Financial Institutions Research Articles

Exploring Ethical and Emotional Dimensions of Customer Value in Financial Services through Employee-Customer Dynamics

This study focuses on exploring the ethical and emotional dimensions of customer perceived value (CPV) in financial services. This area is crucial to understanding customer dynamics within the finances sector, yet it remains underexplored in existing literature. Utilizing a quantitative analysis of 652 customer surveys from Canadian financial institutions, this research employs SmartPLS3 for structural equation modeling to ascertain the impacts of frontline employee job satisfaction on customer's ethical and emotional perceptions as well as their overall CPV. The data analysis reveals that customer-perceived employee job satisfaction positively affects CPV by significantly influencing ethical and emotional benefits. Although ethical benefits alone do not directly impact loyalty or word-of-mouth (WOM) recommendations, their influence is significant when mediated through CPV, with emotional benefits directly amplifying WOM and indirectly boosting loyalty. Correspondingly, the results highlight the importance of employee-centric policies and their direct correlation to customer loyalty and satisfaction. As such, this study contributes to the body of knowledge by linking employee satisfaction with ethical and emotional customer benefits, suggesting a reevaluation of business practices to integrate these dimensions for enhanced customer value creation. Future research is encouraged to explore these dynamics across varied contexts to expound upon these relationships' applicability and robustness. Our inquiry into the subject concludes by highlighting the strategic importance of fostering employee satisfaction when seeking to elevate CPV and achieve enduring customer loyalty. Keywords: Customer Perceived Value, Customer Loyalty, Employee-Customer Interactions, Employee Satisfaction, Financial Services

Industrial Policy and Democratic Corporate Governance: Perspectives from the BNDES Case

In the early twenty-first century, Brazil underwent a remarkable economic boom, primarily driven by the Brazilian National Bank of Economic and Social Development (BNDES). This state-owned financial institution spearheaded a new industrial strategy, sponsoring domestic companies, such as Odebrecht and JBS, to their internationalisation. Nevertheless, this initial successful story took a dramatic turn. Over the years, the Brazilian national champions found themselves involved in corruption scandals, human rights violations and environmental damage, with BNDES indirectly funding these activities. This article seeks to discuss this crony capitalism arrangement, examining the role of corporate governance in safeguarding industrial policy from capture. We conclude by exploring how a democratic model of corporate governance could provide some insights for addressing this issue.

How green governance empowers high-quality development: An EKC framework-based analysis of ESG and green total factor productivity.

High-quality development represents a fundamental shift in China's economy from scale and speed to quality and efficiency. In this transition, environmental, social, and governance (ESG) practices are not only closely integrated with China's development strategy but have also become a core standard for measuring development quality. Nevertheless, research on how ESG practices specifically promote high-quality development in Chinese enterprises remains limited. Based on the environmental Kuznets curve (EKC) theory framework, this study uses data from the Huazheng ESG Index from 2009 to 2022 and employs fixed effect models, mediation effect models, and heterogeneity analysis to examine the specific impact of China's ESG practices on corporate high-quality development from multiple dimensions. The results show that there is a "U-shaped" relationship between the ESG practices of Chinese listed companies and green total factor productivity (GTFP). Initially, improving ESG practices may temporarily suppress GTFP, but as ESG levels further improve, they exhibit a significant positive impact on GTFP. Corporations significantly boost productivity by alleviating financing constraints and promoting green technological innovation, although the direct impact on technological advancement remains relatively limited. In China's western regions and industries such as manufacturing, electricity, heat, gas, and water production and supply, wholesale and retail, and information transmission, software, and information technology services, the positive effects of ESG on GTFP are particularly evident. Based on these findings, it is recommended that governments and financial institutions collaborate to promote green credit policies and increase support for the research and development of green technologies. Additionally, environmental education and resource use optimization should be strengthened, especially in industries such as agriculture, forestry, animal husbandry, and fisheries, and the exchange of ESG technologies and experiences between industries should be encouraged.

