviews with FSW to identify essential intervention features; 2) pilot trial to assess intervention feasibility; 3) literature review of studies on economic empowerment of FSW; 4) scoring of key components of Phases 1–3 on a scale of 1–5 (1 = definitely exclude, 5 = definitely include), for inclusion in the intervention package; 5) workshops with FSW and other key stakeholders to co-design the intervention.ResultsIn phase 1, nearly all participants (99%) found the intervention acceptable to them and 95% believed it would be acceptable to other FSW. Participants suggested inclusion of financial literacy (75%), savings groups (38%) and goal-setting (24%). In the feasibility assessment, 41% saved, of whom 46% withdrew some savings. Condom use was higher among FSW who withdrew their savings compared to those who did not (χ2 7.52; p = 0.006). In Phase 3, we identified 14 intervention components. In phase 4, all suggested intervention components scored 4.5 on average. In phase 5, we held 3 workshops with FSW to co-design the intervention, which included instructions for how to save and make withdrawals, financial literacy training, and formation of savings groups.ConclusionsA savings intervention for and by FSW was highly acceptable and feasible. Involving end-users in the design process is likely to result in greater economic security among FSW and lower engagement in higher risk transactional sex.

Financial literacy in the DNB Household Survey: insights from innovative data collection

Financial literacy in the DNB Household Survey: insights from innovative data collection

The impact of government support and organizational culture on sustainable performance: Unveiling the mediating role of circular economy and eco-innovation

Attaining a sustainable competitive edge and exceptional performance stands as the foremost objective for business organizations. Manufacturing industries frequently encounter challenges that hinder their success, primarily due to well recognized factors such as insufficient resources, limited financial capabilities, and a deficiency in managerial skills. Consequently, they frequently seek out sources that are less risky and more convenient to maintain their competitive edge in the market, ultimately leading to limited growth and innovation. Numerous factors have been examined in relation to improving sustainable performance (SP); however, the influence of government support (GS) and organizational culture (OC) in this context has garnered limited focus. This study explores the impact of GS and OC on the SP of manufacturing industries, with the mediating roles of eco-innovation (EI) and the circular economy (CE). Hypotheses were examined through structural equation modeling utilizing Smart PLS4 software, applied to a dataset comprising 200 manufacturing industries in Pakistan. The findings suggest that while GS does not exert a substantial direct effect on SP, its impact is mediated by EI and CE practices. The OC plays a crucial role in improving SP, impacting it in both direct and indirect ways. It is recommended that governmental entities extend both financial and non-financial assistance to the manufacturing sector, which can subsequently enhance economic growth and sustainability. It is recommended that the government implement mechanisms to evaluate adherence to policies and regulations, ensuring that incentives are effectively promoting sustainable practices to enhance organizational sustainable performance. To enhance sustainability results, organizations ought to prioritize developing a culture that encourages innovation and circular practices.

Influence of Organizational Resilience, Human Resource Capability and Financial Capability on Crisis Management of Catering Enterprises

Influence of Organizational Resilience, Human Resource Capability and Financial Capability on Crisis Management of Catering Enterprises

Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India

Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India

Financial well-being, anxiety and payment delinquency among student loan holders in the United States: insights from the COVID-19 pandemic

PurposeThe COVID-19 pandemic presented unprecedented challenges, particularly intensifying the financial and psychological burden for individuals with student loans in the United States. Firstly, this study examined the association between student loan ownership and financial well-being during the pandemic. Secondly, among student loan holders, we tested the association of financial anxiety and payment delinquency with COVID-19 shocks and financial knowledge. Lastly, we investigated the associations between the recipients of student loans and their financial well-being, anxiety and behaviors concerning student loans.Design/methodology/approachUtilizing data from the 2021 National Financial Capability Study, we explored how unprecedented economic disruptions have affected student loan holders' financial well-being, levels of debt anxiety and payment delinquency, considering financial knowledge as a critical factor. We conducted Ordinary Least Squares (OLS) and logistic regressions to examine the associations addressed in the purpose of the study.FindingsThe results of regression analyses indicate that individuals with student loans generally experienced lower financial well-being than those without loans. Among student loan holders, COVID-19 shocks were positively associated with student loan anxiety and payment delinquency. Additionally, subjective financial knowledge showed a positive association, while objective financial knowledge displayed a negative association with loan delinquency. Lastly, respondents who secured loans for themselves exhibited lower levels of financial well-being than other student loan holders.Originality/valueThis study represents one of the initial efforts to investigate the issues of financial well-being, debt anxiety and payment delinquency among student loan holders, along with their associations with the potential COVID-19 shocks they experienced. The research shed light on the acute financial stress and mental health challenges faced by student loan holders during global crises, highlighting the significance of effective policy development for student debt management and borrower support during times of economic uncertainty.

