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

Riaz, Sheza; Khan, Hadi Hassan; Sarwar, Bilal; Ahmed, Wahab; Muhammad, Noor; Reza, Sajjida; Haq, S M Nabeel ul

doi:10.1177/21582440221117140

Cited by 11 publications

(14 citation statements)

References 119 publications

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“…In fact, mechanisms through financial knowledge can bridge the limitations of financial stress, financial attitude, and self-control in promoting financial well-being. Similar research proves that there is an influence of financial socialization agents and attitudes toward money on financial literacy mediated through financial self-efficacy and moderated by financial mindfulness in college students in Pakistan (Riaz et al, 2022). The study of Handayati et al, (2023) identified financial planning as the strongest indicator of financial self-efficacy, financial security as a shaper of financial attitudes while saved money is a benchmark in shaping financial well-being.…”

Section: Introductionsupporting

confidence: 53%

Understanding Financial Behavior in Generation Z

Jordan,

Nuringsih

2023

ijaeb

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As the demographic growth, the presence of Generation Z or Gen-Z reached 27.94 percent in 2020 so that it dominates the demographic structure in Indonesia after the millennial generation. Gen-Z grows along with the development of information technology to form a new lifestyle that is more open to using the internet and social media than previous generations. These conditions affect financial behavior, so it is necessary to conduct a study to determine the effect of financial knowledge, financial attitudes, and self-efficacy on financial behavior. A total of 100 respondents were selected to represent Generation Z. The sample selection technique used purposive sampling with the criteria of being born in 2000-2004, currently pursuing a bachelor's degree and domicile in Jakarta. Testing the validity, reliability and data processing of structural regression equations using Smart-PLS 4. The results show the coefficient values of financial knowledge (0.271), financial attitude (0.273) and self-efficacy (0.262) where the three have a significant positive effect on financial behavior at the 5 percent level. The results of the study serve as a reference for the government in revising policies to improve financial literacy and investment models for Generation Z. Advice for related parties such as banking, insurance, investment institutions, financial services authority, and others to respect with Gen-Z in achieving sustainability in their welfare. The formation of this behavior has an impact on responsible consumption for Gen-Z circles so that long-term commitment and implementation will also support the achievement of sustainable development goals in 2030 to realize sustainable prosperity for future generations.

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Section: Introductionsupporting

confidence: 53%

Understanding Financial Behavior in Generation Z

Jordan,

Nuringsih

2023

ijaeb

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“…Specifically, the Partial Least Squares Structural Equation Modeling (PLS-SEM) method was selected due to its common usage in the field of social sciences (Aldholay et al, 2018;REHMAN et al, 2020;Sabiu et al, 2019). Secondly, PLS-SEM is best when the objective of the study is to capture maximum variance into a dependent variable by the independent variables and all variables in the model (ANJUM et al, 2021;Hair et al, 2019;Riaz et al, 2022).…”

Section: Figure No 1: Research Frameworkmentioning

confidence: 99%

Effect of Deep-Level Workforce Diversity on Group Cohesion: The Moderating Role of Team Leadership

Idbaïh¹,

Khan²,

Zaman³

et al. 2023

RJSI

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The purpose of this study is to examine the correlation between deep-level workforce diversity and social cohesion, with team leadership acting as a moderating variable. The functional theory of workplace diversity suggests that effective leadership and group cohesion helps organization leverage the benefits of diversity by ensuring that team members with diverse skills, experiences, and perspectives work together harmoniously towards a common goal, resulting in improved performance and innovation. The sample for this research consisted of 213 employees from public sector universities in Quetta, the capital of Balochistan. The data was collected through a self-administered structured questionnaire and analyzed using the Smart PLS software. The results show that deep-level diversity has a negative relationship with group cohesion, while team leadership has a positive relationship with group cohesion. Additionally, team leadership acts as a moderator in the model, positively moderating the relationship between deep-level diversity and group cohesion. This suggests that team leadership can strengthen the relationship between deep-level diversity and group cohesion among faculty members and administrative staff.

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“…Consequently, people need tools to analyze the available information and make decisions that can address their financial limitations (Sherraden & Ansong, 2016). Financial literacy enables individuals to evaluate complex financial products or services (Riaz et al, 2022), such as loans or saving plans (Bayar et al, 2020), and make decisions that are in their best long-term interests (Kim et al, 2019). Therefore, financial knowledge may be positively related to financial resilience.…”

Section: Hypothesis Developmentmentioning

confidence: 99%

“…This theory proposes that individuals face limitations in their ability to make optimal decisions due to the increasing complexity of the financial environment (Ibrahim & Khaimah, 2009), information asymmetries (Simon, 1956), and scarcity of resources such as information, time, or money (Schneider & Angelmar, 1993). Thus, the vast array of choices, considering the numerous decisions humans make daily (Riaz et al, 2022), contrast with the limited time for reflection and the unavailability of up-to-date information (Simon, 1956).…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

A Comprehensive Approach to Measuring Financial Vulnerability and Literacy: Unveiling Connections

Fernández-López,

Álvarez-Espiño,

Rey-Ares

2023

SAGE Open

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In the aftermath of the 2007–08 financial crisis, the worsening financial conditions of households increased concerns about their financial vulnerability (FV). In this context, policymakers embraced the notion of financial knowledge to foster sound financial behaviors among individuals and households, aiming to mitigate the detrimental effects of FV on households’ financial wellbeing and the overall economy. However, the relationship between FV and financial literacy remains inconclusive. This lack of definitive findings may stem from limitations in measuring FV and narrow focus on specific dimensions of financial literacy. This paper analyzes the relationship between financial literacy and FV by creating a comprehensive measure of (the level of) FV and considering different dimensions of financial literacy. Using a sample of 8,554 individuals in Spain obtained from the 2016–17 Survey of Financial Competences, we construct a continuous measure of FV by using Nonlinear Principal Components Analysis (NLPCA). Then, we employ OLS and ordered probit regressions to examine the potential association between different dimensions of financial literacy and FV. The findings indicate that the level of FV is negatively related to self-perceived financial knowledge, while no statistically significant relationship is found regarding objective financial knowledge. Evidence also reveals that “highly financially included” individuals are more likely to exhibit financial resilience. These findings highlight the need for the development of financial education initiatives that are action-oriented.

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

Cited by 11 publications

References 119 publications

Understanding Financial Behavior in Generation Z

Understanding Financial Behavior in Generation Z

Effect of Deep-Level Workforce Diversity on Group Cohesion: The Moderating Role of Team Leadership

A Comprehensive Approach to Measuring Financial Vulnerability and Literacy: Unveiling Connections

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