Mitigating psychological distress in the workplace: The role of perceived insider status in leader-follower cognitive style congruence

This study examines the impact of leader-follower cognitive style congruence on employee psychological distress, with a specific emphasis on the mediating role of perceived insider status. Using data from a major financial institution in China, the findings reveal that higher cognitive style alignment between leaders and followers is associated with a significant reduction in employee psychological distress. Grounded in Conservation of Resources (COR) theory, the study demonstrates that cognitive style congruence enhances predictability and facilitates the conservation of psychological resources, effectively mitigating psychological distress. Notably, employees led by intuitive leaders report lower distress levels compared to those led by analytic leaders. These results underscore the critical importance of cognitive style congruence in fostering employee well-being and offer actionable insights for enhancing organizational practices.

Board Independence And Financial Distress: Insights From India

Resource Dependency Theory (RDT) posits that organizations depend on external resources to navigate uncertainty and sustain growth, with independent directors in corporate governance acting as key intermediaries, providing expertise, external networks, and strategic oversight. This study employs Panel [Random Effect (RE)] regression to analyze the impact of independent directors on the financial distress likelihood of 20 manufacturing companies listed on the NSE over the period 2019–2024. The findings reveal that firms with a higher number of independent directors exhibit a significantly higher risk of financial distress, reinforcing the notion that these directors aggravate financial vulnerabilities and enhance organizational instability. Background: Corporate frauds like the Satyam and Nirav Modi-PNB scandals highlight the severe consequences of deceptive practices, undermining financial markets and stakeholder trust. These incidents exposed vulnerabilities in governance and risk management, prompting regulatory reforms in India. Weak corporate governance facilitates fraud by allowing insufficient oversight and accountability. Recent reforms under the Companies Act, 2013, and SEBI's regulations aim to enhance transparency and reduce fraud risks. Strong corporate governance would be critical for financial stability, investor confidence, and achieving the "2047 Viksit Bharat" vision. Research explores how independent directors influence the likelihood of financial distress. Materials and Methods: This study investigates financial distress in manufacturing firms listed on the National Stock Exchange (NSE) through a panel data methodology. A random sample of 20 firms was selected to ensure representativeness, covering the period from 2019 to 2024, with banks and financial institutions excluded due to their distinct financial characteristics. Financial distress was assessed using the Altman Z-score, a widely recognized metric for evaluating financial distress. The independent variable in the study is Board Independence, i.e., the total number of independent directors on the Board. The control variables include Profitability, Leverage, and Activity. Panel data estimation techniques were used to address issues of endogeneity and heteroscedasticity. The Hausman test was conducted to determine whether to retain fixed or random effects for the analysis. Results: The Hausman test showed a p-value of 0.0.78 (greater than 0.05) which revealed that that random effect model is appropriate for the analysis. The analysis reveals a negative relationship between board independence and financial distress, indicating that an increase in the number of independent directors is associated with a higher likelihood of financial distress at 5% level of significance. Leverage significantly increases the likelihood of financial distress, while increased operational activity decreases it; Net Profit Margin is statistically insignificant. Conclusion: This finding challenges the conventional understanding of board independence, which is generally seen as a mechanism to enhance corporate governance by providing unbiased oversight, strategic guidance, and external resources

"Evolving Horizons: The Journey And Impact Of LIC's Landmark IPO"

The Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC) in May 2022 marked a pivotal transition for one of India’s largest financial institutions from a state-owned entity to a publicly listed company. This move was part of the government's broader strategy to divest its stakes in public sector enterprises, aiming to enhance operational efficiencies, improve transparency, and maximise shareholder value. Navigating through a series of legislative amendments and complex valuation challenges, the IPO drew substantial attention from both domestic and international investors, reflecting strong confidence in LIC's market fundamentals. This paper provides a detailed review of the IPO process, the subsequent market response, and its impact on LIC’s business operations and governance structure. It discusses the strategic motivations behind the IPO, the execution challenges, and the implications for future economic reforms in India. By analysing LIC’s performance post-IPO, the study highlights the critical role such transformative events play in modernising state-owned enterprises and integrating them with global financial markets, projecting significant implications for similarentities considering public offerings.

Breakthrough on Indonesia’s Energy Policy: Adaptive Governance Perspective for Just Energy Transition Partnership (JETP)

Abstract The Just Energy Transition Partnership (JETP) agreement strives to attain a peak emissions level of 290 Mt CO2eq by 2030 in the power sector while targeting a 34% renewable energy mix. To support these goals, a minimum of 20 billion USD from public sector pledges and private financial institutions is allocated for expedited decarbonisation. This entails retiring coal-fired power plants and concurrently developing renewable energy-based generation. However, implementing the JETP initiative encounters regulatory and technical challenges in Indonesia, arising from conflicting stakeholder interests, inconsistent regulatory frameworks, opposition from established incumbents of fossil fuels industries, and limited implementation capabilities. These barriers pose a significant threat to the efficacy and efficiency of the JETP program. Consequently, enhancing adaptive governance, namely, polycentricity, learning, diversity, deliberation, participation, flexibility, responsiveness, political support, and collaboration, is crucial to mitigate potential obstacles, bolstering the probability of success for the JETP program.

