How do demographic and socioeconomic factors affect financial literacy and its variables?

Dewi, Vera Intanie

doi:10.1080/23311975.2022.2077640

Cited by 18 publications

(20 citation statements)

References 40 publications

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“…There is gender disparities in financial literacy with men deemed to be more financial literate than women, but other studies contradicted this and reveal that females are more likely to use budget more than males (Lusardi & Tufano, 2015). This is in line with Dewi (2022) who found that males were less capable of managing money than females. Thus, females were more skilled and managed finances better than males.…”

Section: Gender and Use Of A Budgetmentioning

confidence: 65%

“…The modern economy increasingly necessitates more complex and sometimes confusing choices from consumers. These choices are affected by their socio-economic status and demographic factors (Dewi, 2022;Siegfried & Wuttke, 2021). There is evidence that socioeconomic and demographic factors such as age, gender, income level, education and work experience are important in financial literacy (Chen & Volpe, 2002;Beal & Delpachitra, 2003;Murphy, 2005;Worthington, 2006;Buckland, 2010;Lusardi & Mitchell, 2011;Xu & Zia, 2012;Potrich et al, 2018;).…”

Section: Introductionmentioning

confidence: 99%

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The relationship between demographic factors and financial literacy

Ndou

2023

IJRBS

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Recently, demographic factors that influence financial literacy have become increasingly important for policymakers than ever before. The primary purpose of this study was to establish the relationship between demographic factors and financial literacy among adults in a rural and low-income areas of South Africa. The objectives were to determine which gender uses a budget, which age cohort keeps copies of financial documents, which category of education level is saving for retirement, and the correlation between education level and saving for retirement. Descriptive statistics and correlation analysis were used to analysed data. The results showed that males used a budget more than females by a low margin. Adults struggled to keep copies of financial documents; however, adults between the ages of 41-50 kept copies of financial documents the most. Those with matric were better savers for retirement than other levels of education, besides the fact that most adults were not saving for retirement. The study also revealed a negative correlation between education level and retirement savings. Thus, the relationship between demographic factors and financial literacy was negative. The study concludes by suggesting interventions that could help adults improve their financial literacy and manage and sustain their financial well-being.

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Section: Gender and Use Of A Budgetmentioning

confidence: 65%

Section: Introductionmentioning

confidence: 99%

The relationship between demographic factors and financial literacy

Ndou

2023

IJRBS

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“…The level of education can be a factor that distinguishes the financial knowledge possessed by a person, so this results in different financial behaviors (Potrich et al, 2016). However, another demographic factor affects financial behavior, namely age, where age shows a person's maturity in understanding financial knowledge (Dewi & Dewi, 2022). From the discussion above, the concept of factors that affect financial behavior in university students can be figured out as the following:…”

Section: Discussionmentioning

confidence: 99%

Factors Influencing Financial Behavior of Undergraduate Students: A Systematic Review

Sahid¹,

Nuris²,

Hussin³

2023

R. Econ. and Finan.

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The lifestyle of undergraduate students in managing finances determines their future in terms of financial management. Good student financial behavior comes from good financial planning and management as well. Students' financial behavior has various forms, including saving behavior, spending behavior, and financial planning. Financial behavior in university students is determined by the income of parents and the level of education of parents. Financial education provided by parents to children will affect student behavior in managing finances. The research focusedon determining factors influencing the financial behavior of university students. The authors use methods of the systematic literature reviewwithPRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis). The resultsshowed that the factors mentioned in the article that influence financial behavior are financial attitude, financial education, financial planning, financial literacy, financial knowledge, financial socialization, financial self-efficacy, financial skills, financial threat, and demographic factors. The authorsconcludethat financial behavior can be influenced by 10 (ten) factors in which financial attitude and financial education are the most dominant factor because these factors are the basis of individuals' or students' financial behavior. Suggestions for further research is that research should examine financial behavior in households and other relevant sectors.

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“…Social networks play a significant role in the success of a business unit (Anwar et al, 2020;Tarighi et al, 2022). The network explains the resources used by business owners to lower transaction costs and hazards and enhance access to business ideas, information, and finance (Dewi, 2022;Purwidianti et al, 2022). A social network is made up of several official and informal connections between the main character and people in a close-knit group, and it explains the pathways by which an entrepreneur can acquire the resources they need to launch, grow, and succeed in their firm.…”

Section: Social Capital-based Financial Literacymentioning

confidence: 99%

“…The relationship between entrepreneurs and each other has not been so calculated to be involved in influencing the performance of an MSME (Ghardallou, 2022;Jousairi, 2006;Purwidianti et al, 2022). The background of the Indonesian people, most of whom still prioritize the principle of kinship and still uphold the culture in the region, is one of the factors that make social capital increasingly contribute to the ability of MSMEs to run a (Dewi, 2022;Khanra et al, 2022;Mertha Adnyana & Sudaryati, 2022) These factors are permanently embedded in the spirit of entrepreneurs, so strengthening social networks based on cultural backgrounds and local wisdom is necessary in Indonesia's business world. Local people in Indonesia already have wealthy local wisdom.…”

Section: Introductionmentioning

confidence: 99%

Social capital-based financial literacy to improve business performance: a narrative review

Meitriana

Yuliarmi

Utama

et al. 2022

Int. J. on Social Sci, Econ and Art

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MSMEs typically do not comprehend the financial products provided by financial institutions. This harms corporate performance. This study's objective is to examine the role of financial literacy based on social capital, the function of financial literacy in the business performance of MSMEs, and the impact of social capital in enhancing business performance. The Scale guides the writing of narrative reviews for the Assessment of Narrative Review Articles. The article's notability is determined independently by examining the title and abstract. Articles were searched using the databases of Google Scholars, Science Direct, Emerald, Taylor Francis, and SciFinder with the keywords' financial literacy', 'social capital,' 'business performance,' 'MSMEs,' 'microenterprises,' 'finance,' and 'civic organizations. The results show that high financial iterations both help entrepreneurs in making financial decisions well and have a positive effect on business performance. If MSME owners are 'blind' to the organization's finances, insufficient financial knowledge will have implications for a decrease in the ability to compete, loss of access to financing sources, and failure of MSMEs. A high level of social capital can make it easier for people to work together in related fields and help the MSME sector and business performance.

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How do demographic and socioeconomic factors affect financial literacy and its variables?

Cited by 18 publications

References 40 publications

The relationship between demographic factors and financial literacy

The relationship between demographic factors and financial literacy

Factors Influencing Financial Behavior of Undergraduate Students: A Systematic Review

Social capital-based financial literacy to improve business performance: a narrative review

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