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How do people repay debt? In a simple debt repayment experiment we provide subjects with two credit cards with different interest rates and levels of debt that are to be repaid. From a rational choice perspective, this is arguably one of the simplest financial decisions. Nevertheless, we observe severe deviations from optimal, i.e. debt minimizing, repayment decisions with one particularly persistent type of misallocation that has not been found before. In consecutive experiments we show that this and further fallacies are predictable so that behavior can be steered towards more efficient repayment decisions.

Optimal stock investment decisions rely on assessments of the distribution of expected returns. Using a representative sample, we find over half the US population cannot answer simple questions on expected stock returns. Respondents who are unable to make any return prediction, who cannot answer questions on the distribution of expected returns, or who reveal unlikely distributional beliefs participate less in the stock market and have smaller stock investments. However, overoptimistic investors are more likely to participate in the stock market and have larger stock investments. These results persist after controlling for financial literacy, intelligence, education, and demographics. People who are ignorant about stock return distribution are more likely to invest in equities if they have higher levels of trust. Therefore, trust can substitute for cognition as a factor positively associated with individuals’ propensity to invest.

We build a model of the mortgage market in which banks attain their optimal mortgage portfolio by setting rates and steering customers. Sophisticated households know which mortgage type is best for them; naive households are susceptible to banks’ steering. Using data on the universe of Italian mortgages, we estimate the model and quantify the welfare implications of steering. The average cost of the distortion is equivalent to 16% of the annual mortgage payment. A financial literacy campaign is beneficial for naive households, but hurts sophisticated ones. Since steering also conveys information about mortgages, restricting steering might result in significant welfare losses.

The target of this PKM program is economically productive communities, namely people in housing in Banguntapan sub-district who have just established BMT covering aspects of marketing/socialization and management and accounting information systems (small businesses). The aim of the program is to develop an economically independent community with high literacy on syar'i transactions. Business partners in this program are BMTs that have just been established with a residential mosque base, namely BMT Sakinah, BMT Al-Anbiya and BMT Al-Huda. The problems faced by the three partners are: 1) Lack of competence and management in managing BMT, 2) Lack of legality, 3) Lack of Islamic financial literacy, so that BMT members still do not understand the function of BMT. As for the method of devotionare general lectures, short courses, tutorials and simulations. Materials that are focused on include the management and members of BMT: 1) Socialization of Transaction Contract applications legalized by the National Sharia Board, 2) Consolidating the understanding and application of Management Information Systems and Accounting Information Systems for BMT, for approximately eight months. The result of this dedicationis special assistance and provides BMT financial system software so that the BMT, BMT Sakinah (Puri Sakinah 2 Housing), BMT Al-Anbiya (Pesona Banguntapan Kotagede Housing) and BMT Al-Huda (Graha Banguntapan Housing) can manage accountably, professional and transparent. This program is expected to be able to facilitate the development of partner businesses so that they are able to provide a multiplier effect for housing-based BMTs and other newly established mosques.

Using information on mutual fund trades executed from 1998 to 2017 by 31,513 individual investor clients of a major Portuguese financial institution, we study the relationship between the disposition effect, financial literacy and trading experience. We find that mutual fund investors exhibit strong disposition effect. The tendency to hold losers is partially offset with literacy: not only holding a university degree reduces the propensity to hold on to loser funds but also higher financial knowledge and stronger math skills reduce the disposition effect. Literacy also plays a role in shaping the way experience affects this bias. Evidence of the disposition effect persists after accounting for redemption fees, bad emotions, irrational beliefs, market sentiment and the existence of someone to blame.

The global digital shift, recently accelerated by the COVID‐19 pandemic, requires that consumers have knowledge allowing them to navigate increasingly cashless markets safely and effectively. To enable valid and reliable measurement of such knowledge, we used data obtained from a random sample of adult Poles to develop and evaluate the psychometric properties and applicability of an original cashless payments knowledge scale (CPK scale). Our analyses based on Item Response Theory show that some evident subdomains exist within the CPK construct. The separate dimensions of the CPK merge into a coherent scale with solid psychometric properties. We find that the CPK score depends on the place of residence, education, and household size, and is positively related to safe cashless behavior. Our findings may have important implications for financial institutions as well as policymakers interested in segmenting consumers in terms of their financial knowledge, potential risks resulting from deficits in this knowledge, and enhancing financial literacy. [ FROM AUTHOR] Copyright of Journal of Consumer Affairs is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all Abstracts.)

