Financial literacy and financial planning: Implication for financial well-being of retirees

Adam, Anokye M.; Frimpong, Siaw; Boadu, Mavis Opoku

doi:10.15208/beh.2017.17

Cited by 64 publications

(90 citation statements)

References 27 publications

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“…These results are supported by the results of research by Prihartono & Asandimitra (2018), Herawati, Candiasa, Yadnyana, & Suharsono (2018), Kautsar & Asandimitra (2018), Sari (2015), and Akben-selcuk (2015). Otherwise, a study by (Adam, Frimpong, & Boadu, 2017) implied that financial literacy does not affect financial management behavior.…”

Section: Introductionmentioning

confidence: 99%

The Influence of Financial Information, Financial Self Efficacy, and Emotional Intelligence to Financial Management Behavior of Female Lecturer

Asandimitra

Kautsar

2020

HSSR

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Purpose of the study: The purpose of the study was to compare the financial information, financial self-efficacy and emotional intelligence on the financial management of women lecturer in state and private university. Methodology: This study was designed as a conclusive causality study. The study population was female lectures of state and private universities in Indonesia. From the population, there are two hundred (200) female lectures from a state university and private universities have selected as a sample of study by quota sampling method. The data collection techniques used in this research are interviews and surveys. Multiple regressions was chosen to get results with the SPSS tools. Main Findings: There is an influence of financial knowledge, financial self-efficacy, financial literacy, and emotional intelligence to the financial management behavior of female lecturers at state universities while there is no influence of financial attitude, financial literacy, and emotional intelligence to the financial management [behavior] of female university lecturers in private universities. Applications of this study: The results of this study will be beneficial for financial institutions and governments that usually hold education and training programs for their customers to increase financial knowledge so as to increase the confidence of their customers (including lecturers) in their ability to manage finance. Furthermore, this knowledge will be conveyed back to the students of the lecturer in the learning process about finance, so that it will indirectly increase the financial literacy of their students and society at large. Novelty/Originality of this study: Many researches about financial behavior topics have analyzed financial information factors’ influence on financial management behavior, but few of them have included psychological factors such as financial self-efficacy and emotional intelligence. This distinguishes this research compared to other studies of financial behavior as it analyzes the two effects of psychological factors on financial management behavior. Another novelty of this study is the selection of female lecturer as research object as their characteristic as well-informed and well-educated about financial management that has not observed by previous studies.

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Section: Introductionmentioning

confidence: 99%

The Influence of Financial Information, Financial Self Efficacy, and Emotional Intelligence to Financial Management Behavior of Female Lecturer

Asandimitra

Kautsar

2020

HSSR

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“…Improvement in setting realistic financial targets, commitment to setting targets, and the taking of prompt and appropriate corrective measures are positive consequences of good financial behavior that have the potential to enhance the financial well-being of SME owners in Ghana. This result sits well with that of Adam et al (2017). Thus, the result posits that a one-unit increase in financial behavior could lead to a .32 increase in financial well-being.…”

Section: Discussion Of Regression Resultsmentioning

confidence: 99%

“…Brown, Grigsby, van der Klaauw, Wen, and Zafar () concluded, from a study of the relationship between financial education and debt behavior of the young, that both math and financial literacy education lead to improvement in youth creditworthiness and reduction in the likelihood of the youth carrying debt as well as their average debt balances. Adam et al () assessed whether the financial well‐being of retirees is explained by financial literacy and financial planning. They concluded that financial literacy, retirement planning, and family support significantly impact the financial well‐being of retirees.…”

Section: Literature Reviewmentioning

confidence: 99%

“…On the other hand, successful entrepreneurs exhibit character traits that are rooted in cultural values and principles. Studies on the relationship between financial literacy and financial well-being are profound (Adam, Frimpong, & Boadu, 2017;Drever et al, 2015;Joo & Grable, 2004), but empirical works on the likely impact of cultural values on financial well-being is virtually nonexistent, even though arguments exist to suggest a relationship. The less financially literate, the less likely it is to accumulate wealth (Stango & Zinman, 2009).…”

Section: Introductionmentioning

confidence: 99%

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Financial Literacy, Cultural Dominance, and Financial Well‐Being of SME Owners in Ghana