Financial reporting quality and disclosure on stock price of listed deposit money banks in Nigeria

Due to the lack of a regulatory framework, financial scandals, fraud and poor disclosure in financial reports, investors and other stakeholders lose confidence in the firm's performance, which could lead to lower share prices. Investors and financial analysts who have noticed the impact of accounting quality and disclosures on stock prices have necessitated this study. This study looked at the impact of financial reporting quality and disclosure on the stock price of listed deposit money banks in Nigeria. The study made use of secondary data gathered from the annual report of listed DMB in Nigeria. The data generated were analysed using descriptive statistics, correlation analysis and Panel ordinary least square regression to understand the degree of relationship among the variables. A correlation matrix was carried out to test for multi-collinearity within the selected variables. Findings revealed that the combined effect of financial reporting quality and disclosure has a positive and significant impact on the stock price of listed deposit money banks in Nigeria. The study thereby recommends that for financial institutions to achieve sustainable performance levels, they should ensure that they meet stakeholders’ demands, which mainly rest on accounting information comprehensiveness and quality. Furthermore, the quality of accounting should be improved by ensuring companies adhere to accounting standards and financial regulations regarding disclosures.

Theoretical Underpinnings Of Gender, Finance And Development: A Critical Review

Economies around the world have recorded tremendous advancement in their journey towards access to finance dimension of financial inclusion over these years. But women who constitute around fifty percent of the world population still lag much behind their counterparts in achieving the higher goals of financial inclusion particularly the usage of financial products and services. A persistent gender gap of 6% is visible while analyzing the Global Financial Inclusion Database (Global Findex,2021) data. The gender gap in financial access and usage aggravates economic inequity and underlines women's economic subservience. For instance, lack of accessibility to property and assets constraints women’s ability to pledge collateral such as land or livestock to obtain credit from formal financial institutions. The participation of women in the economic activities is far below their potential due to many socio-economic and cultural barriers. A deep-rooted historical reading of the gender dynamics evolved in the development discourse is vital for the policy makers to frame strategies to address such issues. The study investigates the interrelated roles of gender, finance, and development from a theoretical standpoint. A comprehensive review regarding the paradigm shifts happened in the domain of gender and development comprising of WID approach, WAD approach and GAD approach is also presented.

Rural financial institutions, access to credit and production inputs of rural households

This paper studies the impact of rural financial institutions on farmers' production input from the perspective of rural bank branch adjustment and rural household credit access. Based on the data of rural bank outlets and China Household Income Survey (CHIP) in 293 prefecture-level cities in China from 2013 to 2018, the results show that rural financial outlets have a significant positive impact on farmers' production input, and each unit increase in the number of bank outlets will increase farmers' production input by 0.24 units, and the proportion of consumer expenditure will decrease by 0.071 units. The number of bank outlets has significant heterogeneity of household head and region on the production input of farmers, and the bank outlets have a greater impact on the production input of farmers with high education level. The increase in the number of bank outlets in the eastern region can significantly increase the production input of farmers, but the increase in the number of bank outlets in the central and western regions will reduce the production input of farmers. The mechanism analysis shows that the increase of branches of rural financial institutions improves farmers' access to credit, which is an important channel affecting farmers' production input. This study provides a reference for the reform of rural financial institutions and the revitalization of rural industries in China.

