Robo-advisory is a new service in the financial market and is designed to support financial decisions. Previous researches show that attitudes toward robo-advisory are an important aspect of their acceptance, and therefore this study is designed to investigate how the attitudes to robo-advisory is affected by five chosen factors. Previous studies also show a lack of financial literacy in young women leading to poor investment decisions. The purpose of this thesis is therefore to study how the factors influence the attitudes toward robo-advisors from a perspective of a young women in order to see if robo-advisory could be used as a substitute for financial literacy. This qualitative research was conducted on ten young women age​ 20-30. The collected data has then been transcribed, and then analyzed based on a content analysis with categories created for the purpose of the survey. The result shows that without financial literacy or previous use of robo-advisory in their social circle, the perception of risk and trust for robo-advisory is unlikely to change. It also shows that previous bad experience of robot-based systems affect the attitude toward robo-advisory negatively. This research can be useful in the design of robo-advisory and how to shape the service to get this target group to start using it. Because attitudes have a major impact on the use of the service, the results of this survey are a good basis for companies to relate to.

Background – This study discusses gender-based differences in investment behaviour and its economic consequences. Despite significant advancements in gender equality, inequalities such as the gender wealth gap exist. This paper explores the difference in investment behaviour and factors that influence said behaviour. These behavioural factors include risk, overconfidence, financial literacy, as well as hindrances based on bias and stereotypes. Financial advisory as a tool can aid in bridging the gap between men and women when it comes to risk assessment, confidence levels, and hindrances. This paper argues that patience, a traditionally feminine virtue, is a key factor in rational investing and encourages breaking gender-based stereotypes within finance to bridge the gender-based investment gap.   Purpose – This paper aims to investigate gender-based differences in investment behaviour to explain the investment gap. By combining several sources, this paper seeks to understand the foundations of investment behaviour and identify tactics to address wealth disparity. The research gap the report aims to address is the lack of a comprehensive understanding of the multifaceted issue of investment behaviour. Overall, the paper seeks to identify gender-based investment differences and investigate the factors behind the cycle of wealth inequality.   Method – A mixed-methods approach is used, which includes two sources of quantitative data. These consist of a survey and secondary data, where the survey is founded on semi-structural interviews. For the survey, a convenience sample is used, and descriptive statistics, t-tests, and univariate ANOVA make up data analysis.   Conclusion – This thesis highlights the casual acceptance of investment behaviour between genders and the adverse effects of the existing disparities in investments. The statistical tests, interviews, and secondary data show that women tend to view investments differently than men, start long-term investments earlier, and exhibit patience in their investment style. However, women lack confidence and willingness to try, which can be overcome with tools such as education and financial advisory.

The purpose of the study is to depict experienced entrepreneurs' financial literacy and gain an understanding of how effectuation and causation interact with their way of running companies. To achieve this, the empirical material will be based on interviews with entrepreneurs who have run companies for at least ten years.  The study has been based on an abductive research and on a qualitative research method. To answer the question “How do entrepreneurs, who have been active for at least ten years and run SMEs, perceive their financial literacy and how can their behavior be linked to effectuation and causation?” and thus fulfill the purpose of this study, previous research has been collected within the subject and presented under the theoretical framework. Furthermore, semi-structured interviews were conducted on questions based on the theoretical framework. The respondents are six entrepreneurs who have run companies for at least ten years.  The result of the study shows that the level of the financial literacy does not affect if the entrepreneurs consider effectuation or causation in the running of their company. However, it is noticed that financial education can have an impact on the logic that the entrepreneurs apply. It turns out that regardless of the logic the entrepreneurs use, there are several working paths to the same goal, a successful company. / Syfte: Studiens syfte är att beskriva erfarna entreprenörers finansiella kompetens och få en förståelse för hur logikerna effectuation och causation interagerar med deras sätt att driva företag. För att uppnå detta kommer det empiriska materialet baseras på djupgående intervjuer med entreprenörer som drivit verksamhet i minst tio år. Metod: Studien har baserats på en abduktiv forskningsansats utefter en kvalitativ undersökningsmetod. För att besvara frågeställningen och därmed uppfylla studiens syfte har tidigare forskning samlats in inom ämnet och presenterats under den teoretiska referensramen. Vidare har semistrukturerade intervjuer genomförts utifrån frågor med utgångspunkt i den teoretiska referensramen. De tillfrågade respondenterna är sex entreprenörer som drivit företag i minst tio år. Slutsats: Studiens resultat visar att nivån på den finansiella kompetensen inte påverkar om entreprenörer utgår ifrån effectuation eller causation vid drivandet av företag. Det konstateras dock att ekonomisk utbildning kan ha en inverkan på vilken logik som entreprenörer tillämpar. Det framkommer att oavsett vilken logik entreprenörer använder så finns det flera fungerande vägar till samma mål, det vill säga ett framgångsrikt företag.

