The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two questions: should retail investors invest in IPO offers and what types of IPOs are worth buying in the long term? The paper aims to discuss these issues.,The authors construct buy and hold equally weighted portfolios of IPOs and peers based on sales forecast, market capitalisation, and price-to-book ratio. The authors employ four benchmark-adjusted performance measures: cumulative average abnormal return (CAR), holding period return difference, wealth relative, and excess return (α).,IPOs underperform their peers over the medium and long term, with a five-year CAR ranging between −6.4 and −19.7 per cent. IPOs listed post-GFC show inferior benchmark-adjusted performance with a statistically significant average monthly CAPM α of −1.07 per cent (vs −0.13 per cent for pre-2009 IPOs). Over a five-year horizon, mature IPOs, IPOs with high market cap, high sales forecast, high leverage, low price-to-book ratio, and positive earnings forecast outperform other IPOs. Small IPOs or those with a small degree of leverage exhibit the worst five-year CAR ranging between −30.2 and −49.1 per cent. Of all IPOs examined, large firms, well-established firms, and value firms achieved positive five-year CARs of between 6.6 and 17.5 per cent.,The results are useful for retail investors and financial advisors in making sensible investment decisions.,This study is the first to utilise book-to-market and sales forecast to construct peer samples and to identify the red flags for IPO downfalls in New Zealand. It covers the longest sample period (1991-2015) in New Zealand’s context.
{"title":"Red Flags for IPO Downfalls in New Zealand","authors":"Huong Dang, Michael Jolly","doi":"10.1108/MF-05-2017-0197","DOIUrl":"https://doi.org/10.1108/MF-05-2017-0197","url":null,"abstract":"The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two questions: should retail investors invest in IPO offers and what types of IPOs are worth buying in the long term? The paper aims to discuss these issues.,The authors construct buy and hold equally weighted portfolios of IPOs and peers based on sales forecast, market capitalisation, and price-to-book ratio. The authors employ four benchmark-adjusted performance measures: cumulative average abnormal return (CAR), holding period return difference, wealth relative, and excess return (α).,IPOs underperform their peers over the medium and long term, with a five-year CAR ranging between −6.4 and −19.7 per cent. IPOs listed post-GFC show inferior benchmark-adjusted performance with a statistically significant average monthly CAPM α of −1.07 per cent (vs −0.13 per cent for pre-2009 IPOs). Over a five-year horizon, mature IPOs, IPOs with high market cap, high sales forecast, high leverage, low price-to-book ratio, and positive earnings forecast outperform other IPOs. Small IPOs or those with a small degree of leverage exhibit the worst five-year CAR ranging between −30.2 and −49.1 per cent. Of all IPOs examined, large firms, well-established firms, and value firms achieved positive five-year CARs of between 6.6 and 17.5 per cent.,The results are useful for retail investors and financial advisors in making sensible investment decisions.,This study is the first to utilise book-to-market and sales forecast to construct peer samples and to identify the red flags for IPO downfalls in New Zealand. It covers the longest sample period (1991-2015) in New Zealand’s context.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126538965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article examines the relationship between broker–borrower interaction in the origination process and subsequent mortgage performance. I show that face‐to‐face interaction between a mortgage broker and borrower before the loan funds is associated with lower levels of ex postdefault. The relation between face‐to‐face broker–borrower interaction and mortgage performance holds only for borrowers that have characteristics associated with low levels of financial literacy. Specifically, face‐to‐face interaction is negatively related to default for minorities, borrowers located in areas with low levels of education, low‐income borrowers and borrowers with low FICO scores. My results suggest that face‐to‐face interaction between the mortgage broker and borrower may reduce problems associated with financial illiteracy.
