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Article
Publication date: 22 July 2020

Wen-Lung Shiau, Ye Yuan, Xiaodie Pu, Soumya Ray and Charlie C. Chen

The purpose of this study is to clarify theory and identify factors that could explain the level of fintech continuance intentions with an expectation confirmation model…

Abstract

Purpose

The purpose of this study is to clarify theory and identify factors that could explain the level of fintech continuance intentions with an expectation confirmation model that integrates self-efficacy theory.

Design/methodology/approach

With data collected from 753 fintech users, this study applies partial least square structural equation modeling to compare and select the research model with the most predictive power.

Findings

The results show that financial self-efficacy, technological self-efficacy and confirmation positively affect perceived usefulness. Among these factors, financial self-efficacy and technological self-efficacy have both direct and indirect effects through confirmation on perceived usefulness. Perceived usefulness and confirmation are positively related to satisfaction. Finally, perceived usefulness and satisfaction positively influence fintech continuance intentions.

Originality/value

To the best of our knowledge, this is one of the earliest studies that investigates the effect of domain-specific self-efficacy on fintech continuance intentions, which enriches the existing research on fintech and deepens our understanding of users' fintech continuance intentions. We distinguish between financial self-efficacy and technological self-efficacy and specify the relationship between self-efficacy and continuance intentions. Moreover, this study highlights the importance of assessing a model's predictive power using the PLSpredict technique and provides a reference for model selection.

Details

Industrial Management & Data Systems, vol. 120 no. 9
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 16 January 2020

Nyoman Trisna Herawati, I. Made Candiasa, I. Ketut Yadnyana and Naswan Suharsono

This paper aims to analyse the effect of financial learning quality (FLQ) and parental socioeconomic status (SES) on the financial self-efficacy (FSE) of undergraduate…

Abstract

Purpose

This paper aims to analyse the effect of financial learning quality (FLQ) and parental socioeconomic status (SES) on the financial self-efficacy (FSE) of undergraduate Accounting students in Bali with students’ financial literacy (FL) serving a mediator.

Design/methodology/approach

This research used a quantitative design with ex post facto approach and path analysis technique. Research data were collected by administering a financial literacy test on, and questionnaires distributed to, the sample selected using a purposive random sampling technique. The research sample consisted of undergraduate Accounting students in Bali who were in their fourth or sixth semesters, numbering 518.

Findings

The research results show that financial learning quality and parental socioeconomic status directly influenced financial literacy. Financial learning quality and socioeconomic status did not have any direct influence on financial self-efficacy, but financial literacy directly affected financial self-efficacy. Additionally, the results also show that financial literacy was able to mediate learning quality’s and socioeconomic status’ relationships with financial self-efficacy.

Practical implications

The research results indicate that financial learning quality had a significant effect on financial literacy but lacked any direct influence on financial self-efficacy. This suggests that it is important to improve financial learning quality in not only cognitive aspect (knowledge) but also practical aspect, which will contribute to the improvement in students’ financial self-efficacy. In the future, research can be continued by finding other variables that are more dominant in influencing financial self efficacy. In addition, research and development approach can be done to find a learning model that can improve financial self-efficacy among accounting students.

Originality/value

Previous studies predominantly investigated the factors that affect financial literacy in students. There has been a small body of research that addresses financial self-efficacy, especially in Accounting students. Therefore, this research makes a contribution to the knowledge on factors that influence, either directly or indirectly, FSE in students with financial literacy serving as a mediator.

Details

Journal of International Education in Business, vol. 13 no. 1
Type: Research Article
ISSN: 2046-469X

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Article
Publication date: 5 August 2019

Megan Ann McCoy, Kenneth J. White and Kim Love

There is a paucity of empirical research that explores the financial well-being of collegiate student-athletes. The purpose of this paper is to investigate the key aspects…

Abstract

Purpose

There is a paucity of empirical research that explores the financial well-being of collegiate student-athletes. The purpose of this paper is to investigate the key aspects of financial well-being (e.g. financial knowledge, financial self-efficacy and finance-related stress levels) of varsity athletes at US colleges and universities.

Design/methodology/approach

The authors used data from the National Student Financial Wellness Study. The data were analyzed using general linear regression models.

Findings

The findings suggest student-athletes have lower financial knowledge than students who are non-athletes. Despite their lower levels of financial knowledge, these student-athletes report higher levels of financial self-efficacy. Furthermore, even when controlling for scholarship funding, student-athletes reported lower levels of financial stress than their counterparts. One could interpret this as student-athletes having a false sense of confidence in their money management behaviors. This overconfidence can impact many areas of their overall financial well-being. Alternatively, non-athletes may not be as financially confident as they should be.

