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.

Financial illiteracy broadly affects people’s financial and economic well-being. The purpose of this thesis is to identify how the magnitudes of financial literacy determinants change under different residency settings. A county-level calculation of financial literacy is created, and logit and negative binomial regressions are employed to compare the relationship between demographic variables and financial literacy in metro/non-metro and urban/rural counties. Data on individual’s financial knowledge and personal characteristics is obtained from the FINRA National Financial Capability Study. Urban and rural residency is determined using USDA ERS Rural-Urban Continuum Codes and the Index of Relative Rurality. These results provide an improved understanding of who is more likely to experience higher and lower financial literacy and may be useful for policymakers and educators wanting to provide targeted resources for improving financial literacy in their area.

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Den svenska aktiemarknaden har genomgått en märkbar förändring de senaste åren, med en ökning av intresset för aktier bland unga. Samtidigt står samhället inför utmaningar att hantera bristen på kunskap när det gäller att fatta ekonomiska beslut. Det är av stor betydelse att kunna fatta välgrundade finansiella val, då det har en omfattande påverkan på både individen och samhällets ekonomiska välbefinnande.  Mot bakgrund av att allt fler unga människor tar ekonomiska beslut redan i tidig ålder är det nödvändigt att undersöka vad som påverkar finansiell läskunnighet. Finansiell läskunnighet innebär att ha en grundläggande förståelse för finansiella begrepp och att ha förmågan att fatta välgrundade beslut. Tidigare forskning betonar att flera faktorer har en viktig roll vid undersökning av finansiell läskunnighet, inklusive kön, ålder och utbildning. Dessutom är det avgörande att framhäva vikten av att förstå risktolerans vid finansiella beslut. Den finansiella risktoleransen avser den grad av osäkerhet som en individ är villig att acceptera.  Syftet med studien är att genomföra en undersökning av finansiell läskunnighet bland individer i Norra Sverige och identifiera faktorer som kan påverka och främja en ökning av finansiell läskunnighet. Med hänsyn till den växande trenden som unga människor har på aktiemarknaden, är det särskilt relevant att undersöka vad som bidrar till ökad finansiell läskunnighet. För att besvara studiens syfte har en enkätundersökning konstruerats och svaren har analyserats med hjälp av statistiska tester.  Resultaten av studien, som baserar sig på ett stickprov om 100 individer, visar att kön inte har någon betydande påverkan på finansiell läskunnighet. Däremot är ålder en faktor som påverkar nivån av finansiell läskunnighet, individer i åldersgruppen 18–44 år visade sig ha högre finansiell läskunnighet än de som var 45 år och äldre. I den här studien är också utbildningsnivå en betydande faktor för att förstå finansiell läskunnighet, vilket stöder tidigare forskning. Sambandet mellan finansiell läskunnighet och risktolerans kunde inte bekräftas i denna studie. Därmed kan det konstateras att utbildning och ålder är de faktorer som bidrar till högre nivå av finansiell läskunnighet, vilket understryker vikten av att främja utbildning i finansiell läskunnighet i tidig ålder. Studien bidrar till en ökad medvetenhet om finansiell läskunnighet i Norra Sverige och lägger grund för fortsatt forskning kring faktorer som kan bidra till att öka finansiell läskunnighet och främja en mer hållbar ekonomisk framtid för individer och samhället som helhet.

The concept of behavioural finance has taken more ground concerning the traditional finance paradigm during the last decade. A vital part of the behavioural finance theorem is the subject of behavioural biases and the mistakes these biases have on private stock investors. The authors of this study focused on the bias of overconfidence due to numerous studies indicating the consequences overconfidence has on society and more specifically private investors. The initial focus departed from what might help investors overcome the overconfidence bias. Additionally, the research claiming low financial literacy among young Swedish individuals further caught the authors attention. From this, it was therefore decided to investigate financial literacy's effect on overconfidence among young Swedish individuals to potentially help young individuals understand the risk of overconfidence and what might help reduce the emotional and increase the rational decisions made in investment environments.  With the usage of a questionnaire, we were able to collect quantitative data and thereafter perform three different regressions. The three regression was based on three different measurements of overconfidence; better-than-average effect, miscalibration, and trading frequency. The questions used in the questionnaire were heavily influenced by famous previous literature when it comes to measuring overconfidence and financial literacy. It was also decided to check for different demographic variables and their effect on overconfidence, more precisely previous experience, age, gender, and level of education.  From our study it was found that financial literacy has a negative effect on overconfidence, meaning that the more financially literate an individual is, the less prone to fall victim to overconfidence. More specifically, all three regressions showed this result, indicating a strong relationship. In addition, it was also found that the more experience an individual has the less inclined the individual is to display overconfident behaviour. Lastly, it was found that men tend to be more overconfident than women.  With this study, we are able to contribute to the behavioural view of finance by proving that overconfidence partially exists and that by becoming more financially literate individuals decreases the risk of being overconfident. By being aware of this, we contribute to a healthier investment environment. In addition, this study also contributes to the previous literature on partially overconfidence and financial literacy each on their own but more importantly the effect financial literacy has on overconfidence.

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.

The need for financial literacy among Americans has become a national topic of interest. Economists, financial professionals, educators, and government officials recognize there is an overall deficit of financial knowledge. More specifically, higher education administrators have become increasingly concerned with ensuring that financial literacy tools are available to college students. Students of today face higher tuition and education-related costs, are less likely to receive grant funding to assist with their educational expenses, and are more likely to be in debt, carrying higher student debt loads than previous generations. Further, students lack the financial knowledge needed to make sound financial decisions. Hence, there is a need for effective financial literacy programs at post-secondary institutions. The purpose of this dissertation in practice (DIP) is to design a comprehensive financial literacy program model for students attending large diverse higher education institutions similar to the University of Central Florida.

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