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Entreprenörskap är en viktig del av samhällets utveckling eftersom det skapar möjligheter till fler jobb, innovation och ekonomisk tillväxt. En entreprenör bör besitta många olika kunskaper och färdigheter, där finansiell kompetens blir allt viktigare för att nå ekonomisk trygghet i dagens ständigt föränderliga finansiella landskap. En entreprenör kan dock inte kunna allt och nätverket blir därför en värdefull resurs för entreprenörens kompetensutveckling. I detta avseende antas revisorer och redovisningskonsulter vara vanliga och viktiga resurser för entreprenörer som söker rådgivning i finansiella frågor. Tidigare forskning har till största del fokuserat på att revisorer och redovisningskonsulter har betydelse för entreprenörens finansiella kompetens, men det finns fortfarande begränsad forskning kring hur samspelet kan förstås. Syftet med denna studie är därför att förstå vilken roll samspelet mellan entreprenören och deras revisor samt redovisningskonsult spelar för entreprenörens finansiella kompetensutveckling.  Studien utgår från en abduktiv ansats och tillämpar en kvalitativ forskningsmetod. Den empiriska datan består av totalt 11 intervjuer, varav 7 entreprenörer från SME i Halland samt 2 revisorer och 2 redovisningskonsulter. För att analysera den insamlade empiriska datan används Gioia-metoden. Empirin visar att revisorerna och redovisningskonsulterna i olika omfattning har varit bidragande till entreprenörernas finansiella kompetensutveckling. Ett ömsesidigt förtroende och förmåga att anpassa språk anses vara särskilt viktiga faktorer för en långvarig relation och ett välfungerande samarbete. De entreprenörer som inte använde sin revisor eller redovisningskonsult som kunskapskälla hade istället andra personer i sitt nätverk som de använde som bollplank.  Studien fann att samspelet mellan parterna spelar en betydande roll för entreprenörernas finansiella kompetensutveckling. Faktorer såsom entreprenörens inställning och kompetensmässiga fas samt språkbruket mellan entreprenör och rådgivare påverkar samspelet. Studien fann även att entreprenörer och entreprenörskap är heterogena fenomen, vilket har en påverkan på samspelet och kompetensutvecklingen. För att uppnå ett effektivt samspel som främjar entreprenörens finansiella kompetensutveckling bör samtliga parter vara medvetna om dessa faktorer för att gemensamt anpassa kommunikationen därefter. / Entrepreneurship is an important component of societal development as it creates opportunities for more jobs, innovation, and economic growth. An entrepreneur should possess a diverse set of knowledge and skills, with financial competency becoming increasingly important in order to achieve financial security in today's ever-changing financial landscape. However, an entrepreneur cannot be expected to know everything, and therefore, networking becomes a valuable resource for an entrepreneur's competence development. In this regard, auditors and accountants are assumed to be common and important resources for entrepreneurs seeking advice on financial matters. Previous research has largely focused on the significance of auditors and accounting consultants for an entrepreneur's financial literacy, but there is still limited research on how the interaction between the entrepreneur and their auditor or accountant can be understood. The purpose of this study is therefore to understand the role that the interaction between the entrepreneur and their auditor or accountant plays in the entrepreneur's financial literacy development.  The study adopts an abductive approach and applies a qualitative research method. The empirical data consists of a total of 11 interviews, including 7 entrepreneurs from SMEs in Halland and 4 auditors and accountants. The Gioia method is used to analyze the collected empirical data. The empirical evidence shows that the auditors and accounting consultants have contributed to the entrepreneurs' financial literacy development to varying extents. Mutual trust and the auditors' and accountants’ ability to adapt their language are considered to be particularly important factors for a long-lasting relationship and a well-functioning cooperation. Additionally, the interaction is considered to be influenced by the phase the entrepreneur is in regarding their financial competence and the entrepreneur's attitude towards their financial