Financial literacy,behavioral traits,and ePayment adoption and usage in Japan

This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

The influence of CEO’s financial literacy on SMEs technological innovation:the mediating effects of MCS and risk‑taking

Previous literature showed mixed results about the impact of CEOs’financial literacy(CFL)on small and medium-sized enterprises’(SMEs)innovation.This relationship can be motivated by relevant variables,which are missing in the previous literature and make a difference as mediators.In this sense,based on the theoretical framework related to upper echelon theory and resource-based view,this study focuses on the mediating effect of risk-taking attitude and management control systems(MCS)varia-bles.Empirical data from 310 SMEs gathered using a qualitative research questionnaire are analyzed using structural equation modeling methodology.Specifically,estimations are carried out considering the partial least square method.Findings show that MCS and managers’risk attitudes fully mediate the relationship between financial literacy(FL)and innovation.Between these two mediating variables,the implementation of MCS stands out because it also enables the mediating effect of CEOs’risk-taking in the CFL–technological innovation relationship.As the results do not support the significant direct relationship between FL and risk attitude,they confirm an indirect effect through MCS.Furthermore,based on the study findings,SMEs’directors and owners,business associations,and public authorities can improve SMEs’technological innovation by implementing training programs and policies to foster CFL.They can also acknowledge the interdependency between organizational factors and individual characteristics to enhance SMEs’technological innovation.

How does financial literacy impact on inclusive finance?

Inclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses,especially those excluded from the formal financial system.One of the leading forces affecting people’s ability to access financial services in rural areas is financial literacy.This study investigated the impacts of financial knowledge on financial access through banking,microfinance,and fintech access using the Bangladesh rural population data.We employed three econometrics models:logistic regression,probit regression,and complementary log–log regression to examine whether financial literacy significantly affects removing the barriers that prevent people from participating and using financial services to improve their lives.The empirical findings showed that knowledge regarding various financial services factors had significant impacts on getting financial access.Some variables such as profession,income level,knowledge regarding depositing and withdrawing money,and knowledge regarding interest rate highly affected the overall access to finance.The study’s results provide valuable recommendations for the policymaker to improve financial inclusion in the developing country context.A comprehensive and long-term education program should be delivered broadly to the rural population to make a big stride in financial inclusion,a key driver of poverty reduction and prosperity boosting.

Reform of Teaching Mode for College Students'Financial Literacy Training under General Education:Taking Yangtze University as an Example

The development of Internet finance has made the financial environment faced by college students more complicated.The level of financial literacy best reflects a person's sensitivity to the financial environment and flexibility to respond to financial events.Therefore,to improve the financial literacy of college students,popularizing financial knowledge is bound to become the key content of general education and teaching work in contemporary colleges and universities.In this article,taking 400 undergraduates from Yangtze University as the research object,the participation in online lending and the mastery of financial knowledge were investigated and analyzed,then the current teaching situation of financial literacy courses was introduced,and finally,a number of suggestions to improve the teaching reform of financial literacy were put forward.

The Relationships Between the Financial Literacy Levels of Individuals and Their Financial Innovation Utilization Habits： The Case of Kayseri Province

Organizations and researchers use different names and definitions for financial literacy. Although the concepts of ＂financial training＂, ＂financial awareness＂, and ＂financial sufficiency＂ are used in the literature, the concept of ＂financial literacy＂ has been recognized in Turkey. Financial literacy can be defined as the ability to comprehend financial concepts and issues so as to take proper decisions against changing financial conditions and to manage one＇s own financial status through financial planning. Financial innovation is defined in the broad sense as the products or processes developed to benefit from the profit opportunities which arise from incomplete financial markets or inefficient financial intermediation. Increasing savings through deposits and personal pensions in recent years and increasing debts through loans and credit cards have revealed a very high level of financial operations and activities in Turkey. The utilization of new financial instruments is also expected to increase with these intense financial activities. Parallel to such increases, individuals with high financial literacy levels are expected to have a higher knowledge level about new financial instruments and innovations and they are also expected to have a greater tendency to use such instruments. In accordance with these expectations, significant relationships were observed in this survey study between the financial literacy level of individuals living in Kayseri province and their utilization habits of many of financial innovations.

How Financial Literacy Affect Household Wealth

This paper is based on the research conducted in Shanghai. We use Probit model empirically analysis how financial literacy affect household wealth. The results are as follows： financial literacy does have positive effects on household financial wealth and debt, but do not have significant effect on fixed wealth. Age growth, household income growth, self-owned house and seeking for financial consultant will significantly boost household wealth. Moreover, consumer＇ s self-confidence and risk aversion have positive effects on both fixed and financial assets, but do not have significant effect on debt.

