Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys

Cwynar, Andrzej

doi:10.2478/revecp-2020-0015

Cited by 22 publications

(21 citation statements)

References 58 publications

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“…For this reason, we had to replace the original credit management subscale with a novel instrument measuring consumers' behaviour in the credit domain. To do this, we applied the subscale developed and initially assessed by Cwynar (2020).…”

Section: Variablesmentioning

confidence: 99%

Do Women Behave Financially Worse than Men? Evidence from Married and Cohabiting Couples

Cwynar¹

2021

CEBR

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Extensive empirical evidence shows that women perform worse in financial literacy tests, which implies that their financial behaviour may also be worse compared to men. However, the literature on the gender gap in financial behaviour is scanty and highly inconclusive. Using data from a survey of married and cohabiting couples living in Poland (N=1,000) and a multi-dimensional scale validated in terms of its psychometric properties, this article compares the financial behaviour of women and men. The applied tests did not show any significant gender differences in the overall financial behaviour index or in any of the subdomains of the behaviour distinguished in the applied scale. Using the social identity theory as a framework, we discuss possible explanations of these puzzling findings, which may imply that women are unnecessarily considered a disadvantaged group in terms of preparedness to participate in financial life, including the business sphere. Implications for Central European audience: Assuming that the gender differences in financial literacy and behaviour can be explained on the grounds of the social identity theory, Central and Eastern Europe may differ from Western Europe in terms of the gender gap. Socially-imposed gender roles were presumably shaped differently behind the Iron Curtain, which resulted in that the distinction between masculine and feminine roles got blurred under the Soviet regime. As a result, the absence of gender differences in financial behaviour is more likely to occur in Central and Eastern European countries. Financial education initiatives should take this circumstance into account.

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Section: Variablesmentioning

confidence: 99%

Do Women Behave Financially Worse than Men? Evidence from Married and Cohabiting Couples

Cwynar¹

2021

CEBR

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“…The Polish literature is less related to the behavior of the citizens. Cwynar (2020) checked one of the aspects associated with the behavior of Polish Millennials. He proved that financial competences of Polish Millennials have a positive effect on healthy credit management.…”

Section: Introductionmentioning

confidence: 99%

Household’s Overindebtedness during the COVID-19 Crisis: The Role of Debt and Financial Literacy

Kurowski

2021

Risks

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The COVID-19 pandemic has shown how important it is to prepare one’s own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our budget management decisions. Therefore, the aim of the article is to check whether households with a higher level of financial and debt literacy have better management skills from the perspective of a household’s budget, which in the face of a crisis reduces the risk of individuals not paying their liabilities. Thus, at the turn of June and July 2020, we conducted surveys among 1300 Polish citizens. Using the multinomial logistic regression, we show that people with a higher financial and debt literacy are less affected by overindebtedness. During the crisis, people who have a higher debt literacy are better prepared to manage credit liabilities; in this situation, financial literacy is less important. In addition, the type of credit experience turned out to be significant. Respondents who have experience with consumer loans (potentially high-margin products) are more likely to have debt repayment problems than those with mortgage loans experiences.

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“…Penelitian ini mengambil responden dari generasi milenial yang merasakan dampak krisis ekonomi dalam usia produktifnya saat ini. Generasi Milenial yang lahir dalam rentang waktu 1981-2000 adalah generasi Y yang percaya diri, modern, ekspresif, berpikir liberal, terbuka terhadap inovasi, suka tantangan dan generasi lebih muda dimanjakan dengan kepraktisan, dimana generasi ini bertumbuh seiring berkembangnya era teknologi komputer dan internet (Cwynar, 2020). Generasi milenial ini sangat merasakan manfaat dan bergantung sekali dari kemajuan teknologi melalui internet, software computer, fintech, artifisial intelijen dan lain-lain.…”

