While the saving environment has become more complex in recent years, so has the demand for individual activity. Important impetuses include financial deregulation, globalization, technological change, and reformed pension systems. Financial institutions can provide financial advisory services to help their customers to obtain positive net benefits by avoiding mistakes and using economies of scale, and they can also attract and maintain their customers by creating strong relationships. Earlier studies show that the incentive structure often leads to advice that is not to the benefit of the customers. In addition, not all customers seek and receive advisory services. The objective of this study is to increase our understanding of the relationship between the bank advisor – customer relation and the bank customer’s saving behavior. The scope of the study is to analyze relevant theories and develop a model that includes financial advisors as a mediator of saving behavior, and to understand the relational attributes that can affect saving behavior. Also, the characteristics of customers with a relational versus a transactional exchange form with the bank are explored. Given the problems of establishing causality, the scope is also to understand the impact of the relationship and, in particular, face-to-face advisory meetings on saving behavior. The analysis is mainly carried out with the help of customer data – both objective bank register data and subjective survey data – while the advisor characteristics are to a lesser extent part of the data material. Five studies are carried out using various methodologies, i.e., theoretical review and model development, probit and multinomial logistic regressions, difference-in-difference regression, and structural equation modelling. In addition, a case study is made analyzing dyads of customers and advisors in order to explore theoretical assumptions. Economics and relationship marketing are used to explain saving behavior with transactional, interimistic relational, and enduring relational exchange forms (Paper 1). Several major findings emerge in the quantitative analysis: First, the attributes are longer and stronger, the more relational the exchange form is (Paper 2). A second finding is that relational attributes also surface in transactional exchange, a finding that requires further research to be understood in more detail (Paper 2). Third, among relational attributes, duration and context have the largest total effects on saving behavior, while trust is a mediating variable (Paper 5). Fourth, not only demographic and socioeconomic factors can predict whether customers use the relational exchange form; psychological factors, such as saving motives and risk attitudes, are also predictors. Results are clearly different for women and men (Paper 3). Finally, financial advisory meetings are found to increase saving volumes and saving products held in stock. The largest effects are found for young customers with low wealth and low profitability to the bank, i.e., customers who initially have low activity levels and thus create a large potential (Paper 4). Limitations include endogeneity problems in general, and selection bias in particular, making it difficult to establish causality, and internal and external validity. Future research should focus on data management, especially building time series with enhanced methods to adjust for selection bias. In addition, studies to better understand the transactional exchange form are needed, as well as studies that deepen the definition of relational exchange, not least when alternative channels to face-to-face meetings include mobile banking and internet banking, and the digitalization of  the social know-how of financial advisors. Managerial implications include understanding the relational attributes that affect saving behavior, such as context, duration, and trust. Also useful to know are the factors that can help to predict the probability of a customer’s having a transactional or relational exchange form, i.e., including demographics, socioeconomics, psychology, and gender, to see how channels and customers can be better matched. Policy implications include using the model in this study to match relational attributes to the degree of financial literacy, since the risk of misselling is particularly large for relational-oriented