The Relationship Between Access to Finance and Growth of SMEs in the Northern Province of Sri Lanka:Financial Literacy as a Moderator

The direct effect of access to finance on the growth of Small and Medium Enterprises(SMEs)run by entrepreneurs is well studied.However,there is limited understanding on the difference in the rate of entrepreneurship growth across a nation.Further,the empirical findings relating to the financial literacy of entrepreneurs significantly differ across different geographic communities.Thus,the purpose of this study is to examine the impact of financial literacy on the relationship between access to finance and the business growth of the SME Sector in the Northern Province of Sri Lanka in the post-civil war context,as SMEs promote resilience of communities to recover from adversities such as civil war.The Indebtedness of Northern Province has suddenly increased,as there is a sharp growth evident in the average debt per family in the post-civil war context.Thus,demonstrating the lack of proper financial literacy and the discipline required to be financially stable,is a crucial benchmark for a successful business.According to the model of ambidextrous management in entrepreneurial growth companies,entrepreneurship is process where the entrepreneurial orientation turns into implementation and thereby leads to the business growth.However,the effect of access to finance to the entrepreneurs and the impact of financial literacy of the entrepreneur on this relationship are not examined.Thus,this study incorporates the effect of access to finance and the moderating effect of financial literacy to the existing model.It was evident from this study that,access to finance has a direct impact on the growth of the SMEs in the Northern Province of Sri Lanka.The result also reflects that the financial literacy and ability to make the financial decisions influence access to finance,resulting in business growth.

Social Capital,Financial Literacy and Lending Behaviour of Farmers with Different Incomes--Evidence Based on CHFS 2015 Data

Using microdata from the China Household Financial Survey Project(CHFS 2015),a negative binomial model is used to study the impact of social capital and financial literacy on the lending behavior of farmers with different incomes.The study found that the positive impact of social capital on the formal borrowing behavior of low-and middle-income farmers was significant,while the impact on informal borrowing behavior and both types of borrowing behavior of highincome farmers were not significant.Financial literacy has a significant positive effect on formal lending behavior only for high-income farmers.Financial literacy has a significant positive effect on formal lending behavior only for high-income farmers.

An Empirical Analysis of the Influence of Financial Literacy on Family Cultural Consumption - Based on the Data from CFPS

Based on the data from Chinese Family Panel Studies(CFPS),this study uses the Tobit model to empirically analyze the influence of financial literacy on family cultural consumption.This study found that the average financial literacy level of Chinese residents is still relatively low.The improvement of their financial literacy would help enhance the household cultural consumption expenditure.From this study,it is recommended that there should be an improvement in the cultural consumption of Chinese families and their quality of life by targeting financial education,raising the income level of residents,and stimulating the residents’cultural consumption willingness.

Financial Literacy:The Case of China

We scrutinized determinants of financial literacy in China-the largest developing economy,and one with a rapidly expanding financial landscape.We used the China Household Finance Survey's 2013 and 2015 waves,which included the so-called"Big Three"financial literacy questions that test individuals'understanding of compound interest rates,inflation,and risk.We found that financial literacy in the countrywas low.Our results showed that,unlike in developed countries,risk literacy in China was high and financially illiterate people's awareness of their own lack of financial skills was high.Importantly,we showed that female,old,less educated,and low-income peoplewere increasingly lagging ingaining financial skills.Thiswas especially true for the western and central regions of China.Our study complements a limited numberof studies on the financial literacy of the middle class in developing economies.

The Effects of Audit Committee Attributes on Fraudulent Financial Reporting

This study aims to examine the relationship between audit committee attributes （audit committee independence, financial expertise, meeting frequency, gender diversity, and ethnic composition） and the propensity for fraudulent financial reporting. The sample includes 116 fraudulent and non-frandulent firms listed on Bursa Malaysia from 2005 to 2010. The finding of this study indicates that audit committee independence is positively associated with fraudulent financial reporting. The higher the proportion of independent or outside directors on the committee, the higher the possibility of financial fraud, and vice versa. The results also show that the expertise of members of the audit committee is negatively associated with corporate fraud. This suggests that when audit committee members are financially literate, they are more competent to curb fraudulent financial reporting. However, the findings for frequency of audit committee meetings, gender, and ethnicity show that there is no relationship between these variables and corporate fraud. The result of this study is robust after controlling for other firm-specific effects.

Financial Education and the Evaluation of Financial Education Effectiveness

Nowadays, most people＇ s financial literacy is not high enough in face with the rapid development of economic situation.And currently the popularity of financial education is in a state of scarcity.Thus many countries have taken measures to make financial education more effective. Financial education can not only help financial consumers make wise choice, but also beneficial to the smooth operation of market economy.To some degree, it can also avoid financial crisis.This article introduces the content of financial education and the basic situation of financial education in some developed countries in the first place, and then describes the evaluation of its effectives to raise people＇ s awareness of financial education and to emphasize the necessity of the evaluation of its effectiveness.