本文研究了发起过程中经纪人与借款人的互动与随后的抵押贷款履行之间的关系。我展示了在贷款资金与较低的违约后水平相关联之前，抵押贷款经纪人和借款人之间的面对面互动。face‐ face‐ face broker–借款人互动与抵押贷款绩效之间的关系仅适用于具有与低金融知识水平相关特征的借款人。具体来说，对于少数民族、教育水平低地区的借款人、低收入借款人和FICO分数低的借款人，脸与脸的互动与违约负相关。我的研究结果表明，抵押贷款经纪人和借款人之间的面对面互动可能会减少与金融文盲相关的问题。
{"title":"Financial Literacy, Broker–Borrower Interaction and Mortgage Default","authors":"James N. Conklin","doi":"10.1111/1540-6229.12140","DOIUrl":"https://doi.org/10.1111/1540-6229.12140","url":null,"abstract":"This article examines the relationship between broker–borrower interaction in the origination process and subsequent mortgage performance. I show that face‐to‐face interaction between a mortgage broker and borrower before the loan funds is associated with lower levels of ex postdefault. The relation between face‐to‐face broker–borrower interaction and mortgage performance holds only for borrowers that have characteristics associated with low levels of financial literacy. Specifically, face‐to‐face interaction is negatively related to default for minorities, borrowers located in areas with low levels of education, low‐income borrowers and borrowers with low FICO scores. My results suggest that face‐to‐face interaction between the mortgage broker and borrower may reduce problems associated with financial illiteracy.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124135889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study was conducted to determine the relationship between financial literacy and money management (spending, savings, investments and budgeting) among tertiary institution students. Tertiary education is the stage where students are at a decisive time in their lives as they move from financial dependence to financial independence. A good money management skill helps in the transfer of funds from a period of surplus to the period of deficit. Necessary sample size of 385 for the infinite population of tertiary institution students was used. The use of factor analysis was used/justified on the ground that the survey questions were largely based on patterns of behaviour and attitudes, with no ostensible right or wrong answers. Results showed positive significant relationship between all measures of money management and financial literacy. The study gives evidence of students knowledge in personal finances and the importance of a good and viable financial literacy programme so as to improve the quality of life of the young adults and their disposition to money. Results of the study are of interest to policymakers concerned with financial well-being and the balance between personal and institutional responsibility. Targeting financial education programmes on young adults that need them most could increase their effectiveness and proper plan for a better tomorrow.
{"title":"Financial Literacy and Money Management Among Tertiary Institution Students. A Study of Selected Universities in Osun-State, Nigeria","authors":"Oyınlola M. Akinyede, A. Owolabi, A. Akinola","doi":"10.2139/ssrn.2996430","DOIUrl":"https://doi.org/10.2139/ssrn.2996430","url":null,"abstract":"The study was conducted to determine the relationship between financial literacy and money management (spending, savings, investments and budgeting) among tertiary institution students. Tertiary education is the stage where students are at a decisive time in their lives as they move from financial dependence to financial independence. A good money management skill helps in the transfer of funds from a period of surplus to the period of deficit. Necessary sample size of 385 for the infinite population of tertiary institution students was used. The use of factor analysis was used/justified on the ground that the survey questions were largely based on patterns of behaviour and attitudes, with no ostensible right or wrong answers. Results showed positive significant relationship between all measures of money management and financial literacy. The study gives evidence of students knowledge in personal finances and the importance of a good and viable financial literacy programme so as to improve the quality of life of the young adults and their disposition to money. Results of the study are of interest to policymakers concerned with financial well-being and the balance between personal and institutional responsibility. Targeting financial education programmes on young adults that need them most could increase their effectiveness and proper plan for a better tomorrow.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124158686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using data from the 2012 Programme for International Students Assessment (PISA) for Italy, this paper investigates whether financial literacy skills play a role in shaping the value that high school students place on schooling. We hypothesize that higher financial literacy may foster students’ awareness of the financial and non-financial benefits of gaining additional education, together with the costs associated with poor school outcomes. We complement OLS estimates with an instrumental variable (IV) approach to recover a plausibly causal effect of financial literacy on the school outcomes of interest, namely (a) truancy and time spent on homework outside of school (time commitment to education), and (b) attitudes towards school (attitudes). Results suggest that higher financial literacy increases students’ perceived value of schooling by boosting their time commitment to education. Conversely, there is no evidence that financial literacy shapes students’ attitudes towards school. We see this finding as consistent with the idea that adolescents’ behavior is easier to measure objectively and reliably than attitudes.
