The role of learning motivation on financial knowledge among Vietnamese college students

Phung, Trang M. T.; Tran, Quoc N.; Nguyen‐Hoang, Phuong; Nguyen, Nhut H.; Tho, Nguyen Dinh

doi:10.1111/joca.12511

Cited by 6 publications

(2 citation statements)

References 101 publications

(177 reference statements)

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“…Moreover, Allen et al (2016) mention that the characteristics of the target people need to be considered for adopting a financial inclusion policy. Phung et al (2023) emphasized the role of motivation in intervention programs and financial literacy training. Diskin and Hodgins (2009) find a motivational session has a positive impact on reducing gambling behavior and less expenditure on gambling among gamblers.…”

Section: Literature Review On Motivationmentioning

confidence: 99%

Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial

Morshed,

Maharjan

2023

IJFS

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Despite the expansion of financial institutions and the proliferation of mobile financial services, reaching the unbanked and bringing them under formal financial services has become a policy concern in many developing countries. Due to the lack of financial accounts, unbanked people prefer informal, risky, and inconvenient mechanisms for receiving, sending, and transferring money. Previous studies rely much on common interventions like no account maintenance and opening fees, easy documentation processes, and money subsidies for opening financial accounts. This study aims to examine the impact of the motivational workshop on opening savings accounts through causality among the unbanked people in a setting where the respondents are unbanked despite having all the requirements and many institutional offers to open savings accounts. We encouraged the unbanked people through a one-hour-long motivational workshop to open savings accounts. Based on our cross-sectional data and randomized controlled trial experiment among the 505 unbanked rural people at Dhubil union under Sirajganj in Bangladesh, we have evidence that motivational workshop positively impacts opening accounts by 32.33 percent. However, the account opening rate differs in terms of respondent’s preference for financial institutions. Our study also finds that unbanked people have the highest preference for mobile financial services for opening accounts resulting in 15.33 percent. The result of this study has some policy implications for adopting effective strategies for universal financial access in many developing countries.

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Section: Literature Review On Motivationmentioning

confidence: 99%

Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial

Morshed,

Maharjan

2023

IJFS

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“…Motivating students to study in school and succeed is the biggest challenge and needs educators' special attention. Educators believe motivation influences what students learn and how well they apply these skills and knowledge (Filgona et al, 2020;Phung et al, 2022). However, the facts show that students' learning motivation is still low.…”

Section: Introductionmentioning

confidence: 99%

Implementation of Augmented Reality In Biology Learning: Its Effect on Learning Motivation and Retention

Tamam

Qomaria

2023

JERE

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One of the causes of low motivation and retention is the inaccuracy of the learning strategies applied. Therefore, it is necessary to update learning in order to be able to provide digital skills to students through the implementation of technology. This study aims to analyze the effect of implementing augmented reality on learning motivation and student retention in biology learning. This research is a quasi-experimental study with a Non-equivalent Pretest-Posttest Control Group Design. The research was conducted in class X SMA with a total sample of 65 students. The selection of samples was done randomly. Learning motivation was measured using a questionnaire of 36 question items and a Likert scale of 5 points. Retention was measured using an essay test. The test results were then measured using rubric with a scale of 0-4. Data were analyzed using a single ANCOVA with a pretest as the covariate. The results showed a significant effect of AR implementation on students' motivation and retention in biology learning. These results indicate that AR can be a solution as a pedagogical resource to increase motivation and empower retention.

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Financial literacy and risk-taking behavior: a study of graduates and undergraduates

Phung

2024

JARHE

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PurposeThis study examines the relationship between financial literacy and risk-taking behavior in the stock market for both graduates and undergraduates.Design/methodology/approachThis study conducted two surveys on two groups: graduates and undergraduates. The questionnaires were sent to the two groups via “Google Form”. The surveys were undertaken from March to October 2021, with final data on 500 undergraduates and 400 graduates. The three techniques used are multiple linear regression (MLR), structural equation model (SEM) and ordinal logit regression (OLR) to examine the causal relationships.FindingsBased on survey data on 400 graduate and 500 undergraduate students, our results show that financial literacy is positively associated with risk-taking behavior (i.e. use of debt and willingness to use debt) after controlling for demographics. Graduates with higher levels of financial literacy are more likely to use debt. Undergraduates with higher levels of financial literacy are more willing to use debt. In addition, parental education has a significant moderating effect on the association between financial literacy and debt use among undergraduate students. The results are robust compared to the alternatives.Research limitations/implicationsAlthough this study finds a positive association between financial literacy and risk-taking behavior among graduates and undergraduates, and these results are robust to the alternatives, the scope of this study is limited and only focuses on Vietnam. Hence, it needs to be expanded overseas. Next, graduates may make investment decisions based on stock prices or valuations, and as a result, the link between financial literacy and stock valuations should be investigated in subsequent research. Last but not least, further studies should also examine the digital financial literacy level of the younger generation, as it plays an important role in the digital age.Practical implicationsFirst, this study finds that higher financial literacy tends to use more debt, implying that financially literate people know how to use debt smartly to earn more profits. Second, students with higher-educated parents are less likely to use debt for stock investment, meaning that parents help students avoid possible risks while in the university. Finally, female graduates and college students all perform lower in financial literacy than their male counterparts. This can create a larger gender gap in financial literacy between women and men, particularly, in a society in which men often play the leading role in the family. As a result, it calls for policymakers, educators and parents to pay more attention to improving financial literacy among girls and women in general.Originality/valueThis study has three contributions. First, this is the first study to examine the impact of financial literacy on risk-taking behavior between two groups of graduates and undergraduates. The results show that individuals with a higher level of financial literacy are more likely to engage in risk-taking behavior (i.e. debt use) in terms of the stock market. Recent research, for example, Phung et al. (2022), examines investors’ informal debt (from families and friends), while this study investigates graduates’ debt use (from brokerage firms). Second, parental education is a significant mediator between college students’ financial literacy and debt use. The literature on parental socialization mainly documents parents’ direct influence on children’s financial knowledge and performance (Shim et al., 2010; Phung, 2023). Unlike previous research, this study finds that parental education plays a moderating role between college students’ financial literacy and their risk-taking behavior. Finally, three methods and multiple models are used to test causal relationships. The results are robust compared to the alternatives.

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The role of learning motivation on financial knowledge among Vietnamese college students

Cited by 6 publications

References 101 publications

Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial

Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial

Implementation of Augmented Reality In Biology Learning: Its Effect on Learning Motivation and Retention

Financial literacy and risk-taking behavior: a study of graduates and undergraduates

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