customers with low financial literacy. / Samtidigt som sparandet har blivit mer komplext under senare år, har behovet av individens egen aktivitet ökat. Viktiga drivkrafter för denna utveckling har varit finansiell avreglering, globalisering, teknisk utveckling och reformerade pensionssystem. Finansiella institutioner kan erbjuda finansiell rådgivning för att hjälpa kunderna erhålla positiv nettonytta genom att de då kan undvika att göra vanliga misstag och kan få skalfördelar med ökad tillgång till information. Genom att skapa starka kundrelationer kan dessa institutioner också använda rådgivningen för att attrahera och behålla kunder. Tidigare studier visar att incitamentsstrukturen ofta leder till att rådgivningen missgynnar kunderna. Det är heller inte alla kunder som söker och får tillgång till rådgivning. Syftet med denna avhandling är att öka förståelsen för sambanden mellan bankkundens sparbeteende, finansiell rådgivning och relationen mellan bankrådgivaren och kunden. I avhandlingens omfång ingår att analysera teorier, utveckla en modell som inkluderar finansiella rådgivare som intermediärer till sparbeteende samt förstå de relationsattribut som kan påverka sparbeteendet. Dessutom görs jämförelser mellan kunders karaktäristika utifrån deras utbytesform. Med hänsyn tagen till svårigheterna att fastställa kausalitet ingår även att förstå hur relationen i allmänhet, och rådgivningsmöten i synnerhet, påverkar sparbeteendet. Analyser görs med hjälp av kunddata, både objektiva registerdata och subjektiva enkätdata, medan karaktäristiska för rådgivarna i mindre utsträckning finns med i datamaterialet. Fem studier utförs som använder olika metoder, såsom teoretisk genomgång och modellutveckling, probit- och multinomiala logitregressioner, ”difference-in-difference” regressioner samt struktur-ekvationsmodellering. Inledningsvis gjordes också en fallstudie som analyserade dyader av bank-kunder och rådgivare för att undersöka teoretiska antaganden. Det framkommer att national-ekonomi och relationsmarknadsföring tillsammans kan användas för att förklara sparbeteende med hjälp av tre utbytesformer (transaktion, interimistisk relation, djupgående relation) (Art. 1). Ju mer relation utbytesformen innehåller, desto längre och större är relationsattributen (Art. 2). Relations-attribut finns också representerade i transaktionsutbytet, ett resultat som kräver ytterligare forskning (Art. 2). För det tredje framkommer att bland relationsattributen är duration och kontext viktigast för att förklara sparbeteendet, följt av förtroende som är en intermediär variabel (Art. 5). För det fjärde framkommer att förutom demografiska och socioekonomiska faktorer är psykologiska faktorer, såsom sparmotiv och riskpreferenser, prediktorer för utbytesform. Resultaten är markant olika för män och kvinnor (Art. 3). Slutligen, givet endogenitetsproblem, syntes finansiella rådgivningsmöten öka sparvolymer och antal produkter som bankkunder använder. De största effekterna observeras för unga, personer med låga förmögenheter samt personer med låg lönsamhet för banken, d v s kunder som initialt har en låg aktivitetsnivå men som utgör en potential (Art. 4). Begränsningar i studierna handlar om endogenitetsproblemen i allmänhet, och selektions-svårigheter i synnerhet, vilka gör det svårt att fastställa kausalitet och vilka begränsar extern och intern validitet. Framtida forskning bör därför fokusera på datahanteringen genom att bygga upp tidsseriedata och utveckla metoder som justerar för selektionsproblem. Dessutom behöver transaktionsattributen studeras. Samtidigt är studier som fördjupar förståelsen kring relationen viktiga, inte minst som alternativa kanaler till mänskliga rådgivningsmöten – såsom mobilbank och internetbank – snabbt vinner gehör i bankerna och bland kunderna.     Avhandlingens implikationer för bankledningar inkluderar ett ramverk som kan användas för hur relationen och dess attribut påverkar sparbeteendet, såsom duration, kontext och förtroende. Vidare är det användbart att förstå de faktorer som predicerar sannolikheten att kunden har en relations- eller transaktionsutbytesform, och de inkluderar demografi, socioekonomiska faktorer, psykologi och genus, inte minst som behovet att bättre matcha kanaler med kunder ökar. För politiska beslutsfattare kan avhandlingens modell användas för att matcha relationsattribut till graden av finansiell förmåga, inte minst som risken för ”misselling” är särskilt stor för relationsorienterade kunder med låg finansiell läsförmåga. / <p>QC 20150327</p>

