nep-fle New Economics Papers
on Financial Literacy and Education
Issue of 2023‒09‒04
four papers chosen by

  1. Edutainment, Savings, and Generational Differences in Rural Areas of Peru By Alberto Chong; Martin Valdivia
  2. Using Gamification to Overcome Common Behavioral Biases and Increase Financial Well-Being By Bartmann, Nina; Rayburn-Reeves, Rebecca Marie
  3. Mobile money innovations, income inequality and gender inclusion in sub-Saharan Africa By Simplice A. Asongu; Peter Agyemang-Mintah; Joseph Nnanna; Yolande E. Ngoungou
  4. Analysis of new approaches to identifying risks and ensuring financial stability in modern national financial systems By Danilov Yury (Данилов, Юрий); Pivovarov, Daniil (Пивоваров, Даниил); Davydov, Igor (Давыдов, Игорь)

  1. By: Alberto Chong (Department of Economics, Georgia State University and Department of Economics, Universidad del Pacifico); Martin Valdivia (Grupo Analisis para el Desarrrollo (GRADE))
    Abstract: We wrote, produced, and implemented a randomized five-episode soap opera on financial inclusion targeted to women from poor, rural areas ravaged by terrorism in Peru. We go beyond measuring attitudes and perceptions but observe actual savings accounts using bank data. Older women, those who directly suffered from terrorist violence, respond very well and save more two years after the intervention. Younger women, unborn or too little during the terrorist period, do not show any variation in their behavior. Key mediators of our findings are more involvement in economic decisions, higher earnings, and less time spent in domestic chores.
    Date: 2023–08
  2. By: Bartmann, Nina; Rayburn-Reeves, Rebecca Marie (Duke University)
    Abstract: Having good financial well-being, which looks different for everyone and depends on what makes you happy, is an essential component of overall well-being, yet many adolescents and young adults don’t feel adequately prepared to make good financial decisions in the real world. Not only are financial literacy levels low, but their effects on everyday financial decisions aren’t adequate to overcome biases that often result in suboptimal in-the-moment financial choices. In light of these issues, the NOVA Financial Lab was designed to provide a safe and feedback-rich environment that allows players to experience making financial decisions in contexts that encourage balancing current and future well-being. This document serves as the report for the research conducted on the NOVA Financial Lab from February 2022 to May 2023. In this report, we summarize two main research lines: 1) research conducted via a survey linked on the main page of the website and 2) within-game data gathered on decisions and learning outcomes across the three mini-games. We find that, for each mini-game, we see benefits of repeat play on performance across games, and that participants are more accurate at responding to the survey questions after playing the games, as compared to before. Learning objectives were supported by data showing increases in optimal performance for each game, and in survey data showing better understanding of behavioral biases and tools to overcome them. Our findings offer support of serious games as effective methods for teaching financial well-being and helping adolescents and emerging adults balance the life choices that provide immediate and long- term financial security, and personal happiness. Though geared toward adolescents, the Financial Lab includes information relevant to anyone making financial decisions, regardless of their age.
    Date: 2023–07–27
  3. By: Simplice A. Asongu (Yaoundé, Cameroon); Peter Agyemang-Mintah (Zayed University, Abu Dhabi, UAE); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria); Yolande E. Ngoungou (Yaoundé, Cameroon)
    Abstract: The study assesses the role of mobile money innovations on income inequality and gender inclusion in 42 Sub-Saharan African countries for the period 1980 to 2019 using interactive quantile regressions. The following findings are established. First, income inequality unconditionally reduces the involvement of women in business and politics. Second, mobile money innovations interact with income inequality to have a positive impact on women in business and politics. Third, net effects from the role of mobile money innovations in income inequality for gender inclusion are consistently negative. Fourth, given that the positive conditional or interactive effects and negative net effects are consistent across the conditional distribution of gender inclusion, thresholds at which mobile money innovations can completely dampen the negative effect of income inequality on gender inclusion are provided. Among others, policy makers should work towards improving conditions for mobile money innovations. They should also be aware that reducing both income inequality and enhancing mobile money innovations simultaneously leads to more inclusive outcomes in terms of gender inclusion.
    Keywords: Financial inclusion; inequality; mobile phones; sub-Saharan Africa; women
    JEL: G20 O40 I10 I20 I32
    Date: 2023–01
  4. By: Danilov Yury (Данилов, Юрий) (The Russian Presidential Academy of National Economy and Public Administration); Pivovarov, Daniil (Пивоваров, Даниил) (The Russian Presidential Academy of National Economy and Public Administration); Davydov, Igor (Давыдов, Игорь) (The Russian Presidential Academy of National Economy and Public Administration)
    Abstract: This paper explores new approaches to identifying financial stability risks and implementing financial stability policies in the contemporary national financial systems. The need for new approaches is primarily explained by a dramatic expansion of the range of financial stability risks due to the increasingly important role of non-banking financial institutions and financial markets in the operation of financial systems, as well as the growing financial inclusion of firms and households. The problems of assessing financial stability are given a special focus. Based on the analysis of financial stability metrics used by the world’s leading central banks and recommended by international financial organizations, the authors formulate proposals for modernizing the system of financial stability indicators used by the Bank of Russia. We formulated proposals on measures to protect the domestic market from external shocks arising from changes in the monetary policy conducted by the world’s leading central banks; on accounting for the expanded range of financial stability risks; and on harmonizing financial stability policies with other areas of financial development.
    Date: 2021–12–14

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