Selection Of Financial Products Research Articles

Assessment of Financial Literacy and Its Impact on Investor’s Decisions in Saudi Arabia: A Study in the Context of Enabling Financial Planning to Strengthen Economic Development

The significance of financial literacy is increasing faster in today’s world. Financial literacy provides individuals with necessary and adequate financial knowledge and makes them professionally aware of managing their finances. It plays a vital role in the economic development of an economy. The study examines the impact of financial literacy on investors’ financial decisions, financial planning, selection of financial products, and financial literacy awareness program and its influence on investors’ investment decisions. In order to obtain information from the respondents, we employed a questionnaire that was both structured and self-administered. The investigation analyzes the survey responses from 360 respondents in Saudi Arabia. Various statistical methods such as descriptive statistics, correlation analysis, analysis of reliability, analysis of variance (ANOVA), and regression analysis were utilized to evaluate the data obtained. The results obtained in the study indicated that financial literacy has a significant impact on investors’ financial decisions, financial planning, and the selection of financial products that influence investors’ investment decisions. The research also found that financial literacy is affected by financial literacy awareness programs, which have a favorable influence on the investment decisions made by investors. The study’s findings will help prospective investors understand the importance of raising financial knowledge for their future financial goals.

Relevance of Financial Service Advertisements in Investment Decisions and Purchase of Financial Products : Evidence from the Indian Insurance Sector

This study investigated the impact of investment decision-making on financial product purchases and explored the mediating role of financial services advertisements in India’s insurance sector. Data collected from 447 responses were analyzed using SPSS and AMOS. SEM was conducted to testify the hypotheses. The results identified that the entertainment variable played a vital role in determining financial product purchases and investment decision-making. The results also indicated that financial services advertising, perceived reality, and usefulness positively and significantly mediated between financial product purchases and investment decision making. The study provided valuable clues for the investment and selection of financial products. The insights acquired from this study may have significant consequences for corporate promotional behavior, investor relations systems, and coordinated public engagement activities.

An inverse prospect theory-based algorithm in extended incomplete additive probabilistic linguistic preference relation environment and its application in financial products selection

Selecting financial products is one of the most fundamental investment activities to both individuals and companies, and therefore it is very important to establish an efficient and practical method for financial products selection. To address the challenge of the complicated decision-making environment and decision makers’ expression habits for the selection of financial products, this paper develops the incomplete additive probabilistic linguistic preference relation to depict decision makers’ preferences. Considering that, when decision makers express their opinions using probabilistic linguistic preference relation, it is possible that the sum of the value of the probability information is more than 1, this paper also extends the concepts of probabilistic linguistic term set, additive probabilistic linguistic preference relation and incomplete additive probabilistic linguistic preference relation to improve and ensure their practicability. Moreover, an “inverse prospect theory-based” algorithm is proposed to choose proper financial products. The algorithm processes the original incomplete additive probabilistic linguistic preference relation by using the inverse functions of the prospect theory at first. Then, a priority weights deriving model is established based on the extended concepts. Finally, the numerical case and analysis is presented as the evidences to the conclusion that the proposed algorithm is practical and robust.

An integrated method for multi-criteria decision-making based on the best-worst method and Dempster-Shafer evidence theory under double hierarchy hesitant fuzzy linguistic environment

Double hierarchy hesitant fuzzy linguistic term set (DHHFLTS) is a newly developed complex linguistic expression model, and has been well applied to multi-criteria decision-making (MCDM) problems. However, the determination of criteria weights and the innovation of decision-making methods are still two issues that worth exploring in this field. At present, conventional weight-determination methods sometimes have the disadvantages of complicated calculation and low consistency of the obtained results. On the other hand, the existing methods for linguistic information sometimes cannot consider the uncertainty of information caused by ignorance. Considering that the best-worst method (BWM) is a weight-determination method, which can not only greatly simplify the calculation process, but also improve the consistency degree of the results. Dempster-Shafer evidence theory (DSET) can better deal with information uncertainty caused by ignorance. Therefore, this paper extends the BWM and DSET to double hierarchy hesitant fuzzy linguistic environment to solve the above two problems respectively, and the DHHFL-BWM-DSET method is proposed. First, the weight of each criterion is derived based on the BWM-based weight-determination method. Then, inspired by DSET, we propose a DSET-based MCDM method which can not only obtain the decision results of a single decision maker, but also integrate the decision information of multiple decision makers to obtain more rational results. Therefore, decision makers can choose the method based on the specific situation. Finally, taking the selection of financial products as an example, it shows that the method proposed in this paper has some breakthroughs and advantages.

