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The purpose of this study is to find out the effect of consumption tax on savings behavior especially on the people who are close to their retirement.

The authors analyze the response in spending and retirement saving using a difference-in-differences regression methodology. The authors use the year since the Public Provident Fund (PPF) enrollment date for each individual as a random assignment to identify the service tax policy's causal impact. Therefore, this variable is a continuous variable defined as an individual's age until the end of the restrictions when people can withdraw money from their retirement savings account PPF without any penalty. The treatment variable is the service tax shock (increase in service tax) that happened effective 1st April 2015.

The authors find a significant effect of a change in the service tax rate on individuals' spending and PPF saving behavior. On average, individuals lower their consumption by about 14% and increase their PPF savings by 16% in response to the increase in the service tax rate. The authors find substantial heterogeneity in effect across different types of individuals. The effect is more pronounced for people closer to their retirement and needy people (defined as individuals with low traditional savings account balances).

The authors studied the effect of consumption tax on one category of savings (PPF) only. There are other savings instruments available in India. The data for those were not available to us.

This paper not only throws light on the consumption and savings behaviour of the individuals, but will also help the policy maker for framing appropriate fiscal policy.

Using a unique and proprietary data from a large bank in India, the authors analyze the effect of a tax policy change on households' consumption and retirement savings behavior. The authors find that households reduce their consumption by 14% and increase their voluntary retirement savings (Public Provident Fund aka PPF) by 16% in response to an increase in the service tax policy. Individuals close to their retirement age (55 years of age and above) and without any withdrawal restrictions from their PPF account tend to reduce their expenditures more and save more. Individuals with financial constraints and withdrawal restrictions do not reduce their expenditures significantly. To the best of the authors’ knowledge no study was done on this.

Although saving for retirement is critical, many people are reluctant to contribute money now in anticipation of a future event, namely their retirement. This study aims to investigate the interaction effect between message frame and message appeal on individual preparedness for retirement, specifically in terms of an individual’s willingness to contribute to retirement savings.

Across three studies, the authors show that message frames with a gain-orientation are more persuasive when self-oriented rather than oriented towards socially distant others. In Study 1, the authors use a 2 (gain-loss message frame) × 3 (self, close-other, distant-other message appeal) experimental design with ad copy manipulating the scenarios. In Study 2, the authors replicate and extend Study 1 to validate the findings. In Study 3, the authors overlay life-stage to determine how consumers differ in terms of their willingness to contribute to retirement.

Across the studies the authors find that message frame and message appeal influence consumer preparedness for retirement. The authors investigate these effects in terms of willingness to contribute to retirement savings (Studies 1–3) as well as satisfaction with retirement savings, anticipated retirement enjoyment, positive emotions and negative emotions (Studies 1 and 2).

While a substantive amount of research has been devoted to retirement planning, gaps remain as to the efficacy of communication message strategies on influencing retirement preparedness. This research seeks to contribute towards this literature stream by uncovering the ways in which individuals can be encouraged to contribute towards retirement planning.

There has been a great deal of exploratory, conceptual and empirical research on digital financial literacy (DFL) in the fields of finance, economics, business and management. But up until now, there has not been any attempt to provide a thorough scientific mapping of the area. Therefore, by combining various knowledge systems, this study seeks to identify the current research trend.

A sample of 158 papers was subjected to bibliometric analysis in the areas of DFL or digital finance. Assembling, organising and evaluating are the three phases that make up the bibliometric analysis process derived from the most dependable and genuine sources, the Scopus database, and the Web of Science (WoS) database. This study was done using a scientific search technique on the Scopus and WoS databases for the years 2015 through 2022. The study made use of Biblioshiny, a web-based tool created in R-studio and part of the Bibliometrix package. Prominent journals, authors, nations, articles and themes were identified with the use of the software's automated workflow. “Citation, co-citation, and social network analysis” were also carried out.

The study' outcomes indicate that, as an interdisciplinary discipline, the themes of digital finance have changed throughout time. Researchers first concentrated on socioeconomic and demographic variables, but over time the subject expanded to include themes like influencing, promoting, and behavioural factors that affect digital financial literacy (DFL). This research shows the conceptual framework of the area in addition to its intellectual and social structure. This study offers crucial insights into subjects that demand more research.

Since the current study is a bibliometric analysis, the usual restrictions on such studies apply. A meta-analysis, a thorough literature review and other methods would be beneficial for future researchers to develop a solid conceptual framework. This current research work's science mapping is restricted to the Scopus and WoS databases because this research includes more high-quality articles and has organised formats that work with the Bibliometrix application.