Research limitations/implications

This study could be replicated with stronger measures (e.g. Financial Self-Efficacy Scale), with the inclusion of subjective financial knowledge measures, comparing the impact of demographic variables. As, most financial constructs have gender differences (Farrell et al., 2016) and race differences (Amatucci and Crawley, 2011) and depend upon college major (Fosnacht and Calderone, 2017). Another limitation of this study is the small percentage of student-athletes, a common problem with research in this area. Further research is also needed to unpack the finding that self-efficacy decreases at higher levels of financial knowledge.

Practical implications

It is evident that college students (athletes/non-athletes) need financial education. For universities and college coaches, this study could be used as a rationale for providing financial education for their athletes. The addition of financial courses could be used as a recruiting tool for collegiate coaches and benefit the university. Requiring financial education could also benefit universities long term as it may potentially increase the donor possibilities by alumni. As a final note, it is important that financial courses figure out ways to improve financial self-efficacy alongside financial knowledge, as findings suggest both are integral to decreasing financial stress.

Social implications

Less than 4 percent of universities in the USA require students to take a personal finance course (Bledsoe et al., 2016). If more universities included personal finance as a graduation requirement and did more to engage student-athletes (and non-athletes) in financial planning, then the average level of financial knowledge would likely improve on campuses across the USA. In addition, increasing young adults financial self-efficacy could improve financial stress which is linked to mental health and physical health.

Originality/value

This study provides the first empirical look into the financial well-being of collegiate student-athletes across the USA. Although there are many benefits to participation in college sports, student-athletes face additional time pressures and a predisposition to clustering around certain majors. Findings suggest that collegiate athletes need additional support around their financial literacy and non-athletes may need support developing financial self-efficacy. These two findings should be used by academic institutions and athletic departments to determine how to encourage financial health in their student-athletes and general student body.

Details

Sport, Business and Management: An International Journal, vol. 9 no. 4
Type: Research Article
ISSN: 2042-678X

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Article
Publication date: 12 February 2019

Yam B. Limbu and Shintaro Sato

By testing a moderated mediation model, the purpose of this paper is to examine the mediating role of credit card self-efficacy in the relationship between credit card…

Abstract

Purpose

By testing a moderated mediation model, the purpose of this paper is to examine the mediating role of credit card self-efficacy in the relationship between credit card literacy and financial well-being. The authors further examine if credit card number moderates this effect.

Design/methodology/approach

Data for the study were collected from 427 college students. The PROCESS macros in IBM SPSS Statistics 23 was used to assess the hypothesized relationships.

Findings

Credit card literacy positively influences financial well-being through self-efficacy. However, this effect is stronger when college students own fewer credit cards.

Practical implications

Banks and credit card issuers, policymakers and colleges and universities should place a greater emphasis on credit card literacy programs that enhance students’ general understanding of credit card terms and conditions and confidence in their ability to effectively use and manage their credit cards.

Originality/value

To our knowledge, this is the first study to examine the relationship between credit card literacy, self-efficacy and financial well-being.

Details

International Journal of Bank Marketing, vol. 37 no. 4
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 27 May 2021

Chieh-Peng Lin and Hao-Yu Huang

This work proposes a research model that explains investment intention in online peer-to-peer (P2P) lending based on the persuasion theory of elaboration likelihood model…

Abstract

Purpose

This work proposes a research model that explains investment intention in online peer-to-peer (P2P) lending based on the persuasion theory of elaboration likelihood model (ELM). In the proposed model, investment intention indirectly relates to source credibility and argument quality through the mediation of trust. At the same time, the study hypothetically moderates the relationships between source credibility and trust and between argument quality and trust by financial self-efficacy and risk preference.

Design/methodology/approach

This research presents an experiment to empirically validate its theoretical rationales. The hypotheses herein were tested using data from working professionals at a large science park in Taiwan. A total of 500 participants took part in the experiment in which the scenario of a pseudo-online P2P lending intermediary was first presented for their perusal, and then questionnaires based on the scenario were provided for the participants to fill out.

Findings

Trust cannot be improved over night without making great efforts on source credibility and argument quality in the long run. Online marketers should study market segmentations to decide what appropriate elements and promises should be provided in advertisements in order to improve their source credibility. Moreover, how online intermediaries formulate convincing messages and Polish their delivery communication skills should be improved so as to increase argument quality.

Originality/value

First, the theoretical conceptualization of source credibility and argument quality built upon the ELM not only broadens the boundary of virtual communities beyond the literature that considers source credibility and argument quality as important determinants, but also shows the practical status quo of trust as a critical mediator. Second, this research incorporates financial self-efficacy (based on social cognitive theory) and risk preference (based on economic theory) as important moderators in the development of trust. For that reason, customer education initiatives that influence financial self-efficacy and risk preference are discussed in greater detail.

