Identifying Financially Illiterate Groups: An International Comparison

Beckker, Kenneth De; Witte, Kristof De; Campenhout, Geert Van

doi:10.2139/ssrn.3360483

Cited by 9 publications

(13 citation statements)

References 33 publications

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“…Based on the results it can be stated that although young adults differ from older generations in a number of aspects regarding financial attitudes and behaviour, they themselves form a quite heterogeneous group. This statement is in accordance with findings of Sinha et al (2018) or De Beckker et al (2019, who also emphasize the importance of different groups in the same age-group. We may further deepen the picture and knowledge about them if we divide them into smaller groups, thus, create segments.…”

Section: Discussionsupporting

confidence: 92%

Anxious spenders: Background factors of financial vulnerability

Németh¹,

Zsótér²

2019

Economics &Amp; Sociology

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1) Background: Financial literacy, its attitudinal and behavioral components are subject to increasing awareness in Hungary, especially after the economical crisis of 2018. 2) Methods: Our study examines the selected aspects of the Hungarian young adults' behavior, using the data of the survey conducted on a representative sample to compare financial knowledge, attitudes, behaviors and habits of the 18-35 year-olds with the group of older ones. We also analyze what kind can describe the selected groups, and whether clusters can be established. 3) Results: Financial consciousness and setting long-term financial goals are less typical among young adults. They intend to reach their financial aims not by decreasing their costs or saving but rather by preparing action plans or undertaking more work. Three clusters were identified: worried spenders, satisfied risk-takers and careful considerers. 4) Conclusions: Financial vulnerability is specific to the worried spenders, this cluster represents almost a quarter of young adults. They live for today, financial problems make their existence harder, this, in turn, causes depression, they do not dispose savings. Furthermore, when comparing this cluster to the two other clusters, their financial knowledge and skills are of lower level, less of them make a budget, their income is lower and they tend not to set financial goals as such. JEL Classification: A22financially vulnerable groups have, what information they use for orientation, how they deal with their finances and how they see their own competencies. We are convinced that before any good-intentioned intervention it is important to examine the distinctive features of the social group in need for support, especially in the field of attitudes and behavioural patterns.

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Section: Discussionsupporting

confidence: 92%

Anxious spenders: Background factors of financial vulnerability

Németh¹,

Zsótér²

2019

Economics &Amp; Sociology

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“…The results of our study confirm the generally low level of financial literacy found in most other studies, especially in France. This problem has been recurrent for a long time (De Beckker et al, 2019;Xiao and Porto, 2017). Thus, since 2002, the OECD has officially recognized the importance of financial education through the launch of a dedicated global project.…”

Section: Discussionmentioning

confidence: 99%

Financial literacy, education and risk aversion: a survey of French students

Fur

Outreville²

2022

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PurposeFinancial literacy is generally seen as an important factor explaining a broader set of investment behaviors. In the context of a weak financial knowledge in France, this article focuses on the particular situation of Generation Z (individuals born after 1995) and more particularly management students likely to be involved in financial decisions in the near future.Design/methodology/approachThe analysis is based on a survey conducted in the Fall of 2019, through a questionnaire distributed to 300 students enrolled in a French business school.FindingsThe results indicate that financial knowledge is poor for students who do not follow a specialized course in finance. This research also demonstrates the importance of risk behavior, showing that risk adverse students are also those with the lowest level of financial literacy.Originality/valueThis article contributes to the academic literature by focusing on students in France. It is the first study to examine Gen Z financial literacy and its implications. It raises awareness on the importance of financial education in the education curriculum.

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“…Another factor that might impact the results was the financial literacy of our sample. Recent studies suggest that the higher the literacy the more financial products the person holds [De Beckker et al, 2019] and that the family is the key variable in the development of such skills [Mancebón et al, 2019]. It would require more research to find out whether financial literacy is the moderator of a relation between various brand narratives and brand associations in such product category, as it was found to moderate a relation between financial education and sound personal finance [Son and Park, 2019].…”

Section: Discussionmentioning

confidence: 99%

Don’t tell me stories – the narratives of retirement and their relation with brand associations

Hajdas

Radomska

Szpulak

et al. 2022

International Journal of Management and Economics

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Purpose The concept of cultural branding based on various narratives has been established in the marketing literature, but there is a lack of studies linking this concept with brand-related effects. The aim of this paper is to explore and explain the possible relationships between various brand narratives based on the changing meaning of retirement and brand associations. Design/methodology/approach An experimental design was used to test the proposed conceptual model and examine the impact of brand narrative on brand associations. Data were collected using an online survey from a random group of 432 respondents and analyzed using MANOVA. Findings Our research did not confirm that in the case of financial products, brand narratives represented by distinctive retirement cultural codes had an impact on brand associations. Partial relation was found only for brand personality. Originality This is the first study that explores brand narratives’ based on cultural codes relations with brand associations.

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Identifying Financially Illiterate Groups: An International Comparison

Cited by 9 publications

References 33 publications

Anxious spenders: Background factors of financial vulnerability

Anxious spenders: Background factors of financial vulnerability

Financial literacy, education and risk aversion: a survey of French students

Don’t tell me stories – the narratives of retirement and their relation with brand associations

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