Present research provides critical insights into saving behaviour, retirement planning, digital finance and the interdependence of these. This research highlights the most prevalent problems in the field and points in the direction of potential areas for further study. Exposing the social and intellectual structure of the domain educates upcoming scholars about the themes, contexts and opportunities for collaboration in this field.

The study will be useful for future learning as the study gives broad exposure to the current literature in the field of digital finance. On the other hand, people will also grow aware of the effects of digital finance and make the proper choices as a result. Additionally, the report might offer crucial insights for developing policies on digital finance and literacy.

In the past, a significant number of conceptual and empirical studies were conducted internationally in the research fields of economics, finance, business, management and consumer behaviour. This research makes a significant addition by bringing together disparate literature in the field, highlighting reliable sources, authors and documents, and examining the relationship between digital finance, saving behaviour and retirement planning.

The comparatively high salaries of professional players during their active athletic career should allow them to accumulate an adequate level of precautionary savings for a financially autonomous post-sport career. However, not all players succeed in accumulating sustainable financial assets. Therefore, the question arises how professional players' financial precaution within the social setting football is shaped. As no empirical analyses have yet been carried out on this issue, the study study examines football players' precautionary practices and motives.

Semi-structured interviews were conducted with 25 German (former) professional football players. The authors used qualitative content analysis to analyse the data, expanding the analysis to include reconstructive elements to create different precautionary types.

The results reveal that players deal with both career-specific as well as precaution-related risks quite heterogeneously. Accordingly, three precautionary types characterised by distinct forms of precautionary saving practices are identified. The authors also find that although the players are aware of the uncertainties and risks related to their professional football careers, it does not say much about the concrete implementation of adequate precautionary practices.

The findings contribute to a better understanding of precautionary saving practices among football players.

Moreover, the findings contribute to a better understanding of precautionary saving practices not only specifically among (former) football players, but generally among individuals that face high occupational career risks and earn high salaries to develop preventative concepts and approaches to sustainable financial planning.

This paper is the first empirical study that analyses precautionary savings practices of the specific population of elite athletes in high income sports professional football.

This article describes financial professionals' perceptions of their clients' financial behaviors and the explanatory factors underlying these behaviors.

In this qualitative research, the authors seek to understand financial professionals' experiences in relation to how their clients manage their own finances. The authors conduct and analyze 26 semi-structured interviews with financial professionals from several industries within the financial sector in Canada.

The professionals in this study noted that despite their clients' financial knowledge, several other factors can explain these individuals' financial behaviors. They include psychological factors (such as financial bias, the need for instant gratification, and the lack of awareness regarding the long-term effects of certain types of financial behaviors), financial habits (such as lifestyle, financial planning and lack of discipline) and the financial system's flexibility with respect to debt financing and repayment. These perceptions are categorized according to whether they are related to debt financing or repayment, savings or investments.

By using a qualitative methodology that relies on the perceptions of financial professionals, this study aims to better understand the financial behaviors of individuals and households, and these behaviors' underlying factors. This study's findings could be useful to various stakeholders interested, in one way or another, in financial literacy, such as organizations aiming to strengthen and promote financial literacy, educators, researchers, regulatory bodies of financial institutions and financial advisers.

Efficient decision-making must be reinvigorated to make a good decision towards retirement by construction workers. In developing countries such as Ghana, researchers conducted investigations into the effects of investing in retirement decision-making and planning, but none has considered to examine and identify the factors/determinants influencing efficient decision-making by construction workers towards retirement. This study aims to examine and identify the determinants/factors that affect the retirement decision-making of construction workers in developing countries such as Ghana.

This study used primary data collected from workers of four construction companies in Ghana. The sampling technique adopted for the study was a purposive sample approach, with a survey questionnaire as a collection instrument. Means score was adopted to reveal the major determinant/factor prioritized by the respondents while binary logistic regression was used to examine and identify the effect of the retirement determinants on the retirement decision of construction workers.

The findings established the main significant determinants impacting retirement decision, namely, “financial condition,” “homeownership,” “age” and “family issues.” Among the determinants, “financial condition” was revealed as the major determinant of retirement decision-making in the construction industry of developing countries, which is an economic condition by which the workers can easily secure credit.

Practically, the outcome of this study serves as a base for policymakers and practitioners in making decisions concerning the retirement of workers, especially construction workers. This study also serves to provide lesson for other classifications of workers aside from the construction workers in Ghana and other developing countries.

