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This study examines the relationship between financial literacy and risk-taking behavior in the stock market for both graduates and undergraduates.

This study conducted two surveys on two groups: graduates and undergraduates. The questionnaires were sent to the two groups via “Google Form”. The surveys were undertaken from March to October 2021, with final data on 500 undergraduates and 400 graduates. The three techniques used are multiple linear regression (MLR), structural equation model (SEM) and ordinal logit regression (OLR) to examine the causal relationships.

Based on survey data on 400 graduate and 500 undergraduate students, our results show that financial literacy is positively associated with risk-taking behavior (i.e. use of debt and willingness to use debt) after controlling for demographics. Graduates with higher levels of financial literacy are more likely to use debt. Undergraduates with higher levels of financial literacy are more willing to use debt. In addition, parental education has a significant moderating effect on the association between financial literacy and debt use among undergraduate students. The results are robust compared to the alternatives.

Although this study finds a positive association between financial literacy and risk-taking behavior among graduates and undergraduates, and these results are robust to the alternatives, the scope of this study is limited and only focuses on Vietnam. Hence, it needs to be expanded overseas. Next, graduates may make investment decisions based on stock prices or valuations, and as a result, the link between financial literacy and stock valuations should be investigated in subsequent research. Last but not least, further studies should also examine the digital financial literacy level of the younger generation, as it plays an important role in the digital age.

First, this study finds that higher financial literacy tends to use more debt, implying that financially literate people know how to use debt smartly to earn more profits. Second, students with higher-educated parents are less likely to use debt for stock investment, meaning that parents help students avoid possible risks while in the university. Finally, female graduates and college students all perform lower in financial literacy than their male counterparts. This can create a larger gender gap in financial literacy between women and men, particularly, in a society in which men often play the leading role in the family. As a result, it calls for policymakers, educators and parents to pay more attention to improving financial literacy among girls and women in general.

This study has three contributions. First, this is the first study to examine the impact of financial literacy on risk-taking behavior between two groups of graduates and undergraduates. The results show that individuals with a higher level of financial literacy are more likely to engage in risk-taking behavior (i.e. debt use) in terms of the stock market. Recent research, for example, Phung et al. (2022), examines investors’ informal debt (from families and friends), while this study investigates graduates’ debt use (from brokerage firms). Second, parental education is a significant mediator between college students’ financial literacy and debt use. The literature on parental socialization mainly documents parents’ direct influence on children’s financial knowledge and performance (Shim et al., 2010; Phung, 2023). Unlike previous research, this study finds that parental education plays a moderating role between college students’ financial literacy and their risk-taking behavior. Finally, three methods and multiple models are used to test causal relationships. The results are robust compared to the alternatives.

This paper aims to examine and compare the associations between financial capability and financial anxiety (FA) before and during the coronavirus disease 2019 (COVID-19) pandemic. Specifically, financial capability is measured by three indicators: financial knowledge, financial behavior and financial confidence. This study also examines and compares the association among different income groups before and during the pandemic.

Data are from 2018 to 2021 National Financial Capability Study (NFCS). Structural equation modeling (SEM) is employed to examine the direct and indirect associations between financial capability factors and FA. Furthermore, this paper also conducts multi-group SEM for three income groups to examine the heterogeneous effects of household income.

Both before and during the pandemic, financial knowledge is directly positively and financial behavior is directly negatively associated with FA. In addition, both financial knowledge and financial behavior are positively associated with financial confidence, which in turn is negatively associated with FA. However, when taking the indirect effects into consideration, the total effects of financial capability factors on FA are all negative. Furthermore, the pandemic has intensified the negative association between financial behavior and FA rather than financial knowledge or financial confidence. Multi-group SEM shows that the positive direct effects of financial knowledge are only significant in the low-income group, while the negative direct effects of financial behavior are only significant in the low- and middle-income groups before the pandemic. However, direct effects of financial knowledge and financial behavior are significant in all income groups during the pandemic.

First, this study specifies a construct, financial confidence, to proxy perceived financial capability. Second, it examines the mediating role of financial confidence in the association between the other two financial capability factors (financial knowledge and financial behaviors) and FA. Third, it also compares the associations between financial capability factors and FA before and during the COVID-19 pandemic.

This study aimed to use enrollment information including demographic, family background and financial status, which can be gathered before the first semester starts, to construct early prediction models (EPMs) and extract crucial factors associated with first-year student dropout probability.

The real-world samples comprised the enrolled records of 2,412 first-year students of a private university (UNI) in Taiwan. This work utilized decision trees (DT), multilayer perceptron (MLP) and logistic regression (LR) algorithms for constructing EPMs; under-sampling, random oversampling and synthetic minority over sampling technique (SMOTE) methods for solving data imbalance problems; accuracy, precision, recall, F1-score, receiver operator characteristic (ROC) curve and area under ROC curve (AUC) for evaluating constructed EPMs.