Penilaian Pembayaran Kredit dengan Logistic Regression dan Random Forest pada Home Credit

Global economic development has led to the high complexity of society's needs. Financial institutions are here to provide facilities to meet the increasingly complex needs of society. However, the existence of problem loans can be a serious threat so classification techniques in data mining are used to overcome this problem. This research develops a model that can predict customers' ability to make credit payments so that financial institutions can avoid problematic credit. In this research, the SMOTE resampling technique is used to see the effect of sampling in dealing with class imbalance and conducting credit assessments. The research results show that the model built using SMOTE has better AUC than the model without SMOTE. From the two machine learning algorithms, logistic regression and random forest, the results show that the random forest model with SMOTE has the best performance with an accuracy value of 90%, precision of 92%, recall of 88%, F1-score of 90%, and AUC value of 0.97. Based on the best model, ten important features were obtained that influence the process of assessing credit repayment capabilities, namely the normalized score from external data sources, the period for changing customer numbers, the number of previous installment payments, the customer's age, registration time, the period for applying for credit at the credit bureau, the period for changing identity documents, the time for updating information at the credit bureau, and the length of time the customer has worked. In addition, this research produces visualizations via dashboards that can be used to improve the process of assessing credit repayment capabilities.

Effectiveness of social engineering awareness training in mitigating spear phishing risks in financial institutions from a cybersecurity perspective

Spear phishing remains a critical cybersecurity threat to financial institutions, where attackers exploit human vulnerabilities to breach sensitive systems. This review paper explores the effectiveness of social engineering awareness training programs in reducing spear phishing risks within the financial sector from a cybersecurity perspective. By analyzing existing research, the paper assesses various training approaches, focusing on elements such as content relevance, delivery methods, and employee engagement. The review highlights how targeted awareness programs can enhance employees' ability to recognize and respond to phishing attempts, thereby strengthening overall cybersecurity defenses. The findings emphasize the importance of continuous, specialized training in fostering a proactive security culture and offer recommendations for optimizing awareness strategies to bolster cybersecurity resilience in financial institutions.

Money Laundering: Impact on Financial Institutions and International Law-A Systematic Literature Review

This study investigates the impact of money laundering on financial institutions and the effectiveness of international legal frameworks in combating this pervasive issue. Utilizing a systematic literature review methodology, the research analyzes key themes, including vulnerabilities of financial institutions, the efficacy of regulatory frameworks, the consequences of money laundering, and the evolving techniques employed by criminals. The findings reveal significant weaknesses in compliance measures within financial institutions, leading to reputational damage and substantial financial penalties. Additionally, while international frameworks like the FATF’s recommendations provide essential guidelines, inconsistent compliance and outdated regulations hinder their effectiveness. The consequences of money laundering extend beyond individual institutions, distorting market dynamics and exacerbating inequality, particularly in jurisdictions with weak regulatory systems. The study highlights the urgent need for enhanced collaboration among stakeholders, proactive regulatory adaptations, and a comprehensive approach that integrates technology and intelligence sharing. Ultimately, the research underscores the importance of a coordinated global response to effectively address the challenges posed by money laundering, contributing to the integrity and stability of the financial system.

THE IMPACT OF FINANCIAL DEVELOPMENT ON CARBON EMISSIONS: AN ASEAN PERSPECTIVE

The global discourse surrounding the climate crisis has intensified in recent years, leading to various international agendas of global and regional bodies. Notably, ASEAN, characterised by its rapid development, has emerged as a significant contributor to CO2 emissions. Therefore, this study seeks to explore the relationship between financial development and CO2 emissions using the data of nine ASEAN countries from 2000 to 2020. Recognizing the multidimensional nature of financial development, the analysis divides financial development to two distinct indices, FM and FI. This study uses panel data ARDL with the PMG estimation used after testing all the outcomes. The analysis found non-significant effects of financial development on carbon emissions using various estimation techniques. However, separating into FI and FM yields insightful results. While the effect in the short run is unclear, FI increases the carbon emission in the long run by 1.17 percent of each one percent increase, proving that financial institutions in the current state promote an unsustainable effect on the environment. This effect occurs because they drive demand towards energy consumption while also expanding more environmentally harmful sectors. The error correction term signifies that the adverse effect of financial institutions takes approximately six years. These findings underscore the importance of integrating sustainability into development of the financial sector and advancing its maturity by enhancing access to financial institutions and markets to reduce the adverse effect of the climate crisis.