This study contributes to knowledge by filling in the lacuna in research by examining and identifying the determinants/factors that impact the efficient decision-making by construction workers in developing countries towards retirement.

Introduction: The Republic of Moldova’s economy faces risks caused by the war in Ukraine and the economic crisis, proving that citizens’ prosperity is essential for national stability and that financial knowledge influences the standard of living. A minimum financial education provides information, knowledge, and tools to make correct decisions based on informed consent in an increasingly complex financial system. In the financial-banking and academic environment, in-depth research of consumers’ financial education level helps to optimise, streamline, and balance bank–client relations with fairness. This work is the consequence of studying the level of financial education among consumers of financial-banking services, with direct implications for their financial well-being.

Purpose: The main aim of this research is to measure the financial knowledge of consumers of financial-banking services, developing recommendations for measures to improve the situation.

Methodology: To explain the factors of influence, the following research techniques were used: analysis and synthesis of conceptual approaches to financial education; deduction and induction; analysis of the findings of sociological research on the level of financial education of users of financial-banking services; and recommendation synthesis.

Findings: The research validates that enhancing financial education has a positive effect on individuals and the economy, reinstates confidence in financial markets, makes an innovative contribution to accurately assessing consumers’ financial knowledge enabling the implementation of proactive measures.

Implications: This chapter provides insights into consumers’ financial education level, serving as a crucial indicator for institutions and public authorities in formulating and promoting effective educational initiatives to ensure minimal skill gaps.

The study aims to explore the savings behaviour of Indian farmers. An attempt is also made to inspect the effect of financial literacy (FL) and financial confidence (FC) on the savings behaviour of the farmers in India.

This study used secondary data on 10,263 Indian farmers from Financial Inclusion Insights, 2017 database. Relevant statistical techniques and ordered probit regression were used to unfold the effect of FL and FC on the savings behaviour of farmers.

The outcome of the study revealed that the majority of the Indian farmers exhibited poor levels of FL and FC. Of the total, 42.99% were found to save regularly. FL and FC were observed to play instrumental roles in steering the savings behaviour of the Indian farmers. Household size, financial shocks, gender, farm ownership, income, household financial decision-making process, religion and educational attainment have emerged to be significant predictors of the savings behaviour of Indian farmers.

The present study makes an original contribution to the extant literature by unfolding the savings behaviour of Indian farmers and the effect of FL and FC on such behaviour using a rich sample of 10,263 farmers for the first time.

The objective of this systematic literature review (SLR) is to explore the current state of research in the field of household finance (HF). This study aims to summarize the existing research to highlight the importance of household finance in a nation’s economy. By exploring all conceptual and applied implications of HF, this study projects directions for future research to develop a comprehensive understanding of the subject.

This SLR is based on 112 articles published in peer-reviewed journals between 2006 and 2020 (Table 3). The methodology comprises five steps, namely, formulation of research questions, identification of studies, their selection and evaluation, analyses and syntheses and presentation of results.

The findings of this study show that studies on HF are gradually increasing worldwide with the USA registering the highest number of published research on the topic during the period under scrutiny. Notwithstanding the increasing attention and research on HF, empirical research in emerging economies is lagging. Additionally, this study finds that HF structure presents a perfect setting to understand how households compose their financial portfolio, make financial decisions and what factors influence their decisions.

This study is an SLR – an accurate and accepted method of reviewing available literature on a selected subject. However, the selection of inclusion and exclusion criteria depends on the researchers’ rationale which might lead to research bias. This should be considered an inherent limitation of SLR.

By synthesizing the contents of extant literature, this study presents important insights into HF. This study underlines the most discussed topics in the domain and identifies potential investigation areas. This study gives the knowledge of leading articles, authors and journals and informs scholars and academicians about the areas that need further investigation by portraying the complete picture of the subject in a systematic manner. Further, this study highlights that households make suboptimal financial decisions that affect their financial well-being. To reduce the adverse impacts of these decisions, policymakers and financial institutions must take steps to improve households’ use of formal financial markets. Household decisions can be reformed by enhancing consumers’ knowledge about financial products and services. Furthermore, households can be served better by offering customization in traditional financial products.

This study synthesizes the main findings of selected literature on HF. The expansion of studies on HF has generated the need to review the existing literature in a systematic manner. To the researchers’ best knowledge, this SLR is the first thorough study of available articles in the HF domain. This study presents the scope of future research by highlighting numerous aspects and functions of HF.