Libraries and financial literacy

Abstract

PurposeThe recent financial crises and the economic problems caused by the pandemic highlight the importance of financial literacy (FL). Libraries have an essential role in developing informational literacy and promoting access to information. In this study the authors seek to identify, based on the published literature, in which areas and in what roles libraries engage in the development of FL, and what options are available for those who intend to set out in this direction in the near future.Design/methodology/approachThe basis of the research is a review of the literature, as comprehensive as possible, achieved by keyword- and discipline-focused searches run in the Library, Information Science and Technology Abstracts (LISTA), the Web of Science (WoS) and the Scopus database. At the beginning of the study, the initial list of results had 765 publications, but this number decreased significantly after removing duplicates and sorting the results. Finally, 138 publications were included in the analysis.FindingsLibraries engage in the development of FL mostly through their collections, with recommendations, through education, by organizing programs and through information service. Most successful methods do not require any specialized FL knowledge from librarians. Necessary competences are more related to organizational skills, cooperation with partners and creativity.Research limitations/implicationsThe study is based on publications which include the term financial culture, any of its synonyms, or broader or more specific terms and which are related to libraries in the manner described in the search strategy. The international literature databases chosen for the searches limited the scope of the articles available for inclusion.Originality/valueThe study summarizes the results in libraries related to FL from the past 10 years. There has been no other similar summary published recently applicable in practice.

Incorporating business courses into LIS programs in Hungary: An examination of ALA-accredited programs

“…[ 30 ] on financial literacy, it was noticeable that libraries find many constraints to fulfil the financial literacy gap due to the lack of funds and financial support; however, the authors proposed solutions that do not require any additional costs for libraries such as; collections development for which “there is no need for significant modifications in the acquisition and processing manner. Only the field of collection should be widened, and some space should be made on the service side of the process – on the shelves –, and new or expanding opportunities should be highlighted in information service and communication” [ 30 ]. Additionally, [ 30 ]; state that if the audience is well targeted, organizing financial literacy programs would be made easier in the library setting, and which prevent extra cost if well organized.…”

“…Only the field of collection should be widened, and some space should be made on the service side of the process – on the shelves –, and new or expanding opportunities should be highlighted in information service and communication” [ 30 ]. Additionally, [ 30 ]; state that if the audience is well targeted, organizing financial literacy programs would be made easier in the library setting, and which prevent extra cost if well organized. This is also applicable for business information and services that libraries can offer to their patrons.…”

“…On top of this, and as reported by Ref. [ 30 ]; to be able to efficiently set business programs that are suitable for students and the targeted audience, it is mandatory to seek external partnerships and collaborations in the specific domains, in order to put forward the knowledge and abilities that are required when providing business and financial information and services.…”

Könyvtárak és a pénzügyi kultúra 1. rész Keretrendszer

“…Az elemzés a következő négy kérdés megválaszolását tűzte ki célul: A kereséshez (és később a találati listából történő kiválasztáshoz) egyaránt a korábbi kutatásunk során kidolgozott szempontrendszereket alkalmaztuk. 23 A keresés a négy adatbázis mindegyikében a "financial literacy" és rokon kifejezésekkel (pl. personal finance, financial skills, financial goals, financial decisions) 24 26 Érdekes, hogy a korábbi, 2015-ös kutatásában talált 12 kötet egyike sem került be a legtöbb könyvtárban elér-hető kiadványok közé.…”

Moderation of Intellectual Intelligence on the Effect of Financial Skills and Financial Planning on Women's Financial Literacy Capacity

“…Researchers have proven that financial skills have been studied about women's financial literacy capacity (Struckell et al, 2022 ;Sconti, 2022 ;Kiszl & Winkler, 2022). Financial planning has been studied about women's financial literacy capacity (Gallego-Losada et al, 2022 ;Sekita et al, 2022 ;Amagir et al, 2022).…”