Conceptually and Developmentally Appropriate Education for Financially Literate Global Citizens

The Solution to the Financial Literacy Problem is to Educate the Young - Where are we Now?

In the digital age, healthcare professionals are required to possess not only healthcare competencies but also financial and digital literacy to support better financial management and investment decision-making. Unhealthy financial behaviors, such as excessive spending and minimal allocation of funds for investment, are major obstacles. Additionally, low skills in utilizing digital platforms increase the risk of becoming a victim of fraudulent investments. This research aims to address this phenomenon by studying healthcare workers in Berau Regency, using the Structural Equation Modeling (SEM) approach. The research findings indicate that financial literacy does not directly influence the financial behavior of healthcare workers. Conversely, digital literacy and income have a positive and significant influence on financial behavior. Research has proven that favorable financial behavior not only enhances investment decision-making ability but also significantly mediates the influence of digital literacy and income on investment decisions. Financial literacy also has a positive direct impact on investment decisions, but this influence is not mediated by financial behavior, while digital literacy does not have a direct impact on investment decisions. Revenue plays an important role in supporting optimal and sustainable investment decisions. This finding provides a basis for the government and the Berau District Health Office to design financial and digital literacy education programs. Furthermore, this study's findings offer valuable insights to healthcare professionals about managing income and making investments that promote long-term well-being.

This research aims to know the influence of financial education toward financial literacy on Economics Faculty students. In Economics Faculty, Universitas Negeri Semarang, there were 16 of 40 students who had good financial behaviors. It was contradictive because they have taken accounting subject who make them good in financial literacy. The research on financial literacy had the contradiction, especially in the influence of financial education variable on financial literacy. Therefore, this study raised the mediating variables; the consumer knowledge variable and psychological factor variables (motivation, self efficacy). This study was analyzed by two analyses that were descriptive analysis and path inferential analysis. Findings show that students' financial literacy and financial education are in enough categories; whereas, motivation and self-efficacy are in good condition, and students' financial knowledge is in unfavorable category. The results of path analysis show that the variable of financial education does not have any direct influence toward financial literacy, but it has indirect influence through motivation. Then, the variable of financial education also does not have any direct influence toward self-efficacy, and self-efficacy does not influence toward financial literacy and financial knowledge does not have any influence toward financial literacy. Thus; the learning process on Finance should involve three aspects; cognitive, affective, and psychomotor; and it needs the development of learning model on Finance to involve students' activeness in managing their financial activities.

The holistic training of healthcare professionals as a strategy to build the healthcare system has received considerable attention. As part of training a holistic workforce, it is expected the healthcare professionals be component in management and governance. Financial literacy is low globally and impacts financial decision-making and business management. Despite high levels of education, medical professionals elsewhere in the world have low financial literacy. Financial literacy levels in South African healthcare professionals are unknown. This study investigated the degree of and contributors to financial literacy in South African healthcare professionals. A validated financial literacy questionnaire was completed by 473 healthcare professionals, of whom 130 owned private practices. Financial literacy scores were determined as a composite score based on financial knowledge, financial behaviour and financial attitudes. The independent contribution of demographic factors to financial literacy were determined in multivariate linear regression analysis. Financial literacy in healthcare professionals was relatively high (73%). Of the total cohort 24%, 27% and 63% did not reach acceptable scores for financial knowledge, behaviour, and attitudes, respectively. Sex, medical specialty and being in private healthcare predicted financial knowledge scores. Higher income and self-rated financial knowledge were associated with financial literacy. In business owners, business-specific financial literacy was low (51%), and not associated with general financial literacy (r=-0.11, p=0.40). Education in economics and finance predicted business-related financial literacy scores (p=0.02). Financial attitudes that favour the short term may impact financial decision-making in healthcare professionals in managing small businesses and state healthcare facilities. Current approaches in health professions education may impact the success of the healthcare system in South Africa.

