Financial Literacy and Financial Resilience

CERN European Organization for Nuclear Research - Zenodo, 2022

Financial Literacy has been recognized as a critical skill for individuals who are embedded in an increasingly complex financial scenario. Financial Literacy helps individuals make more assertive and efficient decisions in the monetary context of their lives. This paper measures individuals' financial literacy level and analyses the relationship and impact between financial Literacy and financial behaviour. The research results show that individuals have a reasonable level of financial Literacy. On analyzing the financial behaviour of individuals, it was found most of them exhibited moderately positive financial behaviour. It is also observed that financial Literacy can enhance people's skills and abilities to make more informed choices and ultimately lead to a positive financial behaviour. Thus one can conclude that increasing the level of financial education stimulates wise economic behaviour.

2024

This research paper looks into the critical concept of financial resilience and its implications for individuals and households in the face of economic uncertainty. With the global financial landscape marked by increasing volatility, the ability of individuals to withstand and recover from financial shocks has become a paramount concern. The study employs a comprehensive empirical approach, drawing on extensive survey data and financial indicators to explore the factors influencing financial resilience. The research identifies key determinants of financial resilience, including income stability, savings behavior, and access to financial resources. It also examines the role of financial literacy and behavioral factors in shaping individuals' responses to economic challenges. By analyzing data from diverse demographic groups and economic backgrounds, the study aims to provide detailed insights into the differential impact of economic stressors on various segments of the population. Furthermore, the paper investigates the effectiveness of various financial coping mechanisms and protective strategies employed by individuals to enhance their financial resilience. Insights derived from this research can inform policymakers, financial institutions, and individuals alike on the design and implementation of targeted interventions to bolster financial resilience in times of economic turbulence. The findings contribute to the growing body of literature on financial well-being and offer practical implications for developing strategies to enhance individual and household financial resilience, ultimately fostering economic stability at both the micro and macro levels.

Financial literacy is the ability to understand financial concepts and applying it confidently for making informed financial decisions leading to financial well being of the individual.Lower level of financial literacy among the households has become a matter of deep concern around the world. The outcomes of lack of financial literacy like low levels of savings, no credit management and lack of financial planning are evident from the existing surveys. Evidences suggests that women are less financially literate than men. Generally, they possess less financial knowledge and are less confident while dealing with financial matters.Their behavior towards financial matters is also not supportive to their financial prosperity. Resultantly, there is a severe need to strengthen special financial education initiatives centered on promoting financial literacy among women.The present study aims at determining the level of women's financial literacy in Gwalior.

PressAcademia Procedia, 2019

Since 2018 Q3, economic conditions in Turkey have showed a drastic change (The World Bank, 2019).This situation has made Turkish residents to take serious financial decisions and changed their attitudes and perceptions according to their financial situations. In this study, relationship with different financial perceptions/attitudes and financial literacy is aimed to investigate. Methodology-In line with the research purpose, data collected from 152 Turkish residents in order to measure their financial literacy and understand financial attitudes. OECD's Financial Literacy Questionnaire is used as the data collection tool for financial literacy (OECD, 2018) and TEPAV's (The Economic Policy Research Foundation of Turkey) Welfare Monitoring Survey Questionnaire is used for measuring effects of current economic crisis on financial perspectives and attitudes. Findings-In line with the purpose of the research, frequency, and factor and correlation analysis was performed. Overall financial literacy score of total group and characteristics of well-performed group are consistent with OECD's the latest published results for Turkey. When the level of financial literacy is broken down according to demographic characteristics, the best performed group in terms of financial literacy is generally male, single, middle-age group, with a high degree of education, income and socioeconomic status. In addition to general investigation of financial literacy, six different crisis-affected groups are defined via factor analysis according to their attitudes and perceptions under crisis conditions. It is seemed that different groups have different financial literacy scores and attitudes under current economic conditions. Conclusion-According to main finding of the study, higher scores of literacy bring economic well-being. Residents with higher financial literacy scores are not much troubled by the crisis. Most of them are worried only with the domestic economic environment. In both domestic and foreign literature, there are many studies on financial literacy. On the other hand, there is no academic research showing the connection between the financial attitudes and viewpoints of Turkish citizens under crisis conditions with their financial literacy. In this context, the study's contribution to literature is evaluated.

