Financial literacy, financial distress and socioeconomic characteristics of individuals in Ghana

Karakara, Alhassan Abdul-Wakeel; Sebu, Joshua; Dasmani, Isaac

doi:10.1108/ajems-03-2021-0101

Cited by 17 publications

(15 citation statements)

References 47 publications

(54 reference statements)

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“…Financial knowledge is crucial in today's society as it affects every aspect of life, such as student loans, mortgages, credit cards, savings and health insurance (Klapper & Lusardi, 2020). Research has shown that having financial knowledge enables an individual to be more prepared for particular financial roadblocks, which reduces the likelihood of experiencing personal financial distress (Karakara et al, 2021). Financial knowledge has a significant and consistent role in financial decision-making (Karakara et al, 2021), as well as in transforming financial beliefs (such as financial attitude and perceived behavioural control) and behavioural intentions into behaviours (Popovich et al, 2020).…”

Section: Financial Knowledgementioning

confidence: 99%

“…Research has shown that having financial knowledge enables an individual to be more prepared for particular financial roadblocks, which reduces the likelihood of experiencing personal financial distress (Karakara et al, 2021). Financial knowledge has a significant and consistent role in financial decision-making (Karakara et al, 2021), as well as in transforming financial beliefs (such as financial attitude and perceived behavioural control) and behavioural intentions into behaviours (Popovich et al, 2020). Financial knowledge enhances people's financial behaviour by increasing their confidence in managing their finances (Radianto et al, 2021).…”

Section: Financial Knowledgementioning

confidence: 99%

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Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia

She

Rasiah

Weissmann

et al. 2023

FIIB Business Review

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The current study sought to explore the predictors of financial behaviour among working adults based on the theory of planned behaviour. This study employed the correlational cross-sectional questionnaire-based research design. In total, 558 samples were obtained through a purposive sampling technique. The measurement model and proposed research model were evaluated using partial least squares structure equation modelling. The findings revealed that financial knowledge is positively associated with the attitudes towards retirement, perceived behavioural control, subjective norms, and financial behaviour of working adults. In addition, the findings demonstrated that retirement attitude, perceived behavioural control, and subjective norms each had a positive relationship with behavioural intention towards planning for retirement. Furthermore, the results showed that behavioural intention and perceived behavioural control are positively associated with the financial behaviour of working adults. The findings could aid financial educators and advisors in delivering the correct blend of financial knowledge to assist working adults in making better financial decisions and practising proper financial behaviour.

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Section: Financial Knowledgementioning

confidence: 99%

Section: Financial Knowledgementioning

confidence: 99%

Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia

She

Rasiah

Weissmann

et al. 2023

FIIB Business Review

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“…This applies especially to the condition of the Indonesian people, whose financial literacy remains low relative to the Asia-Pacific region (Harahap et al , 2022). Financial literacy can be defined as a person’s knowledge and skills regarding their financial attitudes and behaviour when making financial decisions (Karakara et al , 2022). Understanding financial literacy can provide benefits, such as being able to prepare financial plans and understand financial products to determine the most appropriate (Liu et al , 2023).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Hapsari,

Mahmud,

Herianingrum

et al. 2023

IMEFM

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Purpose The purpose of this study is to analyse, firstly, whether education, financial inclusion, financial literacy and financial planning can be antecedents that affect Islamic welfare and, secondly, whether productivity can be a mediator to improve Islamic welfare. Design/methodology/approach This study involved quantitative research using data obtained from a survey. The respondents were 538 Muslim families in East Java, Indonesia. Structural equation modelling was used for the analysis. Findings This study tested 13 hypotheses, of which 10 were accepted. The accepted hypotheses refer to the effects of financial literacy on productivity, financial inclusion on productivity, financial planning on productivity, financial planning on Islamic welfare, education on Islamic welfare, productivity on Islamic welfare, financial literacy and productivity on Islamic welfare, financial inclusion and productivity on Islamic welfare and financial planning and productivity on Islamic welfare, as well as the effects of financial inclusion on Islamic welfare. Meanwhile, three hypotheses were not accepted; they refer to the effects of financial literacy on Islamic welfare, the effect of education on productivity, as well as the impact of education and productivity on Islamic welfare. Research limitations/implications The study was conducted only with respondents living in East Java, so the results depict the condition of Muslim families’ welfare in East Java. Originality/value Research into the antecedents of Islamic welfare has received little academic attention, so this study explores how education, financial inclusion, financial literacy, financial planning and productivity could affect Islamic welfare among Muslim families.

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“…Social protection describes a country's policy framework that consists of public actions taken in response to levels of vulnerability, risk, poverty and deprivation. It deals with both the vulnerabilities of the extreme poor and with the security of the nonpoor in the presence of hazards (Karakara et al, 2021). Social program like cash transfers and farm inputs subsidy, particularly among smallscale farmers, are mostly done in rural and poverty-driven communities.…”

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Assessing the Livelihood Empowerment Against Poverty (LEAP) program as a conditional income transfer: a search for a conceptual framework

Karakara

Ortsin

2022

IJSE

Self Cite

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Purpose Ghana has implemented different kinds of pro-poor program and policies since its independence to reduce poverty. The Livelihood Empowerment Against Poverty (LEAP) is one of such program. LEAP is a social cash transfer program and its implementation has been under the auspices of the Ministry of Gender, Children and Social Protection since 2008. It provides direct cash and health insurance coverage for extremely poor households across the country to alleviate short-term poverty and encourage long-term human capital development. This paper examines the LEAP program in terms of how it has achieved its aim and the opportunities for improvement.Design/methodology/approach Primary data were obtained from interviews of 110 beneficiaries of the program. The study proposes a conceptual framework that links poverty reduction and social policies to assist researchers analyze pro-poor or social cash transfer program.Findings The findings show that the program is challenged with administrative bureaucracies, irregular inflow of funds, perceived political interferences, inconsistent implementation strategies and low value of the cash transfer (which results in little or no impact on consumption). However, the data also show that LEAP has positive impacts on nonconsumption spending like children's schooling. The program' exit strategy does not impact much on beneficiaries to allow them exit without the tendency of being poor.Practical implications This paper discussed the LEAP program as a social cash transfer to the poor in Ghana. The study constructed a conceptual framework to help researchers and practitioners analyze the implementation of pro-poor interventions. This conceptualization allows for cash transfer program to empower beneficiaries and exits them to allow for other beneficiaries to enroll, ensuring reduction in poverty over time. Generally, the beneficiaries have benefited from the LEAP in the areas of consumption, education and healthcare with few beneficiaries being able to accumulate some few assets. The LEAP program has no exit plan.Originality/value This study adds to literature by offering a conceptual framework to help researchers and policy makers in dealing with social assistance policies to the poor. The study also gave an insight into how pro-poor policy strategies could be crafted.

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Financial literacy, financial distress and socioeconomic characteristics of individuals in Ghana

Cited by 17 publications

References 47 publications

Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia

Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia

Antecedents of Islamic welfare: productivity, education, and the financial aspect

Assessing the Livelihood Empowerment Against Poverty (LEAP) program as a conditional income transfer: a search for a conceptual framework

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