Examining the financial knowledge of immigrants in Canada: a new dimension of economic inequality

Khan, Mohammad Nuruzzaman; Ferrer, Ilyan; Lee, Yeonjung; Rothwell, David W.

doi:10.1080/1369183x.2020.1870443

Cited by 5 publications

(6 citation statements)

References 42 publications

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“…Income differences in financial knowledge are found in India (Banerjee, 2016). Immigrants have significantly lower levels of financial knowledge than their Canadian-born counterparts (Khan et al, 2021). Personal finance knowledge among African-American adults lags that of whites (Yakoboski et al, 2020).…”

Section: Propositions and Synthesesmentioning

confidence: 96%

Section: Propositions and Synthesesmentioning

confidence: 99%

“…financial behaviors: Lu ci c et al (2021),Mokhtar et al (2020) Background differences in financial knowledge:Banerjee (2016),Chen and Garand (2018),Khan et al (2021),Overton and Fox O'Mahony (2018),Yakoboski et al (2020) Background differences in financial capability:Khan et al (2017),Kim and Xiao (2021),Lazar et al (2016), O'Donnell and Keeney (2010),Okech et al (2018),Raj (2020),Robson and Peetz (2020),Sabri et al (2017),Silva et al (2010),Xiao and O'Neill (2022), Xiao et al (2015), Xiao et al (2020) P2: Background differences in consumer well-being Background and financial wellbeing: Cui et al (2019), Fan and Babiarz (2019), Nam et al (2016), Nejad and O'Connor (2016) Background and other domain wellbeing: Taylor et al (2011), West and Cull (2020) P3: Intervention to financial capability Financial socialization: Collins and Odders-White (2021), Jorgensen et al (2017b), LeBaron et al (2018), Marchant and Harrison (2020), Shim et al (2013), Wu et al (2017), Zhao and Zhang (2020) Financial education: Doran and Bagdasaryan (2018), Friedline and West (2016), Harvey (2019), Kim and Mountain (2019), Loke et al (2015), Rochelle et al (2017), Sherraden, MS et al (2011), Wagner (2019), Xiao and O'Neill (2016), Xiao and Porto (2019), Zhu (2020) Other interventions: Birkenmaier et al (2021b), Bunnell et al (2020), Collins and Nafziger (2019), Huang et al (2013), Huang et al (2022) Capacity building: Birkenmaier et al (2021a), Frey et al (2015), Loke et al (2017), Luukkanen and Uusitalo (2014) P4: Intervention to consumer well-being Public policy to wellbeing: Brackertz (2014), Despard et al (2020a, b), Huang et al (2015b) Financial socialization to wellbeing: Shim et al (2010), Fan and Chatterjee (2019) Financial education to wellbeing: Farnsworth et al (2011), Xiao and Porto (2017) P5: Financial Capability factors interactions Knowledge to behavior: Birkenmaier and Fu (2016), Chatterjee (2013),Despard and Chowa (2014),Despard et al (2020a, b),Kim and Lee (2018),Kim and Yuh (2018),,Lamb (2016),Loke (2017),Lusardi and Mitchell (2011), Luukkanen and Uusitalo (2019), Pellinen et al (2011), Roa et al (2019), Robb and Woodyard (2011), Seay et al (2017), Zhao and Zhang (2021) Knowledge to capability: Kagotho et al (2018) Behavior correlations: Bialowolski et al (2021a, b), Çera et al (2021), Fan (2021), Jorgensen et al (2017a), Lee and Kim (2020), Moreland (2018), Nam and Loibl (2021), Xiao and O'Neill (...…”

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confidence: 99%

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Financial capability: a systematic conceptual review, extension and synthesis