Submitted by Noeme Timbo (noeme.timbo@metodista.br) on 2016-09-01T16:54:41Z No. of bitstreams: 1 André Tonin Ferrari.pdf: 1426729 bytes, checksum: e1d8ae95c5a67d05a964335a9463dec0 (MD5) / Made available in DSpace on 2016-09-01T16:54:41Z (GMT). No. of bitstreams: 1 André Tonin Ferrari.pdf: 1426729 bytes, checksum: e1d8ae95c5a67d05a964335a9463dec0 (MD5) Previous issue date: 2016-06-22 / Studies have been conducted on the delay discouting, which seek to demonstrate the existence of factors that influence financial decision making considering an aversive scenario. Some of these factors with impulsive behavior and the procrastinator behavior, can be critical for the individual to accept or not to devalue certain value. This study analyzed the impulsive behavior and procrastinator that may influence financial decision making. Through a quantitative research approach, data were collected through a survey tool to obtain 410 questionnaires response. The results of this research confirm the influence of procrastination in making the individual financial decision. It concludes that the procrastinator behavior affects decision making, leading the individual to not devalue the delay. But it was found that impulsive behavior was not observed in this study as a component that can impact the financial decision of the individual aversive scenarios. / Estudos tem sido realizados sobre a desvalorização por atraso que buscam demonstrar a existência de fatores que influenciam a tomada de decisão financeira considerando um cenário aversivo. Alguns destes fatores como o comportamento impulsivo e o comportamento procrastinador, podem ser fundamentais para que o indivíduo aceite ou não desvalorizar determinado valor. Este estudo analisou os comportamentos impulsivo e procrastinador que podem influenciar na tomada de decisão financeira. Através de uma abordagem de investigação quantitativa, os dados foram coletados por meio de um instrumento de pesquisa com obtenção da resposta de 410 questionários. Os resultados obtidos por esta pesquisa confirmam a influência da procrastinação no processo de tomada da decisão financeira individual. Conclui-se que o comportamento procrastinador afeta a tomada de decisão, conduzindo o indivíduo a não desvalorizar o atraso. Porém constatou-se que o comportamento impulsivo não ficou evidenciado neste estudo como componente que possa impactar na decisão financeira do indivíduo em cenários aversivos

Households are nowadays required to make financial decisions of increasing complexity in an increasing number of domains. This thesis explores psychological mechanisms, behavior change interventions, and potential inhibitory factors underlying wise household financial decisions in the domains of gambling advertising and mutual fund investing. In-depth investigations of these two domains were chosen to balance the depth of topic coverage versus the wide breadth of modern financial decision making. UK soccer gambling advertising was investigated via two observational studies and a range of online experiments. The experiments found that soccer fans struggle to form coherent expectations for the complex bets featuring in UK soccer gambling advertising. Mutual fund investors have to balance a number of cues in their investment choices. Normatively, mutual fund investors should minimize fees. However, a number of investors choose to maximize past returns instead. Three chapters investigate how mutual fund fees and financial percentage returns are psychologically processed, in order to uncover beneficial behavior change interventions. Many participants processed percentages additively, rather than follow the correct multiplicative strategy. Both percentages and corresponding “small” currency amounts were associated with systematic biases. Participant responses were closest to the normative strategy when either past returns were framed as a “small” currency amount, or when fees were framed as a 10 year currency amount. “Some people invest based on past performance, but funds with low fees have the highest future results” was the most effective disclaimer at nudging fee-sensitivity against the real world status quo, “Past performance does not predict future results.”

