This thesis deals with the analysis of the annual percentage rate (APR) and other key parameters of the consumer credit with regard to observance of the legal rules by major providers of the consumer credit on the Czech credit market. The first part deals with the economic implications of the consumer credit. It focuses mainly on the analysis of the indebtedness of Czech households on the consumer credit market. The second part deals with the legal implications of consumer credit, mainly legal requirements that are imposed on providers of the consumer credit. The third part provides the analysis of the APR indicator on the consumer credit and on the short-term loans. On the basis of the defined consumer credit models is provided the comparison of the APR for each credit both in terms of its compliance with the current legislation and in terms of the provider of the consumer credit. The final part deals with the specific recommendations for the financial literacy development and for the future legislative development.

L'inclusion financière est devenue un sujet important au cours des deux dernières décennies dans les politiques de développement de l'UEMOA. Cette zone se caractérise par un faible niveau d'inclusion financière en dépit de plusieurs stratégies et programmes visant à la renforcer. Cette thèse vise à analyser d’une part la situation de l'inclusion financière de l’'UEMOA et du Niger particulièrement, et d'autre part, à étudier le rôle de la microfinance dans l’accomplissement de cette dernière. Pour ce faire, nous avons construit un indice synthétique d'inclusion financière (ISIF) pour mesurer l'inclusion financière et classer ainsi les 8 pays de l'UEMOA. A travers un modèle économétrique en panel, nous avons montré que la microfinance contribue efficacement au renforcement de l'inclusion financière sous l’angle du mobile money et l'impact (sur l'ISIF) est supérieur à celui du secteur bancaire. Nous avons en outre analysé les déterminants de l'inclusion financière à deux niveaux : d'abord à l'échelle d’un pays, et à partir des données disponibles à la BCEAO et ensuite selon les caractéristiques des personnes à l’aide des données de l’enquête que nous avons réalisé auprès d’un échantillon de 512 adultes. Ces données ont également révélé un niveau d'éducation financière inquiétant en milieu rural comme en milieu urbain au Niger / Financial inclusion has become an important topic in the last two decades in WAEMU's development policies. This area is characterized by a low level of financial inclusion despite several strategies and programs to strengthen it. This thesis aims to analyze on the one hand the situation of the financial inclusion of UEMOA and Niger in particular, and on the other hand, to study the role of microfinance in the fulfillment of the latter. To do this, we built a synthetic financial inclusion index (ISIF) to measure financial inclusion and thus classify the 8 WAEMU countries. Through an econometric panel model, we have shown that microfinance effectively contributes to strengthening financial inclusion in terms of mobile money and the impact (on ISIF) is greater than that of the banking sector. In addition, we analyzed the determinants of financial inclusion at two levels: first, at the country level, and from the data available at the BCEAO and then according to the characteristics of the individuals using the data. of the survey we conducted with a sample of 512 adults. These data also revealed a worrying level of financial education in both rural and urban areas of Niger

In 2015, United Nations implemented seventeen Sustainable Development Goals along with 169 sub-targets with the ambition to transform the world through achieving sustainable development and, hence annihilate poverty. In light of the foregoing, both authoritative and non-governmental entities accentuated the significance of ‘financial inclusion’ which, in turn, has developed into an evangelical advocacy reminiscent of the extensive publicity that microfinance received at the end of last century which, in turn, has led to an unprecedented passion among philanthrocapitalists, transnational corporations, and other benefactors to financially and socially assist the impoverished. In order to attain the objectives enforced by the United Nations, it is essential to elevate the people located at the bottom of the social hierarchy by minimizing the wealth and gender inequalities that exist. By providing women with equal access to education, job opportunities, financial resources, and representation in economic and political decision- making processes, both domestic and international prosperity will follow. Upon providing access to microfinancial services, microfinance institutions and similar entities have developed into essential tools for empowering women. Academic evidence has previously illustrated a positive association between the probability of accessing these services and the possession of an adequate understanding of economic knowledge – financial literacy. However, the underlying mechanisms of financial literacy and their possible connections to the access of microfinance are complex processes that often have been neglected in current academia. Hence, the purpose of this study is to determine the significant factors of financial literacy and examine how they interplay with the access to microfinancial activities. Accordingly, the objective of this paper is to answer the following research question. How does financial literacy favor women’s access to microfinancial services in developing countries? In order to obtain a greater insight into the subject matter, this paper utilizes a single-case study of Hand in Hand Eastern Africa’s operations in Kenya. The empirical findings presented in this qualitative study were collected through semi-structured interviews with managers working on both a local and nationwide level. Upon analyzing the findings, the authors found support in the argument that it is essential for an individual to be financially literate in order to obtain microfinancial services such as microcredit, microinsurance, and loans in kind. Although external forces in the form of social capital, social learning, and dynamic capabilities do not impact the access to microfinance directly, the empirical evidence indicated that an indirect influence on financial literacy exists. A myriad of previous academia has gravitated to emphasize the correlation between financial literacy and women empowerment rather than justifying the association through the examination of the underlying mechanisms. Hence, this thesis should provide valuable acumen about the elements of financial literacy and how they influence the microfinancial machinery as well as women’s socio-cultural and economic empowerment.