Section: Pendahuluanunclassified

“…Hasil empiris ini menemukan sikap keuangan generasi milenial dalam responden dimana usia mayoritas 20-30 tahun dan pendidikan mayoritas setara SMU, masih belum memiliki kesadaran mengenai sikap keuangan untuk target mencapai kesejahteraan keuangan. Temuan penelitian ini berbeda dengan penelitian terdahulu yang menggambarkan arah positif dimana sikap keuangan yang semakin baik akan semakin sejahtera secara keuangan (Cwynar, 2020;Michael Collins & Urban, 2020;Philippas & Avdoulas, 2020dan Yuesti et al, 2020. Philippas & Avdoulas (2020) mengemukan kesejahteraan keuangan adalah hasil terbaik dari sikap keuangan, sikap keuangan yang sehat dan positif akan mencapai kesejahteraan keuangan lebih tinggi.…”

Section: Pembahasanunclassified

“…Hasil pengujian H3 menunjukkan perilaku keuangan mampu memberi dampak positif signifikan terhadap penyerapan literasi keuangan. Bukti empiris penelitian ini membenarkan temuan terdahulu dari Rai et al (2019), Santini, F. et al, (2019), Yuesti et al (2020), Cwynar (2020), dan Philippas & Avdoulas (2020). Hasil ini meyakinkan bahwa semakin baik seseorang menerapkan perilaku keuangan, maka semakin dapat mengoptimalkan pengetahuan dan penerapan literasi keuangan.…”

Section: Pembahasanunclassified

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Peran Penyerapan Literasi Keuangan Terhadap Kesejahteraan Keuangan Generasi Milenial pada Masa Pandemi Covid-19

Parulian

Tan

2021

J. pengemb. n.a.

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Pandemi COVID-19 menekan pertumbuhan ekonomi Indonesia termasuk mempengaruhi keuangan generasi milenial pekerja. Literasi keuangan yang baik akan membantu individu terhindar dari masalah keuangan, terutama selama pandemi COVID-19. Literasi keuangan dapat memfasilitasi individu untuk mengelola pendapatannya dengan baik bahkan dalam situasi pandemi COVID-19. Penelitian ini bertujuan untuk menganalisis bagaimana literasi keuangan membantu dalam kondisi pandemi COVID-19. Penelitian ini mengambil sampel sebanyak 100 responden dari generasi milenial. Penelitian ini menggunakan analisis partial least square (PLS) dengan SmartPLS. Hasil penelitian menunjukkan bahwa variabel sikap keuangan dan perilaku keuangan masa lampau berpengaruh positif terhadap literasi keuangan di masa krisis, namun variabel sikap keuangan dan perilaku keuangan masa lampau tidak ditemukan berpengaruh terhadap kesejahteraan finansial secara langsung. Implikasi dari penelitian ini adalah kemampuan literasi keuangan dari kesadaran sikap dan perilaku keuangan.Covid-19 Pandemic have a worse impact on Indonesia economy, inevitable financial condition among millennial working generations. Having good financial literacy can avoid financial problems/distress, especially during the covid-19 pandemic. Financial literacy can enhance an individual to manage their income well, even in a worse situation. This study aims to analyze how the implementation of financial literacy helps individuals during the covid-19 pandemic. The sample study is 100 individuals from the millennial generation. This study uses PLS (partial least square) method to analyze the data by using SmartPLS. The results show that past financial attitude and past financial behavior significantly influence financial literacy under challenging times. Meanwhile, the variable of past financial attitude and financial behavior has not directly affected financial well-being. The implication of this study is financial literacy from the awareness of financial attitude and financial behavior.

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Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys

Cited by 22 publications

References 58 publications

Do Women Behave Financially Worse than Men? Evidence from Married and Cohabiting Couples

Do Women Behave Financially Worse than Men? Evidence from Married and Cohabiting Couples

Household’s Overindebtedness during the COVID-19 Crisis: The Role of Debt and Financial Literacy

Peran Penyerapan Literasi Keuangan Terhadap Kesejahteraan Keuangan Generasi Milenial pada Masa Pandemi Covid-19

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