Financial literacy and inclusion are essential to economic development, as they facilitate access to financial services and empower individuals to make informed decisions about their money. Despite India's impressive economic growth in recent years, a significant portion of the population, particularly low-income households, struggles with financial literacy and access to financial services. Financial technology (fintech) has emerged as a potential solution to address these challenges by providing innovative and accessible financial services to underserved communities. This paper examines the role of fintech in enhancing financial literacy and inclusion among low-income households in India. The study is based on a comprehensive review of existing literature and interviews with key stakeholders in the Indian fintech industry. The analysis reveals that fintech has the potential to significantly improve financial literacy and inclusion among low-income households in India. One key advantage of fintech is its ability to provide low-cost and convenient financial services, such as mobile banking and digital payments, which can help to reduce the financial barriers faced by low-income households. Additionally, fintech platforms can offer financial education and training programs to increase financial literacy and promote responsible financial behavior. Despite these benefits, however, several challenges are associated with using fintech to promote financial inclusion and literacy in India. One major obstacle is the need for digital infrastructure and internet connectivity in many rural areas, which limits access to fintech platforms. Additionally, there is a need for increased regulation and oversight of the fintech industry to ensure that consumers are protected from fraud and other risks. To overcome these challenges, the study recommends several policy measures that can support the development of fintech in India, including investment in digital infrastructure, the promotion of financial education and literacy programs, and the establishment of regulatory frameworks to ensure consumer protection and prevent fraud. In conclusion, fintech has the potential to play a significant role in enhancing financial literacy and inclusion among low-income households in India. However, to fully realize these benefits, policymakers must address the challenges associated with fintech adoption and ensure that fintech platforms are developed responsibly and sustainably. By doing so, India can significantly promote inclusive economic growth and reduce poverty and inequality.

The Covid-19 situation has thrown lights for a reality check about managing personal finance among the households. The research was designed in the context of the pandemic affecting the personal finance of millions of households. It stressed the need for financial literacy by explaining the various aspects – understanding the concept, identifying the benefits out of acquiring knowledge and skills in financial literacy, establishing the relationship of financial literacy with financial wellbeing, mapping the global situation in financial literacy, suggesting the remedial measures in ensuring financial wellness in the Covid-19 pandemic situation. The methodology of the study was to review the existing literature on financial literacy and education. The approaches and practices of financial education followed by countries interpreted by researchers in this field were reviewed and documented. The study contributes to the existing literature by summarizing the findings of the researchers in terms of knowledge one possesses in financial products and processes, the ability to make appropriate decisions to invest, borrow and secure, to understand the importance of savings and investment for retired life, etc. The global scenario versus India in financial literacy was brought out, throwing the light that India needs to travel further in the financial literacy landscape. It concludes by prescribing a series of financial wellness measures to make people resilient and reach financial well-being. The policy options suggested by the authors to start the learning of financial literacy from school education onwards, introduce financial education at the workplace, and implement financial education for the elderly and women invite the attention of policymakers and practitioners. The study can influence policymakers and practitioners to design target-specific financial education measures.

We used survey data from a cross-sectional New Zealand sample of adults to examine whether financial socialization and financial literacy are associated with their financial behavior. The results show different financial socialization experiences of adult males compared to adult females are associated with higher financial literacy and higher financial confidence. Adults with education in finance and economics had higher financial literacy and financial confidence in managing their personal finances. Furthermore, those with high self-assessed confidence in managing personal finance but low financial literacy, have a higher propensity to engage in undesirable financial behaviors.

How can we reduce economic violence? Can financial literacy and education enhance economic wellbeing? The present paper reports the results of a research conducted by ALTIS – Università Cattolica and Global Thinking Foundation for the evaluation of changes, improvements and consequences produced by the educational course in financial literacy ‘Donne al quadrato’, provided by the Foundation among the policies against economic violence implementation. In this study, impacts’ measurement refers to conceptual framework of financial wellbeing, a composite notion constructed of objective and subjective dimensions related to people’s financial behaviour. The expression ‘Financial Wellbeing’ highlights how economic issues are inextricably bound to individual and social wellness. Helping people enhancing their own financial wellbeing – in a broad sense – should then be the very first purpose of economic education activity. In the present research, financial wellbeing has been measured by the implementation of a synthetic index, based on studies of World Bank and University of Bristol. The index is intended to measure people’s self-sufficiency and independence about their financial situation, resources and capabilities. The indicator takes into account both micro and macro features, being the first ones specific of the sample analysed and latter territorial context variables employed for the removal of the macroeconomic changes affecting the entire population from the specific changes proceeding from the training. The trial, involving different Italian regions, has been fulfilled by the administration of a tailoredmade survey pre and post the “Donne al Quadrato” course, during academic year 2019/2020, in order to register the change occurred in the respondents’ perception of their knowledge, behaviour, personality and aptitudes. The results of the experimentation demonstrated that financial education could engender the modification not only of knowledge but also of awareness and proficiency in financial behaviours, as well as the increase of course participants’ financial wellbeing.

