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Book part
Publication date: 26 November 2020

Andrea Lučić, Dajana Barbić and Dijana Bojčeta Markoja

Educating audiences towards positive transformational change and targeted towards the improvement of quality of life in the field of strategic communication is almost a…

Abstract

Educating audiences towards positive transformational change and targeted towards the improvement of quality of life in the field of strategic communication is almost a fairy tale. The controversy surrounding the Croatian pension fund system and its reform, low pensions, the negative demographic trends and low levels of financial and retirement literacy has put pension funds in a constant position of dealing with crisis communication strategies. At the same time, strategic communication in the industry is very traditional and is usually unnoticed. Taking a step back from a traditional goal of customer acquisitions, Croatian pension funds have pooled their efforts within the Association of Pension Funds and Pension Fund Insurance Companies in order to act as a unified group when dealing with joint interest. Recognizing the need of society to raise awareness of personal engagement in the process of retirement savings, they have decided to use education as a tool of strategic communication. This chapter has the purpose of showing how purposeful content-based valuable information can be created with the aim of influencing attitudes and behaviours in the field of personal and pension savings. During the project a quantitative study was conducted in order to investigate the effectiveness of the education on the attitudes and knowledge related to pension fund savings. The results of the quasi experiment indicate that the education has increased respondents' knowledge and positive attitudes towards retirement savings.

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Article
Publication date: 25 June 2020

Ana Luiza Paraboni, Fabricio Michell Soares, Ani Caroline Grigion Potrich and Kelmara Mendes Vieira

Financial education has become an essential component of the economic balance for families, and much is being discussed about the methods, which raise the levels of…

Abstract

Purpose

Financial education has become an essential component of the economic balance for families, and much is being discussed about the methods, which raise the levels of financial education of the population. Thus, the overall objective of this study was to evaluate the effect of formal and business education on the level of financial education.

Design/methodology/approach

This research is characterized as a quasi-experimental study, with undergraduate students. As a data collection technique, a structured questionnaire was used.

Findings

The results confirm the importance of formal and business education, as well as gender, for the financial education of individuals. More specifically, being male and having contact with a greater number of financial disciplines increase the level of financial education of the individual.

Originality/value

This article demonstrated that the trajectory of the knowledge traversed by individuals within the same level of schooling is of paramount importance. The results show that formal and business education can improve the levels of financial education and reinforce the relevance of strategic actions in this area.

Details

International Journal of Social Economics, vol. 47 no. 6
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 23 December 2020

Gaurav Gupta, Jitendra Mahakud and Vivek Verma

The purpose of this study is to examine the impact of financial and technical education of chief executive officer (CEO) on investment–cash flow sensitivity (ICFS) of…

Abstract

Purpose

The purpose of this study is to examine the impact of financial and technical education of chief executive officer (CEO) on investment–cash flow sensitivity (ICFS) of Indian manufacturing firms.

Design/methodology/approach

The study uses the dynamic panel data model and more specifically, the system-generalized method of moments (GMM) technique to investigate the effect of CEOs' education on ICFS of Indian manufacturing firms during the period 1998–1999 to 2016–2017.

Findings

The study shows that financial (technical) education of CEOs does (not) affect ICFS. The results explain that the role of the CEO's education in ICFS is highly significant during the crisis period. The robustness test depicts that the influence of financial education on ICFS is less (more) for group-affiliated and large-sized firms (stand-alone and small-sized firms). Further, the CEO's education is significantly associated with corporate investment decisions.

Research limitations/implications

Due to the unavailability of the CEO's compensation data for the selected sample, future research could explore the impact of CEO's education with respect to CEO's compensation on ICFS.

Practical implications

First, the authors find that financially educated CEOs affect ICFS; therefore, firms should take care of CEO's education during recruitment of CEOs. Second, lending agencies should also consider the educational background of the CEO before approval of funding to make it safe. Third, investors should keep in mind the educational background of the CEO for the growth of their investment as it may be easier for financially educated CEOs to borrow from the market at the time of requirement.

Originality/value

This study contributes to the existing literature by providing empirical evidence through analyzing the impact of a CEO's education on ICFS in the context of India. This study is very unique in itself as it uses the sample of manufacturing sectors of India, which are growing very fast and attracting global investors to create a global hub of manufacturing in India. This study also considers different types of education such as financial and technical education of CEOs in the context of a developing economy like India. This study made its findings robust across company characteristics and periods based on the financial crisis.