Details

International Journal of Bank Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 12 June 2017

Vesarach Aumeboonsuke

The purpose of this paper is to investigate the association between family wealth, positive outlook, and support from significant others, including parents and friends, on…

Abstract

Purpose

The purpose of this paper is to investigate the association between family wealth, positive outlook, and support from significant others, including parents and friends, on self-efficacy and happiness.

Design/methodology/approach

The impact of family wealth, social support, and positive outlook on self-efficacy and one’s own happiness is analyzed through the partial least squared method.

Findings

There are five essential points that can be drawn from the statistical results. First, parents’ support tends to be more important than friends’ support for individuals’ happiness. Second, individuals that receive more support from parents tend to develop a higher level of self-efficacy. Third, individuals that are in a less wealthy family tend to develop a higher level of self-efficacy. Fourth, parents’ support plays a more important role in developing a higher level of self-efficacy for individuals that are in a less wealthy family than for individuals that are in a wealthier family. Finally, the positive link between happiness and self-efficacy was stronger for individuals in a wealthier family than for individuals in a less wealthy family.

Research limitations/implications

In particular, although individuals in a wealthier family tend to exhibit a lower level of self-efficacy, and happiness alone had no significant impact on self-efficacy, happiness significantly promoted self-efficacy more for individuals in a wealthier family than for individuals in a less wealthy family.

Social implications

In conclusion, the results from this research provide essential recommendations for individuals regarding the approach to happiness and self-efficacy. The results indicated how significant the role of parents’ support is in one’s happiness and that support from parents is more important for one’s self-efficacy and happiness than support from friends. Furthermore, individuals should be aware that money is not the ultimate answer for happiness and self-efficacy. Individuals in less wealthy families were able to enjoy a higher level of self-efficacy given that they were receiving sufficient support from their parents.

Originality/value

This study found that although individuals in a wealthier family tend to exhibit a lower level of self-efficacy, and happiness alone has no significant impact on self-efficacy, happiness significantly promote self-efficacy more for individuals in a wealthier family than for individuals in a less wealthy family. However, in the less-wealthier family, parents play more significant role and can generate high level of self-efficacy for their children.

Details

International Journal of Social Economics, vol. 44 no. 6
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 6 March 2019

Mauricio Losada-Otálora and Linda Alkire (née Nasr)

Grounded in Transformative Service Research, the purpose of this paper is to explore the mechanisms by which bank information transparency influences consumer’s financial

Abstract

Purpose

Grounded in Transformative Service Research, the purpose of this paper is to explore the mechanisms by which bank information transparency influences consumer’s financial well-being (FWB). The authors propose that customer attitudes toward the brand and the subjectively perceived ability of individuals to deal with the financial challenges explain the enhancement of FWB driven by bank information transparency.

Design/methodology/approach

A survey was conducted to test the proposed hypotheses. In total, 400 bank customers of five commercial banks in Colombia were approached and asked to fill out a pen and paper questionnaire. Serial mediation analysis was applied to test the hypotheses.

Findings

This research shows that bank information transparency can uplift the FWB of customers. Furthermore, the positive effect of bank information transparency on the FWB occurs because the shared information improves the positive attitudes toward banks and the perceived financial self-efficacy of customers.

Research limitations/implications

This paper heeds the call of current literature for improved explanations of the relationship between attempts to inform consumers about financial services and their FWB.

Practical implications

This research shows that managers who embrace the challenging task of improving the FWB of their customers should design strategies for more transparent information sharing with their customers. However, these strategies should be designed not only to deliver information to customers but also to increase the perceived disclosure, accuracy and clarity of shared information.

Originality/value

This pioneering study aims to explain the effects of bank information transparency on the FWB of consumers by drawing on interdisciplinary literature. This research is important as many banks aim to increase their information transparency without a clear understanding of the effects of these actions on consumers and therefore in many instances their efforts fail. A key contribution of this study is identifying concrete mechanisms (i.e. brand attitudes and self-efficacy) that help managers to improve customers’ FWB via information transparency. Accordingly, the authors offer suggestions for better information transparency strategy implementation.

Details

International Journal of Bank Marketing, vol. 37 no. 4
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 4 January 2021

Arvid Hoffmann, Simon McNair and Jason Pallant

The purpose of the paper is to examine how psychological characteristics predict membership of and transitions between states of higher vs lower financial vulnerability …

Abstract

Purpose

The purpose of the paper is to examine how psychological characteristics predict membership of and transitions between states of higher vs lower financial vulnerability – and vice versa – over time.

