To examine the barriers faced by the financially excluded, this research investigates financial inclusion as a sub-concept of social inclusion. The study assesses two demand-side barriers confronting the involuntarily financially excluded: financial literacy and self-efficacy. It thus goes beyond previous work that has sought to increase access to financial services by addressing supply-side barriers (specifically accessibility, affordability, availability and eligibility), mainly through various technological advances. Employing a preintervention/ post-intervention field experiment to measure the financial behaviour of individuals, the study monitored the use over a six-month period of an appropriately developed banking offering. Banking was offered to participants from rural areas near four distinct towns in Ghana, following the provision of training on financial literacy and selfefficacy. The results showed that regardless of whether participants received training in both, either or neither, they did not use their bank accounts for their financial transactions or savings. Secondarily, the results indicated that although financial literacy training may improve the financial knowledge of individuals, it does not necessarily lead to increased confidence on the part of the individual with regard to using formal financial services. In contrast, although the self-efficacy training (both on its own and together with financial literacy) did not translate into financial inclusion, participants reported that it had provided them with skills to guide their financial decision-making. Moreover, limited qualitative results obtained from participants indicated that they find the cash economy in which they operate adequate to their needs as members of their communities. As the main findings of this study suggest that developing the financial knowledge and attitude of the financially excluded, having addressed supply-side barriers of financial inclusion, still does not encourage the use of an appropriately developed banking offering, the explanation for the (non-)usage of banking products must lie elsewhere. The structure of an economy has to be seen as central to financial inclusion in that the influence of the cash economy and the informal economy mean that financial inclusion is not a precondition for social inclusion. This has serious implications for policy in sub-Saharan Africa. It may be that financial inclusion should be regarded as a result of an improving economic situation, rather than a contributory cause. Stakeholders should consider financial inclusion alongside and as part of policy initiatives designed to improve educational levels, digital skills, and a general understanding of the formal financial and, indeed, economic system. / Thesis (PhD)--University of Pretoria, 2020. / Gordon Institute of Business Science (GIBS) / PhD / Unrestricted

Magister Commercii - MCom / In this thesis I explored the teaching of debt literacy, a sub-topic of Financial Literacy Education. To do this, I used an arts-based framework to experiment with teaching debt literacy using poetry. Prior to the main poetry intervention, I explored several arts-based approaches such as frozen scenes, image theatre and drama-based pedagogies but I eventually settled on using poetry. Poetry as an arts-based approach to research within the field of financial literacy education is the research design. These two poems are produced as knowledge artefacts that can be used in further research studies or even by current students as teaching aids.

A Research Report submitted in fulfillment of the Degree of Master of Commerce (Economics/Economic Science) in the School of Economic and Business Sciences, University of the Witwatersrand, 27 September 2019 / This study uses a panel data estimation approach to estimate the relationship between financial inclusion and economic growth using the case of 34 countries in Sub-Saharan Africa. The study uses panel data sourced from the World Bank which include the Global Financial Index survey and World Development Indicators covering the periods of 2011, 2014 and 2017. The study analysis is based on two models, the first model measures the relationship between financial inclusion and economic growth and the second model measures the relation between financial inclusion and financial development. The results of the first model established a relationship between financial inclusion (measured by account ownership and a composite financial index) and economic growth (measured by Logarithm of GDP). This confirms what is in the literature, that financial inclusion stimulates economic growth. The results from the second model established that financial development (measured by the ratio of credit to GDP) is significantly related to financial inclusion (measured by account ownership and the composite index of financial inclusion). Overall, the results indicate that the use of composite variable and General Least Squares estimation approaches improves the robustness of the regression models. Based on these findings, the study, therefore, recommends among other things that the government promote financial inclusion through reforms in education, trade and industrialisation. / PH2020