Research on historical consumers has focused on physical products, financial services have received less attention. A model, "The Consumer Decision Making Model for Financial Services," emphasizes variable interaction and was introduced to address this lack of knowledge. The study focuses on Generation Z, a consumer group with over 2 billion individuals and increased purchasing power. Despite extensive research on this group, there is a lack of empirical data on their consumption of financial services. The purpose of studies is to deepen the understanding of Generation Z's decision-making processes in financial services by analyzing their psychographic, demographic and situational characteristics.  The study follows a quantitative research design with a deductive approach. The deductive approach means that hypotheses are formulated based on existing knowledge and theoretical considerations. By using a quantitative method, objectivity was enabled in the exploration of various themes, which also provided the ability to identify trends and connections. To collect empirical data, a web-based survey was conducted, where responses were obtained from 51 respondents within the relevant target group. The research questions that guide the study's design and data collection are anchored in theoretical considerations. This approach increases the credibility and relevance of the study by following a systematic methodology that is anchored in established theory.  The theoretical basis of the study is based on established theories of decision-making and decision-making models, with particular emphasis on the complex landscape of financial services. A central point of reference is "The Consumer Decision Making Model for Financial Services" by Milner and Rosenstreich (2013a), introduced to address the unique challenges of this specific field. Literature about Generation Z have also been extensively researched to highlight the unique factors that influence their decision-making processes. The study on Generation Z's financial decision-making processes shows that demographic factors do not have a major impact on their choices. Despite varying life situations and incomes, education is a priority for them. Life events such as parenthood or moving house affect their search for financial information, and despite their digital skills, family still plays an important role in their decisions. The study provides both theoretical insights and practical guidelines for actors in financial services and marketing. / Forskning om konsumenter har historiskt fokuserat på fysiska produkter, finansiella tjänster har fått mindre uppmärksamhet. En modell, "The Consumer Decision Making Model for Financial Services", betonar variabel interaktion och introducerades för att åtgärda denna brist på kunskap. Studien fokuserar på Generation Z, en konsumentgrupp med över 2 miljarder individer och ökad köpkraft. Trots omfattande forskning om denna grupp saknas det empirisk data om deras konsumtion av finansiella tjänster. Syftet med studier är att fördjupa förståelsen för Generation Z:s beslutsprocesser inom finansiella tjänster genom att analysera deras psykografiska, demografiska och situationella egenskaper.  Studien följer en kvantitativ forskningsdesign med en deduktiv ansats. Den deduktiva metoden innebär att hypoteser formuleras utifrån befintlig kunskap och teoretiska överväganden. Genom att använda en kvantitativ metod möjliggjordes objektivitet i utforskningen av olika teman, vilket också gav möjligheten att identifiera trender och kopplingar. För att samla in empirisk data genomfördes en webbaserad undersökning där svar erhölls från 51 respondenter inom den relevanta målgruppen. Forskningsfrågorna som styr studiens design och datainsamling är förankrade i teoretiska överväganden. Detta tillvägagångssätt ökar studiens trovärdighet och relevans genom att följa en systematisk metod som är förankrad i etablerad teori.  Den teoretiska grunden för studien bygger på etablerade teorier om beslutsfattande och beslutsfattande modeller, med särskild tonvikt på det komplexa landskapet för finansiella tjänster. En central referenspunkt är "The Consumer Decision Making Model for Financial Services" av Milner och Rosenstreich (2013a), introducerad för att ta itu med de unika utmaningarna inom detta specifika område. Litteratur om Generation Z har också undersökts mycket för att lyfta fram de unika faktorer som påverkar deras beslutsprocesser. Studien om Generation Z:s ekonomiska beslutsprocesser visar att demografiska faktorer inte har någon större inverkan på deras val. Trots varierande livssituationer och inkomster är utbildning en prioritet för dem. Livshändelser som föräldraskap eller flytt påverkar deras sökande efter ekonomisk information, och trots deras digitala kompetens spelar familjen fortfarande en viktig roll i deras beslut. Studien ger både teoretiska insikter och praktiska riktlinjer för aktörer inom finansiella tjänster och marknadsföring.

