Financial decisions among college students can be influenced by experiences with credit and debt services. Some college students may use alternative financial services (AFS; e.g., payday loans and check cashing services) to manage their personal finances to maintain a desired level of financial wellness. Fears about credit card usage may prompt the use AFS or overdraft on accounts due to a limited funds. Thus, some financial decisions, and ultimately, wellbeing may be influenced by financial knowledge, access to financial resources and attitudes towards financial services among college students. This study aims to explore factors (i.e., financial abilities, compulsive buying, materialism, knowledge, credit card, and AFS usage) that contribute to the financial wellbeing of college students. Initial findings from a stepwise regression show increased usage of credit cards (β = -0.08) and AFS (β = -0.08) decreases financial wellbeing while lower materialistic (β = 0.27) attitudes increases financial wellbeing.

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

Financial literacy is a growing problem in the United States. While research has approached the formation of financial skills from a variety of angles, little is known about the influence of religiosity. Using the College Student Financial Literacy Survey (CSFLS) and Duke University Religiosity Index (DUREL), data was analyzed for correlations between religiosity and financial knowledge, financial attitudes, and financial behaviors. Data was collected from 938 undergraduates at Mississippi State University via an online survey using Qualtrics survey software in the spring of 2015. Items measured on the DUREL (i.e., religiosity) were not significantly related to financial attitudes, financial knowledge, or financial behavior. These findings are important for churches and faith-based organizations as well as financial educators as populations in need seek financial education. Faith leaders and institutions could incorporate financial lessons to improve the financial skills of all members.

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 objective of this study is to examine the impact of financial literacy on entrepreneurialgrowth in Southern Nigeria. To achieve this, a qualitative research approach was employed.Twelve respondents were interview, and primary data were generated for this study viasemi-structured interview. The information were transcribed by listening to the recordingsof the interviews, and were analysed using qualitative data analysis method by comparingthe findings of this study with that of other empirical studies. Amongst others, it was foundthat educated entrepreneurs have a high level of financial literacy, entrepreneurs with highfinancial literacy are able to use banking services and bookkeeping to the benefit of theirbusinesses, entrepreneur’s knowledge of banking services enhances the growth of thebusiness since he will be able to access credit products from the banks to expand hisbusiness, entrepreneur’s bookkeeping knowledge helps him to monitor the growth of hisbusiness, and most businesses whose entrepreneur lacks bank services and bookkeepingliteracy do not do well. Therefore, it was recommended that financial institutions shouldmake the keeping of accounting books mandatory for any entrepreneur or business thatwants to benefit of their credit facilities.

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.

Financially literate consumers are empowered with the knowledge and skills necessary to make sound financial decisions that ensure their long-term economic well-being. Within the context of the range of cognitive, psychological, and social factors that influence consumer behavior, simulations enhance financial literacy by developing consumers’ mental models for decision-making. Technical communicators leverage plain language and visual language techniques to communicate complex financial concepts in ways that consumers can relate to and understand. Simulations for financial education and decision support illustrate abstract financial concepts, provide a means of safe experimentation, and allow consumers to make informed choices based on a longitudinal comparison of decision outcomes. Technical communicators develop content based on best practices and conduct evaluations to ensure that simulations present information that is accessible, usable, and focused on the end-user. Potential simulation formats range from low- to high-fidelity. Low-fidelity simulations present static data in print or digital formats. Mid-fidelity simulations provide digital interactive decision support tools with dynamic user inputs. More complex high-fidelity simulations use narrative and dramatic elements to situate learning in applied contexts

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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