competence. Entrepreneurs who did not use their auditor or accountant as a source of knowledge instead had other individuals in their network who they used as sounding boards. The findings indicate that the interaction between the parties plays a significant role in the development of entrepreneurs’ financial literacy. Factors such as the entrepreneur’s attitude and competence level, as well as the language used between the entrepreneur and advisor, influence the interaction. The study also found that entrepreneurs and entrepreneurship are heterogeneous phenomena, which impact the interaction and financial literacy development. In order to achieve effective interaction that promotes the entrepreneur’s financial competence development, all parties should be aware of these factors and adjust their communication accordingly.

Titel: Mind the Gap: Generations at Risk Författare: Samuel Hansson och Fabian Stenseth Handledare: Zahida Sarwary  Bakgrund: Efter en tid av positiv avkastning har förändringar i omvärlden lett till ökad inflation. Investerare från Generation Z upplever sin första tid på börsen i en ekonomisk oro, medan Generation X upplever det igen efter finanskraschen 2008. Dessa generationers riskbenägenhet vid finansiella beslut har inte kunnat kartläggas i modern tid, och därmed har en kunskapslucka identifieras.     Syfte: Studien ämnar undersöka och kategorisera riskbenägenhet utifrån börspsykologiska faktorer mellan Generation X (personer födda 1965–1980) och Generation Z (personer födda 1997–2012), där investerarna har en eftergymnasial utbildning inom ekonomi.  Metod: Studien har tillämpat en kvantitativ metod, bestående av en deduktiv ansats. Empiriska data har utförts via en enkätundersökning och ett slumpmässigt urval. Empirin bestod av 105 användbara svar, varav 46 svar från Generation X och 59 svar från Generation Z. Empiriska data analyserades utifrån deskriptiv statistik, t-tester, korrelationsmatris, samt multipel linjär regressionsanalys.  Resultat: Analysen redovisade en signifikant positiv samvariation mellan generationerna vid olika börspsykologiska faktorer, där mental accounting påverkade Generation X och överkonfidens påverkade Generation Z.  Slutsats: Studiens resultat påvisade en positiv signifikant samvariation för Generation Z gällande överkonfidens, vilket innebär att högre överkonfidens leder till en högre riskbenägenhet. För Generation X påvisades en positiv signifikant samvariation för mental accounting, vilket leder till en högre riskbenägenhet.  Nyckelord: Behavioral finance, investment, mental accounting, herding bias, overconfidence, financial literacy, cognitive reflection ability / Title: Mind the Gap: Generations at Risk Authors: Samuel Hansson and Fabian Stenseth Supervisor: Zahida Sarwary  Background: After a period of positive returns, changes in the environment have led to increased inflation. Investors from Generation Z are experiencing their first time in the stock market during economic uncertainty, while Generation X is experiencing it again after the 2008 financial crisis. The risk propensity of these generations in financial decision-making has not been adequately studied in modern times, creating a gap in knowledge. Purpose: The study aims to examine and categorize risk propensity based on behavioral finance factors between Generation X (individuals born between 1965 and 1980) and Generation Z (individuals born between 1997 and 2012), with investors having a post-secondary education in finance and economics. Methodology: The study applied a quantitative method with a deductive approach. Empirical data was collected through a survey and random sampling, resulting in 105 usable responses of which 46 respondents from Generation X and 59 respondents from Generation Z. The empirical data was analyzed using descriptive statistics, t-tests, correlation matrices, and multiple linear regression analysis. Results: The analysis revealed a significant positive association between the generations in various behavioral finance factors, with the risk propensity being affected by mental accounting for Generation X and overconfidence for Generation Z. Conclusion: The study's results demonstrated a significant positive association for Generation Z regarding overconfidence, indicating that higher overconfidence leads to a greater risk propensity. For Generation X, a significant positive association was found for mental accounting, which also leads to a higher risk propensity. Key words: Behavioral finance, investment, mental accounting, herding bias, overconfidence, financial literacy, cognitive reflection ability