Submitted by Adriana Alves Rodrigues (aalves@espm.br) on 2018-08-08T12:42:04Z No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Approved for entry into archive by Adriana Alves Rodrigues (aalves@espm.br) on 2018-08-08T12:42:44Z (GMT) No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2018-08-08T13:13:47Z (GMT) No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) / Made available in DSpace on 2018-08-08T13:15:56Z (GMT). No. of bitstreams: 1 pmdgi - rafaela almeida cordeiro.pdf: 1520532 bytes, checksum: 72a2bae766617270bf203d87a282c79f (MD5) Previous issue date: 2018-02-28 / Consumer financial decision-making is an important issue around the world. The current study investigated this matter using both qualitative and quantitative approaches. Building on the concept of social capital, the qualitative study explores the financial vulnerability phenomenon in Brazil from the perspective of jeitinho—a way of getting things done by means of personal relationships. Analysis of 21 in-depth interviews provides a unique context for showing how this indigenous construct shapes marketplace and consumer practices, thus creating a mutually reinforcing cycle of financial dependency and vulnerability. A socioecological framework highlights how the interactions between personal characteristics (microsystem) and marketplace practices and social structures (meso- and macrosystems) may lead individuals to experience or avoid financial vulnerability. Values that are typical of Brazilians were also used to explain financial management behaviors, consumer resistance, and responsibility in the marketplace. Findings provide new insights for understanding financial vulnerability from a cultural perspective. It shows that consumers become indebted in order to support their relationships—sometimes using them as an excuse to justify hedonic consumption—and companies take advantage of this social reciprocity in their lending and retail practices perpetuating the cycle of dependency and vulnerability. The borrowinglending dynamic between relatives and friends is then explored in the quantitative study. The theoretical background includes discussion on materialism, consumer spending self-control, and the use of credit. A survey of 997 Brazilian adults was conducted to test two hypotheses. The evidences support that: more materialistic individuals are more likely to borrow from relatives and friends (H1) and individuals with a high level of consumer spending self-control are less likely to borrow from relatives and friends (H2). Results support the argument that both materialism and consumer spending self-control predicts borrowing behavior. Implications for public policy and suggestions for future research are then presented. / A tomada de decisão financeira do consumidor é uma questão importante em todo o mundo. Nesta pesquisa, esse tema é investigado por meio das abordagens qualitativa e quantitativa. Com base no conceito de capital social, o estudo qualitativo explora o fenômeno da vulnerabilidade financeira no Brasil sob a perspectiva do jeitinho—sob a forma de resolver situações por meio de relacionamentos pessoais. A análise de 21 entrevistas em profundidade fornece um contexto único para mostrar como o jeitinho molda o mercado e as práticas de consumo, criando um ciclo de dependência e vulnerabilidade financeira que se reforça mutuamente. A abordagem socioecológica destaca como as interações entre características pessoais (micro sistema) e práticas de mercado e estruturas sociais (meso e macro sistemas) podem levar os indivíduos a experimentar ou evitar a vulnerabilidade financeira. Os valores típicos dos brasileiros também foram utilizados para explicar comportamentos de gestão financeira, resistência e responsabilidade do consumidor no mercado. Os resultados fornecem insights para entender a vulnerabilidade financeira a partir de uma perspectiva cultural: mostrando que os consumidores se endividam para sustentar seus relacionamentos—às vezes até os usando como uma desculpa para justificar o consumo hedônico—e que as empresas aproveitam essa reciprocidade social em suas práticas de mercado, perpetuando o ciclo de dependência e vulnerabilidade. A dinâmica de empréstimos entre parentes e amigos é, então, explorada no estudo quantitativo. O quadro teórico inclui literatura sobre materialismo, autocontrole e o uso de crédito. Uma pesquisa do tipo survey com 997 brasileiros foi realizada para testar duas hipóteses. As evidências sustentam que: indivíduos mais materialistas são mais propensos a pegar dinheiro emprestado de parentes e amigos (H1) e indivíduos com alto nível de autocontrole dos gastos são menos propensos a pegar dinheiro emprestado de parentes e amigos (H2). Os resultados sugerem que tanto o materialismo quanto o autocontrole dos gastos predizem o comportamento dos empréstimos. Implicações para políticas públicas e sugestões para pesquisas futuras são apresentadas.

