Analysis of Banks’ Online Information Regarding Mortgages as a Basis for Financially Literate Decision-Making in First-Time Homebuying

Fürstenau, Bärbel; Hommel, Mandy; Leopold, Claudia; Ponce, Héctor; Lopez, Mario A.

doi:10.2307/j.ctvbkk29d.6

Cited by 5 publications

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“…Like other loan calculators, the CoBa loan calculator is factual and does not offer additional stimulation, such as examples (Fürstenau and Hommel 2018). Furthermore, the quality of the CoBa loan calculator-in terms of differences to a reference calculator-is comparable with those of other loan calculators (Fürstenau et al 2015(Fürstenau et al , 2016.…”

Section: Methodsmentioning

confidence: 69%

“…Therefore, comprehensibility can be improved with respect to simplicity (in the direction of increased simplicity for users without prior knowledge) and stimulation (stimulating addenda such as examples or illustrations). Concerning the quality of information provided, the calculator on the webpage only partly meets the requirements of experts (Fürstenau et al 2015(Fürstenau et al , 2016. Beside the arguments just mentioned and taking learning with media or multimedia into account, it can be assumed that basic principles, such as the multimedia principle, are not sufficiently regarded in the design of the webpage.…”

Section: Summary Of Resultsmentioning

confidence: 99%

“…Financial competence can be regarded as specific competence concerning Fürstenau and Hommel Empirical Res Voc Ed Train (2019) 11:10 financial matters. Related to mortgage loans, financial competence comprises, first and foremost, knowledge and skills about the following four core elements (Hölting et al 2012;Keller 2013): (1) the calculation of free disposable monthly income, (2) the comparison and choice between renting and buying, (3) the calculation of the real estate's affordable purchase price and (4) the calculation of the loan regarding principal, interest, annuity, term of fixed interest and term of the loan (Fürstenau et al 2015(Fürstenau et al , 2016.…”

Section: The Concepts Of Financial Literacy and Financial Competencementioning

confidence: 99%

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Developing financial competence about mortgage loans by informal learning using banks’ online calculators

Fürstenau

Hommel

2019

Empirical Res Voc Ed Train

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Background and aim: Financial literacy (or financial competence) has become an internationally relevant and highly regarded topic. Since people often lack sufficient financial competence, in many countries efforts have been made to foster formal financial education. Less attention, however, has been paid to whether informal learning using information available on the Internet can also support the development of financial competence. However, this seems to be an important question because the Internet has expanded the opportunities for informal learning. In addition, people need to acquire financial competence on their own because not every financial topic relevant in one's lifetime is covered in formal education syllabi. Against this background, in this study we tested whether people are able to develop financial competence by learning informally using information available on the Internet. We focused on mortgage loans, as they are comparatively complex financial products. Mortgage loans have the potential to significantly influence an individual's financial situation. In addition, society might carry the burdens of risky and uninformed decisions about mortgage loans-as the financial and real estate crisis has shown. Method: 45 students of economics and business studies in their final undergraduate year participated. They were randomly assigned to an experimental or a control group. The experimental group explored information about mortgage loans using the loan calculator of a German bank. The control group did not explore webpages. Before the intervention, students from both groups completed knowledge tests and self-assessed their financial knowledge and behaviour. After the intervention, students had to work on a case and to decide whether a small family should take out a mortgage loan for financing a house. The decision had to be justified. In addition, students were administered an immediate and delayed knowledge test. Results and conclusions: Students of both groups did not differ in knowledge acquisition, decision making about taking a mortgage loan and argumentation quality. However, prior knowledge can be referred to in order to explain the results. Therefore, informal learning using the Internet did not seem to be effective if people did not have sufficient prior knowledge. This result underlines, on the one hand, the necessity of financial education-be it prior to informal learning or in the course of informal learning. On the other hand, the results can be interpreted as a hint to consider how to

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Section: Methodsmentioning

confidence: 69%

Section: Summary Of Resultsmentioning

confidence: 99%

Section: The Concepts Of Financial Literacy and Financial Competencementioning

confidence: 99%

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Developing financial competence about mortgage loans by informal learning using banks’ online calculators

Fürstenau

Hommel

2019

Empirical Res Voc Ed Train

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“…Die Kernelemente stellen die zentralen Handlungsbereiche und damit die Anforderungen der Domäne (Seeber 2016, 8) dar. Es handelt sich im Einzelnen um die Folgenden (Fürstenau et al 2015(Fürstenau et al , 2016: 1. Berechnung des frei verfügbaren monatlichen Einkommens zur nachhaltigen Kapitaldienstleistung, 2.…”

Section: Finanzkompetenz Im Hinblick Auf Baufinanzierungunclassified

“…Ausgewählt wurden die Darlehenskalkulatoren der Commerzbank (CoBa) und der NordLB. 2 Eine Vorstudie (Fürstenau et al 2015(Fürstenau et al , 2016 zeigte, dass sich die Kalkulatoren der beiden Banken vergleichsweise stark unterscheiden. Der Kalkulator der NordLB umfasst nur wenige Konzepte und bietet zudem keine Erklärungen für die verwendeten Konzepte an.…”

Section: Untersuchungsmaterials Und Stichprobeunclassified

Beitrag von Banken-Webseiten zur Entwicklung der Finanzkompetenz potentieller Darlehensnehmer/innen über Baufinanzierungen

Hommel¹,

Fürstenau²,

Leopold³

et al. 2017

Jahrbuch Der Berufs- Und Wirtschaftspädagogischen Forschung 2017

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Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. Gedruckt auf säurefreiem und alterungsbeständigem Papier Alle Rechte vorbehalten © 2017 Verlag Barbara Budrich , Opladen, Berlin & Toronto www.budrich-verlag.de ISBN 978-3-8474-2141-2 (Paperback) eISBN 978-3-8474-1131-4 (eBook) Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen.

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Different Principles of Information Design for Three Online Financial Tasks: Localization, Comparison, and Subtraction

Ponce

Mayer

Torres

2023

International Journal of Human–Computer Interaction

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Analysis of Banks’ Online Information Regarding Mortgages as a Basis for Financially Literate Decision-Making in First-Time Homebuying

Cited by 5 publications

References 0 publications

Developing financial competence about mortgage loans by informal learning using banks’ online calculators

Developing financial competence about mortgage loans by informal learning using banks’ online calculators

Beitrag von Banken-Webseiten zur Entwicklung der Finanzkompetenz potentieller Darlehensnehmer/innen über Baufinanzierungen

Different Principles of Information Design for Three Online Financial Tasks: Localization, Comparison, and Subtraction

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