The gamification trend has in recent years gained a strong hold across the field of finance. Market participants are leveraging the benefits of implementing game-design elements to previously mundane banking activities. However, while gamification is expected to grow further, the current research investigating its effects is scarce, particularly in a Swedish context. This research project aims to investigate if, and how the behaviour of retail investors is affected by gamification used on trading platforms. We collected qualitative data through seven semi-structured interviews with respondents who were active users of Avanza, the largest internet broker in Sweden. To expand the scope of the study, data was also included from a senior executive at Avanza creating a nuanced picture of the effects of gamification. Our analysis is grounded in the Octalysis Framework, which has been used together with behavioural finance theories to draw valuable conclusions. Our study finds that gamification has an effect on investors and may influence their trade decisions. We conclude that social game-design elements cause intrinsic motivation and have a strong effect on retail investors. The study further shows that visualising personal development has a strong extrinsically motivating effect on retail investors' desire to increase their capital. Our results also show that gamification can be used to promote both healthy and unhealthy financial behaviours, making it a powerful tool for the one’s controlling it. However, if not managed properly, excessive usage of gamification runs the risk of decreasing the perceived seriousness and validity of the institution implementing it. Lastly, this study concludes that investors tend to believe that gamification affects their investment behaviour less than others, suggesting that they suffer from overconfidence bias. Situating gamification and the Octalysis framework within a financial context contributes to the current discussion about gamification and the future understanding of the concept. By taking behavioural finance into consideration, we contribute to the field of behavioural finance by showcasing how gamification may affect the investment behaviour of retail investors on gamified platforms. The results of the study are of great relevance to market participants and regulators. Being aware of how gamification influences investor behaviour is necessary for market regulators to prevent exploitative behaviours and for market participants to make well-informed decisions.

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Better access to financial literacy programs in underserved communities has the potential to improve financial decision making and to help individuals and families escape poverty. This multimethod dissertation explores some of the challenges of developing financial literacy programs for underserved individuals and provides insights into the cultural and institutional factors that discourage financial literacy and sound financial decision making. This research re-examines the construct of financial literacy, reviews relevant past research, and presents a conceptual model with hypotheses regarding factors that affect financial literacy. To test the model, multiple studies were conducted in underserved communities in rural and urban areas to understand the complexity of the relationship between financial literacy and financial decision making. These studies were supplemented by a series of in-depth interviews with financial literacy experts, community leaders, and underserved individuals. The results indicate the importance of refining both financial literacy instruments and training to rural and urban underserved communities, while also building stronger ties to community leaders and financial institutions. / Business Administration/Finance

In the wake of recent events, especially the Great Recession of 2007-2009, affecting the economy, resulting in job losses, personal financial distress, and gloomy perceptions of their future well-being, many Americans are concerned about their financial quality of life in retirement. The media is replete with a plethora of advertisements for retirement planning and financial products for an aging population. By 2030, nearly 20 percent of the population of the United States will be 65 or older. This case study was an examination of a group of retirees who are financially secure enough to reside in retirement communities that require prequalification of assets. The study will serve to inform people on the path to retirement of what those who have been successful actually did so that those in the pipeline may take into consideration their actions and avoid acts of commission or omission that might impede or destroy their chances of reaching a financially secure retirement. The study results showed that not only were the participants financially literate, they were planners. It also became apparent that financial literacy was acquired over time and that becoming financially literate and planning for retirement were dynamic processes that were not discrete. Another finding was that although financial literacy may have a positive impact on success in achieving a financially secure retirement, other factors such as world events, self-control, and luck could affect the realization of a retirement that is financially secure. The first-hand qualitative information gathered in the course of this study will enrich comprehension of the scope of the issues of financial literacy and retirement in America and perhaps form the basis of additional academic research. Finally, the conclusions of this study are significant not only for individual prospective retirees, but also for educators, financial industry professionals, and policy-makers as they craft educational programs, construct financial portfolios, and formulate legislation to help ensure the financial security of an ever-growing population of elders. / Ph. D.

Financial responsibility within the United States volleys between the individual and outside agencies frequently; however, the uninformed individual suffers financially as a result. Integrating concepts of personal finance and children's literature together will promote life-sustaining habits of personal finance and will likely lessen the prevalence of a culture that does not stress financial literacy. / Master of Arts

Yes / Sustainable Development Goals (SDGs) place considerable focus on women empowerment and access to finance as well. While goal 5 of SDGs targets gender equality and women empowerment, access to finance appears as an enabler of at least eight goals among seventeen SDG goals. Considering significant emphasis both on women empowerment and financial access by the policymakers and multilateral organisations, in this study using India as our country of interest, we examine the relationship between access to finance to women and women empowerment. In this context we also examine whether financial literacy can assist in improving women empowerment and their access to finance. / The full-text of this book chapter will be released for public view at the end of the publisher embargo, 24 months after publication.