Building up financial literacy and financial resilience

Lusardi, Annamaria; Hasler, Andrea; Yakoboski, Paul

doi:10.1007/s11299-020-00246-0

Cited by 113 publications

(140 citation statements)

References 3 publications

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“…Prior this, in early 2020, the Bank of Finland was given the key responsibility of coordinating a national strategy for improving financial literacy of Finns, including a plan for activities in financial education as longer-term national objectives (Bank of Finland, 2020). This need is more prevalent as ever as young people lack the financial capability that older people have (Xiao et al, 2015), and which can alleviate COVID-19 generated financial anxiety (Mokhtar et al, 2020) and financial fragility (Lusardi et al, 2020). Both momentary and long-term actions are needed for youth security and mental health.…”

Section: Discussionmentioning

confidence: 99%

“…Although we directly assessed personal concerns about the effects of the COVID-19 pandemic and the data was collected during the pandemic peak, the adjustment process of the economic downturn can take time (Oreopoulos et al, 2012). Our findings can, therefore, also relate to more general and permanent concern on youth labor market precarity of the "Lost" Generation (Hur, 2018) or lingering effects of the Great Recession (Bell and Blanchflower, 2011;Lusardi et al, 2020) as opposed to the vulnerability caused by this acute crisis. Thus, following the same people and assessing personal concerns after the COVID-19 peak may provide a more nuanced picture of the individual differences, processes and predictors of personal concerns.…”

Section: Limitations and Future Researchmentioning

confidence: 94%

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Young adults' personal concerns during the COVID-19 pandemic in Finland: an issue for social concern

Ranta

Šilinskas

Wilska

2020

IJSSP

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PurposeThis study focuses on how young adults face the COVID-19 pandemic by investigating their personal concerns about mental well-being, career/studies and economic situation. The authors investigated how young adults' (aged 18–29) personal concerns differ from older people's concerns (aged 30–65) and which person- and context-related antecedents relate to personal concerns.Design/methodology/approachData of Finnish young adults aged 18–29 (n = 222), who participated in the “Corona Consumers” survey (N = 1,000) in April 2020, were analyzed by path analysis and compared to participants aged 30–65 by independent samples t-test.FindingsYoung adults were significantly more concerned about the effects of the COVID-19 pandemic on their mental well-being, career/studies and economic situation than older people. Females were more concerned about their mental well-being than males. Among youth, lower life satisfaction was related to concerns about mental well-being, and lower satisfaction with financial situation was related to concerns about career/studies and economic situation. Young adults' predisposition to avoid difficult situations was related to more frequent concerns in all domains, whereas generalized trust and education were not.Research limitations/implicationsDue to cross-sectional data, causal COVID-19 interpretations should be made cautiously.Practical implicationsStrong youth policies are needed for youth empowerment, mental health and career advancement in the pandemic aftermath.Originality/valueThe study highlights the inequality of the effects of COVID-19: The pandemic has radically influenced young adults as they exhibit significant personal concerns in age-related life domains.

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Section: Discussionmentioning

confidence: 99%

Section: Limitations and Future Researchmentioning

confidence: 94%

Young adults' personal concerns during the COVID-19 pandemic in Finland: an issue for social concern

Ranta

Šilinskas

Wilska

2020

IJSSP

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“…Ez a hosszú távú szemlélet és a megtakarítások hiányára vagy nem megfelelő kezelésére is utalhat a felnőtt lakosság körében. Lusardi, Hasler, Yakoboski, 2020;OECD, 2020a).…”

Section: Pénzügyi Kultúra a Felnőtt Lakosság Körébenunclassified

A magyar középiskolások pénzügyi kultúrájának vizsgálata az elmúlt 10 évben Econventio-teszt alapján

Kempler¹,

Kuruczleki²,

Rácz³

et al. 2021

PFQ

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Az Econventio Egyesület a Szegedi Tudományegyetem Gazdaságtudományi Karával 2011 óta fejleszti a középiskolások pénzügyi kultúráját. Tanulmányunkban az elmúlt 10 év felméréseinek főbb megállapításait foglaljuk össze, amely összesen 110 ezer tesztkitöltésre épül. Felméréseink szerint a középiskolások kevés és felületes pénzügyi ismerettel rendelkeznek. A pénzügyi tudás pozitív kapcsolatban áll az előre gondolkodás időtávjával, az öngondoskodásról való gondolkodásról, a pénzügyek iránt tanúsított hozzáállással. A digitális pénzügyi információforrások szerepének növekedése mellett, a középiskolások pénzügyi ismereteiket legfőképpen az otthonlátottakból merítik, ez negatívan hat a teszteredményekre, ugyanakkor a pénzügyi ismeretek oktatásának pozitív hatása van a diákok pénzügyi tudására. Az életkor, a tapasztalatok növekedésével a pénzügyi tudásszint nő, különösen a munkaerőpiaci, hitelezési, biztosítási kérdések esetén, ugyanakkor a felnőtteknek és a középiskolásoknak is ugyanazok a kérdéskörök jelentenek nagyobb nehézséget: százalékszámítás, a kamatos kamat számítása, a legalább, legfeljebb kifejezések kezelése, különböző ajánlatok összehasonlítása.

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“…However, more interestingly, 34.8 percent of Hungarian adults who participated in the survey had savings enough for merely one week, in the event that their income ceased. This could also indicate the lack of longterm orientation or improper management of savings among the adult population (Klapper, Lusardi, 2020;Lusardi, Hasler, Yakoboski, 2020;oEcD, 2020a).…”

Section: Adult Financial Literacymentioning

confidence: 99%

Survey of Hungarian High School Students’ Financial Literacy in the Last 10 Years Based on the Econventio Test

Kovács¹,

Kuruczleki²,

Rácz³

et al. 2021

PFQ

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The Econventio Association in cooperation with the Faculty of Economics and Business Administration of the University of Szeged has been developing the financial literacy of high school students since 2011. In our study, we summarize the main findings of surveys over the past 10 years, based on a total of 110,000 responses. Our findings show high school students to have inadequate and superficial financial knowledge. The results show that high school students have low financial literacy levels. Financial knowledge is positively related to long-term oriented thinking, the opinion formed about self-sufficiency and self-care, and the general attitude towards finances. In addition to the everincreasing role of digital financial information sources, high school students draw their financial knowledge mainly from what they see at home, which influences test scores in a negative way, while at the same time financial literacy education has a positive effect on students’ financial literacy. As age and experience increase, the level of financial knowledge increases too, especially in the topics of labour market, credits and loans and insurance, however, the problematic areas remain the same over time, both for high school students and the adult population: calculating interest, compound interest, the meaning of expressions 'at least' or ‘at most’, or comparing different financial offers.

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Building up financial literacy and financial resilience

Cited by 113 publications

References 3 publications

Young adults' personal concerns during the COVID-19 pandemic in Finland: an issue for social concern

Young adults' personal concerns during the COVID-19 pandemic in Finland: an issue for social concern

A magyar középiskolások pénzügyi kultúrájának vizsgálata az elmúlt 10 évben Econventio-teszt alapján

Survey of Hungarian High School Students’ Financial Literacy in the Last 10 Years Based on the Econventio Test

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