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on Financial Literacy and Education |
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Issue of 2025–10–27
five papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Younas, Aaqib; Ahmed, Jawad; Audi, Marc |
| Abstract: | The rapid expansion of mobile wallets and digital transaction platforms has transformed financial systems worldwide, reshaping the way consumers interact with money and manage spending. In Pakistan, services such as Easypaisa, JazzCash, and Raast have accelerated financial inclusion and improved efficiency, yet their behavioural consequences remain underexplored. This study aims to examine how the adoption of digital transaction platforms influences consumer spending behaviour, with a particular focus on psychological factors such as impulsivity, budgeting discipline, and mental accounting. To test the determinants of adoption and spending outcomes, was performed using multiple regression and the generalised method of moments was used. The findings reveal that income, education, digital literacy, mobile penetration, and financial inclusion positively influence digital payment adoption, whereas age and cultural orientation act as constraints. Behavioural analysis further indicates that frequent users of digital platforms experience a reduced “pain of paying, ” which encourages impulsive purchases, weaker adherence to budgeting, and diminished financial control, particularly among younger consumers. These results highlight the dual nature of digital finance: while it enhances inclusion and economic activity, it also increases risks of overspending and financial vulnerability. The study recommends integrating financial literacy into education systems, encouraging fintech providers to embed budgeting and savings tools, and strengthening regulatory oversight to ensure that the benefits of digital transaction platforms are maximised while their behavioural risks are mitigated. |
| Keywords: | Digital Finance, Consumer Behaviour, Mobile Wallets, Financial Inclusion |
| JEL: | G2 O3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126075 |
| By: | Aditi Routh; Carly Urban |
| Abstract: | Approximately 5.6 million U.S. households remained unbanked in 2023. We examine the effects of state-mandated high school personal finance coursework on banking outcomes. Because the unbanked population resorts to alternative financial services, such as payday loans, for their financial needs, we also examine the interplay between payday loan regulation and financial education. We find that exposure to personal finance coursework is associated with a lower likelihood of being unbanked and of unbanked adults being uninterested in opening a bank account. This finding holds regardless of whether the state has allowed or restricted payday lending, but we find larger effects in states with stronger restrictions. These results suggest that, for financial inclusion, regulatory measures and financial education are more likely complements than substitutes. |
| Keywords: | financial education; Payday lending; financial inclusion; consumer finance |
| JEL: | D12 D14 G21 G28 |
| Date: | 2025–10–16 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedkrw:101957 |
| By: | Ignacio Carballo (Pontificia Universidad Católica Argentina. Buenos Aires, Argentina.); Martín Grandes (Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto Interdisciplinario de Economía Política (IIEP). Centro de Estudios de la Estructura Económica. Buenos Aires, Argentina.); Carla Chinski (Universidad de Buenos Aires. Facultad de Ciencias Económicas. Buenos Aires, Argentina. CONICET–Universidad de Buenos Aires. Instituto Interdisciplinario de Economía Política (IIEP). Buenos Aires, Argentina.) |
| Abstract: | The paper studies financial inclusion and the digital gap among residents of informal settlements in Argentina (2020–2021), based on a multidimensional survey in 20 settlements across 10 provinces, highlighting the role of digital payments and infrastructure constraints. |
| Keywords: | Financial inclusion; Digital payments; Informal settlements; Poverty; Argentina |
| JEL: | E26 G51 G2 O35 O54 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:ake:iiepdt:2025-98 |
| By: | Aziza Imane El Hachimy (Laboratoire d’analyse Economique Et Modélisation (LEAM) - Faculté des Sciences Juridiques Economiques et Sociales - Souissi, Rabat); Said Toufik (Laboratoire d’analyse Economique Et Modélisation (LEAM) - Faculté des Sciences Juridiques Economiques et Sociales - Souissi, Rabat) |