Despite government efforts, the uptake of screening for breast and cervical cancers among Japanese women remains low. This study employs financial literacy and financial education as proxies for rational decision-making to explore their potential to enhance cancer screening practices in Japan. Using data from Osaka University’s Preference Parameters Study, mean comparison tests and probit regression models are utilized to examine the association between breast and cervical cancer screening and financial literacy and financial education. The results of probit regression show that individuals with higher levels of financial education tend to participate in both breast and cervical cancer screening. In contrast, individuals with higher financial literacy are likely to participate in breast cancer screening, whereas no significant impact is observed for cervical cancer screening. Furthermore, our findings reveal that financial education positively influences both breast and cervical cancer screening. Factors such as employment, marriage, higher education, increased household income, and greater assets demonstrate robust positive relationships with breast and cervical cancer screening. Meanwhile, psychological factors including happiness, a myopic view of the future, anxiety about later life, and perceived health status have no significant associations, except for a positive association between anxiety about life and cervical cancer screening. Our study suggests the development of targeted educational programs that leverage financial literacy and financial education to raise awareness about the importance of breast and cervical cancer screening.

The study is designed to examine the relationship between accounting undergraduates’ financial literacy (financial knowledge, financial attitude, and financial behavior) and their entrepreneurship spirit, with mediating effects of personal financial management (saving, investment, money attitude and wealth accumulation). A quantitative method was employed, and an adapted questionnaire was administered to accounting undergraduates in seven public universities across Malaysia. The Theory of Planned Behavior (TPB) serves as the underlying theory for explaining how financial literacy and personal financial management influence the entrepreneurship spirit. A sample of 756 responses was gathered through simple random sampling, and Structural Equation Modeling (SEM) was used to analyze the data. Findings from the path analysis indicated that there was no significant relationship between accounting undergraduates' financial literacy and entrepreneurial spirit. However, personal financial management fully mediated the relationship between financial literacy and entrepreneurship spirit. Strong and meaningful relationships were identified between financial literacy and personal financial management, including personal financial management and entrepreneurship spirit. This insight suggests that TPB could be enhanced by including mediating variables like personal financial management to better capture the mechanisms linking financial literacy to entrepreneurial spirit. Thus, the findings indicate that a higher level of financial literacy can shape better personal financial management among the youth and may instill their entrepreneurial spirit. Higher education institutions, educators, and policymakers can leverage this finding to develop a more integrated curriculum and effective policies that enhance students' entrepreneurial spirit.

This chapter explores the correlation between financial literacy, financial well-being and financial concerns in India. Thereupon, it assesses the impact of family income on financial well-being of financial literacy among young. A total of 232 (116 males and 116 females) are chosen in the age group of 18 to 25 years. The survey method is used to evaluate the financial literacy, stock market knowledge, financial decision-making capacity, well-being, and exposure to cryptocurrency among the participants. Significant positive correlation between financial literacy and financial well-being are reported. The research also found a negative correlation between financial literacy and financial concerns. A positive correlation is found between family income and financial well-being. It noticed a significant connection between financial literacy and crypto exposure. It also finds a positive correlation between financial literacy and well-being. It is very crucial to promote financial literacy among youths.

This study examines the relationship between first-generation status and post-graduation financial literacy among bachelor's degree recipients. Drawing on data from the 2012/17 Beginning Postsecondary Students Longitudinal Study (N = 7,010), multivariate regression analyses investigate disparities in financial literacy, financial behaviors, and financial security between first-generation and continuing-generation college graduates. First-generation graduates demonstrate significantly lower financial literacy scores (1.77 vs. 2.08 on a 1-3 scale, p < 0.001), with particularly pronounced deficits in investment diversification knowledge. After controlling for demographic characteristics, academic factors, and employment status, first-generation graduates score 0.161 points lower on financial literacy measures and have 33.8% lower odds of correctly answering investment diversification questions. First-generation graduates also exhibit distinctive financial behavioral patterns. Logistic regression results show first-generation graduates have 54.9% higher odds of prioritizing debt repayment, 31.5% lower odds of prioritizing savings, and 32.0% lower odds of paying credit card balances in full. First-generation status remains associated with 4.6% lower salary and 21.9% lower odds of financial security after controlling for financial behaviors and literacy. Student loan debt negatively affects financial security for all graduates, but interaction terms reveal no differential effects by first-generation status. Mediation analysis reveals that financial literacy accounts for approximately 13.2% of the relationship between first-generation status and financial security, indicating that multiple pathways contribute to these disparities. However, academic satisfaction significantly moderates this relationship, with highly satisfied first-generation students achieving financial security levels closer to continuing-generation peers. Results highlight the need for targeted interventions addressing financial knowledge gaps, behavioral patterns, and college experiences to support first-generation graduates' financial well-being.