Design/methodology/approach

This research uses a dynamic latent class model (latent transition analysis) to explore the dynamics of consumers’ financial vulnerability over time using longitudinal data obtained by repeatedly administering a measure of financial vulnerability.

Findings

This research finds that consumers in a state of lower vulnerability are “fragile” in having a relatively high likelihood of moving to a state of higher vulnerability, whereas those in a state of higher vulnerability are “entrenched” in having a relatively low likelihood of moving to a state of lower vulnerability. This pattern of results is called the “financial vulnerability trap.” While financial self-efficacy explains state membership, the consideration of future consequences drives state transitions.

Research limitations/implications

Future research could follow consumers over a longer period and consider the role of alternative psychological characteristics besides those examined.

Practical implications

This research provides practitioners with actionable insights regarding the drivers of changes in consumers’ financial vulnerability across time, showing the value of financial self-efficacy and the consideration of future consequences when developing strategies to prevent consumers from sliding from a state of lower to higher financial vulnerability over time.

Originality/value

There is scant research on financial vulnerability. Further, prior research has not examined whether and how consumers’ psychological characteristics help explain their membership of and transitions between states of different levels of financial vulnerability over time.

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Article
Publication date: 8 February 2021

Benard Alkali Soepding, John C. Munene and Ernest Abaho

This study aims to review the relationship between financial self-efficacy, financial attitude and financial well-being from an individual perspective. Individual…

Abstract

Purpose

This study aims to review the relationship between financial self-efficacy, financial attitude and financial well-being from an individual perspective. Individual decision-making concerning finance is influenced by a number of factors; hence, it becomes pertinent to explore these factors. Financial well-being is an emerging field in finance that has drawn the attention of researchers and it explains individual perception on his/her ability to meet current and future financial obligations.

Design/methodology/approach

To achieve the research objectives, the study used cross-sectional research design and data were collected from retirees in the north-central Nigeria. Statistical package for social science (SPSS) version 23 was used to analyze the data. Descriptive statistics, correlations and regression analyses were generated to explain the relationship between financial self-efficacy, financial attitude and financial well-being of retirees in Nigeria.

Findings

The results revealed significant relationship between financial self-efficacy, financial attitude and financial well-being of retirees. Furthermore, the results also indicated that educational qualification has significant effects on the financial well-being of retirees in Nigeria.

Research limitations/implications

The study used cross-sectional design, hence, leaving out longitudinal study. Future research using longitudinal data that explore behaviors of retirees over time could be suitable. In addition, only quantitative data were used to measure constructs under study and use of qualitative data were ignored. Further studies using qualitative data are possible.

Originality/value

To the best of the authors’ knowledge, this is the first attempt to examine the relationship between financial self-efficacy, financial attitude and financial well-being of the retirees in a developing country situation. These factors are missing in finance literature in promoting financial well-being, especially in Nigeria.

Details

International Journal of Ethics and Systems, vol. 37 no. 2
Type: Research Article
ISSN: 2514-9369

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Article
Publication date: 15 May 2017

Rachel Mindra, Musa Moya, Linda Tia Zuze and Odongo Kodongo

The purpose of this paper is to examine the relationship between financial self-efficacy (FSE) and financial inclusion (FI) among individual financial consumers in Uganda.

Abstract

Purpose

The purpose of this paper is to examine the relationship between financial self-efficacy (FSE) and financial inclusion (FI) among individual financial consumers in Uganda.

Design/methodology/approach

Using a quantitative approach and cross-sectional research design, a sample of 400 individuals from urban Central and rural Northern Uganda was drawn. SPSS and AMOS™ 21, regression analysis and structural equation models were used to establish the hypothesized relationship between FSE and FI.

Findings

The results suggest a strong positive and significant relationship between FSE and FI. The results further suggest that other variables which were controlled for, such as age and gender, had significant influence on an individual’s usage of formal financial services.

Research limitations/implications

The study was assessed using both potential and actual consumers of financial services collectively. However, if separately assessed, possibly there would be a variation in behavioral responses toward FI.

Practical implications

Formal financial service providers need to enhance individuals’ levels of confidence in management of finances and utilization of formal financial products and services, so that the financial consumers can realize the changes in financial behavior and consequently FI.

Social implications

The enhancement of individuals’ level of confidence in evaluating the available financial service options will guide them to take financial decisions that will improve their livelihood.

Originality/value

The results contribute toward the limited empirical and theoretical evidence for FSE and FI from a behavioral demand-side perspective.

Details

International Journal of Bank Marketing, vol. 35 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

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