The outcome of the research work explains that financial attitude of working women is highly associated with financial literacy level. Ibrahim and Alqaydi (2013) concluded that education can improve personal financial attitude, thereby reducing dependence on credit cards. It means financial attitude and financial behaviour are correlated. Personal Finance Survey: ... On a scale of 1-5, how necessary or important do you feel it is for you to work with a financial … This free survey template is designed to ask individuals about their knowledge and experience with personal finances, mortgages, credit scores, etc. (, Lusardi, A., Mitchell, O. S., Curto, V. (, Potrich, A. C. G., Vieira, K. M., Kirch, G. (, Shim, S., Xiao, J. J., Barber, B. L., Lyons, A. C. (, Sohn, S. H., Joo, S. H., Grable, J. E., Lee, S., Kim, M. (, Van Rooij, M., Lusardi, A., Alessie, R. (, Vitt, L. A., Anderson, C., Kent, J., Lyter, D., M., Siegenthaler, J., K., Ward, J. Nearly all the countries in the world are facing the problem of financial literacy. Methodology The OECD/INFE questionnaire included in this toolkit is designed to collect relevant information about financial literacy and financial inclusion within a country, 4 and to compare levels of financial literacy and financial … Financial attitude is an independent variable for which the scale developed by Shockey (2002) and OECD (2013) have been used. This research is made possible by the generous support of the American people through the United States Agency for International Development (USAID). Lean Library can solve it. Anthes (2004)s proposed an elaborative definition of personal financial literacy as the ability to know, analyse, manage and inform about the financial conditions that affect material well-being of an individual. The researchers succeeded in testing factor-wise reliability and validity that is coded in Table 2. © 2019 The Authors. Howlett et al. Free PDF. Instructions. The first one is that it helps to understand the financial behaviour of working women in Delhi. The current study is not free from limitations. For more information view the SAGE Journals Article Sharing page. The present work is based on data collection through well-structured questionnaire. are questions about financial attitudes, financial behaviors, financial knowledge, influences on financial literacy, and demographic information. Second, the study covers financial literacy among working women only which may not be applicable to non-working women, financial literacy of men and students, etc. At last, only three variables of financial literacy have been included for the study while other variables such as influences of socialization agent, cultural influences and issues related to family and environment are also important. In this questionnaire you are being asked questions about your experience with money matters in school and outside of school. Sages and Grable (2009) produced evidence in their study that individuals with lower level of financial risk tolerance face difficulty in financial decision, and they are unsatisfied with their financial management competency. Diacon (2004) concluded in his study on financial literacy that financial knowledge and risk-taking capacity of financial experts are more than lay people. A structured questionnaire designed on a 5-point Likert scale has been used based on purposive sampling, and the goodness of fit is determined by analysis of moments structures (AMOS) by … Thus, based on the research works mentioned earlier in this article, researchers have formulated and tested following hypothesis to state the association of financial attitude and level of financial literacy. The results suggest a low level of financial literacy … Financial behaviour is also an independent variable which is measured by the scale developed by OECD (2013) and Shockey (2002). PDF. Student Financial Literacy Survey The purpose of this survey is to measure the needs of financial education for students at South Seattle Community College. Financial literacy level among men is increasingly faster than in women; however, women with higher incomes are more confident in their personal finance and have higher financial literacy level. Login failed. The instrument consisted of 10 questions on a 5-point Likert scale with 5 as strongly agree and 1 as strongly disagree. A combination of dichotomous and Likert scale questions were used for the survey. Please check you selected the correct society from the list and entered the user name and password you use to log in to your society website. As India is facing financial illiteracy especially among women, the present study attempts to find out the association of financial knowledge, financial attitude and financial behaviour of working women with their financial literacy level. Thus, H1 and H2 have been accepted in the study. Thus, the findings of this study support H1 and H2, but it does not support H3. Men possess more financial understanding than women. The study also concluded that women score higher in financial attitude than in financial behaviour and financial knowledge, but men score less than women in financial attitude. Developing better financial … You can be signed in via any or all of the methods shown below at the same time. However, people carrying less financial knowledge tend to restrict their financial decisions to outstanding debts, credit cards in place of cheaper alternatives, etc. Create a link to share a read only version of this article with your colleagues and friends. Feeble money management can influence the behaviour of consumers in such a way that make them more sensitive to a financial crisis. The present work gives insight in order to enhance their financial literacy. For Atkinson and Messy (2012), a positive financial behaviour of individual such as appropriate planning for expenditures and caring financial stability enhances their financial literacy