“…Following the 2007-2008 global financial crisis, the discussion on vulnerable and less informed investors gained more momentum, as they were probably more exposed to the crisis (Guiso & Viviano, 2014). Ironically, the genesis of the financial crisis, which started in developed countries around the world, is traced back to the price bubbles of homes that have been fed by giving consumers huge access to credit, to lure consumers to make unwise investments (Adair & Adaskou, 2017;Xu, Briley, Brown, & Roberts, 2017). More prominent financial knowledge, together with culture to apply the exercise of financial knowledge, diminishes the probability that households, at any wage level, will fall prey to deceitful deal operators and buy items or administrations that are not to their greatest advantage (Fernandes, Lynch Jr, & Netemeyer, 2014).…”
The relevance of financial literacy in the lives of individuals has attracted several stakeholders from different parts of the world in the quest to provide the required financial knowledge for households to manage their financial wellbeing. Accordingly, previous studies show that financial literacy serves as a mechanism to enhance the ability of households to better allocate financial resources with regard to savings and wealth creation over their lifetimes in a world of uncertainty and imperfect insurance. Thus, this study provides a literature review on global initiatives, strategies and programmes on financial literacy as well the perspectives of financial literacy programmes in South Africa. As such, it is the objective of this study to ascertain from previous literatures the factors that hinders the smooth delivery of financial literacy programmes in South Africa. Thus, the researcher employed a descriptive literature review method to achieve this objective. The findings of this study identifies that there is a growing need for a continuous financial literacy campaign especially in South Africa as the aging populations are confronted with intensified pressure on standardised plan for future financial well-being. However, the challenges of financial literacy programmes in South Africa was ascertained which forms part of the factors that hinders smooth campaign of financial literacy programmes in South Africa. Hence, this study recommends practical intervention factors of financial literacy programme in South Africa, which is expected to assist policy makers in formulating the right financial knowledge delivery programmes in South Africa.
“…Following the 2007-2008 global financial crisis, the discussion on vulnerable and less informed investors gained more momentum, as they were probably more exposed to the crisis (Guiso & Viviano, 2014). Ironically, the genesis of the financial crisis, which started in developed countries around the world, is traced back to the price bubbles of homes that have been fed by giving consumers huge access to credit, to lure consumers to make unwise investments (Adair & Adaskou, 2017;Xu, Briley, Brown, & Roberts, 2017). More prominent financial knowledge, together with culture to apply the exercise of financial knowledge, diminishes the probability that households, at any wage level, will fall prey to deceitful deal operators and buy items or administrations that are not to their greatest advantage (Fernandes, Lynch Jr, & Netemeyer, 2014).…”
The relevance of financial literacy in the lives of individuals has attracted several stakeholders from different parts of the world in the quest to provide the required financial knowledge for households to manage their financial wellbeing. Accordingly, previous studies show that financial literacy serves as a mechanism to enhance the ability of households to better allocate financial resources with regard to savings and wealth creation over their lifetimes in a world of uncertainty and imperfect insurance. Thus, this study provides a literature review on global initiatives, strategies and programmes on financial literacy as well the perspectives of financial literacy programmes in South Africa. As such, it is the objective of this study to ascertain from previous literatures the factors that hinders the smooth delivery of financial literacy programmes in South Africa. Thus, the researcher employed a descriptive literature review method to achieve this objective. The findings of this study identifies that there is a growing need for a continuous financial literacy campaign especially in South Africa as the aging populations are confronted with intensified pressure on standardised plan for future financial well-being. However, the challenges of financial literacy programmes in South Africa was ascertained which forms part of the factors that hinders smooth campaign of financial literacy programmes in South Africa. Hence, this study recommends practical intervention factors of financial literacy programme in South Africa, which is expected to assist policy makers in formulating the right financial knowledge delivery programmes in South Africa.
“…We also make contributions to the financial vulnerability literature. Prior studies have revealed several antecedents, including cognitive ability and personality traits (e.g., Xu, Briley, Brown, & Roberts, 2017 ), compulsive and impulsive buying ( Abrantes-Braga & Veludo-de-Oliveira, 2020 ), and social and institutional marginalization ( Faber, 2019 ). Ours is the first to examine the mechanisms of consumer confidence and locus of control in the development of financial vulnerability, providing fresh insight into how policymakers and businesses might anticipate and minimize the extent of financial vulnerability.…”
Highlights
We aim to reconcile debate about the usefulness of consumer confidence (CC) indices.
Contrary to prior research, we show that CC is not a singular construct.
National CC
affects price consciousness via
personal CC
and financial vulnerability.
Locus of control moderates the effect of national CC on financial vulnerability.
Implications relate to forecasting, marketing, and financial education/counselling.
“…The process of the establishment and implementation of financial behavior of households, applicable financial strategies is rather complicated and contradictory and requires correct understanding of motivation of potential investors (Xu, Briley, Brown, & Roberts, 2017). In this regard, theoretical and empirical studies of financial behavior issues, aggravated in the conditions of the world financial and economic crisis, geopolitical contradictions, enter into the picture (Brounen, Koedijk, & Pownall, 2016).…”
This is an Open Access article distributed under the terms of the Creative Commons Attribution-Noncommercial 4.0 Unported License, permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.