Financial Knowledge and Financial Education of College Students

Cude, Brenda J.; Danns, Donna E.; Kabaci, M. J.

doi:10.1007/978-3-319-28887-1_12

Cited by 12 publications

(7 citation statements)

References 41 publications

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“…Various studies have included personal demographic characteristics such as gender, age, education, marital status and presence of dependents, in their models of financial wellbeing (Joo and Grable, 2004;Malone et al, 2010). Cude's results showed that demographic factors such as age, years of experience, education, parental occupation and an overall appetite for risk had a positive impact on financial literacy levels (Cude et al, 2006(Cude et al, , 2016Cude and Kabaci, 2012). Many researchers accept that demographic factors could play an important role in the context of financial wellbeing.…”

Section: Impact Of Demographic Factorsmentioning

confidence: 99%

“…Cude's results showed that demographic factors such as age, years of experience, education, parental occupation and an overall appetite for risk had a positive impact on financial literacy levels (Cude et al. , 2006, 2016; Cude and Kabaci, 2012). Many researchers accept that demographic factors could play an important role in the context of financial wellbeing.…”

Section: Literature Reviewmentioning

confidence: 99%

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Demographic characteristics influencing financial wellbeing: a multigroup analysis

Prakash

Alagarsamy²,

Hawaldar

2022

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PurposeThe study attempts to understand the factors impacting the financial wellbeing of IT employees in India using confirmatory factor analysis (CFA). It utilizes well-established survey instruments to assess the impact of financial literacy, financial behaviour and financial stress on financial wellbeing. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis.Design/methodology/approachStructured equation modelling (SEM) is used to study the link between the determinants. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Data used for the analysis covers 237 employees working in the IT sector.FindingsWhile financial literacy and financial behaviour have a significant positive impact on financial wellbeing, financial stress has a significant negative impact. Financial behaviour and financial stress were found to have a mediating role in the relationship between financial literacy and financial wellbeing. The demographic variables significantly moderate the relationship between the factors leading to financial wellbeing.Originality/valueThe results show the need for financial wellbeing programs to focus on enhancing financial knowledge and improving financial planning. Further, it suggests offering customized financial wellbeing programs based on the employee's demographic characteristics rather than following a “one program, fits all” approach.

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Section: Impact Of Demographic Factorsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Demographic characteristics influencing financial wellbeing: a multigroup analysis

Prakash

Alagarsamy²,

Hawaldar

2022

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“…Many studies use three well-known financial knowledge questions covering compound interest, inflation, and investment risk (Lusardi et al, 2011). In addition to or in place of objective measures, studies also use self-perceived subjective measures of financial knowledge (Cude et al, 2016). A new scale of financial literacy that reflects the three domains of financial skill, self-efficacy, and explicit knowledge is a recent measurement advance (Warmath & Zimmerman, 2019).…”

Section: Financial Literacy and Knowledgementioning

confidence: 99%

How is Consumer Financial Capability Measured?

2022

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The research literature on the growing field of consumer financial capability displays a wide diversity of understanding about the meaning and measurement of the concept. While sufficient research literature has been produced for a review of measurement domains and indicators, this work remains undone. The aim of the study is to assess the quantitative peer-reviewed research literature to advance the field toward building an evidence base for financial capability interventions and policies to improve family financial well-being and reduce economic inequality. This scoping review study analyzed the financial capability scholarly literature between 2015 and 2018. Overall, 34 studies used quantitative data and met all inclusion criteria for this study. Findings suggest that financial capability measurement constructs were operationalized in 12 different ways (n = 22). Most commonly, financial capability was operationalized as the combination of objective financial knowledge and financial access. Few studies included measurement of financial socialization or financial well-being. Most studies measured financial access using only formal financial access measures, such as bank account ownership and/or whether the consumer has investments. A smaller number of studies measured both formal and informal access (including use of non-bank financial institutions/products). Half of the articles that included financial access used bank account either solely or in combination with other measures as the indicator(s). Many studies lacked any measure of financial access. Recommendations are made about standardizing measurement for the constructs within financial capability and measurement of financial capability.

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“…In their study on peer and family, they found that the students get influenced by financial assistance from surroundings or socialization agents, especially family. They asked their parents and peer groups to help them make decisions regarding money matters and let them aware of the importance of appropriate management of finances (Cude et al, 2016). Moreover, it has been reported that parents play a crucial role in the direction of their children’s financial decision-making (Peng et al, 2007).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Influence of Financial Social Agents and Attitude Toward Money on Financial Literacy: The Mediating Role of Financial Self-Efficacy and Moderating Role of Mindfulness

et al. 2022

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This study examines the relationship between the financial socialization agents, attitude toward money, and financial literacy with the mediating role of financial self-efficacy and the moderating role of mindfulness. The self-administered questionnaire was used for data collection from higher education institutions using the convenience sampling method because the sampling frame was not available. The data were tested using partial least square structural equation modeling (PLS-SEM) in smart PLS. The results indicated a positive relationship between financial self-efficacy, financial socialization agents, attitude toward money, mindfulness, and financial literacy. The finding of mediation analysis suggests the significant mediation effect of financial self-efficacy between attitude toward money and financial social agents with financial literacy. The mediation of financial self-efficacy between attitude toward money and financial literacy has the greatest impact which indicates that students with positive attitude and self-efficacy create high financial literacy. Whereas mindfulness positively moderates the relation of attitude toward money and financial literacy and negatively moderates the relation of financial self-efficacy and financial literacy while mindfulness does not moderate the relation of financial socialization agents and financial literacy. The findings of this research are of use to different stakeholders who are users or regulators of financial institutions because enhancing financial literacy has become a priority.

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Financial Knowledge and Financial Education of College Students

Cited by 12 publications

References 41 publications

Demographic characteristics influencing financial wellbeing: a multigroup analysis

Demographic characteristics influencing financial wellbeing: a multigroup analysis

How is Consumer Financial Capability Measured?

Influence of Financial Social Agents and Attitude Toward Money on Financial Literacy: The Mediating Role of Financial Self-Efficacy and Moderating Role of Mindfulness

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