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Article
Publication date: 24 July 2019

Sabrina Helm, Joyce Serido, Sun Young Ahn, Victoria Ligon and Soyeon Shim

The purpose of this study is to examine young consumers’ financial behavior (e.g. saving) and pro-environmental behavior (i.e. reduced consumption and green buying) as…

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Abstract

Purpose

The purpose of this study is to examine young consumers’ financial behavior (e.g. saving) and pro-environmental behavior (i.e. reduced consumption and green buying) as effective proactive strategies undertaken in the present to satisfy materialistic values and maximize well-being.

Design/methodology/approach

The study is based on an online survey among a panel of young American adults (N = 968).

Findings

The study finds a positive effect of materialism on personal well-being and negative effects on financial satisfaction, proactive financial coping and reduced consumption, but no effect on green buying, a separate and distinct pro-environmental strategy. Both proactive financial coping and reduced consumption are positively associated with subjective well-being.

Research limitations/implications

Future research should re-examine conceptualizations of materialism in the context of climate change and the meaning of possessions in the global digital economy; studies could also focus on the specific well-being effects of reduced consumption and alternative pathways to align materialistic and environmental values.

Practical implications

Consumer education should look to models of financial education to demonstrate how limited natural resources can be managed at the micro level to enhance consumers’ subjective well-being, as well as reduce resource strain at the macro level.

Originality/value

Key contributions are the examination of materialism and consumption in the dual contexts of financial and environmental resource constraints and the effects of these key macro-social phenomena on consumers’ perceived well-being. Another study highlight is the differentiation of two strategies for proactive environmental coping, of which only one, reduced consumption, increased personal well-being and decreased psychological distress.

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Article
Publication date: 21 November 2019

Farzana Quoquab and Jihad Mohammad

Abstract

Details

Young Consumers, vol. 20 no. 4
Type: Research Article
ISSN: 1747-3616

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Article
Publication date: 23 November 2010

Joyce K.H. Nga, Lisa H.L. Yong and Rathakrishnan D. Sellappan

Credit card bankruptcies in Malaysia trebled from 2006 to 2007 and study loan defaults increased by 103 percent in the same period. In response to this, the paper aims to…

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Abstract

Purpose

Credit card bankruptcies in Malaysia trebled from 2006 to 2007 and study loan defaults increased by 103 percent in the same period. In response to this, the paper aims to investigate the level of general financial and product awareness among young adults. The two research questions addressed are: how do demographic factors (age, gender and education level) influence the general financial awareness, and whether undertaking a business degree promotes greater financial and product awareness amongst youth today.

Design/methodology/approach

A survey method was employed using a sample of 280 students at a private higher education institution in Subang Jaya, Malaysia. The study also develops valid and reliable scales for general financial awareness and financial product awareness. Hypothesis testing was conducted using multivariate analysis of covariance.

Findings

The findings of the study revealed that the level of education and majors influence general and financial product awareness among youths. Also, males were found to have higher levels of financial awareness compared to females.

Research limitations/implications

Future research is required to investigate whether family background has an impact on personal finance knowledge.

Practical implications

By identifying the specific areas where financial product awareness may be lacking, the paper may assist educators, regulators and financial institutions to design financial planning courses in helping youths to achieve greater financial freedom and be better equipped for retirement.

Originality/value

This paper also develops reliable and valid measurement scales for both general and financial product awareness which were not evident in previous studies. The paper's findings may prompt the educational institution and government authorities to be concerted in promoting financial planning awareness nationwide.

Details

Young Consumers, vol. 11 no. 4
Type: Research Article
ISSN: 1747-3616

Keywords

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Article
Publication date: 6 June 2020

Dhananjay Bapat

The study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a…

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1153

Abstract

Purpose

The study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a moderating variable.

Design/methodology/approach

The sample includes young adults in the age group of 18–35. The analysis uses a two-step approach via standard partial least squares structural modeling (PLS-SEM) and ordinary least square (OLS) regression.

Findings

Structural modeling results show that financial attitude fully mediates the relationship between financial knowledge and responsible financial management behavior, and locus of control influences responsible financial management behavior. Financial risk tolerance moderates the relationship. Among demographic factors, age and occupation influence responsible financial management behavior.

Research limitations/implications

The financial knowledge used in the survey are based on self-reported responses. The future study can include participants from both developed and emerging countries to assess similarities and differences.

Practical implications

Despite the growing focus on improving financial literacy, there are growing concerns regarding responsible financial behavior. Since financial services is related to fiduciary responsibility, managers and policymakers need to ensure that financial knowledge results in improving financial attitude, which further leads to responsible financial behavior.

Originality/value

The present study from an emerging country will add value to the literature.

Details

International Journal of Bank Marketing, vol. 38 no. 5
Type: Research Article
ISSN: 0265-2323

Keywords

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Article
Publication date: 29 July 2020

Piotr Bialowolski, Andrzej Cwynar and Dorota Weziak-Bialowolska

The article aims to study the relationship between the assignments of financial management responsibilities and the level of financial literacy within married and…

Abstract

Purpose

The article aims to study the relationship between the assignments of financial management responsibilities and the level of financial literacy within married and cohabitating couples.