level, whereas negative financial behaviour like largely depending upon credits and loans weaken their financial well-being. The training consisted of 18 sessions covering basics of financial literacy and employment–related soft skills. The findings of this study suggest that ... personal financial literacy … Please read and accept the terms and conditions and check the box to generate a sharing link. Bonga and Mlambo (2016) highlighted concern on financial literacy improvement among women, particularly in developing nations. Moreover, the outcomes of this study are based on primary and secondary data which have its own limitations. Third, the sample size taken for the study is very small. The model consists of three exogenous variables, that is, financial attitude (FA), financial behaviour (FB) and financial knowledge (FK), of working women and one endogenous variable, that is, financial literacy (FL; Figure 1). The e-mail addresses that you supply to use this service will not be used for any other purpose without your consent. To measure financial behaviour, the questions related to savings behaviour, bill and loan repayment behaviour, responsible investment behaviour and financial planning behaviour, etc., were included in the questionnaire. (, Yoong, F. J., See, B. L., Baronovich, D. L. (. Some society journals require you to create a personal profile, then activate your society account, You are adding the following journals to your email alerts, Did you struggle to get access to this article? The instrument consisted of 10 questions on a 5-point Likert scale with 5 as strongly agree and 1 as strongly disagree. The Financial Literacy Questionnaire can be used to collect information about financial literacy within a country, and to compare levels of financial literacy … Ajzen (1991) identified that financial attitudes are the outcome of a certain behaviour of a decision-maker and the attitude can be entrenched through their economic and non-economic beliefs. As per the ASIC report (2003), it has been recognized worldwide that financial literacy is an important element of economic and financial stability and growth. or. We use cookies to help provide and enhance our service and tailor content and ads. De Bassa Scheresberg (2013) noted that people with higher level of financial literacy are more confident in making personal financial decision and their monetary outcomes are appropriate. Create a free account to … Thus, this definition reveals that the three important determinants to examine financial literacy are financial knowledge, financial behaviour and financial attitude. This product could help you, Accessing resources off campus can be a challenge. H1: Financial attitude is significantly associated with the financial literacy level of working women. If there is a question you do not feel comfortable answering, you may skip it. The email address and/or password entered does not match our records, please check and try again. Since the examination has been done on the basis of self-structures questionnaire, it can lead the chances of biasness. Van Rooij, Lusardi, and Alessie (2011) identified that financial knowledge has positive association with retirement planning and individuals possessing financial knowledge are more financial literate. Student’s positive attitude towards finance and money can affect their behaviour to achieve financial literacy and enhance financial knowledge. Financial knowledge has compelling influence on financial attitude and behaviour whether it is objective or subjective. Advancing Financial Strategies to Achieve Financial Well-being. Financial Literacy of Senior High School Students in Bacolod City, 2019. The difference in financial literacy level has been found on the basis of demographic variables such as gender, age, income and qualification (Lusardi, Mitchell, & Curto, 2010). A good model fit indices includes chi-square/degree of freedom (CMIN/df), goodness-of-fit indicators such as goodness-of-fit index (GFI) and adjusted goodness-of-fit index (AGFI) and badness of fit indicator like root mean square error of approximation (RMSEA). Financial knowledge (0.398, p < 0.05) does not indicate a significant association with dependent variable financial literacy. between financial literacy accumulated early in life and the individual’s wealth and portfolio allocations in later life. All these variables could be investigated in future research. The next limitation is related to regression model used for this study. This site uses cookies. Kamini Rai is working as an associate professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 8 years in academia. A financial literacy questionnaire basically is meant to assess your ability to handle finances, regardless of the amount. A structured online questionnaire was distributed to working women for data collection. The financial behavior mean score is created using questions 3, 4, and 5. (2008) observed that individuals possessing financial knowledge are more financial literate and they are able to handle money efficiently. The result of this study has been supported by various past researches (Arora, 2016; Calamato, 2010; Haque & Zulfiqar, 2015; Huston, 2010; McCormick, 2009). To measure financial knowledge, the questions related to financial numeracy, savings and investments, borrowings, insurance, risk and return, etc., were included in the questionnaire. Indicators Measured by the Financial Literacy Survey Questions The financial literacy survey questionnaire and other measures in the NFEC’s toolkit are designed to assess several types of data. The study showcased that financial literacy level is different for men and women. Past researches concluded that there is a link between financial attitudes and financial literacy among youth (Grable & Lytton, 1998; Kasman, Heuberger, & Hammond, 2018). This result is consistent with other research studies on financial