Mediterranean Journal of Social Sciences

Families act in an environment of financing system which includes the pressure of the economic powers. Under these economic conditions, standards of living of individuals who fail to take optimal financial decisions and to exhibit due financial behaviors undergo some change. Individuals’ self-consciousness on financial issues will not only prepare them for prospective hard economic conditions that may emerge in the future but also supports the development of the country on strong basis. In this perspective, the awareness of financial literacy will help to use the limited sources more affectively. Recently in this economic pressure financial literacy has become an increasingly important topic. The main purpose of this study is examining individual’s financial literacy level and determining the relationship between demographic variables and financial literacy. Participants in the study consist of individual who are employees in iron and steel industry and dwelling in Karabuk, Turkey. ...

Adpebi International Journal of Multidisciplinary Sciences, 2022

Purpose-This research tries to explore the importance of financial literacy education as a provision of life for everyone. We consider this problem due to many people must face financial difficulties in their old age. Methodology/approach-We use qualitative analysis with in-depth and critical analysis. This research uses a qualitative approach, which is a study of literature. Some papers and books regarding financial literacy used as references for this study. This research focus examines the importance of financial literacy education for the younger generations explicitly, as a provision for them to live their lives in the future. Findings-Our result shows that the role of family and school can shape people in understanding financial knowledge nicely. We elaborate these variables as important factors that influencing life. Novelty/value-Our finding suggests that financial literacy education must be started since childhood due to its stage crucial in someone's life phase, and also children are easy to receive lessons. We also show that teachers are essential in educating children promptly to know financial matters. A large amount of fraud cases that makes people loss a lot of money, is due to the ignorance of financial literacy. By mastering knowledge of wealth people can live in prosperous life.

International Journal for Research in Applied Science and Engineering Technology, 2023

Financial literacy is the holding of the set of skills and knowledge that allows an individual to be financially literate enough to make effective decisions. Financial Literacy is becoming a priority area all across the world in present time. The present scenario has made it essential for individuals to be well aware with the basic financial knowledge in order to use their financial resources in an optimum way. The study examines the association between basic financial literacy with demographic factors by using a questionnaire. The data were collected from 65 respondents to test the association. The findings shows that above 50% of the total respondents demonstrate higher basic financial literacy. Although the majority of the people possess basic financial knowledge and manifest positive financial behaviour and remaining respondents exhibit reluctant financial attitude. However, analysis of the demographic factors reveals that certain factors may prevent persons from being more financially literate.

isara solutions, 2021

Financial proficiency is assumed a significant part in the financial improvement of any country other than legitimate & political. In a county like India, the half populace is female thus financial education is must for all irrespective of gender; their commitment to financial development is an unquestionable requirement. Majority of population in a country must be educated in finance to be solid in decision making. This current investigation centres around how unique socio-segment factors impact financial proficiency. This investigation discovered humble degrees of financial information with wide variety along with opinions of different authors on financial literacy.

2023

This research aims to understand the role of financial technology in the financial resilience of students from the Faculty of Economics and Business at UNTAG Surabaya. A qualitative research method was employed, with interviews as the data collection technique. The respondents were students from the Faculty of Economics and Business at UNTAG Surabaya who used financial technology in managing their finances. The results indicate that financial technology plays an important role in improving the financial resilience of students. Financial technology facilitates financial access and provides flexibility in financial management. However, there are also risks that need to be considered, such as data security and addiction to the use of financial technology. therefore,

Financial literacy is the capacity to analyze financial options, planning for the future, and responding appropriately to the events. This study intends to look into the association of financial literacy and financial management. The study utilized a quantitative approach employing descriptive normative survey of a modified survey questionnaire on financial literacy and financial management. The respondents of the study were the participants of the annual national conference of the Grace Gospel Church of Christ, which was held in Iloilo City on April 22-27, 2019 with 250 adult respondents. The questionnaire of Financial Literacy and Management Practices was used to measure financial literacy of individuals. The questionnaire considered the most critical personal finance factors in the measurement of the level of financial knowledge literacy and the financial decision-making on financial practices (Cronbach's Alpha results of Financial Literacy of 0.929, Financial Management of 0.738). It was found that the Normality Test utilizing the Shapiro-Wilk yielded significant results in almost all items. Hence, non-parametric tests were used in the statistical runs.