Rethinking economic socialization: the intersection of culture, gender and economic life in a religious enclave

Abstract This article explores how economic socialization serves as a bridge between individual economic behaviors and the broader social and cultural contexts that shape them. Drawing on a post-functionalist approach to socialization, the study examines the ultra-Orthodox Jewish (Haredi) community in Israel, where distinct gender roles, cultural norms and patterns of economic participation create a unique context for investigating divergent economic socialization pathways. Comparing four groups within the Haredi community—average/below-average and high-income women, men with work experience, and men who study at religious seminaries (Yeshiva/Kollel)—analysis of an original survey study reveals how differential exposure to economic life leads to significant variations in financial risk-taking, loss-aversion, financial literacy and competitiveness. The findings problematize explanations attributing economic gender gaps to innate differences, instead highlighting the profound impact of the cultural framing of gender roles vis-à-vis economic integration. By foregrounding economic socialization as a sociological phenomenon, the study contributes to discourses on culture’s role in economic behavior and opens new avenues for examining how individuals acquire economic dispositions through socialization pathways shaped by structural constraints and power relations.

Optimalisasi Daya Saing UMKM Jeje Jangek Melalui Literasi Keuangan Digital di Desa Tanjung Gusta

Implementation of Real Work Lectures is one manifestation of the Tri Dharma of Higher Education, namely empowerment and community service. On this occasion the author carried out Real Work Lecture activities in Tanjung Gusta Village with the main program headline being the socialization of financial literacy to micro, small and medium business actors, especially fish cracker or jangek cracker business actors. The approach used consists of three methods, namely observation, interviews and documentation. The main work program implemented was visiting business actors making skin crackers to socialize about financial literacy and digital promotion. Then the author also held two supporting work programs, namely the socialization of financial literacy education and sharia investment, the main focus of which was on education about investment and financial management and the second was the implementation economic market day for elementary school students with the aim of cultivating students' talents and interests in the field of entrepreneurship. Both the main and supporting work programs were carried out well and without significant obstacles due to support from Tanjung Gusta Village officials, the community and fellow students who worked together to make the work program successful.

An examination of Pacific nations ‘legislatures’ interactions with Supreme Audit Institutions and the impact on audit quality

Purpose The purpose of this paper is to report a study of public accountability within the political and economic structures that characterise Pacific nations. The authors examine audit quality with respect to Pacific Island nations’ governmental reporting to investigate ways to improve accountability in a region that is economically and environmentally challenged. Design/methodology/approach The authors examine whether audit quality in Pacific Island nations is associated with the practical arrangements of Supreme Audit Institutions (SAIs), taking into account external factors. The “practical arrangements” include the independence of a SAI (regarding its staffing and funding) and also the requirement for it to report to the Executive. The financial setting in each jurisdiction has been seen to impact the quality of financial reporting and auditing. The authors examine mediating factors such as income, political stability and education that may also impact audit quality. This study uses publicly available databases as well as jurisdictional annual reports and the associated audit opinions and management letters (where available). Jurisdictional reports on public financial management were also analysed. Findings The authors find that public sector audit quality is low in many Pacific countries, concluding that public accountability is impaired. While the authors recommend changes to the practical arrangements that can improve audit quality, the mediating factors also impact audit quality. They argue that a renewed focus on financial capability could enhance public accountability in these nations, but there are limiting factors that are difficult to overcome. Practical implications There are problems in providing accountability for public sector activities in Pacific nations. The authors suggest that improvements to the appointment and funding of SAIs to enhance their independence will help to reduce these issues. Originality/value The authors present a framework for analysing SAIs’ practical arrangements and audit quality that includes variables that may mediate the effects of these practical arrangements. They apply the model to 20 Pacific jurisdictions, showing that the practical arrangements of a SAI directly impact audit quality. Nevertheless, there are instances where audit quality is poor despite good practical arrangements, implying that mediating factors also play a substantial role in determining audit quality of a SAI.

