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Purpose: The main objective of the text is to explore and determine the impact of financial education on the indebtedness of Peruvian households. Theoretical framework: As for the theoretical framework, reference is made to several previous theories and studies, such as Kahneman and Tversky's prospect theory, Modigliani and Brumberg's life-cycle theory, and Friedman's permanent income hypothesis, among others, to support the importance of financial literacy and financial decision-making under conditions of uncertainty and expectations of future income. Design/Methodology/Approach: To address this objective, a quantitative, applied, and non-experimental methodology was used, with a cross-sectional design and a descriptive-correlational approach, surveying 300 Peruvian households. Results: The results revealed that 68% of the participants have a regular level of financial knowledge and 60% have a regular level of household indebtedness. In addition, a significant positive correlation of 0.891 was found between financial literacy and household indebtedness. Practical and social implications: The practical and social implications of the study are notable, highlighting the need to improve financial education, given the prevalence of fair and low financial knowledge and skills among participants. The implementation of financial education programs from an early age and in communities especially vulnerable to financial instability is proposed. In addition, the creation of a certification program for financial educators and the continuous training of financial sector professionals is suggested. Originality/value: In terms of originality and value, the proposals address various areas, such as academic, professional, social, political, economic, and strategic. The idea of seeding financial education from the early years of education and exploring the effectiveness of various financial education strategies is proposed. In addition, the creation of funds for financial innovation and the promotion of fintech companies is proposed, as well as the strategic implementation of partnerships with international organizations, NGOs, and the private sector. It is also suggested to use technology and digital platforms to expand the reach of financial education programs.
Purpose: The main objective of the text is to explore and determine the impact of financial education on the indebtedness of Peruvian households. Theoretical framework: As for the theoretical framework, reference is made to several previous theories and studies, such as Kahneman and Tversky's prospect theory, Modigliani and Brumberg's life-cycle theory, and Friedman's permanent income hypothesis, among others, to support the importance of financial literacy and financial decision-making under conditions of uncertainty and expectations of future income. Design/Methodology/Approach: To address this objective, a quantitative, applied, and non-experimental methodology was used, with a cross-sectional design and a descriptive-correlational approach, surveying 300 Peruvian households. Results: The results revealed that 68% of the participants have a regular level of financial knowledge and 60% have a regular level of household indebtedness. In addition, a significant positive correlation of 0.891 was found between financial literacy and household indebtedness. Practical and social implications: The practical and social implications of the study are notable, highlighting the need to improve financial education, given the prevalence of fair and low financial knowledge and skills among participants. The implementation of financial education programs from an early age and in communities especially vulnerable to financial instability is proposed. In addition, the creation of a certification program for financial educators and the continuous training of financial sector professionals is suggested. Originality/value: In terms of originality and value, the proposals address various areas, such as academic, professional, social, political, economic, and strategic. The idea of seeding financial education from the early years of education and exploring the effectiveness of various financial education strategies is proposed. In addition, the creation of funds for financial innovation and the promotion of fintech companies is proposed, as well as the strategic implementation of partnerships with international organizations, NGOs, and the private sector. It is also suggested to use technology and digital platforms to expand the reach of financial education programs.
Purpose: The main objective of the text is to explore and determine the impact of financial education on the indebtedness of Peruvian households. Theoretical framework: As for the theoretical framework, reference is made to several previous theories and studies, such as Kahneman and Tversky's prospect theory, Modigliani and Brumberg's life-cycle theory, and Friedman's permanent income hypothesis, among others, to support the importance of financial literacy and financial decision-making under conditions of uncertainty and expectations of future income. Design/Methodology/Approach: To address this objective, a quantitative, applied, and non-experimental methodology was used, with a cross-sectional design and a descriptive-correlational approach, surveying 300 Peruvian households. Results: The results revealed that 68% of the participants have a regular level of financial knowledge and 60% have a regular level of household indebtedness. In addition, a significant positive correlation of 0.891 was found between financial literacy and household indebtedness. Practical and social implications: The practical and social implications of the study are notable, highlighting the need to improve financial education, given the prevalence of fair and low financial knowledge and skills among participants. The implementation of financial education programs from an early age and in communities especially vulnerable to financial instability is proposed. In addition, the creation of a certification program for financial educators and the continuous training of financial sector professionals is suggested. Originality/value: In terms of originality and value, the proposals address various areas, such as academic, professional, social, political, economic, and strategic. The idea of seeding financial education from the early years of education and exploring the effectiveness of various financial education strategies is proposed. In addition, the creation of funds for financial innovation and the promotion of fintech companies is proposed, as well as the strategic implementation of partnerships with international organizations, NGOs, and the private sector. It is also suggested to use technology and digital platforms to expand the reach of financial education programs.