Submitted by ANA PAULA MIOTTO (ana.miotto@uol.com.br) on 2013-03-21T03:07:18Z No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-03-21T13:17:51Z (GMT) No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) / Made available in DSpace on 2013-03-21T13:47:47Z (GMT). No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) Previous issue date: 2013-02-25 / All consumer expenditures compete for the same set of limited resources: individual or household income. Decisions about what to buy, how to pay and how much to save are part of families daily activities, regardless of their income. However, in a context of increased resource constraints many of these decisions are crucial. Combining desires and obligations on a limited budget is no easy task. The household finance management is considered an important task and can have positive consequences for consumers, such as the possibility to save resources for the future, or negative, such as default. This thesis argues that consumers manage their budgets differently. Also, they have personal characteristics that impact this management. Through two complementary studies - the first exploratory and qualitative and the second quantitative the thesis aims to understand the way C class households perform the management of their finances, testing relations between personal characteristics and forms of dealing with finance. And investigate how the occurrence of default or savings is influenced by personal characteristics and the way consumers conduct such management. Two distinct components in the household finance management were identified: the mental budget and income and expenses management . Results of qualitative research point to a larger consumer’s effort in controlling post-consumer spending, with little concern for budget planning. Credit card financing is another feature investigated. The installment payment option is often seen as the only form of acquisition. While the credit card use facilitates the control (all expenses in one account), the possibility of minimum payment, and the difficulty to understand the interest rates, are aspects that bring complexity to the process and could lead consumers to uncontrolled budget and default. Results of the quantitative study, however, indicate a positive relationship between the preference for credit and financial management. 11 Self-control has a positive relation with the management of expenses, as well as the propensity to plan. The management of expenditure, in turn, has a negative relation with the occurrence of default. It was found that revenues and expenses management play a role as a mediator between personal characteristics and default and between the propensity to plan and savings. Encouraging better financial management can have a positive impact on reducing default as increasing savings. Critical events, mainly unemployment and sickness in the family, have a direct influence on the occurrence of default. Acting on these events is difficult because, in most cases, they are unexpected situations. However, encouraging savings for such emergencies should minimize the negative impact of a critical event. Contributions to the theory, practice and public policy are offered and discussed. / Praticamente todas as despesas dos consumidores saem do mesmo conjunto de recursos limitados: a renda individual ou familiar. Decisões sobre o que comprar, como pagar e quanto poupar fazem parte do cotidiano das famílias, independentemente da renda. No entanto, em um contexto de maior restrição de recursos muitas dessas decisões são cruciais. Combinar todos os desejos e obrigações em um orçamento limitado não é tarefa fácil. A gestão das finanças domésticas é considerada uma tarefa importante e que pode ter consequências positivas para os consumidores, como a possibilidade de fazer reservas de recursos para o futuro, ou negativas, como o endividamento e a inadimplência. Essa tese argumenta que os consumidores gerenciam seus orçamentos de forma distinta. Além disso, possuem características pessoais que impactam essa forma de gestão. Por meio de dois estudos complementares – o primeiro exploratório de caráter qualitativo e um segundo quantitativo, procurou-se: entender as formas pelas quais as unidades familiares de classe C realizam a gestão de suas finanças domésticas; testar relações entre características pessoais e formas de lidar com as finanças e investigar como a ocorrência de inadimplência ou poupança é influenciada por características pessoais e pela forma como os consumidores realizam essa gestão. Identificaram-se dois componentes distintos na gestão das finanças domésticas: o orçamento mental e o gerenciamento das receitas e despesas. Resultados da pesquisa qualitativa apontam para um esforço maior das consumidoras em controlar os gastos pós-consumo, com pouca preocupação com o planejamento orçamentário. O uso do cartão de crédito para financiar as compras é outra característica do grupo investigado. O parcelamento do pagamento é visto, muitas vezes, como a única forma de aquisição. Ao mesmo tempo em que o cartão tem o papel de facilitar o controle (todas as despesas em uma única conta), a possibilidade de parcelamento e de pagamento mínimo e, a dificuldade de entender a cobrança de juros, são aspectos que trazem complexidade ao processo de gestão das finanças e que poderiam levar os consumidores ao descontrole do orçamento, ao endividamento e à inadimplência. Resultados do estudo quantitativo, no entanto, apontam para uma relação positiva entre a preferência por crédito e o gerenciamento, sugerindo que indivíduos com essa característica, imprimam um maior esforço no gerenciamento. O autocontrole tem uma relação positiva com o gerenciamento das despesas, assim como a propensão a planejar. O gerenciamento das despesas, por sua vez, tem uma relação negativa com a ocorrência de inadimplência. Testes realizados apontam para o papel mediador do gerenciamento das receitas e despesas na relação entre as três características pessoais investigadas e a ocorrência de inadimplência. O papel mediador do gerenciamento entre a propensão a planejar e a poupança também é apontada pelos testes. É possível considerar que a influência das características pessoais na ocorrência de inadimplência ou poupança, se realiza por meio do gerenciamento das receitas e despesas. Estimular um melhor gerenciamento pode ter um impacto positivo tanto na redução da ocorrência de inadimplência como no aumento da poupança. Eventos críticos, principalmente desemprego e doença na família, têm influência direta na ocorrência de inadimplência. Atuar sobre esses eventos é difícil, já que, na maioria dos casos, são situações inesperadas. No entanto, incentivando a poupança, as reservas para essas situações de emergência estariam asseguradas, minimizando o efeito negativo de um evento crítico. Contribuições à teoria, à prática e para políticas públicas são oferecidas e discutidas.

