Financial Literacy and Education for Improving Financial Skills

Mishra, Mukesh Kumar

doi:10.2139/ssrn.3488670

Cited by 8 publications

(12 citation statements)

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“…The increasing complexity of financial products and services, unstable financial markets, higher use of debt, and the reality of retirement are several issues that we as individuals are going to face sooner or later (Mishra and Kumar, 2019;Aydin and Akben Selcuk, 2019;Hastings and Mitchell, 2020). These factors require young adults to themselves with financial skills.…”

Section: Discussionmentioning

confidence: 99%

Mediation effect of financial attitude on financial knowledge and financial behavior

Çoşkun

Dalziel²

2020

IJRBS

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In this study, 396 university students in Turkey are surveyed online regarding their attitudes towards financial issues, their level of financial knowledge, and their financial behavior. The latest version of OECD/INFE Financial Literacy Survey (2018) is used in the study. Using SPSS and LISREL. Factor analysis, Cronbach's Alpha, and Structural Equation Modeling (SEM) are used to analyze the relationship between financial knowledge of the participants with their financial attitude and behavior as well as the mediation effect of financial attitude in this relationship. In line with the common wisdom that the relationship between knowledge and behavior is higher if knowledge is better reflected in the attitude of the individual, the mediation effect of financial attitude strengthens the financial knowledge and financial behavior relationship.

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Section: Discussionmentioning

confidence: 99%

Mediation effect of financial attitude on financial knowledge and financial behavior

Çoşkun

Dalziel²

2020

IJRBS

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“…Students can be aware of investment scams if they acquire knowledge from schools. Mishra and Kumar (2019) found that financial education in schools have positive effects on financial behaviours. Nonetheless, Beal and Delpachitra (2003) found that financial literacy of university students is not high, and it stems for the lack of financial-skills education in high schools.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Financial literacy and awareness of investment scams among university students

Padil

Kasim

Muda

et al. 2021

JFC

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Purpose This study aims to examine the relationship between budgeting skills and financial goals and the level of awareness of investment scams among university students. Design/methodology/approach An online survey was administered to university students in Malaysia. A total of 211 responses were received. The data was analysed using partial least square method based on structural equation modelling technique by using SmartPLS-3.0 and SPSS-20 statistical software. Findings Findings indicated that having adequate budgeting skills can significantly affect awareness of investment scam among students. This implies that early financial management education among students should focus on instilling disciplined budgeting habit to prevent them from becoming victims of investment scams. Nevertheless, when examining financial goals among the respondents, the study found that having a clear financial goal does not significantly contribute to their awareness in identifying investment scams. As such, students need to be properly guided in setting their financial objectives such as avoiding unrealistic goals to lead a luxurious lifestyle using “fast and easy” money. Social implications This study recommends that higher education institutions need to work together with relevant regulators and law enforcers in providing necessary financial literacy education as part of the investment scam prevention measures. Originality/value This study contributes to the literature gap on the need to focus on financial literacy in creating awareness towards investment scams among university students.

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“…Students in primary and secondary school should have a good financial education to make a financial decision based on the daily information and encourage students to make savings for their future (Salas-Velasco et al, 2020). Financial education is a process of providing information and instruction to citizens, consumers, and employees to improve their knowledge and comprehension of financial concepts and financial products (Mishra, 2019). Financial education starts to become a variable and tool of important policy in improving the well-being of individual finances.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Based on Yuxiao & Chao (2017), there are four categories of students' family's economic status: parents' occupation, parents' income, parents' education, and parental membership in certain political organizations or parties. Mishra (2019) employed parents' income and asset ownership as the socioeconomic aspect. However, some researchers described parents' socioeconomic status specifically by measuring family' income, family education, assets ownership, and occupations as separate variables (Jayaraman & Jambunathan, 2018;Radityas & Pustikaningsih, 2019;Riitsalu et al, 2018;Silta & Miharti, 2020;Suherman et al, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

“…This study was within the scope of recent literature that focuses on assessing the effectiveness of financial education programs (Lusardi & Mitchell, 2014;Xu & Zia, 2012). Financial education is the process of providing information and instruction to society, consumers, and employees to improve their knowledge and comprehension of financial concepts and products (Mishra, 2019). Improving youth financial literacy in developing countries is through education such as the length of education activity and the quality of education (Özdemir, 2019).…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

The Impact of Financial Education and Socioeconomic Status on the Undergraduate Students' Financial Literacy

Khusaini

Mardisentosa

Bastian

et al. 2022

mem

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Financial literacy is a crucial variable for researchers and policymakers because financial literacy's contribution encourages inhabitants to organize future financial planning and decision improvement. The study aims to empirically investigate the determinants of financial literacy such as financial education, parents' socioeconomic status, and gender. The authors used a cross-sectional survey approach with N = 325 samples. The result of measuring students' financial literacy showed a moderate condition (moderate level). The multiple linear regression models showed that parents' socioeconomic status significantly improved students' financial literacy. Meanwhile, financial education and gender did not prove significant in influencing students' financial literacy. The empirical study generated that encouraging parents is one of the essential policy elements in improving students' financial literacy. The higher students' socioeconomic status tends to encourage better financial planning and decision because they comprehend the literacy skills.

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Financial Literacy and Education for Improving Financial Skills

Cited by 8 publications

References 0 publications

Mediation effect of financial attitude on financial knowledge and financial behavior

Mediation effect of financial attitude on financial knowledge and financial behavior

Financial literacy and awareness of investment scams among university students

The Impact of Financial Education and Socioeconomic Status on the Undergraduate Students' Financial Literacy

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