DT outperformed MLP and LR with accuracy (97.59%), precision (98%), recall (97%), F1_score (97%), and ROC-AUC (98%). The top-ranking factors comprised “student loan,” “dad occupations,” “mom educational level,” “department,” “mom occupations,” “admission type,” “school fee waiver” and “main sources of living.”

This work only used enrollment information to identify dropout students and crucial factors associated with dropout probability as soon as students enter universities. The extracted rules could be utilized to enhance student retention.

Although first-year student dropouts have gained non-stop attention from researchers in educational practices and theories worldwide, diverse previous studies utilized while-and/or post-semester factors, and/or questionnaires for predicting. These methods failed to offer universities early warning systems (EWS) and/or assist them in providing in-time assistance to dropouts, who face economic difficulties. This work provided universities with an EWS and extracted rules for early dropout prevention and intervention.

The research documented in this paper aims to examine multiple factors related to borrowers' default in peer-to-peer (P2P) lending in the USA. This study is motivated by the hypothesis that both P2P loan characteristics and macroeconomic variables have influence on loan performance. The authors define a set of loan characteristics, borrower characteristics and macroeconomic variables that are significant in determining the probability of default and should be taken into consideration when assessing credit risk.

The research question in this study is to find the significant explanatory variables that are essential in determining the probability of default for LendingClub loans. The empirical study is based on a total number of 1,863,491 loan records issued through LendingClub from 2007 to 2020Q3 and a logistic regression model is developed to predict loan defaults.

The results, in line with prior research, show that a number of borrower and contractual loan characteristics predict loan defaults. The innovation of this study is the introduction of specific macroeconomic indicators. The study indicates that macroeconomic variables assessed alongside loan data can significantly improve the forecasting performance of default model. The general finding demonstrates that higher percentage change in House Price Index, Consumer Sentiment Index and S&P500 Index is associated with a lower probability of delinquency. The empirical results also exhibit significant positive effect of unemployment rate and GDP growth rate on P2P loan default rates.

The results have important implications for investors for whom it is of great importance to know the determinants of borrowers' creditworthiness and loan performance when estimating the investment in a certain P2P loan. In addition, the forecasting performance of the model could be applied by authorities in order to deal with the credit risk in P2P lending and to prevent the effects of increasing defaults on the economy.

This paper fulfills an identified need to shed light on the association between specific macroeconomic indicators and the default risk from P2P lending within an economy, while the majority of the existing literature investigate loan and borrower information to evaluate credit risk of P2P loans and predict the likelihood of default.

The purpose of this paper is to look into millennials’ acceptance of Qard al-hasan using the Islamic theory of consumer behaviour (iTCB) in Malaysia.

For this study, convenience sampling was used and 203 usable questionnaires were received from the respondents who are millennials and university students. The questionnaire link was distributed via social media platforms to the millennials.

The findings of this study reveal that there exists a strong and positive relationship between the role of iman and Maqasid consumer index in determining the millennial acceptance of Qard al-hasan. On the contrary, Islamic altruism does not turn out to be the factor of Qard al-hasan acceptance. Resultantly, these results suggest that millennials in Malaysia accept Qard al-hasan and based on those educational institutions may consider offering zero-interest benevolent loans to alleviate the financial burden of unprivileged students.

Although this study provides positive results, a minimum of two research constraints may direct future efforts in this area. This study initially focuses on a specific ecosystem of Islamic financial products in Malaysia, with a particular emphasis on Qard al-hasan. As a result, subsequent research ought to strive to encompass a larger perspective on Qard al-hasan. Secondly, this research uses a theory that is still in the applicability phase, which has led to some productive discussions for further improvements.

To the best of the authors’ knowledge, this work is one of the few studies conducted on an empirical basis using the iTCB in the milieu of Qard al-hasan in Malaysia.

This study aims to gain insight into the motivations behind the decision to use high-cost payday loans by households who possess mainstream credit and to determine whether this behavior has changed over time.

Using data from Statistics Canada’s Surveys of Financial Security, probit models are used to examine the sociodemographic and financial indicators associated with payday loan use.

The analysis uncovers the sociodemographic and financial characteristics of payday loan-user households with access to lower-cost short-term loans. The findings indicate that the likelihood of payday loan use has risen over time. Additional analysis reveals that indicators of financial instability are positively associated with payday loan use among this group.

This research highlights the dichotomy of payday loan users and recommends policymakers tailor solutions to the specific needs of different types of payday loan users.

This research highlights the distinguishing sociodemographic and financial characteristics of payday loan user households and recommends policymakers tailor solutions to the specific needs of different types of payday loan users.

This is the first study, to our knowledge, to focus analysis on payday loan use of those with access to lower-cost short-term credit alternatives in Canada and to include measures of financial instability in the analysis. This research is timely given the current economic environment of high interest rates and high levels of household debt.

Consumer culture is promoting immediate gratification, and the rise of digital financial services is increasing the risk of indebtedness while debt reduces well-being and affects mental health. The authors assess the effects of consumer information provision, debt literacy, chronic debt and attitudes toward debt on the intent to purchase on credit.