{"title":"Does Financial Literacy Increase Students' Perceived Value of Schooling?","authors":"L. Pesando","doi":"10.2139/ssrn.2911865","DOIUrl":"https://doi.org/10.2139/ssrn.2911865","url":null,"abstract":"Using data from the 2012 Programme for International Students Assessment (PISA) for Italy, this paper investigates whether financial literacy skills play a role in shaping the value that high school students place on schooling. We hypothesize that higher financial literacy may foster students’ awareness of the financial and non-financial benefits of gaining additional education, together with the costs associated with poor school outcomes. We complement OLS estimates with an instrumental variable (IV) approach to recover a plausibly causal effect of financial literacy on the school outcomes of interest, namely (a) truancy and time spent on homework outside of school (time commitment to education), and (b) attitudes towards school (attitudes). Results suggest that higher financial literacy increases students’ perceived value of schooling by boosting their time commitment to education. Conversely, there is no evidence that financial literacy shapes students’ attitudes towards school. We see this finding as consistent with the idea that adolescents’ behavior is easier to measure objectively and reliably than attitudes.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130952176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sandro Ambuehl, B. Bernheim, Fulya Y. Ersoy, Donna Harris
Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial, harmful, or simply haphazard. In our laboratory experiment, face-to-face commu- nication with a randomly assigned peer significantly improves the quality of private decisions, measured by subjects’ ability to choose as if they properly understand their opportunity sets. Subjects do not merely mimic those who know better, but also make better private decisions in novel tasks. People with low financial competence experience greater improvements when their partners also exhibit low financial competence. Hence, peer-to-peer communication transmits financial decision making skills most effectively when peers are equally uninformed, rather than when an informed decision maker teaches an uninformed peer. Qualitative analysis of subjects’ discussions supports this interpretation. The provision of effective financial education to one member of a pair influences the nature of communication but but does not lead to additional improvements in the quality of the untreated partner’s decisions, particularly in novel tasks.
{"title":"Social Transmission of Financial Decision Making Skills. A Case of the Blind Leading the Blind?","authors":"Sandro Ambuehl, B. Bernheim, Fulya Y. Ersoy, Donna Harris","doi":"10.2139/SSRN.2891753","DOIUrl":"https://doi.org/10.2139/SSRN.2891753","url":null,"abstract":"Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial, harmful, or simply haphazard. In our laboratory experiment, face-to-face commu- nication with a randomly assigned peer significantly improves the quality of private decisions, measured by subjects’ ability to choose as if they properly understand their opportunity sets. Subjects do not merely mimic those who know better, but also make better private decisions in novel tasks. People with low financial competence experience greater improvements when their partners also exhibit low financial competence. Hence, peer-to-peer communication transmits financial decision making skills most effectively when peers are equally uninformed, rather than when an informed decision maker teaches an uninformed peer. Qualitative analysis of subjects’ discussions supports this interpretation. The provision of effective financial education to one member of a pair influences the nature of communication but but does not lead to additional improvements in the quality of the untreated partner’s decisions, particularly in novel tasks.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127486068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tatjana Aubram, Monika Kovarova-Simecek, Gabrielle Wanzenried
This paper analyzes the impacts of financial literacy on pension planning in Austria and Switzerland. Based on survey data of 442 individuals, we explain the pension planning behavior by the level of financial literacy as well as other relevant person- and country-specific characteristics considering in particular the differences between the Austrian and the Swiss population in terms of financial literacy, contextual and socio-demographic aspects. Our results show that higher financial literacy has a clear positive impact on the level of pension planning, whereas the Swiss population is demonstrated to be more financially literate and thus better prepared for the retirement than Austrians. The same holds for elder people compared to the younger persons and men compared to women in our sample. Overall, our results provide some potentially interesting insights on the impacts of institutional differences and financial literacy on pension planning and appear to be highly relevant in light of demographic and system changes as well as the micro- and macro-economic relevance of pension savings in both countries.