ADVANCED FRAUD DETECTION IN CARD-BASED FINANCIAL SYSTEMS USING A BIDIRECTIONAL LSTM-GRU ENSEMBLE MODEL

This article addresses the challenges of fraud in card-based financial systems and proposes effective detection and prevention strategies. By leveraging recent data analytics and real-time monitoring, the study aims to enhance transaction security and integrity. The authors review existing fraud detection methodologies, emerging trends, and the evolving tactics of fraudsters, emphasizing the importance of collaboration among financial institutions, regulatory agencies, and technology providers. Our proposed solution is an ensemble model combining Bidirectional Gated Recurrent Unit (BiGRU) and Bidirectional Long Short-Term Memory (BiLSTM) networks, designed to capture complex transactional patterns more effectively. Comparative analysis of six machine learning classifiers—AdaBoost, Naïve Bayes, Decision Tree, Logistic Regression, Random Forest, and Voting—demonstrates that our BiLSTM-BiGRU ensemble model outperforms traditional methods, achieving a fraud detection performance score of 89.22%. This highlights the advanced deep learning model's superior ability to enhance the robustness and reliability of fraud detection systems.

Juxtaposing Gender Differentials in Credit Assessment of Farmers in Nigeria: A Hybridized Credit-Scoring Approach

Using data from 360 smallholder farmers in Southeast Nigeria, the study creates the architecture for a new farmer's hybrid credit rating system used in classifying farmers who applied for microfinance loans based on their creditworthiness. We discovered new evidence that the hybridized credit scoring algorithm demonstrated unprecedented concordance in assessing the financial viability of farmers along gender lines. The discriminant analysis, in particular, closely aligned with the credit score model, with 34.4% and 46.7% of male and female farmers grouped as creditworthy, reflecting the model's estimates of 33.3% and 45.5%, indicating gaps of 12.3% and 12.2%, respectively, to the advantage of the female farmers. Our findings further suggest that annual income, marital status, and farm size strongly influence the separation between creditworthy and non-creditworthy farmers. While age, loan term, and a history of defaults had a negative impact on discrimination, in light of the findings, we recommend a collaboration between authorities, financial institutions, and extension workers in offering tailored trainings to both male and female farmers, assisting them in meeting up-to-date credit prerequisites, adopting modified farming techniques, and improving their general preparedness to be accepted for loans in this changing credit evaluation landscape so as to bridge the disparity and promote financial inclusion for farmers irrespective of gender affiliations.

Factors Affecting the Acceptance of Modern Payment Systems in the Delhi NCR: An Empirical Study

Purpose: This study looks at the factors affecting the acceptance of modern payment systems in the Delhi NCR area. It expects to recognize key segment and conduct determinants affecting the reception of advanced payment innovations. Methodology: An observational methodology was utilized, including an overview of 135 respondents from the Delhi NCR locale. Information were investigated utilizing ANOVA and relationship examinations to evaluate the effect of factors like age, orientation, training, pay, saw security, and convenience. Findings/Results: The study finds that younger age groups, higher income levels, and higher education levels are significantly associated with greater acceptance of modern payment systems. Perceived security and ease of use also play critical roles in influencing adoption rates. Originality/Value: This research provides a comprehensive analysis specific to the Delhi NCR context, filling gaps in existing literature on digital payment adoption in emerging markets. It offers valuable insights for financial institutions and policymakers aiming to enhance the adoption of digital payment systems. Implications: The findings suggest that targeted educational programs and security enhancements could improve the acceptance of modern payment systems. Policymakers and financial institutions can use these insights to design strategies that address the barriers and promote the benefits of digital payments. Paper Type: Empirical research paper focused on the factors affecting the acceptance of modern payment systems, providing actionable insights for stakeholders in the financial sector.

Harnessing blockchain technology in banking to enhance financial inclusion, security, and transaction efficiency

This paper examines the potential of blockchain technology in revolutionizing the banking sector by enhancing financial inclusion, security, and transaction efficiency. With traditional banking systems often excluding underbanked populations and being prone to security vulnerabilities, blockchain offers a decentralized and secure alternative. The study explores how blockchain can lower barriers to financial services for underserved communities, reduce fraud, and streamline transaction processes. The research methodology includes a comprehensive review of existing literature, case studies of early blockchain adopters in banking, and an analysis of the technology's scalability and integration challenges. Key findings indicate that blockchain can significantly improve financial inclusion by providing accessible banking solutions, especially in developing regions. Additionally, its cryptographic security features are shown to mitigate risks associated with cyberattacks and fraud, while smart contracts and peer-to-peer transactions reduce operational costs and processing times. However, the paper also highlights potential regulatory hurdles and the need for robust governance frameworks to ensure widespread adoption. The study concludes with strategic recommendations for banks and financial institutions on implementing blockchain technology, emphasizing the importance of collaboration with regulators and the continuous evolution of blockchain infrastructure. Future prospects include the integration of blockchain with emerging technologies such as artificial intelligence and the Internet of Things (IoT), which could further enhance the capabilities of financial institutions. This paper underscores the transformative impact of blockchain on banking, offering insights into strategies that organizations can adopt to stay competitive and inclusive in a rapidly changing financial landscape.