Details

International Journal of Managerial Finance, vol. 17 no. 4
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 20 January 2020

Huanhuan ZHang and Xueping Xiong

Using survey data from Shandong, Henan and Guizhou provinces of China, the purpose of this paper is to accurately measure the impact of rural residents’ financial education

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Abstract

Purpose

Using survey data from Shandong, Henan and Guizhou provinces of China, the purpose of this paper is to accurately measure the impact of rural residents’ financial education on financial literacy.

Design/methodology/approach

This paper chooses one province from the Eastern, Central and Western Regions of China, namely, Shandong, Henan and Guizhou, respectively, and 1,565 samples are obtained through a questionnaire survey. First, the paper constructs a financial literacy assessment framework and, then, scores the financial literacy of the respondents. Second, using ordinary least squares, feasible generalized least squares method and forward search method, the paper estimates the impact factors of financial literacy level. To avoid sample selection errors and endogeneity problems, the authors divide the respondents into treatment group (participated in financial education) and control group (non-participating in financial education) and, then, adopt propensity score matching (PSM) to analyze the impact of rural residents’ financial education on financial literacy.

Findings

The results show that education level and risk level have significant impact on rural residents’ participation in financial education, and some unobservable abilities and qualities also affect their participation. Therefore, the process of rural residents’ participation in financial education exists, which gives rise to self-selection and endogeneity problems; financial education is promoting rural residents’ financial literacy, but the effect of promotion becomes smaller after taking into account sample self-selection and endogenous problems. Rural residents of female, higher age, single, higher education level, higher parental education level, agricultural type, higher family annual per capita income and lower risk level show stronger effects on their financial literacy level, if they participate in financial education.

Research limitations/implications

The survey sample was drawn from three provinces randomly but the site selection was not random. The implication is in rural China, financial education has positive effect on residents’ financial literacy level but considering the sample self- selection and endogenous nature, its impact becomes smaller.

Practical implications

The government should encourage rural residents to participate fully in financial education activities, especially those with a low educational level, low risk preference and mainly engaged in agricultural production.

Originality/value

The effect of financial education on financial literacy has not reached a consistent conclusion, and there is fewer quantitative discussion about this issue. The originality of this paper is based on the Organization for Economic Co-operation and Development evaluation index system; this paper constructs the evaluation index system of rural residents’ financial literacy in China and uses the PSM method to accurately measure the effect of financial education on financial literacy.

Details

Agricultural Finance Review, vol. 80 no. 3
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 1 April 2000

Patrick Ring

For the first time, a UK financial services regulator will have a statutory duty to enhance financial education in the UK. The Financial Services Authority is now…

Abstract

For the first time, a UK financial services regulator will have a statutory duty to enhance financial education in the UK. The Financial Services Authority is now beginning to set out in some detail how it will go about fulfilling that duty, and the issues it faces. As well as increasing consumer awareness of the financial industry and improving consumers' ability to identify their financial needs, the FSA aims to enable consumers to decide upon the purchase of financial products through the provision of the FSA's own information and advice — what may be referred to as a form of ‘solution education’. This will place the FSA in a relationship with the general public where the rights, responsibilities and expectations of, and upon, consumers must be made clear and accepted. The inability of the current regulatory regime to establish unequivocally what constitutes adequate or appropriate advice does not augur well.

Details

Journal of Financial Regulation and Compliance, vol. 8 no. 4
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 3 July 2017

Jing Jian Xiao and Nilton Porto

The purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and…

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4068

Abstract

Purpose

The purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction.

Design/methodology/approach

Data are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions.

Findings

Financial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction.

Research limitations/implications

The study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education.

Practical implications

The findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients.

Social implications

Policy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being.

Originality/value

This study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

Details

International Journal of Bank Marketing, vol. 35 no. 5
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 21 November 2008

Javed Hussain, Harry Matlay and Jonathan M. Scott

The purpose of this paper is to set out to evaluate the financial education needs of ethnic minority SMEs in the West Midlands region of the United Kingdom.

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1442

Abstract

Purpose

The purpose of this paper is to set out to evaluate the financial education needs of ethnic minority SMEs in the West Midlands region of the United Kingdom.

Design/methodology/approach

A postal survey was used to investigate the financial needs of owner/managers in 64 ethnic minority SMEs and a control sample of 23 non‐ethnic SMEs.