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En Perú, a diferencia de Chile, la reforma previsional que creó el sistema de capitalización individual no eliminó el sistema de reparto, en la actualidad, ambos sistemas operan en competencia. Esta dualidad genera grandes inequidades inter e intra-generacionales para los ciudadanos expuestos a diferentes niveles de pensión y riesgos, dependiendo del sistema elegido, decisión que sucede en un contexto de poca información financiera. En vista de que existen pocos estudios que analicen la elección de afiliación del individuo a un determinado sistema de pensiones, y teniendo en cuenta que anteriormente no se ha estudiado el efecto de variables relacionadas al conocimiento financiero sobre esta elección, el presente trabajo de investigación pretende conocer cuál es el efecto de la alfabetización financiera en la probabilidad de afiliación al Sistema Privado de Pensiones (SPP) o al Sistema Nacional de Pensiones (SNP). Para ello, se trabaja con el último panel de datos disponible de la Encuesta Nacional de Hogares (ENAHO), y el periodo de análisis es 2016-2019. A través del modelo de probabilidad no lineal, Logit binomial, se encuentra que la alfabetización financiera es relevante en la afiliación al SPP o al SNP. Sin embargo, existe un efecto negativo en la probabilidad de afiliarse al SPP, y un efecto positivo en la probabilidad de afiliarse al SNP, lo cual puede deberse a que los individuos que cuentan con alfabetización financiera saben que, de afiliarse al sistema de reparto, sus futuras pensiones estarán siempre respaldadas, según Palomino (2015), por el presupuesto público. / In Peru, unlike Chile, the pension reform that created the individually funded system did not eliminate the pay-as-you-go system; currently, both systems operate in competition. This duality generates great inter- and intra-generational inequities for citizens exposed to different pension levels and risks, depending on the system chosen, a decision that takes place in a context of little financial information. In view of the fact that there are few studies that analyze the individual's choice of affiliation to a given pension system, and considering that the effect of variables related to financial knowledge on this choice has not been studied before, this research aims to determine the effect of financial literacy on the probability of affiliation to the Private Pension System (SPP) or to the National Pension System (SNP). For this purpose, we work with the latest panel of data available from the National Household Survey (ENAHO), and the period of analysis is 2016-2019. Through the non-linear probability model, binomial Logit, it is found that financial literacy is relevant in the affiliation to the SPP or the SNP. However, there is a negative effect on the probability of joining the SPP, and a positive effect on the probability of joining the SNP, which may be due to the fact that individuals with financial literacy know that, if they join the PAYG system, their future pensions will always be supported, according to Palomino (2015), by the public budget. / Trabajo de investigación