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию финансовой грамотности населения. Актуальность данной работы определяется тем, что вопрос повышения финансовой грамотности имеет большое значение для обеспечения роста личного благосостояния, борьбы с бедностью. Цель магистерской диссертации – оценка уровня финансовой грамотности населения на основании сочетания нескольких методов и определение направлений оптимизации структуры финансовых ресурсов домашних хозяйств. / The final qualification work (master's thesis) is devoted to the study of financial literacy of the population. The relevance of this work is determined by the fact that the issue of improving financial literacy is of great importance for ensuring the growth of personal well-being and fighting poverty. The purpose of the master's thesis is to assess the level of financial literacy of the population based on a combination of several methods and to determine the directions for optimizing the structure of financial resources of households.

Background: Technology can provide efficient and accessible solutions to manage private economy, taking into account user needs and experiences. People with disability are most likely to encounter challenges related to financial literacy and lack of access to their own money. The project God man i fickan in Sweden aims to develop an accessible application that supports people with difficulties handling their private economy. Purpose: The purpose of this study was to investigate basic functions and interactions in a digital tool used by people who cannot manage their own economy without some kind of assistance. Method: Participatory design activities involving people with cognitive impairments were utilized. The qualitative data collection included discussions, storyboarding and an online design session. Due to Covid- 19 we had to modify one workshop for online environments. The collected data was analyzed with a content theme analysis which then was visualized and refined iteratively through wireframes and a lo-fi prototype. Results: The study revealed a number of user values, reflecting user needs, and a number of key features that should be supported by the application. A heuristic evaluation of the lo-fi prototype showed that using a provocative object engaged the participants in critical reflections and discussions. Discussion: By involving people with cognitive impairments in the design process through participatory design activities, the methodology used in this study allowed them to influence the design and application functionalities. / Bakgrund: Teknik kan bidra med effektiva och tillgängliga lösningar för att hantera privatekonomi, med hänsyn till användarens behov och erfarenheter. Personer med funktionsnedsättningar är den grupp som möter störst utmaningar relaterade till ekonomisk förståelse och bristande tillgång till sina egna pengar. Syftet med projektet God man i fickan är att utveckla en applikation som stödjer personer med svårigheter att hantera sin privatekonomi. Syfte: Syftet med denna studie var att undersöka grundläggande funktionalitet och interaktion i ett digitalt verktyg för personer som inte kan hantera sin ekonomi utan någon form av assistans. Metoder: För att genomföra studies syfte användes deltagande design aktiviteter med personer med kognitiva funktionsnedsättningar. Kvalitativa data samlades in genom diskussioner, storyboarding och en designsession. På grund av Covid-19 var vi tvungna att anpassa en workshop för miljöer online. Data som samlades in analyserades i olika teman som visualiserades och gradvis förfinades genom wireframes och en lo-fi prototyp. Resultat: Studien kunde urskilja ett antal användarvärden, som reflekterar användarbehov, och ett antal nyckelfunktioner som borde vara inkluderade i applikationen. En heuristisk utvärdering av lo-fi prototypen visade på att användningen av ett provokativt objekt engagerade användarna i kritiska reflektioner och diskussioner. Diskussion: Genom att involvera personer med kognitiva funktionsnedsättningar i designprocessen och i deltagande design aktiviteter kunde studie ge dessa personer ett inflytande över designen och applikationens funktionalitet.

