Importance of financial literacy

Continued part 1, part 2 of ebook "Accounting and financial analysis in the hospitality industry" presents the following content: comparison reports and financial analysis; forecasting - a very important management tool; budgets; corporate annual reports; personal financial literacy;...

144p damtuyetha 09-01-2023 11 2   Download

General health check-ups are an important element of healthcare, as they are designed to detect diseases, thereby reducing morbidity and mortality. Recent studies have found that financial literacy promotes preventive healthcare usage and reduces risky health behaviors such as smoking, lack of exercise, and gambling.

12p viferrari 29-10-2022 5 2   Download

This policy highlights the importance of financial literacy, the ability to make healthy financial decisions in regards to debt, credit and other expenses, serious matters in this Digital Age. Being financially literate in today’s economic climate is more important than ever.

5p orianahuynh 05-06-2020 32 3   Download

This study examines how financial literacy and financial innovation can improve financial inclusion among households in Uganda. Large sections of the population in rural and urban areas in Uganda still remain out of the coverage of formal financial systems. The study uses a cross sectional survey research design. The study population comprised of the adult population in both rural and urban settings in Uganda. Empirical data was analyzed using correlation and regression analyses.

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Though there is still no blueprint for a nationwide reform, house holdbehavior adjustments such as better retirement preparedness and planning may create important changes. By examining the current state of financial literacy and the elderly’s financial situation, the research reveals that financial literacy is of primary importance for retirement security in Vietnam.

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In the context of a “getting old before getting rich” population, pension schemes in Vietnam are now facing many challenges which may lead to depletion in 2034 if no effective reform takes place shortly. Though there is still no blueprint for a nationwide reform, household behavior adjustments such as better retirement preparedness and planning may create important changes. By examining the current state of financial literacy and the elderly’s financial situation, the research reveals that financial literacy is of primary importance for retirement security in Vietnam.

12p jangni 13-04-2018 28 1   Download

Medical rehabilitation is underfunded and short-staffed, and access to services is subject to substantial regional disparities. Long-term care is provided by both the health and the social sectors. Local governments are responsible for providing social care, which takes the form of cash and in-kind benefits provided mostly to impoverished individuals and those with disabilities. Palliative care is still in its infancy. The importance of informal carers, who in some cases are eligible for financial assistance, has been recognized.

39p nhamnhiqa 01-03-2013 58 3   Download

At least one member of the audit committee should have significant, recent and relevant financial experience, for example as an auditor or a finance director of a listed company. It is highly desirable for this member to have a professional qualification from one of the professional accountancy bodies. The need for a degree of financial literacy among the other members will vary according to the nature of the company, but experience of corporate financial matters will normally be required.

12p tay_thi_le 19-02-2013 47 4   Download

"Our Higher Ed Readiness segment realized year-over-year revenue growth for the first time in three quarters as we've begun to focus more on our core business and execute our go-to-market strategy as a differentiated player at a premium price point," said John Connolly, interim president and CEO of The Princeton Review. "These efforts also contributed to ending the quarter with positive cash flow.

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The OECD International Network on Financial Education (INFE) has developed a survey instrument that can be used to capture the financial literacy of people from very different backgrounds in a wide range of countries. The questionnaire is designed to be used in face-to-face or telephone interviews. The survey comprises good practice questions drawn from existing financial literacy questionnaires.

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National financial literacy surveys are clearly important tools, but the potential gain from a survey undertaken across a number of countries is much greater. Such an international study provides the opportunity to compare levels of financial literacy and progress across populations and financial markets, and is of huge interest to policy makers and other stakeholders seeking to understand why one country appears to be achieving more than another and which interventions are most effective.

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Whilst it is illustrative to focus on each component of financial literacy in turn, it is also valuable to consider how they combine. We have done this in several ways. First, a simple table showing the proportion of the population achieving high scores on each component illustrates important variations (Table 4). In 8 of the countries surveyed, a larger proportion of the population achieved a high knowledge score than a high behaviour score; indicating that levels of financial literacy in these countries are higher in terms of knowledge than behaviour.

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Attitudes and preferences are considered to be an important element of financial literacy. If people have a rather negative attitude towards saving for their future, for example, it is argued that they will be less inclined to undertake such behaviour. Similarly, if they prefer to prioritise short-term wants then they are unlikely to provide themselves with emergency savings or to make longer term financial plans. The financial literacy survey includes three attitude statements to gauge respondents’ attitudes towards money and planning for the future 3 .

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The way in which a person behaves will have a significant impact on their financial wellbeing. It is therefore important to capture evidence of behaviour within a financial literacy measure. The OECD INFE core questionnaire does this by asking a variety of questions in different styles, to find out about behaviours such as thinking before making a purchase, paying bills on time and budgeting, saving and borrowing to make ends meet.

52p mebachano 01-02-2013 42 3   Download