| Abstract: | Artificial intelligence (AI) has experienced major advances over recent decades, ushering in a new era of machines capable of learning, self-correcting, and mimicking human behavior. While sometimes seen as a potential source of future conflicts, AI is also perceived as a universal solution. In parallel, financial education has become a key pillar for economic development and financial stability, especially in an increasingly complex and uncertain global environment. The digital era has profoundly transformed organizational practices, particularly in information management and education. In this context, AI offers new opportunities to enhance and personalize financial training, making financial solutions more accessible and inclusive through the use of algorithms and data. This study aims to analyze the impact of AI on financial education. After a literature review covering the key concepts of AI and financial education, we adopted a hypothetico-deductive approach, conducting a quantitative survey with a sample of 384 individuals' representative of the Moroccan population who have pursued higher education (universities, business schools, engineering schools, and vocational training institutions). The study assesses respondents' financial behaviors, their perceptions of AI in financial education, and their ability to integrate these technologies into personal financial management. Preliminary findings suggest that AI has the potential to enhance financial knowledge among young graduates, while also raising concerns related to trust, accessibility, and digital inequality. Finally, the research highlights the main challenges to be addressed for a successful integration of AI in financial education, particularly in terms of awareness, regulation, and the development of digital skills. |
| Abstract: | L'intelligence artificielle a connu, au cours des dernières décennies, des avancées majeures et annonce une nouvelle ère, celle des machines capables d'apprendre, de s'autocorriger et de mimer le comportement humain, ainsi elle est souvent définie comme la source des conflits futurs et aussi perçue comme un remède universel, Parallèlement, l'éducation financière est devenue un pilier indispensable pour le développement économique et la stabilité financière., principalement dans un environnement mondial de plus en plus complexe et incertain. L'ère du numérique a causé de profondes transformations dans les pratiques des organismes, notamment à la gestion de l'information et de l'éducation, l'Intelligence Artificielle (IA) propose de nouvelles perspectives d'amélioration et de personnalisation de la formation financière. L'IA permet de créer des solutions financières plus accessibles et inclusives en exploitant les algorithmes et les données. Cette recherche a pour objectif d'analyser l'impact de l'intelligence artificielle (IA) sur l'éducation financière. Après une revue de la littérature portant sur les concepts clés de l'IA et de l'éducation financière, nous avons adopté une démarche hypothético-déductive, mobilisant une enquête quantitative auprès d'un échantillon de 384 individus représentatifs de la population marocaine ayant poursuivi des études supérieures (universités, écoles de commerce, écoles d'ingénieurs et formations professionnelles). L'étude évalue à la fois les comportements financiers des répondants, leurs perceptions de l'utilisation de l'IA dans l'éducation financière et leur aptitude à intégrer ces technologies dans la gestion de leurs finances personnelles. Les résultats préliminaires indiquent que l'IA contribue potentiellement à améliorer les connaissances financières des jeunes diplômés, tout en soulevant certaines limites liées à la confiance, à l'accessibilité et aux inégalités numériques. Enfin, la recherche met en évidence les principaux défis à surmonter pour une intégration réussie de l'IA dans l'éducation financière, notamment en matière de sensibilisation, de réglementation et de développement des compétences numériques. |
| Keywords: | Financial Education, IA, Financial Behavior, financial inclusion, Éducation financière, Intelligence artificielle, Inclusion financières, comportement financier |
| Date: | 2025–09–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05311489 |
| By: | Eudearly Angela Jansye ("LSPR Communication & Business Institute, Sudirman Park Campus, 10220, Jakarta Pusat, Indonesia " Author-2-Name: Andre Ikhsano Author-2-Workplace-Name: "LSPR Communication & Business Institute, Sudirman Park Campus, 10220, Jakarta Pusat, Indonesia " Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - This study explores how digital community marketing (DCM) enhances financial decision-making among Indonesian millennials within the Sobat Sandwich community, a peer-based platform for individuals juggling dual family responsibilities. Methodology/Technique - Using a structured survey of 116 members aged 25–40, this study applied PLS-SEM to examine DCM components (engagement, value sharing, storytelling) and theory of planned behavior (TPB) constructs (attitude, subjective norms, perceived behavioral control). Findings - Engagement and value sharing significantly strengthen DCM, while storytelling, attitude, and perceived behavioral control do not show a significant effect. DCM positively influences financial decision-making, mainly through collective norms, with subjective norms playing a key role in a collectivist context. Novelty - This study contributes to marketing and behavioral finance by shifting from traditional one-way financial education to a community-driven model tailored to Indonesia's sandwich generation. Type of Paper - Empirical" |
| Keywords: | Digital Community Marketing (DCM); Financial Decision-Making; Engagement; Theory of Planned Behavior (TPB); Millennials; Sandwich Generation |
| JEL: | M31 Z13 D14 |
| Date: | 2025–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr350 |