Design/methodology/approach

The link between household financial management and the financial literacy of union partners was examined using dyadic survey data. In the dyadic multilevel regression analysis, the financial management process was scrutinized, and two distinct measures of financial literacy (tested and self-assessed) were used as the outcomes in the analysis.

Findings

The extent to which married and cohabitating individuals engage in household financial management was found to positively correlate with their financial literacy. Self-reports about the division of financial management responsibilities were found to be biased with individuals typically overestimating their share in household financial management. Consequently, the status of household financial manager was not as crucial for financial literacy as was the self-perception of engagement in household financial management. Despite the benefits of intrahousehold labor specialization, delegation of sole responsibility for household financial matters may place the person who waives the responsibility at a serious risk of self-exclusion from lifelong financial learning.

Originality/value

The article uses dyadic data (from married and cohabiting couples), which ensures more rigorous and accurate evidence for the link between the household financial management and financial literacy. A novel approach to the analytical treatment of partners' contradictory reports on the role of couple's financial manager is also proposed. The breadth of household financial management is captured by analyzing three stages of the process: proposing, decision-making and implementation of financial solutions or actions.

Details

International Journal of Bank Marketing, vol. 38 no. 6
Type: Research Article
ISSN: 0265-2323

Keywords

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Article
Publication date: 11 October 2021

Paulo Duarte, Susana Silva, Wilian Ramalho Feitosa and Rui Sebastião

Considering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the…

Abstract

Purpose

Considering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the impact of the level of education on the FL of college students.

Design/methodology/approach

Data from a non-probabilistic sample of 185 students attending higher education bachelor’s and master’s degrees courses in Economics, Management and Marketing was collected between February 25 and March 23, 2019, using an online questionnaire. Descriptive and inferential statistics were computed using IBM SPSS 25 to analyze the data.

Findings

The findings show that the level of the degree (bachelor’s or master’s degree) and the academic background of the individual’s parents have a positive impact on FL. Moreover, among individuals with a high level of FL, gender and professional situation are additional predictors. Furthermore, the authors observed that the level of FL of Portuguese students attending higher education is overall low, especially in terms of their knowledge of the main financial concepts, which may call for public policies to be implemented so that to reduce this vulnerability.

Research limitations/implications

Among limitations is the limited sample collected, restricted to a particular target, Portuguese students attending business-related courses such as Economics, Management and Marketing, either studying for a master’s or bachelor’s degree. This issue restricts the generalization of the overall findings to other students studying different fields. Future studies can collect a random and representative sample.

Practical implications

This study test can be replicated to generate a diagnosis in any region or country, identifying how financially literate the region under analysis is. Also, this can be done to verify the evolution of FL after educational interventions.

Social implications

FL is an important competence. In fact, youngsters in the whole world have been suffering from a lack of financial knowledge (FK), and some characteristics of them can push them into indebtedness, and, even bankruptcy, such as a higher level of status consumption, the tendency to have an attitude of self-appraisal, to be self-centered, to seek instant gratification. This study helps to lead to a better understanding of this phenomenon.

Originality/value

Addressing college students attending different levels is an add-on to the existing body of literature. This paper contributes to study differences in FL between college and master students, enlightening and evaluating the role of scholarship maturity on financial education. Furthermore, some of the findings challenge the extant knowledge regarding the influence of professional experience, gender and age on the level of FK that students have. Finally, the current approach is innovative as it addresses FK, FL and numeracy in the same study.

Details

Young Consumers, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-3616

Keywords

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Article
Publication date: 27 October 2020

Muhammad Tamar, Hillman Wirawan, Triani Arfah and Retno Pratiwi Sutopo Putri

This study aims to investigate the effect of prosocial values on pro-environmental behaviours via attitudes in which environmental knowledge and proself values moderate…

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Abstract

Purpose

This study aims to investigate the effect of prosocial values on pro-environmental behaviours via attitudes in which environmental knowledge and proself values moderate the relationship. This study also examines the application of the Theory of Planned Behaviour and Cognitive Dissonance.

Design/methodology/approach

This study employed a quantitative method to examine potential positive or negative moderating effects of environmental knowledge and proself values on environmental attitudes and behaviour. Participants were undergraduate students recruited from a state university in the eastern part of Indonesia. The online survey link was randomly sent to 500 students in 14 different Faculties with a response rate of 57% (285) participants (80% female). Data were analysed using a moderated-mediation regression technique.

Findings

The results suggested that only biospheric value positively affected pro-environmental behaviours. Environmental knowledge negatively moderated the relationship between prosocial values and environmental attitudes. Similarly, high egoistic value potentially reduced the effect of environmental attitude on pro-environmental behaviours. Environmental knowledge could impede the positive impacts of prosocial values while egoistic value negates the effect of attitude on pro-environmental attitude.

Research limitations/implications

Although the findings supported most hypotheses, this study did not control the effect of some demographic variables such as education and social-economic status. Participants tended to share some similar characteristics, which potentially influenced the results.

Originality/value

This study challenged some common antecedents of pro-environmental behaviours and offered some alternative explanations. This study has offered a new insight in understanding unique interactions among values, knowledge and attitude.

Details

Management of Environmental Quality: An International Journal, vol. 32 no. 2
Type: Research Article
ISSN: 1477-7835

Keywords

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