Financial Literacy in the Twenty-First Century: An Introduction to the International Handbook of Financial Literacy

Aprea, Carmela; Wuttke, Eveline; Breuer, Klaus; Koh, Noi Keng; Davies, Peter; Greimel-Fuhrmann, Bettina; Lopus, Jane S.

doi:10.1007/978-981-10-0360-8_1

Cited by 27 publications

(32 citation statements)

References 2 publications

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“…Financial behavior considers psychological and sociological factors as an essential foundation in making one's financial decisions. Thus, behavioral finance studies how psychology impacts financial decisions in households, markets, and organizations (Copur, 2015;Aprea et al, 2016).…”

Section: Financial Behaviormentioning

confidence: 99%

Islamic Financial Literacy and Financial Behavior: The case of Muhammadiyah Community in Medan City

Gunawan

Asmuni

Siregar

2021

JAI

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Research aims: This study aims to determine and analyze the level of financial behavior, the level of Muhammadiyah community’s Islamic financial literacy in Medan City, and the effect of Islamic financial literacy on financial behavior.Design/Methodology/Approach: This research is descriptive quantitative using primary data through questionnaire. The research sample was 200 members of the Muhammadiyah organization in Medan City. The data analysis technique employed confirmatory factor analysis and structural equation modeling utilizing AMOS.Research findings: The research confirmed that the level of Islamic financial knowledge among the Muhammadiyah community in Medan City was low, 60.56%. In contrast to Islamic finance knowledge, the financial behavior of the Muhammadiyah community in Medan City was classified as good; 69.01% of the Muhammadiyah community showed relatively good financial behavior. These two things make the level of Islamic financial literacy among Muhammadiyah residents in Medan City classified as less literate. This shows that in everyday life, Muhammadiyah community in Medan City had good financial behavior but was more influenced by habits or finance. Meanwhile, as far as Sharia finance was concerned, the Muhammadiyah community in Medan City still did not understand it.Theoretical contribution/Originality: This study provides information about the level of financial literacy and financial behavior of the Muhammadiyah community in Medan. This information becomes the basis for subsequent research to develop strategies to increase financial literacy and financial behavior of Muhammadiyah communities in Medan.Practitioner/Policy implication: Since Muhammadiyah aims to improve the welfare of the people and various studies have shown a link between the level of financial literacy and one's welfare, Muhammadiyah organizers need to pay attention to this, such as organizing a more structured and systematic program to increase Muhammadiyah citizens' knowledge of Islamic finance.Research limitation/Implication: This study still used a limited sample, namely Muhammadiyah communities. A broader sample will further confirm the validity of the literacy measurement instrument in the future.

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Section: Financial Behaviormentioning

confidence: 99%

Islamic Financial Literacy and Financial Behavior: The case of Muhammadiyah Community in Medan City

Gunawan

Asmuni

Siregar

2021

JAI

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“…The ability to make well-informed financial decisions is a critical twenty-first century life skill. Due to changes in, for example, retirement provision, and the growing complexity of financial markets and products, individuals are becoming increasingly responsible for their own financial well-being (Aprea et al, 2016). These trends, combined with insights demonstrating significant room for improvement regarding the financial literacy of both adults and youth around the world (Organisation for Economic Co-operation and Development (OECD), 2016a, 2017), have led governmental bodies to develop policies aiming to raise financial literacy levels (OECD, 2016a).…”

Section: Introductionmentioning

confidence: 99%

The capabilities of secondary school teachers to provide financial education

Beckker

Compen

Bock

et al. 2019

Citizenship, Social and Economics Education

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This study examines the capabilities of in-service secondary school teachers to provide financial education. Data were gathered from online surveys, which were spread among 300 teachers in the Flemish region of Belgium. We distinguish between perceived and actual capabilities. Our results reveal that only one third of teachers consider themselves sufficiently competent to provide financial education. Actual capabilities are assessed using a broad measure of financial literacy, which takes into account teachers’ financial knowledge, financial behaviour and financial attitudes. Our results indicate that only approximately half of teachers score sufficiently on financial knowledge and only a third attains the preferred minimum score for financial attitudes. In addition, our heterogeneity analysis shows differences in scores related to teacher characteristics such as gender, teaching discipline and teaching experience. The large share of teachers not reaching the threshold indicating adequate capabilities for providing financial education raises concern, as teacher quality is an important factor contributing to the effectiveness of financial education. Teacher professional development can play a crucial role here.

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“…The ability to make well-informed financial decisions is a critical 21 st century life skill. Due to changes in, for example, retirement provision, and the growing complexity of financial markets and products, individuals are becoming increasingly responsible for their own financial well-being (Aprea et al, 2016). These trends, combined with insights demonstrating significant room for improvement regarding the financial literacy of both adults and youth around the world (OECD, 2016a(OECD, , 2017, have led governmental bodies to develop policies aiming to raise financial literacy levels (OECD 2016a).…”

Section: Introductionmentioning

confidence: 99%

The Capabilities of Secondary School Teachers to Provide Financial Education

et al. 2019

View full text Add to dashboard Cite

This study examines the capabilities of in-service secondary school teachers to provide financial education. Data was gathered from online surveys which were spread among 300 teachers in the Flemish region of Belgium. We distinguish between perceived and actual capabilities. Our results reveal that only one third of teachers considers themselves sufficiently competent to provide financial education. Actual capabilities are assessed using a broad measure of financial literacy which takes into account teachers' financial knowledge, financial behaviour and financial attitudes. Our results indicate that only approximately half of teachers score sufficiently on financial knowledge and only a third attains the preferred minimum score for financial attitudes.In addition, our heterogeneity analysis shows differences in scores related to teacher characteristics such as gender, teaching discipline, and teaching experience. The large share of teachers not reaching the threshold indicating adequate capabilities for providing financial education raises concern, as teacher quality is an important factor contributing to the effectiveness of financial education. Teacher professional development can play a crucial role here.

show abstract

Financial Literacy in the Twenty-First Century: An Introduction to the International Handbook of Financial Literacy

Cited by 27 publications

References 2 publications

Islamic Financial Literacy and Financial Behavior: The case of Muhammadiyah Community in Medan City

Islamic Financial Literacy and Financial Behavior: The case of Muhammadiyah Community in Medan City

The capabilities of secondary school teachers to provide financial education

The Capabilities of Secondary School Teachers to Provide Financial Education

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