Objective: Research on EER (employee-employer relationship) has always attracted the attention of researchers in the field of Human Resources Management. Every organization and company always strive to be at the forefront and get employees who are competent in their respective fields besides having high and sustainable commitment to their organization. One of the antecedents of sustainable organizational commitment is the fulfilment of the psychological contract. Unfortunately, the psychological contracts that have been studied so far have only considered mundane transactional and relational aspects. In fact, worldly exchanges will not last forever. Need to review the psychological contract from a spiritual perspective which rewards are more lasting and can be felt in this world and the hereafter. No doubt, these exchanges are only believed by people who believe in the afterlife or people who have religion and belief in God. This study aims to investigate the indicators of the psychological contract from a spiritual perspective, namely from an Islamic perspective. The psychological contract from an Islamic perspective in this study becomes a mediating variable between authentic leadership and sustainable organizational commitment. In addition, trust in leaders is also used as a moderating variable between authentic leadership and spiritual psychological contracts. Methods: Respondents in this study were Muslim lecturers at Muhammadiyah universities accredited A throughout Indonesia. There are 6 universities that come across the requirements located in the cities of Yogyakarta, Malang (East Java), Surakarta (Central Java), Jakarta, and Medan (North Sumatra). The questionnaire was distributed via Google form using a 6-point Likert scale and processed using structural equation modeling (SEM) with the Partial Least Squares (Smart PLS) 3.0 technique. The number of respondents who filled out the questionnaire completely was 121. Results: This research produced several findings, i.e.: (1). Authentic leadership has a positive effect on fulfilling the spiritual psychological contract, (2). The spiritual psychological contract affects organizational commitment, (3). Trust (in the leader) has a positive effect on fulfilling the spiritual psychological contract, (4). The spiritual psychological contract becomes a mediator of the positive influence of authentic leadership on organizational commitment, (5). The spiritual psychological contract also mediates the effect of trust (in the leader) on organizational commitment. (6) authentic leadership has no direct effect on organizational commitment, and (7). Trust (in the leader) does not moderate the effect of authentic leadership on the spiritual psychological contract. Originality: This study adds one of the 2 previously known dimensions (transactional and relational), namely the liturgical dimension. This study also explores the dimensions of the spiritual psychological contract, although the term used still adopts the two previous psychological contract terms. However, the sources that are referred to all dimensions come from the verses of the Al Quran and Al Hadith which are the main sources of Islamic law. This research was conducted at Muhammadiyah universities which requires all members to prioritize Islamic da'wah, without neglecting financial needs, but financial needs are not the main goal. Implication: An authentic leader is characterized by listening to the opinions of subordinates, being a role model for his subordinates, being willing to guide and motivate, being aware of his own qualities, wanting to convey information on the achievements of the organization and his team, as well as strategies to achieve their goals, and respect the differences within the institution, will bring about subordinates' desire to fulfill their spiritual psychological contract. Likewise, leaders who want to recognize the superiority of subordinates, give flexibility in choosing work projects, give challenging assignments, facilitate growth, and intend to build relationships, as contained in indicators of trust in the leader, will be able to increase the desire of subordinates to fulfill their spiritual psychological contract. Spiritual psychological contracts are a novelty in this study, especially with the addition of one dimension in this variable, namely the liturgical contract. Authentic leadership and trust in the leader are able to arouse followers to fulfil their spiritual psychological contract which also has an impact on increasing their organizational commitment in sustainable manner.
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