Objective: This study investigates the influence of applying the Theory of Planned Behavior and Financial Literacy on building Financial Well-Being in millennial workers. Design/Methods/Approach: This study used a purposive sampling method. The total number of respondents included in the study was 235, and the respondents were millennial workers who had become permanent employees. Data were analyzed using the Structural Equation Model (SEM). Findings: The findings of this study showed that Financial Literacy has a positive effect on Attitude towards Saving. Financial Literacy also positively affects Financial Behavior and Financial Well-Being, both directly and indirectly. Subjective Norm has a positive impact on Attitude towards Saving, but Subjective Norm has not been proven to affect a person's Financial Behavior. Attitude towards Saving positively affects Financial Behavior and has a full mediation role in mediating Subjective Norm with Financial Behavior. The last results of this study also found a positive relationship between Perceived Behavioral Control and Financial Behavior and between Financial Behavior and Financial Well-Being. Originality/Value: This research contributes to the study of financial well-being, with millennial workers as the primary focus. In addition, while both TPB and financial literacy have been used to predict financial behavior, their combined application to specifically predict the financial well-being of millennial workers offers a nuanced and potentially more comprehensive understanding. Practical/Policy implication: Government agencies are advised to provide financial literacy education to children at an early age so they understand the importance of saving and are wiser in using their money. Thus, financial well-being can be achieved as expected.

Considering the vigorously dynamic fluctuations in the monetary condition, particularly in financial/budgetary markets, it is urged to improve speculators’ money managing knowledge. Financial proficiency involves making well aware and efficient financial choices. The present examination explores the socio-economic factors defining Pakistani investors’ financial literacy and effects of financial literacy on stock market investment decision. A (questionnaire) survey was developed based on 3 sections: The primary section included the measuring of demographic characteristics of respondents, the secondary was based on measuring financial literacy of respondents, whereas the last section was dedicated to measuring stock market investment decision of respondents.
 Purpose – The motivation behind this study is to evaluate the financial proficiency of individual speculators/investors of the Karachi city of Pakistan who put resources into the Pakistan stock exchange, local financial market in Karachi. Likewise, it inspects the connection between financial education and the participation of the socio-economic-demographic components which influence the investment choice.
 Design/methodology/approach – we articulated a modified questionnaire for our investigation, separated into three sections. The first part of which was dedicated to statistics of demographic factors. The subsequent part highlights factors influencing the speculation choice of the Pakistani speculators. The last section is committed to financial literacy utilizing examination-type, true and false, questions and incorporates 10 questions. Convenient sample of 231 of Pakistani national financial specialists/investors is utilized for this purpose.
 Findings – The outcomes show that the financial literacy of Pakistani speculators’ is relatively higher than the average expected level. The financial education seen to be influenced by salary, sex, and employment status and work place activity. financial education exists paying little heed to the age of the respondents. We observed a “significant difference in the level of financial literacy between groups of respondents as per their sexual orientation. More specifically, females have a lower level of financial education than males. At last, the outcomes show that there is a significant relationship between financial literacy and investment decision. Results likewise show that respondents with higher financial literacy have higher stock holding as compared with those with low financial literacy.”
 Originality/value – The present examination is viewed as significant and unique being one amongst the very few conducted in Pakistan's situation and Pakistani context. As far as we possibly know, no such examinations have been led with respect to estimating financial literacy in Pakistan or the connection between financial literacy level and the variables that influence the investment choices.

Research Objective - This research aims to analyze the influence of financial literacy, self-control, financial technology, and the social environment on students' financial behavior in Surabaya. Method – The Research method uses a quantitative approach, with primary data collected through questionnaires distributed to students at several universities in Surabaya, using purposive sampling. The number of samples used in this study was 180 students. Data analysis was carried out using the Partial Least Squares (PLS). Findings - The study's results show that financial literacy, self-control, and the social environment affect students' financial behavior. Meanwhile, financial technology does not influence students' financial behavior. Theoretical and Policy Implications - This research suggests that improving financial literacy and self-control, coupled with the wise use of financial technology and a supportive social environment, are crucial for shaping healthy financial behavior among students. Therefore, suggested solutions include strengthening financial literacy education in higher education, controlling the use of FinTech, and creating a social environment that encourages responsible financial management. Research Novelty - The novelty of this research lies in analyzing the role of financial technology as a modern contextual factor in shaping students' financial behavior.