Xiao

Huang

Goyal

et al. 2022

IJBM

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PurposeThis study aims to examine the literature on consumer financial capability. By analyzing the research trends, theories, definitions and themes, the literature on financial capability is synthesized, and agenda for future research is suggested. A framework is presented that portrays the antecedents as well as the outcomes of financial capability and their interlinkages.Design/methodology/approachFollowing a systematic approach, the review is based on 215 articles published during January 2007 and–March 2022, retrieved from Scopus. It presents the definitions and theories of financial capability, publication trends, influential articles, prominent authors, prolific journals and countries publishing on financial capability. Using bibliographic coupling, the intellectual structure of the topic is explored, along with offering a framework through content analysis.FindingsThe bibliographic coupling analysis identifies four major clusters of research themes and capability theory appeared to be the most prominent theory. The synthesis draws upon five conceptual definitions of financial capability. Based on the discussion, in this review, financial capability is defined as an individual ability to apply appropriate financial knowledge, perform desirable financial behaviors and take available financial opportunities for achieving financial well-being. A conceptual framework delineates the synthesized literature and propositions based on this framework and relevant research are proposed. Finally, directions for future research are discussed.Originality/valueThis paper is an attempt to offer a comprehensive synthesis of the scholarship on financial capability and its conceptualization. It further proposes an extensive future research agenda. The study has implications for financial services providers relating to retail bank marketing.

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Section: Propositions and Synthesesmentioning

confidence: 96%

Section: Propositions and Synthesesmentioning

confidence: 99%

mentioning

confidence: 99%

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Financial capability: a systematic conceptual review, extension and synthesis

Xiao

Huang

Goyal

et al. 2022

IJBM

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“…Additionally, Xiao et al (2020) affirm the influential roles played by entities such as the Organization for Economic Cooperation and Development (OECD), the World Bank, and the Financial Literacy and Education Commission in the United States in promoting the development and adoption of financial capability frameworks aimed at linking financial literacy, financial behavior, and financial well-being. Khan et al (2021) note that the Financial Capability Framework facilitates a holistic assessment of individuals' financial well-being by considering various factors, including financial knowledge, skills, attitudes, behaviors, and access to financial products and services. Moreover, Yakoboski et al (2020) argue that the framework underscores the importance of nurturing positive financial behaviors and attitudes that contribute to long-term financial well-being.…”

Section: Financial Capability Frameworkmentioning

confidence: 99%

“…Research by Khan et al (2021) suggests a relationship between financial behavior, attitudes, financial knowledge, and the well-being of young adults. Effective budgeting and saving habits among young adults, as highlighted by Yakoboski et al (2020), contribute to building financial reserves, preparing for unexpected expenses, and reducing financial stress.…”

Section: Financial Behaviormentioning

confidence: 99%

The Interplay of Financial Literacy on the Financial Behavior and Well-being of Young Adults: Evidence from Nigeria

Sajuyigbe,

Adegun,

Adeyemi

et al. 2024

JIETcon

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The financial stability of young adults worldwide is under threat due to widespread impulsive online purchasing and the economic strain brought on by the COVID-19 pandemic. This study, therefore, examines the role of financial literacy as a mediator between financial behavior and the financial well-being of young adults, specifically in Nigeria. The research involved 120 respondents, 60 undergraduate and 60 postgraduate students from three selected universities in Western Nigeria. Information was gathered through a structured questionnaire. Data analysis was conducted using Structured Equation Modeling with STATA version 15. The findings reveal a positive association between financial behavior and financial well-being, although this relationship lacks statistical significance. However, significant positive correlations are observed between financial literacy (FL) and financial well-being (FW), as well as between financial behavior (FB) and financial literacy (FL). Furthermore, the analysis uncovers a positive indirect effect of financial literacy on the relationship between financial behavior and financial well-being. This suggests that while the direct link between financial behavior and well-being may be weak, improved financial behavior can indirectly enhance well-being through heightened financial literacy. In essence, the study underscores the crucial role of financial literacy in improving young adults’ financial behaviors and well-being. By investing in education, support services, and policies that encourage positive financial behaviors, both individuals and policymakers can collaborate toward constructing a more financially secure future for the younger generation.

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