{"title":"Financial Literacy and Pension Planning – A Comparative Study for Austria and Switzerland","authors":"Tatjana Aubram, Monika Kovarova-Simecek, Gabrielle Wanzenried","doi":"10.2139/ssrn.2892726","DOIUrl":"https://doi.org/10.2139/ssrn.2892726","url":null,"abstract":"This paper analyzes the impacts of financial literacy on pension planning in Austria and Switzerland. Based on survey data of 442 individuals, we explain the pension planning behavior by the level of financial literacy as well as other relevant person- and country-specific characteristics considering in particular the differences between the Austrian and the Swiss population in terms of financial literacy, contextual and socio-demographic aspects. Our results show that higher financial literacy has a clear positive impact on the level of pension planning, whereas the Swiss population is demonstrated to be more financially literate and thus better prepared for the retirement than Austrians. The same holds for elder people compared to the younger persons and men compared to women in our sample. Overall, our results provide some potentially interesting insights on the impacts of institutional differences and financial literacy on pension planning and appear to be highly relevant in light of demographic and system changes as well as the micro- and macro-economic relevance of pension savings in both countries.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131850637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The responsible design of financial products is a topic of increasing regulatory interest (ASIC, 2014). The issues range from the performance and risks of complex financial instruments, to the marketing and advertising of products to consumers (OECD, 2013). In this research, the relationship of financial literacy to product design is examined in the context of known behavioural finance anomalies. The choice of words used to position a product on the risk-reward spectrum is examined in the context of complex financial products. The study employs semiotic analysis, a method originally from literary criticism, which is now applied to consumer choice (Mick, 1986), advertising (Adams & Garcia, 2007) and the analysis of messaging in audit reports (Hronsky, 1998) and credit risk (Bonne, 2011). This paper finds evidence of a misleading framing of risk and reward in the advertising for binary options. Our recommendation is to consider tighter guidelines on the use of language like investments, when dealing with instruments which are clearly speculative, with the financial properties of gambles.
{"title":"Product Design and Financial Literacy","authors":"Kingsley Jones","doi":"10.2139/ssrn.2842004","DOIUrl":"https://doi.org/10.2139/ssrn.2842004","url":null,"abstract":"The responsible design of financial products is a topic of increasing regulatory interest (ASIC, 2014). The issues range from the performance and risks of complex financial instruments, to the marketing and advertising of products to consumers (OECD, 2013). In this research, the relationship of financial literacy to product design is examined in the context of known behavioural finance anomalies. The choice of words used to position a product on the risk-reward spectrum is examined in the context of complex financial products. The study employs semiotic analysis, a method originally from literary criticism, which is now applied to consumer choice (Mick, 1986), advertising (Adams & Garcia, 2007) and the analysis of messaging in audit reports (Hronsky, 1998) and credit risk (Bonne, 2011). This paper finds evidence of a misleading framing of risk and reward in the advertising for binary options. Our recommendation is to consider tighter guidelines on the use of language like investments, when dealing with instruments which are clearly speculative, with the financial properties of gambles.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128884977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent years, the problem of low level of financial literacy of the population has become evident in many countries. On the one hand, it leads to a slowdown in the retail financial segment, on the other hand, it could trigger instability in the financial market. In an attempt to solve this problem, authorities of different countries have begun to develop national strategies on improving financial literacy. The starting point for working on the strategy is assessing the current level of financial knowledge among the population. However, an overview of existing approaches to assessing financial literacy of the population shows that a variety of methods is used worldwide and research is conducted unsystematically, making it difficult to monitor financial literacy at the national level and make international comparative analysis.