In recent years, programs designed to promote financial literacy among lowincome populations have proliferated. However, such programs have largely been developed by small community-based organizations operating in isolation from one another. Most have been conducted in absence of guidance explaining how to ensure that the program meets the needs of the target audience. Very few studies have been able to link the program to subsequent increases in financial understanding or improvements in financial behaviors among participants. This thesis serves as a guidebook for community organizations that intend to provide financial literacy training to low-income audiences. The subject is introduced by offering a working definition of financial literacy, a brief overview of the state of financial literacy education in the United States, and a discussion of the importance of financial literacy. The political and social climates surrounding financial literacy are then discussed, followed by a summary of previous research studies that have found financial education to be effective. The subsequent chapters provide financial educators with practical guidance on the program's design, content, delivery, evaluation, and administration. The final chapter provides insights from the fields of economics and psychology. Supplemental resources for financial educators are found in the appendices.

Modern society has created more opportunities and risks, an example of which is the stock market. The stock market entails financial risk-taking when it comes to investments and it is a domain that has always been dominated by men. Despite the high presence of women in the labor market, there is an absence in the stock market. The reasons for women's absence can be several, where one reason may be that men are considered to thrive better in risky contexts than women.The purpose of this study is to gain an understanding of how gender roles affect risk-taking, specifically with regard to investments in the stock market. This will be done through our questions at issue that include how men and women experience their financial actions and their risk-taking in investments and also if the experiences differ depending on gender roles. Previous research on the subject has shown results where gender roles have a decisive influence on how men and women act and relate to financial risk-taking. The study's theoretical framework is based on Anthony Gidden's risk theory, Ulrich Beck's conception of the risk society and Simone de Beauvoir's depiction of gender roles. The study was conducted through semi-structured qualitative interviews, to get more enriching information with room left for details. The conclusion of the study is that gender roles were irrelevant when it came to the respondents' actions in the stock market, except in terms of knowledge. The knowledge and risk assessment was clearly characterized by gender roles, as we found patterns where women had a higher level of knowledge than men, and where men have a more positive attitude to risk-taking than women. / Det moderna samhället har skapat fler möjligheter och risker, exempel på detta är börsmarknaden. Börsmarknaden medför ett finansiellt risktagande när det gäller investeringar och det är en domän som genom tiderna varit dominerad av män. Trots kvinnors höga närvaro på arbetsmarknaden, råder det en frånvaro på börsmarknaden. Anledningarna till kvinnors frånvaro kan vara flera, där en anledning kan vara att män anses trivas bättre i riskfyllda sammanhang än kvinnor. Syftet med denna studie är att få en förståelse för om risktagandet skiljer sig mellan studiens män och kvinnor beträffande investeringar inom börsmarknaden. Detta sker genom frågeställningar som innefattar hur män och kvinnor upplever sitt finansiella agerande och risktagandet inom investeringar samt om upplevelserna skiljer sig beroende på könsroller. Tidigare forskning om ämnet har visat resultat där könsroller har en avgörande påverkan om hur män och kvinnor agerar och förhåller sig till finansiellt risktagande. Studiens teoretiska ramverket grundas på Anthony Giddens riskteori, Ulrich Becks föreställning av risksamhället och Simone de Beauvoir skildring av könsroller. Studien är utförd genom semistrukturerade kvalitativa intervjuer, för att få en mer berikande information med utrymme för detaljer. Slutsatsen av studien är att könsroller var irrelevant när det kom till respondenternas agerande på börsmarknaden, förutom när det gällde kunskapen. Kunskapen och riskbedömningen var tydligt präglad av könsroller, då vi fann mönster där kvinnorna hade en högre kunskap än männen, och där männen har en mer positiv attityd till risktagande än vad kvinnorna har.