An online survey including an experiment with a credit offer vignette was conducted in a representative sample of Estonia (n = 1204). Treatment conditions depicted either the total cost and duration of the credit agreement or the annual percentage rate.

Receiving modified information resulted in a 26 to 30 percentage points decrease in propensity to purchase on credit. Purchasing on credit was associated with attitudes towards credit and chronic debt, but not with debt literacy.

The findings reveal large effects of information provision and highlight the limited effects of debt literacy on credit decisions. Limitations may emerge from differences in financial regulation across countries.

The authors' results highlight the importance of applying behavioural insights in consumer credit information provision, both in the financial sector and policy. Testing the messages allows having evidence-based solutions that promote responsible purchasing on credit.

The findings call for changes in credit information provision requirements. Their effect is significantly larger compared to the literature, emphasizing the role of credit information provision in less regulated online markets.

The purpose of this paper is to understand US federal government policy during the early stages of the COVID-19 pandemic and the connections to graduate education. Using the multiple streams framework, the paper outlines these actions through various streams (problems, policy and political) and perspectives (defining problems, articulating options and mobilizing responses).

The primary sources of data collected for this study were US federal government policies from March 2020 through May 2021. Policies were examined through introduction, implementation and alteration (when possible) within the specific time period of the study. The policies outlined in this paper were connected to the US Department of Education, and to a lesser extent, the National Institutes of Health, the National Science Foundation and other federal agencies. Data analysis was a two-fold process. First, the individual policy was considered as a single case and second, a cross-case comparison occurred across the multiple cases.

Analysing the study’s data in the problem stream provides a strong indicator of how the pandemic was perceived as a challenge for US graduate education. The pandemic served as a focusing event and illuminated the connections of graduate education to key institutional functions, including research and teaching. Broadly, US federal policy actions in this area focused on giving institutions resources and flexibility to support graduate students and allow them to continue their academic work while also seeding funding and incentives to continue the movement of knowledge, activities and people in the research pipeline. Actions in the policy stream aligned with the decentralized nature of the US higher education system and allowed for choice by academic institutions within the parameters of options.

This paper extends extant literature related to policy-making and graduate education to consider policy-making during a time of crisis. The paper offers methodological and conceptual ideas for consideration in future research.

Gender disparity is a global phenomenon where females outnumber male participants. It has been observed that males are the early leaver from higher education, thus reflecting a severe concern about social instability. Malaysia is a prominent example where females outnumber males in higher education. In this context, this paper aims to examine the effect of individual, social and financial factors on the higher education self-efficacy of male and female students. It develops a comprehensive understanding of gender-based decision factors in pursuing higher education.

The hypothesis was formed based on a comprehensive literature review following the hypothetico-deductive positivist approach. These hypotheses were tested based on a sample of 250 respondents. A multiple regression analysis was deployed to test the relationship between the dependent variable and its predictors.

The results suggest that male and female students’ self-efficacy depends on five determinants, i.e. family influence, peer influence, career expectancy outcome, gender roles and institutional factors. Male students tend to be influenced more by these five determinants than females. Additionally, male students with better financial backgrounds are more likely to have higher self-efficacy, whereas gender roles negatively affect male and female students’ self-efficacy for higher education.

The breakout of COVID-19 resulted in the selection of limited students in Malaysia. Due to restricted movement orders, it was impossible to reach out to the students for data collection. Future research could include a broader area to include multiple other regions of Malaysia. For a broader aspect, the study could be conducted in other areas/countries where the problem of less male participation exists.

The relationship between higher education self-efficacy is assessed with social, financial and institutional factors for male and female students. It will enable the stakeholders and policymakers to make better decisions in increasing the self-efficacy of students to attain equity in higher education institutions.

The finding of this paper will assist in increasing male participation in higher education institutions to avoid any social instability.

This paper contributes to the literature in understanding the causes of gender gap reversal, focusing on Malaysian higher education institutions. It also provides empirical evidence to look at potential factors that affect the higher education self-efficacy of male and female students.

Drawing from socialization theory this study investigates the effect of financial socialization and mediating role of “attitude toward money” (ATM) and financial literacy on the financial behavior of young adults in an emerging economy.

A cross-sectional survey of 302 young adults was conducted and responses were analyzed to determine the key antecedents of financial behavior. The model was tested using OLS regression. Parallel mediation was tested using Process Macro in SPSS.

ATM, subjective financial literacy, objective financial literacy are positively associated with financial behavior. Furthermore, parallel mediation analysis establishes the role of ATM and subjective financial literacy as a mediator between financial socialization and financial behavior.

These findings have implications for both financial and academic institutions and policymakers. Academic institutions should introduce personal wealth management courses at early stages in their courses to help young adults make appropriate financial decisions. Policymakers should emphasize creating a habit of budgeting and managing expenses among young adults in addition to promoting financial literacy.

This study focuses on determinants of financial behavior in young adults and specifically, argues that involving parents to financially socialize their children have a crucial impact on subjective financial literacy and ATM which has not been explored in previous literature.