• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.403-411
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• 2021

This paper discusses the relationship between debt literacy, peer-to-peer lending, and over-indebtedness in Indonesia. It is essential because the number of loans on this platform continues to increase, both legal and illegal. Data was collected online in collaboration with commercial market research firms, JajakPendapat.net. Debt literacy and over-indebtedness were measured by self-assessment with questions from Lusardi and Tufano (2009a). Questions for debt literacy are about interest compounding, debt interest, and the application of time value of money in payment options. The question for over-indebtedness is about the amount of debt and the conditions resulting from that debt. By using descriptive methods, it is clear that the majority of respondents, both borrowers and non-peer-to-peer lending borrowers are debt illiterate, and those who have poor debt literacy have huge debt. Overall, only 1.85% of the respondents were debt literate. Those who live on the island of Java have better literacy because they are the center of economic growth in Indonesia. Debt from peer-to-peer (P2P) lending also has the potential to create problems, namely over-indebtedness. P2P lending borrowers also have very poor debt literacy. However, there is no difference in debt literacy between P2P lending borrowers and non-P2P lending borrowers.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.433-439
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• 2021

The purpose of this research is to discuss the concept of measuring cryptocurrency literacy, especially Bitcoin. This research uses a qualitative approach. The data source comes from a literature review on cryptocurrency and opinions from Bitcoin academics, traders, and investors. Data collection was conducted through desk evaluations and interviews to determine what attributes should be considered for assessing Bitcoin literacy. The results of a literature review reinforced by discussion show that eight attributes can be used to assess basic level Bitcoin literacy, namely Bitcoin supply, regulatory guarantees, transaction recording, the role of third parties, treatment of transfer transactions, initial coin offerings, the smallest Bitcoin unit, and conversion with another currency. These eight attributes can be used to measure Bitcoin literacy through various questions with the choice of true, false, and do not know answers. This research is essential because there is no method to measure Bitcoin literacy. This research can be a measuring tool that becomes a reference or standard in assessing or measuring Bitcoin literacy. This study's results provide benefits to the development of science in the form of a tool that can be used to assess Bitcoin literacy and become a standard in assessing a person's level of understanding of Bitcoin.

• Human Ecology Research
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• v.60 no.4
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• pp.549-564
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• 2022

This study aimed to develop an e-mentoring youth financial education program and verify its effectiveness for promoting financial empowerment and establishing financial capabilities among independent consumers. A four-session, eight-hour "Youth Financial Empowerment Mentoring Program" was developed. This program dealt with financial literacy and financial psychology factors in an integrated fashion. We used the nonequivalent control group pretest-posttest design to evaluate the program's effectiveness. Specifically, by using Zoom, a virtual conference platform, four mentors of college students were trained for four sessions over two weeks. Meanwhile, four groups were formed with four mentors and 18 high school mentees to implement a four-week e-mentoring program. As a result of the analysis of covariance, significant differences were found between the two groups in all financial psychology factors and financial literacy variables. In addition, the score of the experimental group was higher than that of the control group. As a result of qualitative evaluation through FGI for mentees and mentors, mentees experienced positive changes in financial behavior, beliefs, attitudes, and personal relationships, as well as increased financial knowledge. Meanwhile, mentors experienced positive changes in their introspection into financial behavior and consumption. Considering these results, we can conclude that this program effectively induces participants to learn and reflect on their initiative, which is in line with the original goal of "improving financial empowerment".

• Journal of Distribution Science
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• v.22 no.2
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• pp.95-102
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• 2024

Purpose: This study systematically examined the concept of digital selling readiness of salespeople. Additionally, this study empirically confirms the sequential mediating roles of digital literacy and salesperson self-efficacy in the impact of digital selling readiness on customer-oriented behavior. Research design, data, and methodology: We collected data from salespeople at a Bank and Financial Service firm in South Korea. A total of 254 salespeople were invited to participate, with 154 surveys returned. After removing the questionnaires with missing values, 150 complete surveys were employed for the analysis. Results: The empirical analysis indicates that digital selling readiness positively affects digital literacy. Digital literacy, in turn, is positively associated with self-efficacy, leading to increased customer-oriented behaviors among salespersons. This study also confirms the sequential mediating effects of digital literacy and self-efficacy in the impact of salespeople's digital selling readiness on customer-oriented behavior. Conclusions: Our research deepens the understanding of how digital selling readiness fosters customer-oriented behavior through the sequential mediating effects of digital literacy and self-efficacy. This study extends the previous model by sequentially involving digital literacy and self-efficacy to better understand the psychological processes of digital selling. The results highlight the role of digital selling readiness in preparing salespeople for digital sales.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.245-251
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• 2020

This study aims to investigate whether financial literacy, parental socialization, peer influence and self-control have a significant impact on money management among students of a Malaysian public university. In most settings, the studies on the determinants of personal saving behavior among university students focus on personality factors, attitudes toward money and possessions, and financial knowledge as predictors of money management behavior. Primary data are collected using a self-administered questionnaire with the samples comprised 186 students. The findings show that all the financial literacy and parent socialization have a positive relationship with money management; meanwhile, peer influences and self-control have a negative relationship with money management. This is because the majority of students admit they cannot control their self in managing their money. In this study, parent socialization has a significant relationship with money management which signifies that parents are playing essential roles in ensuring their children to establish money management. In practical, this study can contribute to the parents in providing their children to foster sound money management. Besides, Perbadanan Tabung Pendidikan Tinggi Nasional (National Higher Education Fund Corporation) PTPTN should monitor the loan, and management process and arrange motivational program so that students can more focus on the educational expense.