How Financial Knowledge Affect Household Wealth

This paper is based on the research conducted in Shanghai. We use Probit model empirically analysis how tinanclal hteracy affect household wealth. The results are as follows： financial literacy does have positive effects on household financial wealth and debt, but do not have significant effect on fixed wealth. Age growth, household income growth, self-owned house and seeking for financial consultant will significantly boost household wealth. Moreover, consumer＇ s self-confidence and risk aversion have positive effects on both fixed and financial assets, but do not have significant effect on debt.

Adverse selection,loan access and default behavior in the Chilean consumer debt market

Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan amount and default.The model consists of a first-stage multinomial logit that explains the choice across the five loan types,plus the options of no access to debt due to credit constraints and a no wish for consumer debt.In the second and third stages,the model assumes a log-linear regression of the debt amount and a logit regression of the default behavior,accounting for the loan type selection probability.Identification is obtained using factors measured at different time periods for the default and the loan type choices.I find that households choose different lenders based on income,education and labor risks.Higher income and education decrease the probability of credit constraints,while increasing bank lending and debt amounts.Unemployment risk and household size increase the chances of all the loan types;however,unemployment decreases the debt amount.Age and wage volatility reduce the probability of all loans.Default decreases with income,education and age,whereas it increases with indebtedness,unemployment,household size,health shocks,and paying previous loans.Counterfactual exercises demonstrate that pension reform,higher requirements for borrowers’capacities,and financial literacy programs could substantially reduce default risk.Financial literacy could greatly reduce arrears,households with credit constraints,the number of debtors and the aggregate debt amounts,especially for non-bank lending.Highlights Chilean borrowers present heterogeneous adverse selection across lender types.No Debt Access decreases with income,age,education,but it increases with risk.Default is associated with income,unemployment,indebtedness and demographics.Paying past loans and health needs are associated with indebtedness and default.Financial literacy programs may be a powerful policy to improve the debt market.

Students and Retirement Saving Predictors

Over the past century, Americans have had significant increases in personal income yet personal savings has decreased. The researchers examine college students＇ habits and beliefs concerning saving for retirement. To our knowledge, no study has examined retirement savings among Americans in this age group. We try to determine whether a student＇s retirement savings beliefs and habits can be predicted. Using a unique survey, five indexes are constructed to assess students＇ risk-aversion level, financial background, general savings habits, financial literacy, and attitudes toward saving. This index is used to predict a similarly constructed index of retirement savings behavior. We find that our overall model is predictive of a student＇s beliefs and habits in regards to saving for retirement. In addition, the student＇s level of risk-aversion, savings beliefs and financial literacy were each independently predictive of retirement savings behavior. Various demographic influences on the constructed risk and savings variables as well as interactions are also investigated.

The Changes Need in the Educational System in the Czech Republic （and Maybe Not Only There）

This paper analyses the need to deal with the issue of financial literacy and financial knowledge. This paper is focused on researching into the knowledge and understanding of the financial literacy of young people and ways leading to improving of the situation. The survey, undertaken in the Czech Republic, is based on a sample of students （in total 432） in part of South Bohemia. In the Czech Republic, there can be seen poor legislation, aggressive advertising and behaviours, low professionalism in some financial institutions, and fraud on one side and debts and problems on the other.

Factors Affecting Investment Amongst Kenyan Footballers： A Study of Selected Footballers in Kenya

The main objective of the paper is to examine the factors that influence investment initiatives amongst Kenyan footballers who are locally based. Descriptive research design was used for the research. The population of the study comprised of the players in the Kenyan premier league teams with players on contract. Stratification was done and each stratum a simple random sample was used to select the sample of 94 respondents. The research instrument for collection of data was a questionnaire. The significance test was carried out using F-statistics to compare the means in various variables that yielded no difference in the different variables tested. Coefficient of correlation was used to test the degrees of correlation on the variables which generally resulted in all positive correlations but with different degrees. Generally, the findings were that there is a low financial literacy among the Kenyan footballers, peer and parental had great influence on the investment attitude of the footballers. There is a need to provide extra knowledge on financial matters to the Kenyan football players, the Kenyan football clubs and the stakeholders. Efforts should be done to increase football players＇ participation in the management on personal finances. Immediate measure to incorporate all stakeholders and professionals is used to initiate education and training to football players in Kenya on personal financial matters to help them invest in long-term steady income generating projects.