Practices Pertaining to Sustainable Development Goals in University Libraries of Sri Lanka: An Exploratory Study

Sustainable development, embodied in the Sustainable Development Goals (SDGs), is a global obligation. University libraries are crucial in advancing these goals by disseminating knowledge, fostering sustainability, and promoting inclusive practices. This study uses a survey conducted through interviews to explore the practices, strategies, and challenges faced by university libraries in Sri Lanka in aligning with the SDGs. It surveyed SDG practices under five key themes. Sri Lankan university libraries strongly commit to the SDGs through their initiatives in these areas. However, compared to global practices such as seed libraries, zero-waste initiatives recycling projects, sustainable landscaping, rainwater harvesting and financial literacy programs, the scale of their activities remains more localized. Financial constraints, limited resources, and lack of awareness pose common barriers. The study demonstrates that Sri Lankan libraries are good at translating global SDG goals into actionable local initiatives, emphasizing the importance of the context. These libraries provide invaluable insights for other institutions. Future directions include expanding collaborations, enhancing public engagement, and embracing emerging technologies to further the SDG agenda.

Who Does Gen-Z Trust with Their Finances? A Comparative Analysis of Influencers vs. Traditional Celebrities

Social media platforms have become key channels for disseminating unverified financial information, such as cryptocurrency advice, credit card recommendations, and investment tips (FTC, 2019; Pennsylvania Office of Attorney General, 2023; U.S. SEC, 2022; U.S. SEC, 2023). Understanding how Gen Z evaluates financial information from influencers and traditional celebrities on these platforms is essential, as it directly impacts their susceptibility to misinformation based on perceived source credibility. This study addresses the research question: How do Gen-Z individuals evaluate financial information presented by influencers compared to traditional celebrities? To explore this, the study will employ a qualitative approach, conducting interviews and performing thematic analysis on the transcripts. Participants will be randomly selected, with a target of 20 interviews for the pilot study or fewer if data saturation is achieved. The study is grounded in source credibility theory, which examines information sources' perceived attractiveness, expertise, and trustworthiness. The findings aim to contribute to the existing literature (Kaabachi, 2021) and enhance financial literacy among Gen-Z individuals in the United States. Furthermore, insights gained can guide policymakers in addressing ethical challenges related to financial information on social media and help regulate information dissemination practices.

Communication dynamics: Fintech’s role in promoting sustainable cashless transactions

The integration of Fintech is revolutionizing global financial engagement, moving away from traditional payment systems. This study, thus, explores the interaction between communication dynamics, Fintech use, intentions, cashless transactions adoption, financial literacy, personal innovativeness, and socioeconomic development in Pakistan. The study employs a dual methodology, encompassing “PLS-SEM and Probit Model alongside Propensity Score Matching technique.” The survey targeted small business owners and individuals involved in informal sectors, encompassing roles such as fruit and vegetable vendors, small shop owners, taxi drivers, and auto rickshaw operators. A total of 394 responses were analyzed. The findings highlight the facilitating role of individuals’ intentions to use cashless transactions, acting as a mediator through which Fintech use fosters actual behavior. Moreover, the study finds financial literacy and personal innovativeness as critical moderating factors. Adopting cashless transactions emerges as a pathway to enhanced financial inclusion, particularly impactful for small business owners. The achieved financial inclusion has the potential for profound financial inclusion implications, as evidenced by its positive effects on sustainable livelihoods, living conditions, and social development among small business owners and individuals operating within the informal sector.

Generating An Insight on Retirement Process of Football Players

The retirement process of professional football players represents a significant life transition that often entails various challenges, including financial instability, career uncertainty, and mental health issues. This article explores the obstacles that retired players may encounter, including the lack of financial literacy and career planning, football-related injuries, and mental health and identity reconstruction issues. By addressing these challenges and implementing proactive financial planning strategies, retired football players can navigate the complexities of retirement more effectively and secure a successful and sustainable future beyond their playing careers. For the provision of psychological support, it is essential for clubs and sports organizations to offer access to mental health resources such as counseling and therapy. Establishing a community for retired athletes can facilitate connections and establish a support network, aiding them in adjusting to their new lives. In terms of physical health, it is crucial to prioritize ongoing medical care and rehabilitation programs. Regular check-ups and availability of physiotherapy can assist in managing chronic conditions and promoting overall well-being. Encouraging retired players to participate in physical activities that they enjoy can also contribute to maintaining fitness and health.

