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on Financial Literacy and Education |
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Issue of 2024–11–25
six papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Arpita Mukherjee (Indian Council for Research on International Economic Relations (ICRIER)); Anupam Gaur |
| Abstract: | The objective of this study is to (a) examine the need and impact of ATMs in promoting and facilitating financial inclusion, (b) present the status of ATMs and other instruments of financial inclusion in India and globally, (c) identify the issues that hinder the effective utilisation of ATMs for financial inclusion purposes, and (d) recommend policies and measures to enhance the efficiency and effectiveness of ATM utilisation to foster financial inclusion so that a broader segment of the population gains access to the financial tools and services they need to improve their economic well-being. |
| Keywords: | ATM, financial inclusion, economic growth, National Strategy for Financial Inclusion, NSFI, RBI |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:bdc:report:24-r-05 |
| By: | Alberto Montagnoli (School of Economics, University of Sheffield, Sheffield S1 4DT, UK); Karl Taylor (School of Economics, University of Sheffield, Sheffield S1 4DT, UK) |
| Abstract: | The aim of this paper is twofold. Firstly, we investigate the determinants of individual’s attitudes towards investing responsibly, based upon Environmental, Social, and Governance (ESG) considerations. Secondly, we look at how important ESG considerations are, over and above socio-economic characteristics including financial literacy and risk attitudes, in explaining whether individuals hold shares and/or equity, and the amount invested in financial assets. Using the UK Financial Lives Survey data which is collected by the Financial Conduct Authority, our analysis reveals that, firstly, individual characteristics have little explanatory power in terms of explaining responsible investments, except for: education; gender; age; and financial literacy. Secondly, those individuals who are interested in future responsible invest- ments are approximately 7 percentage points more likely to hold shares/equity, and have around 77% more money invested in financial assets (i.e. just under twice the amount). We also undertake several sensitivity checks, including the role of selection on unobservables and the extent to which the exogeneity assumption regarding interest in future responsible investments can be relaxed, as well as matching estimation techniques to move beyond mere statistical associations. |
| Keywords: | ESG Attitudes; Financial Literacy; Portfolio Investment |
| JEL: | D81 G11 D14 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:shf:wpaper:2024010 |
| By: | Christian de Boissieu |
| Abstract: | Face à l’essor des cryptomonnaies, les banques centrales sont en train de réagir en lançant leurs propres monnaies numériques. L’objet de ce Policy Brief est de faire le point sur la préparation des monnaies numériques de banques centrales (MNBC) par les autorités monétaires, un processus qui concerne tous les pays, émergents, en développement, et plus avancés. Il s’agit aussi d’analyser les conditions et certaines des conséquences (pour les banques, pour l’inclusion financière, pour la conduite de la politique monétaire...) d’une telle innovation financière, en distinguant systématiquement les MNBC de gros et les MNBC de détail. |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:pbecon:pb_19_23 |
| By: | Zhou, Alex (Department of Economics, University of Warwick,); Mahadeshwar, Ruchi (Department of Economics, Brown University,) |
| Abstract: | Despite its recognized inefficiency, the persistence of income hiding between spouses remains largely unaddressed in the literature. Our study suggests that one cause of persistency is that this behavior may provide strategic benefits, particularly by affecting labor supply decisions and overall household income. Using a field experiment involving low-income workers in Southeast Asia, we estimate the effects of randomly disclosing spousal income on productivity in a standardized work task. Our findings indicate that income disclosure significantly affects labor productivity compared to a nondisclosure scenario, in which spouses can conceal any income generated. The effects exhibit notable gender differences: when income is disclosed to their spouses, women decrease productivity, while men increase productivity. We introduce a two-stage game model and further empirical tests to demonstrate that these gender differences arise from disparities in bargaining power, with men holding significantly more bargaining power than women. Overall, this study sheds light on the unintended consequences of financial inclusion or pay transparency policies on both productivity and household inequality. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:wrk:warwec:1525 |
| By: | Massimo Filippini (ETH Zürich; University of Lugano - Faculty of Economics); Markus Leippold (University of Zurich; Swiss Finance Institute); Tobias Wekhof (ETH Zürich - CER-ETH - Center of Economic Research at ETH Zurich) |
| Abstract: | This paper studies the impact of an educational program on Sustainable Finance Literacy (SFL) and the impact of this program on sustainable investment decisions. For this purpose, we conducted a randomized controlled trial (RCT) and an incentivized choice experiment. Our findings demonstrate that the SFL educational treatment significantly improves literacy while considering the influence of priming. Participants exposed to the SFL program were more likely to invest in highly sustainable funds by 6 percentage points and less likely to choose less sustainable options with magnitudes between 3 and 2.5 percentage points. The treatment effects increased by up to one half among investors with pre-existing green attitudes. In addition, we provide suggestive evidence that a higher SFL leads to more accurate sustainability perceptions and reduces the tendency to chase high past returns. |
| Keywords: | Sustainable Finance Literacy, RCT, text analysis, household finance |
| JEL: | G11 G18 G53 C83 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2457 |
| By: | Nasrum, Muhammad |
| Abstract: | This study examines the moral and value-based framing of credit cards as an important tool of Indonesian financial perceptions and practices. By exploring the concept of ‘moral alchemy’, the transformation of cultural values and ethical perspectives on debt and credit is embodied and materialized in credit cards. Using a dynamic mix of multisite ethnography and netnography, I examine how credit card communities in Indonesia are reshaping the use of credit cards from a symbol of risky privileges to tools for financial empowerment. This research combines three areas of interest: Cultural economics, sociocultural perspectives on ethics, and value theory to provide a comprehensive understanding of this phenomenon. My findings show how consumers who are part of the largest community of credit card users in Indonesia actively reshape their moral beliefs to adapt to new financial practices, illustrating the complex interaction between global financial products and local cultural contexts. Such communities represent more than just the adoption of new financial instruments. They also represent a fundamental shift in how consumers and businesses interact with modern financial instruments. This research makes a valuable contribution to the growing literature on financial and economic practices based on socio-cultural perspectives and offers interesting insights into how innovative financial products are adopted and reinterpreted based on moral preferences and values that enable financial returns. |
| Date: | 2024–10–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:q9y7d |