The trifecta against financial crime: A collaborative analysis of the roles of banks, consulting firms, and governments

The roles of banks, consulting firms and governments are intertwined in combating financial crime. Banks are on the frontlines as they process financial transactions and engage directly with customers. Banks are extraordinarily strategic because they interface with customers and are heavily involved in handling financial transactions worldwide. They watch accounts for any suspicious activity and report such activities to the legal bodies as expected under AML regulations. Consulting firms help banks, as well as other financial organizations to create various tools for evaluating threats and devising strategies for firms to conform to. They also do training in the area of financial crime prevention. Governments put in place measures in the form of legislation that seeks to prevent and curtail acts such as money laundering, financing of terrorism and tax evasion among others. Materials and Methods: The study’s literature was obtained from electronic databases. Only the articles that investigated the effectiveness and efficiency of anti-money laundering/counter-terrorist financing policies and regulations and/or sources that compared financial institutions’ cooperation with consulting companies and governmental agencies were included. Among the reviewed sources 53 from 1980 till 2023, which included academic books, journal articles, government and international organization reports. Results: The literature shows that relying on the regulation is inadequate for controlling finance related crimes. Banks have a profit-driven culture and it lacks scrupulousness towards integrity risks. For the same purpose, prescriptive regulations increase disproportionate compliance costs for small jurisdictions and financial institutions. Companies seeking risk management services get these from consulting firms that also profit from molding compliance frameworks. Syndication enables the employment of unique features possessed by each party. While the banks have an effective network and reach, the consulting firms can analyze data accurately, and the government has statutory power and control. Discussion: Shifting social norms are another driver: peoples’ behavior in financial markets today is a shift from that of even a decade ago and there is a need to address financial crime in a shared manner and increase cooperation at a global level. To put measures in place, the roles and responsibilities should be well defined based on strengths of each of the entities. Banks are also in good shape for transaction monitoring although they need some regulation to do so. Analyzing the motives for consulting firms, it is possible to state that the provision of technical solutions is possible only if there are factors that guarantee the transparency of actions. Governments provided the blueprint in achieving the proportionate, risk adjusted policies while leaving it to the private sector to drive the processes. This is because we have seen that financial globalization means that nations have to ideally move in synchrony. International agencies such as the UN, FATF, FSB, IMF and others have contributed to the development of international standards, whereas in national situations, the effects vary from one country to another. Conclusion: It can therefore be seen that no single entity can deal with such complicated concepts of transnational financial crimes in isolation. The utilization of the mandated strategies by banks, consulting companies and governments as essential collaborators in tandem with their core competencies is the most useful approach. This triumvirate, therefore, has great potential to add real value to anti-financial crime efficiency when properly aligned and adequately supervised in a manner consistently and holistically operationalized.

Exploring Financial Awareness among Undergraduate Students at Hodeida University in Yemen

In a country like Yemen, where people exist on meager incomes and struggle to make ends meet, poverty is widespread. There is an urgent need to maintain, administer, and set aside funds for emergencies. This study aims to explore the Level of Financial Awareness and financial knowledge among Undergraduate Students in Yemen. Students attending educational institutions of a higher level are expected to be responsible for managing their expenses and they have a high level of financial awareness. The study relied on primary data collected from a randomly selected sample of people. A total of 218 students at Hodeida University in Yemen were randomly selected to participate in the study. The Statistical Package for the Social Sciences (SPSS) was used to analyze the data. The results show that the level of financial awareness among Undergraduate Students at Hodeida University in Yemen is high, and also observed that males, on average, have financial knowledge more than females. In this light, the research adds to the body of information on financial awareness by illustrating the significance of financial literacy and access to financial knowledge among Yemeni undergraduate students. Finally, we strongly recommend academics, teachers, legislators, financial institutions, and governments make financial education a mandatory element of every school's curriculum, regardless of the level.