The thesis "Over-Indebtedness in the Czech Republic: Problem Analysis and Policy Alternatives" deals with the issue of over-indebtedness of households with regards to consumer loans, specifically in the Czech Republic. Over-indebtedness is currently a very real and serious issue. The author attempts to tackle what is a relatively complex issue. The objective of the thesis is to demonstrate that over-indebtedness is a significant problem and analyse the myriad factors that contribute to it. Finally, possible solutions to the problem are explored. The author exhibits a variety of data to measure over-indebtedness in addition to determining the various causes, namely individual economic factors, such as sudden unemployment, and financial imprudence, which can be attributed to individual psychology or low financial literacy. Additionally, the unfair and even loan-sharking practices adopted by some loan providers and brokers along with the problematic process of debt enforcement, which contribute to over-indebtedness are described in detail. Based on the identified drivers, the thesis proposes specific tools to address the problem, with particular emphasis on regulating providers, and analyses their advantages and disadvantages. Further to the regulatory instruments, the thesis also stresses the need to...

Politische Entscheidungsträger sind zunehmend besorgt über die hohe und steigende Einkommens- und Vermögensungleichheit weltweit (Kanbur, 2019; Wood, 2018). Ein wesentlicher Faktor ist die ungleiche Verteilung von Bildung und produktiven Fähigkeiten innerhalb von Gesellschaften sowie zwischen Ländern (Martin, 2018; Stijn et al., 2019). Die Förderung von benachteiligten Bevölkerungsgruppen neue Kompetenzen zu erwerben ist daher ein wichtiger politischer Hebel zur Bekämpfung von Ungleichheiten (OECD, 2019). Diese Dissertation liefert neue Erkenntnisse darüber, wie Trainingsmaßnahmen gestaltet werden können, um das wirtschaftliche Wohlergehen von Teilnehmer effektiv zu verbessern. Auf der Grundlage kontrafaktischer Wirkungsevaluierungen wird in den vier Kapiteln die Effektivität von Trainingsmaßnahmen in drei zentralen Politikbereichen analysiert: berufliche Fähigkeiten, Unternehmertum und finanzielle Bildung. Die Ergebnisse zeigen, wie wichtig es ist, zielgerichtete und maßgeschneiderte Maßnahmen zu entwickeln, welche gleichzeitig auf verschiedene Bedürfnisse, Einschränkungen und Chancen von geringer-qualifizierten, benachteiligten Personen eingehen. / Policymakers are increasingly concerned about high and rising inequality of earnings and wealth globally (Kanbur, 2019; Wood, 2018). One key driver is the unequal distribution of productive skills within societies and across countries (Martin, 2018; Stijn et al., 2019). Improving opportunities for disadvantaged population groups to acquire new skills, therefore, presents an important policy lever to tackle inequalities (OECD, 2019). This thesis provides new evidence on how to design skills trainings that effectively improve participants’ economic well-being. Based on counterfactual impact evaluations, the four chapters assess the effectiveness of training pro-grams in three core policy areas: vocational skills, entrepreneurship, and financial literacy. The findings demonstrate the importance of designing well-targeted and tailored interventions that simultaneously address the multi-faceted needs, constraints, and opportunities faced by lower-skilled, disadvantaged individuals.