Tidigare studier har visat att skuldsättning har ökat till resultat av avregleringar och ökad tillgängligheten av olika typer av krediter och lån. Dessutom fanns det få forskning om unga vuxnas syn på skuldsättning och skuldsättning för konsumtion. Därför har författarna valt att studera det på grund av ökat intresse för ämnet. Syftet med studien är att öka förståelse, beskriva och analysera unga vuxnas syn på skuldsättning. Studien fokuserar också på att öka förståelse för unga vuxnas syn på konsumtion som leder till skuldsättning. Studiens målgrupp att rikta sig in är personer mellan 18-25 år i båda kön. Studien är en kvalitativ forskning som använder intervju som metod. Det är 12 respondenter som intervjuades genom telefon, skriftligt form och i verkligheten. Studiens forskningsresultat visar att unga vuxna har en negativ syn på skuldsättning men när det gäller studielån eller bostadslån är det inte inkluderad som skuldsättning. Dessutom saknar unga vuxna en korrekt förståelse för skuldsättning. / Previous studies have shown that indebtedness has increased as a result of deregulation and increased availability of different types of credits and loans. In addition, there was little research on young adults' views on indebtedness and indebtedness for consumption. Therefore, the authors have chosen to study it due to increased interest in the subject. The purpose of the study is to increase understanding, describe and analyze young adults' views on indebtedness. The study also focuses on increasing understanding of young adults' views on consumption that lead to indebtedness. The study's target group people between 18-25 years in both sexes. The study is qualitative research that uses interviews as a method. There are 12 respondents who were interviewed by telephone, in writing and in real life. The study's research results show that young adults have a negative view of indebtedness, but when it comes to student loans or housing loans, it is not included as indebtedness. In addition, young adults lack a proper understanding of indebtedness. Keywords:

Background: Immigrant entrepreneurship (IE) has emerged as a vital component of Sweden's economy. However, Vietnamese Immigrant Entrepreneurs are playing an increasingly prominent role in the country's financial landscape, but there seems to be an underexplored research gap. The influence of cultural, and national heritage on financial decision-making specifically towards the Vietnamese Immigrant Entrepreneurs is an underestimated topic, as many entrepreneurs come from backgrounds where their expertise was cultivated, enabling them to operate uneffectively in the financial sector. This paper examines the impact of cultural and national aspects and other characteristics on the financial decision-making of Vietnamese immigrant entrepreneurs. Purpose: This thesis investigates how the cultural and national characteristics influences the financial decision-making of Vietnamese Immigrant Entrepreneurs in Sweden. The research aims to comprehend the impact of cultural values and societal norms of the home country, and its influences on their financial strategies and its process made by these entrepreneurs. It offers profound insight on how cultural identity, cultural background and cultural legacy impacts their entrepreneurial endeavor, specifically in the financing scope. The primary objective is to provide information that can contribute to the academic and practical world. Method: This research uses a qualitative methodology that combines exploratory and interpretative design with relativism ontology, interpretivism, social constructionist epistemology, and an abductive approach. Six Vietnamese IEs who are employed in Sweden were the purposive sample, chosen according to certain sampling criteria, and semi-structured and e-mail interviews were used to collect the data. In order to find, understand, and interpret significant themes and patterns in the transcripts and interviews, the data was further examined using a thematic content analysis. Conclusion: The findings demonstrate the fact that the national and cultural aspects of the Vietnamese IE’s have a significant influence on their financial decision-making in their entrepreneurial endeavor. Their trust and familiarity in informal networks and financing sources, and deeply-rooted risk-averse attitudes in financing based on history and culture exerts aprofound effect that ultimately shapes their financial strategies towards informal financing over formal financing. Furthermore, this research emphasizes the importance of culturally responsive financial products and services in effectively assisting immigrant businesses. Moreover, it emphasizes the significance of comprehending the cultural subtleties that influence financial conduct, hence fostering enhanced economic assimilation and achievement for immigrant entrepreneurs.