• Journal of Family Resource Management and Policy Review
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• v.13 no.4
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• pp.73-93
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• 2009

The purpose of this study was to examine retirees' attitudes towards change of living standards. The data were drawn from the 2007 Korean Retiree Survey, as carried out by the Korean Investors Education Foundation. The major findings are as follows: 1) Some retirees were not well-prepared for retirement, i.e., they lacked financial consultation, had low personal financial literacy, and lacked sufficient wealth. Retirees suffered from health difficulties, loneliness or a sense of alienation, family conflict, or lack of pastimes. 2) Certain groups recognized the change of living standards for retirees as either positive or negative. Retirees who recognized the change of living standards as negative were not well-prepared for retirement, had low personal financial literacy, and lacked sufficient wealth. They also suffered from health difficulties, loneliness or a sense of alienation, family conflict, or lack of pastimes. 3) There was a strong probability for the negative recognition group not to be well-prepared for retirement, having low personal financial literacy, and lacking in sufficient wealth. There was a strong probability for the negative recognition group to suffer from health difficulties or lack of pastimes. Based on these findings, this research suggests that retirees should prepare for retirement with a positive attitude.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.273-280
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• 2021

Financial behavior and financial well-being are two closely related aspects of an individual's financial decision making. This study attempts to investigate the extent to which financial behavior influences financial well-being in the Indian scenario. The data is collected using a structured questionnaire from a sample of 150 respondents. The study employs Financial Management Behaviour Scale (FMBS) (Dew & Xiao, 2012) to measure financial behavior. Factor analysis and multiple regression are performed to find the influence of financial behavior on financial well-being. The findings of the study suggest that except for credit commitment all the other behavioral factors like future security, savings and investments, credit indiscipline, and financial consciousness have a significant impact on the financial well-being of an individual in the Indian scenario. The regression coefficients of financial well-being are strongly determined by financial consciousness. The study is a contribution to the existing behavioral studies literature and the model used identifies the factors that influence the financial well-being in the Indian scenario. The study is conducted during the year 2020, so the results could have been influenced by the economic scenario of the period. The results of the study can be used by financial advisors to understand the financial well-being in the Indian scenario.

• Journal of the Korean Data and Information Science Society
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• v.27 no.2
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• pp.437-449
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• 2016

This study empirically analyzes casual relationships among psychological and financial factors influencing the subscription of individual pension and identifies mediation effect by the structural equation model. The analysis based on survey data (N=928) from common people living in the seven major cities in Korea shows that potential longevity, coping efficacy to the financial risks from longevity, subjective knowledge on longevity (cognitive factor), trust in insurers (social factor), and financial literacy(financial factor) are key players exercising direct influence over the subscription of individual pension. It also has been shown that affect on longevity, potential longevity, trust in government, and coping efficacy influence the emotions on longevity, fear and worry, and emotions on longevity are not significant in explaining the subscription of individual pension. Trust in insurers and financial knowledge of prospects have also been reaffirmed to be crucial factors in the activation of individual pension subscription.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.525-535
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• 2020

The study aims to investigate the roles of financial education (FE) as a moderator to financial attitude (FA), parental financial socialisation (PFS), and financial literacy (FL) to ensure the success of prudent financial management practices (PFMP) among Malaysian youth. The study was designed quantitatively and employed self-administered questionnaires, which were adopted from previous studies and distributed to 480 youths in Malaysia. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test hypotheses of the study. The results showed FA, PFS and FL have significant and positive relationship with PFMP. However, as regards moderating interaction of FE, results showed that FE does not significantly moderate the relationship between FA, PFS and FL with PFMP. The results further highlighted serious concerns on the effectiveness of FE towards improving youth capability in managing their financial affairs prudently. This proved that mandated FE prior to graduation has less effect and does not lead to behavior changes among Malaysian youth. It shows the challenges faced by the country stakeholders to strengthen FE, enhance the effectiveness and encompass the right FE elements to ensure today's young Malaysians are able to apply what they learned in the classroom to their real life.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1143-1152
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• 2021

The study aims to assess the impact of factors on the access to financial services by Vietnamese farmers. The number of respondents in this study is 402 household heads participating in six diverse agricultural value chains in Vietnam. The explanatory variables of the Multinomial Logit model estimates variables at the individual characteristics while the Mixed Logit model can combine the two types of variables together to estimate the effects simultaneously. On the other hand, the Ordinal Logit model is used to evaluate the determinants of the increase in the quantity of financial services used by individuals. The estimation results show that male-headed households have more access to financial services than females. Younger farmers are more likely to use formal financial services than the elderly. Financial literacy, land ownership, and shocks in agricultural production all have a positive impact on the probability of dealing with banks. In addition, the degree of linkage and credibility of the value chain have a significant positive impact on the accessibility of financial services to farmers. The findings of this study suggest that limiting gender inequality, focusing on youth marketing and developing agricultural value chains will have a positive impact on farmers' access to financial services.