Financial Education in Asia: Assessment and Recommendations

Abstract

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Assessing consumer literacy on financial complex products

“…It is clear that levels of financial literacy vary within countries (Atkinson & Messy, 2013). Experiences measuring financial literacy indicate low financial literacy scores and suggests that more surveys of financial literacy are needed and that coherent, tailored national strategies for financial education are essential for success (Yoshino et al, 2015;Anderson et al, 2017;Agarwalla et al, 2015;Lusardi & Tufano, 2015;Nguyen et al, 2017).…”

The reflective assessment on the acquisition of life value in customer education as a character building dimension

“…In relation to such situation, Customer Education has a significant role in preventing the performance of inappropriate behaviors. Yoshino et al (2015) stated that the importance of performing Customer Education comes principally from better decisions with regards to financial allocation. Meanwhile, Agarwalla et al (2012) in their study concluded that the elevation on the financial knowledge among the students with regards to their financial-handling manner might improve the quality of the schooling education itself.…”

Financial literacy and retirement planning in Vietnam

“…By mapping the current status of financial literacy in Asia, Yoshino, Morgan, and Wignaraja (2015) reveal that not only the surveys remain limited in terms of economies and targeted groups surveyed but also methodologies and results are not consistent [15]. SBV (2015) reports that the overall financial literacy of the population in Vietnam is very low, especially vulnerable groups, and to date, there is no national financial education program and policy.…”

“…Yoshino, Morgan and Wignaraja (2015) also confirm that financial literacy is positively correlated with economic development and financial development. It is noteworthy that financial literacy may contribute to economic development via a number of macroeconomic and microeconomic channels [15]. Romer (2008) proposes an equilibrium model of endogenous growth in which long-run growth is primarily driven by the accumulation of knowledge by forward-looking, profitmaximizing agents [20].…”