Agyei

Adam

Agyemang

2019

Poverty & Public Policy

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The literature on the relationship between financial literacy and financial well‐being is growing but yet to consider whether the social support emanating from cultural settings conditions this relationship. The main objective of this article was to assess the role cultural values (Protestantism and Catholicism) played in explaining the financial well‐being of small‐ and medium‐scale enterprise (SME) owners in a developing economy, Ghana. On the basis of 300 randomly selected SME owners, an ordinary least squares technique was employed to establish this relationship. The results highlight that the level of financial literacy of SME owners tends to influence their financial well‐being. In addition, Protestant ideology weakens financial wealth acquisition process of SME‐Owners. Lastly, the study found little support for the assertion that culture moderates the relationship between financial literacy and financial well‐being. Consequently, the study recommended that policies aimed at promoting financial education for financial well‐being should not neglect the cultural context of beneficiaries.

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“…In a recent survey of 400 retirees in Cape Coast, Ghana, Adam, Frimpong, and Boadu (2017) examined the financial wellbeing of retirees, and found that financial wellbeing in retirement is affected by financial literacy, retirement planning, and family support. To maximize financial wellbeing in retirement, they recommend among other things that policies should be directed at pre-retirement education and sensitization.…”

Section: The Elderly and Financial Wellbeingmentioning

confidence: 99%

From pension to wellbeing: A study of retirement income and wellbeing of retirees in Ghana

Andoh¹

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A major challenge for governments and policy makers around the world, including Ghana, is how to provide retirement incomes that are able to ensure wellbeing in retirement. Without adequate pensions, poverty rates, which are already high among retirees, will be much higher. In the context of a developing country like Ghana where informal social support for the elderly is declining due to the processes of urbanization and migration, formal social security intervention is an indispensable tool for ensuring equitable development and economic growth. The 2014 UN Development Report, for instance, calls for access to basic services, including pensions, in order to improve the capacities of vulnerable population groups, including the elderly, to withstand livelihood shocks. The notions of capability/functionings and conversion factors in Amartya Sen's capability approach have been used in this thesis as a conceptual framework to analyse the effect of incomes, socio-demographic characteristics and conversion factors on health, housing, food, social, financial and overall wellbeing of Ghanaian retirees receiving a social security pension under the Social Security and National Insurance Trust (SSNIT) pension scheme (Act 766, 2008). The study employs a mixed methods research design in a two-phased data collection process. Phase I is a survey of 330 SSNIT retirees. Phase II involved in-depth face-to-face interviews with 12 purposively selected respondents from the sample in phase 1. Quantitative and qualitative data were analysed to address three research questions: (1) What is the effect of financial and non-financial factors (retirement income and personal characteristics) on the different dimensions of wellbeing in retirement ?; (2) Is overall wellbeing of retirees better predicted by financial factors than non-financial factors?; and (3) In what ways do personal and environmental characteristics enable retirees to translate their retirement income into achieved functionings in overall wellbeing? It was found that both pension income and total individual income have statistical associations with all dimensions of wellbeing (health, housing, food and social), with the exception of financial wellbeing. The qualitative data points to the key role of money in meeting the desired wellbeing of the respondents. Access to health care, house ownership and non-payment of house rent, family support in cash and kind, healthy food choices, continuous family and community engagements, and financial independence are some additional key drivers that enable the achievement of desired health, housing, food, social and financial wellbeing. iii The analysis shows that while both financial and non-financial factors influence overall wellbeing, the effect of financial factors, measured by their regression coefficients, is bigger than that of any non-financial factor. In effect, income better predicts the overall wellbeing of respondents than non-financial factors. Qualitative interviews with respondents confirm that without sufficient income, ...

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Financial literacy and financial planning: Implication for financial well-being of retirees

Cited by 64 publications

References 27 publications

The Influence of Financial Information, Financial Self Efficacy, and Emotional Intelligence to Financial Management Behavior of Female Lecturer

The Influence of Financial Information, Financial Self Efficacy, and Emotional Intelligence to Financial Management Behavior of Female Lecturer

Financial Literacy, Cultural Dominance, and Financial Well‐Being of SME Owners in Ghana

From pension to wellbeing: A study of retirement income and wellbeing of retirees in Ghana

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