Findings

The results show that owner/managers of micro‐businesses have lower educational achievements as well as higher financial education needs than their counterparts in small and medium‐sized firms. In contrast, owner/managers in small and medium‐sized businesses have relatively higher educational achievements and a better appreciation of the role of financial education. Similar trends were observed in non‐ethnic SMEs in the control sample.

Originality/value

This article makes an empirically rigorous contribution to a relatively under researched aspect of SME research. The authors recommend that government agencies collaborate with leaders of ethnic minority communities to raise awareness of the benefits of education in general and financial education in particular.

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Article
Publication date: 14 June 2011

Morris G. Danielson and Jean L. Heck

This paper seeks to evaluate the research records of scholars contributing articles to the two premier financial education journals – Journal of Financial Education (JFED

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820

Abstract

Purpose

This paper seeks to evaluate the research records of scholars contributing articles to the two premier financial education journals – Journal of Financial Education (JFED) and Financial Practice and Education (FPE) – as a means by which to obtain indirect evidence about the quality of the articles appearing in these education journals. The implicit assumption is that authors who publish in the best finance research journals will apply the same standards of excellence and rigor when preparing manuscripts for financial education journals.

Design/methodology/approach

The names of all authors appearing in the JFED and FPE during the 1972‐2010 period – and the number of such appearances – were summarized directly from the journals' table of contents. The number of appearances by each author in a set of 23 high‐impact finance journals was identified by reference to the table of contents of these journals.

Findings

The majority of the authors appearing in the two education journals have also penned one or more high‐impact article, with an average of over three high‐impact appearances.

Research limitations/implications

The identification of a unique set of the 23 “best” journals in any academic field is an inherently subjective task. The exclusion of additional high‐quality journals from this list (especially those from the related fields of accounting and economics) might short change the research records of some education authors.

Originality/value

Evidence about the average quality of articles appearing in education journals could be useful to university administrators when evaluating faculty research records for purposes of tenure, promotion, and merit awards.

Details

Managerial Finance, vol. 37 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

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Book part
Publication date: 21 May 2021

Peterson K. Ozili

Purpose: This chapter analyzes several indicators of financial inclusion in Nigeria.Method: This chapter uses trend analyses to examine the indicators of financial

Abstract

Purpose: This chapter analyzes several indicators of financial inclusion in Nigeria.

Method: This chapter uses trend analyses to examine the indicators of financial inclusion in Nigeria.

Findings: The findings reveal that people with a secondary education and unemployed people had higher levels of debit card ownership, higher levels of account ownership of any type, and higher levels of account ownership in a financial institution. Borrowings from family or friends decreased during the period. The level of savings and borrowings was higher for adults with at least a secondary education while the level of savings, using a savings club or persons outside the family, decreased among females, poor people and among people with a primary education. Credit card ownership was low among unemployed people, while credit card ownership was much higher among employed people, the richest people and among people with at least a secondary education. Finally, borrowings and savings using family, friends, or saving clubs significantly contributed to economic growth than borrowings and savings through financial institutions.

Implications: It shows that Nigerian authorities should increase the number of formal account ownership by removing obstacles such as income and education bias and gender discrimination in the delivery and use of financial services.

Originality: Recent studies in the literature have investigated financial inclusion in developing economies, but little attention has been paid on the determinants and challenges of financial inclusion in Nigeria. This chapter aims to fill this gap by providing a comprehensive understanding and analysis of financial inclusion in Nigeria.

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Article
Publication date: 13 May 2020

Simplice Asongu, Joseph Nnanna and Paul Acha-Anyi

The purpose of this study is to assess how inclusive education affects inclusive economic participation through the financial access channel.

Abstract

Purpose

The purpose of this study is to assess how inclusive education affects inclusive economic participation through the financial access channel.

Design/methodology/approach

The focus is on 42 sub-Saharan African countries with data for the period 2004-2014. The empirical evidence is based on the generalised method of moments.

Findings

The following findings are established. First, inclusive secondary education moderates financial access to exert a positive net effect on female labour force participation. Second, inclusive “primary and secondary school education” and inclusive tertiary education modulate financial access for a negative net effect on female unemployment. Third, inclusive secondary education and inclusive tertiary education both moderate financial access for an overall positive net effect on female employment. To provide more gender macroeconomic management policy options, inclusive education thresholds for complementary policies are provided and discussed.

Originality/value

Policy implications are discussed in the light of challenges of economic development in the sub-region and sustainable development goals.

Details

Gender in Management: An International Journal , vol. 35 no. 5
Type: Research Article
ISSN: 1754-2413

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