{"title":"Current Estimates and Problems of Financial Literacy Measurement in the World Practice","authors":"E. Khudko","doi":"10.2139/ssrn.2841187","DOIUrl":"https://doi.org/10.2139/ssrn.2841187","url":null,"abstract":"In recent years, the problem of low level of financial literacy of the population has become evident in many countries. On the one hand, it leads to a slowdown in the retail financial segment, on the other hand, it could trigger instability in the financial market. In an attempt to solve this problem, authorities of different countries have begun to develop national strategies on improving financial literacy. The starting point for working on the strategy is assessing the current level of financial knowledge among the population. However, an overview of existing approaches to assessing financial literacy of the population shows that a variety of methods is used worldwide and research is conducted unsystematically, making it difficult to monitor financial literacy at the national level and make international comparative analysis.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121130430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tatjana Aubram, Monika Kovarova-Simecek, Gabrielle Wanzenried
This paper analyzes the impacts of financial literacy on the investment and pension planning behavior in Austria and Switzerland. Based on survey data of 449 individuals from Austria and Switzerland, we first analyze which socio-demographic and country-specific factors determine financial literacy. In a second step, we explain the investment and pension planning behavior by the level of financial literacy as well as other relevant person- and country-specific characteristics. In particular, we investigate differences between the Austrian and the Swiss with respect to financial literacy and the respective pension system and derive potential impacts on the pension planning and investment behavior of the population. Our results show a higher level of financial literacy in Switzerland compared to Austria, and the difference is even larger for the factual compared to the self-assessed financial literacy. Also women are less financially literate than men. A higher financial literacy has a clear positive impact on the level of pension planning, whereas the effect of the self-assessed financial literacy is stronger than the impact of the factual one. Swiss people seem to care more about pension planning compared to Austrians, and the same holds for elder people compared to the younger persons in our sample. Overall, our results provide some potentially interesting insights on the impacts of institutional differences on pension planning, investment and information behavior.
{"title":"Financial Literacy, Pension Planning, and Investment Behavior - A Comparative Study between Austria and Switzerland","authors":"Tatjana Aubram, Monika Kovarova-Simecek, Gabrielle Wanzenried","doi":"10.2139/ssrn.2834869","DOIUrl":"https://doi.org/10.2139/ssrn.2834869","url":null,"abstract":"This paper analyzes the impacts of financial literacy on the investment and pension planning behavior in Austria and Switzerland. Based on survey data of 449 individuals from Austria and Switzerland, we first analyze which socio-demographic and country-specific factors determine financial literacy. In a second step, we explain the investment and pension planning behavior by the level of financial literacy as well as other relevant person- and country-specific characteristics. In particular, we investigate differences between the Austrian and the Swiss with respect to financial literacy and the respective pension system and derive potential impacts on the pension planning and investment behavior of the population. Our results show a higher level of financial literacy in Switzerland compared to Austria, and the difference is even larger for the factual compared to the self-assessed financial literacy. Also women are less financially literate than men. A higher financial literacy has a clear positive impact on the level of pension planning, whereas the effect of the self-assessed financial literacy is stronger than the impact of the factual one. Swiss people seem to care more about pension planning compared to Austrians, and the same holds for elder people compared to the younger persons in our sample. Overall, our results provide some potentially interesting insights on the impacts of institutional differences on pension planning, investment and information behavior.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"409 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132305598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This Project is a research on the status of Financial Literacy in India. We have looked at the Young Urban Population in India using Primary Data collected with the help of questionnaire. We have observed that income and education levels have high correlation with financial literacy, which leads to participation in financial markets. While Investor Education Programs and instruments like Systematic Investment Plans (SIPs) have been of help to increase involvement of people from lower income groups, much can done to improve the effectiveness of these programs.
{"title":"Financial Literacy and Urban Indian Youth","authors":"L. Kode, Srajan Agadi, T. Pawar","doi":"10.2139/SSRN.2677261","DOIUrl":"https://doi.org/10.2139/SSRN.2677261","url":null,"abstract":"This Project is a research on the status of Financial Literacy in India. We have looked at the Young Urban Population in India using Primary Data collected with the help of questionnaire. We have observed that income and education levels have high correlation with financial literacy, which leads to participation in financial markets. While Investor Education Programs and instruments like Systematic Investment Plans (SIPs) have been of help to increase involvement of people from lower income groups, much can done to improve the effectiveness of these programs.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115284912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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