El principal objetivo del presente trabajo de investigación es reconocer el uso de la Norma Internacional de Información financiera 7: Estado de Flujos de Efectivo y su impacto en la toma de decisiones financieras de las empresas del Sector Inmobiliario de Lima Top, en el año 2019. El Estado de Flujos de Efectivo es analizado con la finalidad de reconocerlo como herramienta en el momento de la toma de decisiones financieras en las empresas del Sector inmobiliario. El presente trabajo se dividió en cinco apartados, en el Capítulo I, Marco teórico, en el cual se precisaron las palabras claves vinculadas al tema de investigación. Posteriormente, en el Capítulo II, Plan de investigación, se detallaron el problema principal y los problemas secundarios, como también los objetivos e hipótesis generales y específicas. Asimismo, en el Capítulo III, se desarrolla la Metodología de trabajo, en el cual se especifica el tipo de investigación, se determina la población y el tamaño de la muestra, para llevar a cabo el análisis cuantitativo y cualitativo. Luego, en el Capítulo IV, Desarrollo, en donde se realizó la aplicación de los instrumentos cuantitativos y cualitativos mencionados anteriormente. Finalmente, en el Capítulo V, Análisis de Resultados, se presentaron las conclusiones y recomendaciones finales de todo el trabajo de investigación. / The main objective of this research work is to recognize the use of the International Financial Reporting Standard 7: Statement of cash flows and its impact on the financial decision making of real estate companies in Lima Top, in the year 2019. The State Cash flow is analyzed in order to recognize it as a tool at the time of making financial decisions in companies in the real estate sector. The present work was divided into five sections, in Chapter I, Theoretical Framework, in which the keywords related to the research topic were specified. Subsequently, in Chapter II, Research Plan, the main problem and the secondary problems were detailed, as well as the general and specific objectives and hypotheses. Also, in Chapter III, the Working Methodology is developed, in which the type of research is specified, the population and the sample size are determined, to carry out the quantitative and qualitative analysis. Then, in Chapter IV, Development, where the application of the quantitative and qualitative instruments mentioned above was made. Finally, in Chapter V, Analysis of Results, the final conclusions and recommendations of all research work were presented. / Tesis

MCom (Economics) / Department of Economics / This study assesses the level of financial literacy and its impact on financial decision making exercised by the tertiary students in South Africa, using the University of Venda (Univen) as a case study. The study does this in three steps. First, it provides the financial literacy levels of students at Univen assessed through an evaluation score that the sampled students responded to. Second, it analyses the relationship between the demographic and socio-economic characteristics of students and their financial literacy levels. Third, it assesses the possible effects of financial literacy on financial decision making among students using correlation and regression analysis. The study uses primary data gathered by the author from the University of Venda registered students in the form of questionnaires. A stratified random sampling method was used to identify the students to form the sample of the study, which is 373. Percent slightly above 50 per cent of these students were found to be financially literate and there were more female students who were financially literate compared to male counterparts. Using the odds ratios, the study compared the financial literacy levels of all schools to the school of Management Sciences, respectively. Only students in Environmental Sciences and Law have higher literacy levels, which are statistically significant, compared to the students in the school of Management Sciences. The results also show that the age and the parent’s educational background have a statistically significant relationship with the student being financial literate. Furthermore the results indicate that there is a statistically significant relationship on good financial decision making (that is, budgeting, savings and investments) and being financial literate, compared to being financial illiterate. This result is not true when borrowing is used as a measure of financial decision making. / NRF