Educators and Economics Financial Literacy among Faculty in Higher Education Institutions (original) (raw)
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Revista Gestão Inovação e Tecnologias, 2021
In todays' complex and fast-changing economy, financial literacy is an essential skill, especially for the economically deprived. Due to the recent pandemic Covid-19, the importance of financial knowledge and behaviour occupied a prominent place in India and worldwide. Many individuals suffered during this pandemic period since they do not have sufficient savings and investment to use critical situations and do not have regular earnings. But financial education is not the only skill needed to have appropriate economic behaviour. The study's objective is to analyse and understand teachers' financial knowledge and behaviour working in higher learning institutions in Hyderabad since they are instrumental in moulding their student community to uplift the economy. Adopted a structured questionnaire for this study, which contains two sections: section 1 contains Socio-demographic variables, and section 2 consists of variables relating to financial numeracy, knowledge, attitude and behaviour. Descriptive analysis has been used to analyse the data and found that only 21% of the teachers' possess a higher level of financial numeracy skills, 23% have a higher level of knowledge in finance. Concerning financial behaviour, 48.5% of teachers working in higher learning institutions in Hyderbad have high financial behaviour. This study can help different stakeholders such as policymakers, academic institutions, and corporate entities enhance literacy levels in finance in general and teachers working in higher learning institutions to improve individuals' economic wellness.
Siddhartha Journal of Academics, 2022
This research intends to investigate how financial literacy affects the financial behavior of schoollevel teachers in Kapilvastu district. This context for research has been generated to answer whether the literacy is ultimate cause of financial practice behavior. Primary data-based descriptive research through close-ended structured questionnaire data was collected among school-level teachers in Kapilvastu, Nepal. The regression analysis was used to explore the relationship between independent variables and dependent variables. The relationship between financial literacy and financial behavior is significant. This paper showed that financial literacy acts as the cause of financial behavior. The study provided the proper ideas to policymakers on the extension of financial literacy via schoollevel curriculum.
A Study on the Impact of Financial Literacy on the Financial Behaviour of College Students
International Journal of Innovative Research in Engineering & Multidisciplinary Physical Sciences, 2021
Financial literacy is increasingly vital as it has become essential that individuals acquire the skills to be able to survive in modern society and cope with the increasing diversity and complexity of financial products and services available. Financial literacy is the ability to take effective and sound decisions regarding the use and management of money. In the current era, no one can deny the importance of proper decision-making in the finance sector. If someone is not having enough financial literacy, how can he or she plan for a secure future! Especially when we talk about financial literacy among the students it is always a big matter because ultimately, they are the future of the country. The main objective of the study is to analyse the impact of financial literacy on the financial behaviour of college students. And also, the study examines the level of financial literacy among college students in India by evaluating the influence of various demographic factors like gender, ...
Shodha Prabha (UGC CARE Journal), 2023
Teachers have a critical role in the formation of a good society. Away from academics, they have the power to affect and positively impact many elements of our lives. Teachers serve as role models for students. A person with good financial sense can better arrange his or her personal finances; if teachers possessed financial literacy and personal finance skills, it would undoubtedly help the younger generation to become fiscally and socially responsible citizens. This study was undertaken in this context to learn about the level of financial literacy and its impact on personal financial planning of higher education teachers. A sample of 100 respondents was chosen for this study using stratified random sampling. A survey methodology has adopted with the design of self-administered questionnaire to capture the relevant information from respondents. The replies were measured using a five-point Likert scale. For data analysis, a one-sample t test was performed. According to the findings, demographic considerations have a considerable impact on personal financial planning.
The Financial Literacy of College Students: Evidence From India
ASR Chiang Mai University Journal of Social Sciences and Humanities
This article attempts to assess the financial literacy of college students in India through the application of a questionnaire. The OECD/INFE Toolkit for Measuring Financial Literacy was employed to collect primary data from a random sample of 400 active university students, using financial behavior, financial knowledge, and financial attitude as variables. Data was analyzed by descriptive statistics using SPSS. This study finds that the Indian students surveyed have low financial literacy, with a score of 11.82 on a scale of 21. Students have very low awareness of compound interest, the erosion of buying power due to inflation, the benefits of diversification, and the use of credible information for financial decision-making. Financial literacy is indispensable for making proper financial decisions and financial education is important for students. Increased financial literacy will result in less financial concern and greater financial wellbeing. Keywords: Financial literacy, Finan...
Financial education, financial literacy, and financial Behaviour: What does really matter?
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This study aims to determine the effect of financial education, financial literacy, and financial behaviour from teacher's perspective. Primary data were obtained using questionnaire to measure all variables by surveying 96 teachers of senior high school and vocational school in Greater Jakarta, Indonesia. Due to the different scales in measuring the variables, data were analysed using Structural Equation Model-Partial Least Square. The findings conclude that there was a positive relationship between financial literacy and financial behaviour, but financial education had an insignificant effect on financial behaviour and financial literacy.
Financial Literacy: A Way to Increase Prosperity
Financial literacy not only influences the financial decision and quality of life of an individual but it significantly influences the economic development of a nation. But the financial literacy level is remarkably low worldwide especially in developing countries like India. It leads to the poverty, poor access to finance and wrong decision making in investment. The researcher identifying five significant factors influencing financial literacy on the basis of a literature review. For obtaining the results, structural equation modeling (SEM) has been utilized to examine the 334 individual data, collected by the researchers with aiming to improve financial literacy. The result of the study shows that financial education, financial behavior, financial inclusion are significantly influenced the financial literacy however financial attitude has no significant effect. The outcome of the study will help the government and nongovernment institutions to policy and strategy formulation for further improvement of the level of financial literacy. Tathapi
Financial Literacy – What and Why Should We Improve
EURASIAN JOURNAL OF SOCIAL SCIENCES, 2019
Financial literacy has become a necessary skill for life and employment. This paper aims to introduce the research findings from a survey conducted in higher education institutions. 522 students participated in the poll. The main goal of this study was to analyze the financial literacy of students in Estonia. The standardized survey method of data collection was used and logit regression model was chosen to examine the impact of financial and non-financial variables on the financial literacy of respondents. The survey revealed that financial literacy of students is affected by gender, nationality, age and academic discipline. However, the level of education the students pursue, the work experience of the students and the level of education of the parents does not affect the level of financial literacy. The main conclusions of this study were that students' financial literacy level in Estonia was low and students' interest for long-term planning was not very high. 51% of the respondents had low level of financial literacy, only 3.4% plan their financial affairs in advance on a several years basis and 55.9% have considered retirement funding. These results have important implication for policy makers and further researchers to develop better strategies for financial education.
isara solutions, 2020
This paper highlights the financial literacy and knowledge of financial management among students of Delhi, NCR, reviews previous efforts to promote financial literacy and knowledge, and discusses new directions for such initiatives. Through case study papers issues relating to scaling up raised and examined six main emerging strategies for achieving greater impact of the present study. The first strategy of scaling up is through Knowledge of financial concepts, second is through Ability to use financial concepts, third is by Aptitude in managing personal finances and the fourth Skill in making appropriate financial decisions, fifth is Financial Management and planning future financial needs, and finally financial literacy level of different socio economic demographic factors. The results of this study have several important implications for the suggestions of the study will be given to various Banks/ Financial institutions/ Insurance companies/SEBI or other financial regulators of the country to tie up with various boards, universities & educational institutions so as to run campaigns or curriculums for providing knowledge of financial management to inculcate financial literacy and financial education among various university students.