Optimizing the Preparation of Work Plans Using Linear Regression

Preparing effective and efficient work plans to achieve regional government strategic goals is often faced with budget management challenges, especially in the face of increasing indicative ceilings. This research optimizes this process at the Langkat Regency Regional Secretariat using the linear regression method. This method evaluates previous work plans and adapts them to regional financial capabilities for more efficient budget use. The research results show that linear regression provides accurate predictions of budget needs, with an error rate (MAPE) of 0.08% and an accuracy rate of 99.92%. It is hoped that this optimization can support regional development goals in a structured and measurable manner.

A study of Rural women’s financial literacy and awareness level towards financial products and services in Kerala perspective with Special reference to Malappuram District

Financial literacy is crucial in empowering individuals, particularly rural women, to make informed financial decisions and achieve economic well-being. This study explores the financial literacy and awareness levels of rural women in the Malappuram district, focusing on the relationship between socio-demographic factors and financial literacy. The research, conducted through a cross-sectional descriptive study among 100 women, reveals that most respondents are young, educated, and possess a moderate level of awareness and knowledge of financial tasks and products. The study highlights significant barriers to financial literacy, including social and cultural issues, lack of education, income constraints, and gender discrimination. Despite these challenges, the penetration of financial products like bank accounts, debit cards, and mobile banking is relatively high among the participants. The study finds a significant relationship between age and financial literacy but no significant correlation between education or income levels and financial literacy awareness. The findings underscore the need for targeted financial education programs to enhance financial literacy among rural women, addressing identified barriers and focusing on age-specific strategies to improve their economic participation and contribute to national economic development.

Impact of Islamic Financial Literacy, Money Attitude, and Social Environment on Young Muslim Couples' Financial Planning

Disciplined financial planning can create a more durable and financially stable marriage. However, many people still depend on fate, leading to financial planning being overlooked in daily life. Economic factors remain the second most common cause of divorce in Surabaya. Indonesia’s Sharia financial literacy index is only 8.93%, and only 6.3% of the population prepares for long-term financial goals. This study has the purpose of observing the modification theory of planned behavior with the variable Islamic financial literacy, attitude towards money, and social environment on family financial planning among young Muslim couples, especially in Surabaya. This research uses a quantitative approach used multiple linear regression analysis, utilizing IBM SPSS version 27 as the analytical tool. The subjects of this research are young Muslim couples in Surabaya, as younger generations often lack sufficient financial knowledge and tend to make poor financial decisions. The total sample consists of 75 respondents. The results show that Islamic financial literacy and social environment variables positively and significantly affect family financial planning. Meanwhile, the attitude towards money variable also shows an influence but is not statistically significant. These findings highlight the importance of improving Islamic financial literacy and leveraging the social environment to enhance family financial planning outcomes.

Sosialisasi Pengenalan Laporan Keuangan Sederhana dan Kewirausahaan untuk Meningkatkan Literasi Keuangan Bagi Generasi Z di SMK Satrya Budi Perdagangan

This outreach program aims to increase financial literacy among Generation Z students at Satrya Budi Trade Vocational School through the introduction of simple financial reports and entrepreneurship. In the digital era which is characterized by easy access to information, understanding personal financial management and entrepreneurship is very important. This activity involves interactive presentations, financial recording simulations, and group discussions to provide hands-on experience to students. The evaluation results showed an increase in students' understanding of financial and entrepreneurship concepts, with participants being successful in answering evaluation questions well. With this program, it is hoped that students can develop the skills needed to manage finances and start a business in the future.

Financial Literacy Practices of Teachers

Embracing sound financial literacy practices can empower teachers to build a financially literate community. In this context, this study aimed to determine the level of teachers’ financial literacy practices. Data for this descriptive study was collected from 56 teachers using a researcher-made instrument that has gone through rigorous tests of validity and reliability. The ensuing analysis showed a low level of financial literacy among teacher-respondents. Additionally, no significant difference was found in the teachers’ financial literacy practices based on age and civil status. In contrast, a significant difference was found in teachers’ financial literacy practices based on groupings by educational attainment and family income. Meanwhile, a significant difference was found when the same data was analyzed based on the length of service and grouping by needs and wants. The findings of this paper call for a salary increase for the teachers, loans on a legal basis, seminars, and training for teachers. Keywords: Financial literacy practices, teachers, Negros Occidental, Philippines