Financial products used by South African households at different life stages

South African households don’t save enough to ensure financial freedom after retirement. This article poses the following question: do life stages have a significant impact on the financial products used by households? The question is asked in order to identify possible interventions that could increase financial freedom. This study found that life stages have a significant impact on South African households’ selection of financial products. The use of financial products for each of the levels of the financial product usage hierarchy increases as the age of the household head increases and when the size of the family increases, the only exception being single-parent families. The study indicated that financial literacy programmes should focus on young couples and young families, as there is a notable increase in their financial product usage. The study also found a very low usage of wealth management products by South African households and suggests that policymakers consider the introduction of an incentive to increase household’s usage of these products.

Entrepreneurial Culture and Financial Education Between Students of the Veracruzana University, Veracruz Region

Entrepreneurial culture and financial education stand out as two fundamental issues on the international agenda, since these elements are considered in favor of the efficient use of financial resources, as well as the identification of opportunities for the development of self-employment projects, contributing to local economic growth.According to the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF, 2012), financial education can be defined as the set of actions that imply learning to manage money better, being foresighted, consuming in a rational way, And learn to invest, know how to take care of your assets and use financial products and services with responsibility.Similarly, Smyth (2011) points out that financial education is the process by which consumers improve the understanding of financial products and acquire a greater understanding of financial risks and market opportunities, by making economic decisions with Information. In addition, he points out that an important part of our decisions is associated with financial behavior, which directly impacts his personal and family environment, from the search for funding for studies to planning for retirement. Thus, having an adequate financial education will favor an intelligent selection of financial products, based on well-informed decisions.

The Influence of Religiosity in Credit Card Selection

The aim of this study is to examine the effect of religiosity on Malaysian cardholders’ decisions in choosing either to have Islamic Credit Card or Conventional Credit Card. To achieve the objectives of this study, 174 selfadministered questionnaires and online survey were distributed among Muslims, which generated 130 usable questionnaires. SPSS software version 22 was used to analyze the data. The result of t-test demonstrated a significant difference between Malaysian Islamic and conventional credit card holders, which implies that religiosity plays a crucial role in the type of credit card holding. This study would assist issuing banks, academicians and policymakers in understanding the role of religiosity among Muslims in the selection of financial products.

New decision-making techniques and their application in the selection of financial products

We develop a new approach that uses the ordered weighted averaging (OWA) operator in the selection of financial products. In doing so, we introduce the ordered weighted averaging distance (OWAD) operator and the ordered weighted averaging adequacy coefficient (OWAAC) operator. These aggregation operators are very useful for decision-making problems because they establish a comparison between an ideal alternative and available options in order to find the optimal choice. The objective of this new model is to manipulate the attitudinal character of previous methods based on distance measures, so that the decision maker can select financial products according to his or her degree of optimism, which is also known as the orness measure. The main advantage of using the OWA operator is that we can generate a parameterized family of aggregation operators between the maximum and the minimum. Thus, the analysis developed in the decision process by the decision maker is much more complete, because he or she is able to select the particular case in accordance with his or her interests in the aggregation process. The paper ends with an illustrative example that shows results obtained by using different types of aggregation operators in the selection of financial products.

UNIFICATION POINT IN METHODS FOR THE SELECTION OF FINANCIAL PRODUCTS

In this paper, we analyse in detail the selection of financial products. We apply the index of maximum and minimum level for the selection of financial products and we analyse what we have called the unification point between the Hamming distance and the adequacy coefficient. First, we study this situation for the case of maximum levels in the characteristics of the ideal financial product. Then, we generalize it for all the possible situations where it can be found. Finally, we study the unification point in the index of maximum and minimum level. The result found shows a transformation of this index into the Hamming distance