literacy that show that a woman has lower level of financial knowledge (Hung, Parker, & Yoong, 2009). For future studies, researcher can try to reduce all these limitations and can include a big sample size. Question Title ... Rate your financial behaviors on a scale … Simply select your manager software from the list below and click on download. Banerjee, Kumar, and Philip (2017) concluded that financial inclusion behaviour increases with the positive effect of financial literacy on financial awareness. Z. KNOLL Melissa Knoll (melissa.knoll@ssa.gov), Office … Members of _ can log in with their society credentials below, Kamini Rai, Shikha Dua, and Miklesh Yadav. Generally, there may be an impact of financial literacy on financial decision-making (Disney et al., 2015), because it is necessary to learn about finance in order to make the right financial … The association of financial knowledge, financial behaviour and financial attitude with financial literacy level of working women in India is not clear. The past studies show that there are positive relationships between financial knowledge, behaviour and attitude (Agarwalla, Barua, Jacob, & Varma, 2015; Bhushan & Medury, 2014). View or download all the content the society has access to. The Likert-scale soft skills questions are related to content covered in the life-skills … The authors received no financial support for the research, authorship and/or publication of this article. She can be reached at [email protected], Shikha Dua is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 4 years in academia. EFFECT OF FINANCIAL LITERACY ON PERSONAL FINANCIAL ... to complete the questionnaire in some instances hence the use of drop and pick later data collection approach. This has motivated researchers to conduct the present study. The definition of financial literacy is still unclear. The result also detected a positive and significant association of financial behaviour with financial literacy of working women. Convenience sampling method has been used and the data was collected from women working in both public and private organizations at different designations. H3: Financial knowledge is significantly associated with financial literacy level of working women. A linear additive model has been used with specified variables. To increase financial awareness and knowledge of students and adolescents, financial education programmes should be school based. The main implication of the present study has been encountered in two ways. To measure financial behaviour, the questions related to savings behaviour, bill and loan repayment behaviour, responsible investment behaviour and financial … The research results provide further scope of improvement of financial literacy of women. Sharing links are not available for this article. The researchers have also tried to investigate the relationship between these variables and their association with financial literacy by structural equation modeling (SEM), as presented in Figure 5. She can be reached at [email protected], Miklesh Yadav is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with rich experience of more than 8 years in academia. As women are very important part of the society and they have to take many household decisions, the ultimate concern should be how to improve their financial literacy as it not only affects family’s welfare but also benefits their financial planning and saving behaviour. Given that the economic education literature links financial literacy to improved worker productivity, decreased absenteeism, and entrepreneurial success, these findings are encouraging for both the students involved and for their employers in Indonesia. variables which measured by using likert scale. The aforementioned literature review supports that financial attitude is a necessary determinant to identify financial literacy of individuals, and it also influences the level of financial literacy. The study found that the initiative of improving financial literacy can make a long-term behavioural change of women. They are also very particular in using debit and credit cards. A descriptive research design has been utilized for this study. The findings suggested that financial literacy authorities of India should focus more on increasing financial knowledge of women because they have financial attitude and behaviour, but lack financial knowledge as they are showing less interest in investment avenues. According to OECD (2013), financial behaviour is very important and a fundamental component of financial literacy. The Jumpstart Coalition for Personal Financial Literacy is the group that sponsored and tested the financial literacy level of students in the United States. large scale pilot project in 13 countries. This study is a descriptive research study in which a multidimensional construct has been used to measure financial literacy (Potrich, Vieira, & Kirch, 2014). Web survey powered by SurveyMonkey.com. The values of CMIN/df less than the recommended value (Hooper, Coughlan, & Mullen, 2008; Steiger, 2007) in the model represent a better fit of the data. Download with Google Download with Facebook. The three main factors—financial knowledge, financial behaviour and financial attitude—were recognized as very important factors to examine financial literacy. The OECD average is the average of the national average scores of the 10 OECD member countries that participated in the financial literacy … The second one is that despite sound educational background and hefty amount of remuneration, they are not able to be financially independent. 6 │ 2. But negative attitude will weaken their financial decision-making power (Shim, Xiao, Barber, & Lyons, 2009; Sohn, Joo, Grable, Lee, & Kim, 2012). Financial attitudes along with financial behaviour can also affect financial well-being. Please try to answer every question. 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