The Role of Marketing Tools in the Improvement of Consumers Financial Literacy

Paramonovs, Sergejs; Ijevleva, Ksenija

doi:10.1515/eb-2015-0006

Cited by 4 publications

(3 citation statements)

References 15 publications

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“…Findings indicate that a web-based learning module was an effective teaching tool in improving financial literacy; surprisingly more effective than having taken a personal finance course. This supports Paramonova and Ijevleva's (2015) research on web-based marketing tools, and Lusardi et al (2017)…”

Section: Discussion Implications and Limitationssupporting

confidence: 66%

Improving financial literacy in college of business students: modernizing delivery tools

Kuntze

Wooldridge

et al. 2019

IJBM

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Purpose The purpose of this paper is to develop and test through an experiment, an innovative online video teaching module that significantly improves financial literacy in college of business students. Specific business major financial literacy levels are also tested. Design/methodology/approach A total of 244 college of business students were given a financial literacy test. Half of the students were exposed to the “treatment” (watched a video module), while other half were not. The videos comprised 67 min of micro-lectures that students could download, free of charge, at their own convenience. The researchers analyzed the impact of a previous personal finance course on students’ financial literacy levels and tested across four business majors. Findings The video intervention was the most successful at increasing financial literacy, surprisingly more so than having taken a past personal finance course. Interaction effects were not significant. Four college majors were tested with a shorter, improved financial literacy measure – finding, to our surprise that non-quantitative business majors (particularly marketing students) are not less financially literate than other majors. Supporting past research, the authors found that female and African-American college students performed significantly lower on the test. Originality/value The research adds value to the literature by developing and testing a modern, novel teaching innovation to improve financial literacy in young adults. Using an experimental setting, the authors showed that the innovation was more effective than the commonly proscribed personal finance course. This is one of the few studies to measure financial literacy levels for specific college of business majors.

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Section: Discussion Implications and Limitationssupporting

confidence: 66%

Improving financial literacy in college of business students: modernizing delivery tools

Kuntze

Wooldridge

et al. 2019

IJBM

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“…When communicating complex financial products such as mortgages (Fürstenau and Hommel, 2019; Gathergood and Weber, 2017), several frames and cues are needed to put information into context for the consumer (Hallahan, 1999; Paramonovs and Ijevleva, 2015). This is because mortgage loans have several factors to consider, such as loan terms and interest rates.…”

Section: Study 2: Experimental Studymentioning

confidence: 99%

Combined framing effects on attitudes and behavioral intentions toward mortgage advertisements

Dobson

Poels

2020

IJBM

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PurposeMortgage lenders often combine a variety of framing strategies when developing mortgage advertisements. To date, these frames have mostly been studied separately. This paper, however, studies the combined framing effects of message valence, specificity, and temporality on consumers' mortgage decision-making.Design/methodology/approachA mixed methods design was used. First, 13 unique print ads collected from a Canadian newspaper were analyzed for content. Second, a 2 × 2 × 2 scenario-based experiment with 400 undergraduate participants examined the framing effects of valence, specificity and temporality on attitudes toward the mortgage advertising message, the product advertised, and the brand, as well as on consumers' behavioral intentions toward the advertised mortgage product.FindingsThe content analysis suggests that combined framing does exist in print ads. A positive message with a fixed term and a specific interest rate were the most commonly used frames. The experiment revealed that, for behavioral intentions, the main effect of the message temporality was significant. The effects of advertising a long-term mortgage on behavioral intentions were more favorable than those of advertising a short-term mortgage.Practical implicationsThis research provides a combined framing model for designing advertising strategies for the financial services industry to market complex financial products, such as mortgage loans to consumers. This is relevant to lenders when designing a persuasive package or ads for potential customers.Originality/valueThis study is the first of its kind to investigate the effects of combinations of message frames on consumers' mortgage decision-making, while also advancing the understanding of message framing theory for the financial services industry.

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“…Financial literacy is a set of financial knowledge, financial behavior, and financial attitudes needed to make careful financial decisions for the achievement of one's life goals to achieve individual welfare [17].Antara et al [18]posited, Islamic financial literacy is the level at which an individual has a set of knowledge, awareness, and skills to master the basics of information and services about Islamic finance that influences his attitude to make Islamic financial decisions appropriately. He proposed measurements for Islamic financial literacy: the interest-free Islamic financial method; Gharar refers to uncertainty and fraud and is not permitted in Islamic finance; The preservation of wealth is one of Islamic financial objectives; Islamic financial institutions can invest with you in accordance with the method for the outcome (Mudarabah); Islamic financial institutions lend money in accordance with the method for the outcome/loss (Musharakah); Islamic Financial institutions provide lease financing (IJARAH); Islamic financial institutions provide a trading financing method called Murabahah; Islamic Financial institutions provide industrial financing (ISTISNA); Islamic financial institutions can provide a good loan called Quard Hassan; In Mudarabah, the provider of capital is the only party to bear loss; In order for the Istisna to be valid, the price must be set early; In Qard Hassan, customers are only required to repay the initial amount when borrowing.…”

Section: B Islamic Financial Literacymentioning

confidence: 99%

The Nexus Between Dynamic Capability and Islamic Financial Literacy Towards Innovation of Small Medium Enterprises (SMEs) in Indonesia

Srisusilawati¹,

Fasa²,

Nurhayat³

et al. 2021

Proceedings of the 1st Paris Van Java International Seminar on Health, Economics, Social Science and Humanities (PVJ-ISHESSH 20

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This research focuses on exploring the determinants of business model innovations and contributing to research related to business model innovations. The novelty of the research model in the innovation business research model is to include the Islamic financial literacy variable. This research emphasizes dynamic capabilities and sharia financial literacy as independent variables, business model innovation as an intermediate model, and business performance variables as dependent variables, with a focus of research on MSMEs inIndonesia. We used Part Least Square (PLS) method. The results showed that dynamic capabilities and financial literacy through business model innovation had a positive effect on MSME business performance in Indonesia simultaneously or partially.

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The Role of Marketing Tools in the Improvement of Consumers Financial Literacy

Cited by 4 publications

References 15 publications

Improving financial literacy in college of business students: modernizing delivery tools

Improving financial literacy in college of business students: modernizing delivery tools

Combined framing effects on attitudes and behavioral intentions toward mortgage advertisements

The Nexus Between Dynamic Capability and Islamic Financial Literacy Towards Innovation of Small Medium Enterprises (SMEs) in Indonesia

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