Sustainable Households Financial Behaviour in EU and Implications on Developing Financial Literacy

Todorov, Lyubomir; Aleksandrova, Aleksandrina; Marinov, Marin

doi:10.1007/978-3-031-23463-7_9

Cited by 4 publications

(2 citation statements)

References 26 publications

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“…Policy measures, consumer education and information play an essential role in achieving sustainable consumption patterns that enable consumers to act sustainably and adopt more sustainable consumption practices (EEA, 2010). Promoting sustainable household consumption requires a multifaceted approach involving public policy, market innovation, mobilisation of consumer groups by NGOs and voluntary initiatives (Todorov, Aleksandrova, & Marinov, 2023). Creating an educational, training and information-rich environment that motivates and empowers consumers to take action is necessary to establish a framework for ESC.…”

Section: Introduction and Review Of Literaturementioning

confidence: 99%

Sustainable Consumption Practices Among Households - Evidence From Bulgaria

Ismailov,

Krivins

2023

iem

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Taner Ismailov E-mail: t.ismailov@uni-svishtov.bg Doctor of Economic Sciences, Chief Assistant Prof. PhD Tsenov Academy of Economics Svishtov, Bulgaria https://orcid.org/0000-0001-8329-1373 Anatolijs Krivins E-mail: anatolijs777@gmail.com Doctor of Law (Dr.iur.) Daugavpils University Daugavpils, Latvia https://orcid.org/0000-0003-1764-4091 Abstract. The concept of sustainable consumption refers to the use of goods and services that meet current needs without compromising the ability of future generations to meet theirs. There is a variety of researchers’ viewpoints regarding sustainable consumer behaviour, and while some researchers see it as a manifestation of voluntary simplification of lifestyle or anti-consumption, others define it as the adoption of environmentally friendly living practices. The sustainable practices applied by Bulgarian households that are the research focus of the present study. The scientific paper analyses the perceptions of Bulgarian households towards the implementation of sustainable practices and the extent of their popularity among households. The main challenges to the introduction of sustainable consumption practices also fall into the focus of the research. Households around the world apply various practices for sustainable consumption, the most common being composting, recycling, use of sustainable transport, repair and reuse of various goods, consumption of goods of local origin, etc. These practices are analysed in the present paper, presenting the results of a survey conducted among 191 Bulgarian households. The article gives a clear idea of the prevalence of sustainable consumption practices in Bulgaria, and on this basis are formulated the main challenges and recommendations for their wider integration among the population.

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Section: Introduction and Review Of Literaturementioning

confidence: 99%

Sustainable Consumption Practices Among Households - Evidence From Bulgaria

Ismailov,

Krivins

2023

iem

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“…Governments' pursuit of financial inclusion is dependent on extensive research that demonstrates how it fosters economic growth (Kim, et al, 2018;Todorov, et al, 2023), greater financial stability (Neaime & Gaysset, 2018), poverty reduction (Koomson et al, 2020), reduction in income inequality (Huang & Zhang, 2020), financial literacy (Grohmann et al, 2018). According to a recent study on EU member states, financial inclusion has a greater influence on economic output in low-income and recent member countries than in high-income and earlier EU member countries.…”

Section: Introductionmentioning

confidence: 99%

Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development

Todorov

Aleksandrova

Ismailov

2023

ees

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Introduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation. Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint. Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy. Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment.

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The Need for Innovation in Financial Education: A Study of Household Indebtedness in Peru

Olano,

De la Cruz,

Rodriguez

et al. 2024

RGSA

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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.

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Sustainable Households Financial Behaviour in EU and Implications on Developing Financial Literacy

Cited by 4 publications

References 26 publications

Sustainable Consumption Practices Among Households - Evidence From Bulgaria

Sustainable Consumption Practices Among Households - Evidence From Bulgaria

Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development

The Need for Innovation in Financial Education: A Study of Household Indebtedness in Peru

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