Titel: Att spara eller inte spara? - En studie om universitetsstudenters sparande och vad som påverkar sparbeteendet Författare: Edvin Pettersson och Sandra Trinh Handledare: Camilla Strömbäck Bakgrund: Enligt livscykelhypotesen är det irrationellt för studenter att spara pengar. Däremot utifrån ett riskhanteringsperspektiv finns det anledningar till att spara vilket inte överensstämmer med livscykelhypotesen. Utöver denna diskrepans har tidigare forskning visat att det finns flera faktorer som kan påverka en individs sparande. Dock har tidigare forskning ofta varit kvantitativ och enbart fokuserat på hur en faktor påverkar sparande men inte om faktorerna påverkar varandra eller givit en bred bild över området. Syfte: Syftet med studien är att undersöka svenska universitetsstudenters sparande och behovet av det utifrån ett riskhanteringsperspektiv, samt identifiera, analysera och systematisera vilka faktorer som påverkar sparandet. Genomförande: För att besvara studiens syfte har en kvalitativ metod använts där semistrukturerade intervjuer har genomförts med tio svenska universitetsstudenter. Utifrån tidigare forskning uppmärksammades fem faktorer som påverkar sparande. Dessa faktorer låg sedan till grund för intervjuguiden och analysmodellen som skapades. Slutsats: Utifrån ett riskhanteringsperspektiv är det rationellt för svenska universitetsstudenter att spara. Det har gjort att de kan hantera likviditetskriser samt bygga upp ett eget kapital för att kunna ta lån i framtiden. Mental bokföring och finansiell bildning har gjort det enklare för studenterna att hantera sina självkontrollsproblem vilket har möjliggjort att de kan spara. / Title: To save or not to save? - A study about university students’ saving and what affects the saving behavior Authors: Edvin Pettersson and Sandra Trinh Supervisor: Camilla Strömbäck Background: According to the life cycle hypothesis, it is irrational for university students to save money. However, it might be necessary for university students to have a savings buffer to be able to manage liquidity risks and to afford more expensive purchases. Previous research has shown that there are several factors that affect a person’s saving behavior, but it has yet to investigate how different factors work together to affect the saving behavior. Aim: The aim of this study is to examine Swedish university students’ savings and the need for from a risk management perspective, as well as identify, analyze, and systematize which factors affect the saving behavior. Completion: To answer the research questions we have completed semi-structural interviews with ten Swedish university students. This study has used a qualitative method to be able to examine how students reflect on the needs to have savings and to identify if different factors work together to affect the university students’ saving behavior. From previous research we have identified five factors that affect a person’s saving behavior and these factors have been the basis for the creation of the interview guide and the model of analysis. Conclusion: From a risk management perspective it is rational for Swedish university students to save money to be able to manage their liquidity risks and build up their equity to enable loans in the future. Both mental accounting and financial literacy have been helpful for the students to practice self-control, which has made it possible for the students to save money.

Диссертация посвящена повышению клиентоориентированности коммерческих банков в условиях нестабильной внешней среды. Рассмотрены теоретические аспекты лояльности и клиентоориентированности, проведено исследование маркетинговых инструментов, направленных на достижение поставленной цели. Также разработан проект с применением инструментов бережливого производства. В ходе исследования был создан поэтапный алгоритм, объединивший все составляющие для реализации истинно клиентоориентированного подхода в организации. / The dissertation is devoted to increasing the customer focus of commercial banks in an unstable environment. The theoretical aspects of loyalty and customer focus are considered, a study of marketing tools aimed at achieving this goal is carried out. A project using lean manufacturing tools was also developed. During the study, a phased algorithm was created that combined all the components for implementing a truly customer-oriented approach in the organization.

This research examined 50 financial education programs within the state of Florida. The purpose of the research was to survey financial education program providers to see how they are evolving to meet the sociological, psychological and behavioral factors that affect individual’s financial decision making. In constructing the survey I referenced articles, journals and publications regarding how certain factors can affect an individual and their ability to apply financial education to their daily life. This review of previous research showed that tailored education, to determine a participant’s means, ability and goals, is the best way to help participants achieve financial independence. In this literature review no specific details were found on how programs are evolving or how existing program offerings are filling the need for tailored financial education. This topic is important because financial decisions that people make will not only affect current generations but also future generations. I contacted 50 agencies with a 27 question survey regarding their basic organizational structure, funding, program details, success determinants, primary program goals and focus, and marketing strategies. 36% of those contacted, or 18 organizations, responded. All responses were compiled and compared to determine relationships among program structures, offerings, and goals. The primary findings were that most organizations opened after 2000, have budgets under $100,000 funded primarily by two main sources, and their main goals are to provide basic knowledge and education to help participants improve financial decisions. In addition, most programs conduct a pre-post survey or get participant feedback to evaluate programs and use the number of participants at meetings as their main success factor. The majority of programs do not collect financial information, however they provide one-on-one counseling to focus on tailoring education to 501+ participants per year. Recommendations for future research are to increase the number of respondents, look deeper into funding requirements, the program lifecycle, marketing strategies employed and their effectiveness, and what specific financial education topics programs are addressing. This will add to existing research by providing a broader view of the financial education landscape and help programs to evolve to meet the need for tailored education.