Factors contributing to financial literacy levels among a migrant group: An analysis of the Vietnamese cohort
Abstract
Purpose
The purpose of this paper is to examine whether differences in the characteristics, financial knowledge and financial attitudes of a migrant group exert significant influence on the likelihood of their financial literacy level.
Design/methodology/approach
A multiple discriminant analysis incorporating post-estimation analyses is employed, where the financial literacy level is used to identify a priori clusters.
Findings
The results showed that a significant discriminant function could be estimated to classify the study cohort into three financial literacy groupings. The paper concludes with recommendations for future research to address financial literacy, taking into account differences in characteristics, financial attitudes and financial knowledge of different cohort groups.
Research limitations/implications
Although the research targets Vietnamese migrants, no claims can be made regarding the representation of other migrant groups as a whole. The research has implications with respect to programs to improve financial literacy levels of those most at need. This paper provides recommendations for future research in this area.
Originality/value
The paper provides one of the few studies of an Australian migrant cohort with respect to financial literacy. The study utilises a multiple discriminant analysis incorporating post-estimation analysis to examine, and compare, the factors that influence a person’s financial literacy level.
Keywords
Acknowledgements
The author would like to thank Victoria University for the financial support provided for this project under the VU Research Development Grant Scheme.
Citation
Natoli, R. (2018), "Factors contributing to financial literacy levels among a migrant group: An analysis of the Vietnamese cohort", International Journal of Social Economics, Vol. 45 No. 5, pp. 730-745. https://doi.org/10.1108/IJSE-11-2016-0341
Publisher
:Emerald Publishing Limited
Copyright © 2018, Emerald Publishing Limited