In the BPS survey conducted in February-September 2020, Gen Z reached 75.49 million or 27.94 million out of a total population of 270.2 million, meanwhile, the number of millennials reached 69.9 million (25.87%). With the presence and dominance of the second generation groups who are relatively digitally literate among the regional population, Indonesia hopes to more easily understand these groups as the backbone of digitalization programs for various sectors in the next year. Digital literacy generation. This study aims to determine how big the level of financial literacy in FEBI UIN North Sumatra students and to determine whether or not there is an influence of literacy level on interest in using technology financial products. The research method used is a quantitative method. Data retrieval using a questionnaire distributed via google form with the respondents are students of Islamic Accounting, Management, Islamic Economics, Sharia Insurance and Sharia Banking study programs. Collecting data in this study using a questionnaire method with a Likert scale method and distributed to 100 respondents. In this study, the data analysis technique used was descriptive analysis and simple regression analysis using SPSS 15.0. The results of this study indicate that the literacy rate of FEBI UIN North Sumatra students is known to be 29.10%. It is classified into the Well literate category and there is a positive and significant influence between the level of financial literacy on the interest in using technology financial products

PurposeThe purpose of this study is to identify the profile of the Portuguese regarding the perception of financial literacy.Design/methodology/approachThe utilized methodology is based on a questionnaire survey that assesses the perception of financial literacy. The sample is composed of 830 Portuguese individuals over 18 years old.FindingsThe results show that the financial literacy scale presents a tri-factor structure with adequate validity and reliability levels. The three obtained factors are designated 1-2-year financial planning and goals, long-term saving and taste for numeric calculations.Originality/valueThe originality in this study is shown in the application of the cluster analysis, which demonstrates the formation of three clusters that present different perceptions of financial literacy, classifying the Portuguese into a cluster of high financial literacy and taste for numeric calculation, a cluster of low financial literacy and a cluster of financial planning and saving but without the taste for numeric calculation.

The issuance of central bank digital currencies became a real policy issue after the announcement of Facebook’s Libra. Which types of product attributes should central bank digital currencies have to be widely accepted? We answer this question by analyzing consumers’ acceptance of hypothetical payment methods. We used Japanese data from the 2019 Financial Literacy Survey to estimate a model of consumers’ ranking of the frequency of the use of five payment methods via three statistical models. The estimates of three models showed that the respondents to the survey value payment methods with shorter transaction times and mobile payment methods. Based on the estimates of these models, we conducted counterfactual simulations for the introduction of the hypothetical mobile version of noncash payment methods that required a shorter transaction time. We found that these hypothetical products would be the most frequently used payment methods on average; however, respondents with experience of financial troubles and with small financial asset holdings would use them less frequently. The results suggest that if the Bank of Japan wanted to issue a central bank digital currency that would be used almost every day as a replacement for cash, policy tools should be utilized to encourage the use of it by these groups as well.

PurposeThe purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of financial literacy, thinking styles and self-control have with a consumer's financial behaviors. The second goal was to ascertain financial management products' ability to aid those consumers who need it the most by weakening the predictive effects of consumer traits on financial behaviors.Design/methodology/approachThe study employed a web-based survey to gather information. The measurement and structural models were analyzed using generalized structured component analysis (GSCA), a component-based structural equation model. The mediation effect of self-control is assessed using the GSCA. The conditional mediation of demographic variables and use of personal financial management products are evaluated using multi-group analysis (MGA) in GSCA.FindingsAntecedents, financial literacy, thinking styles and self-control consumer characteristics are predictors of financial behaviors. However, self-control plays a more prominent role as a mediator between the other variables, strengthening the overall relationship. Also, financial products can have a beneficial moderation effect assisting those consumers who need them the most.Practical implicationsThese insights help in creating target specific financial literacy strategies to influence consumers' financial behaviors. Also, there is a need to develop mechanisms to influence a consumer's self-control and thinking styles to improve financial behavior. In conjunction with other initiatives, the impact of financial literacy has a greater effect on financial behaviors. Further, the insights assist financial institutions and financial technology firms in offering and creating products to help customers make better financial decisions and improve their financial behaviors.Social implicationsThe research addressed a significant global issue – consumer financial health. The Great Recession and the COVID-19 recession highlight the need to focus on the consumer and efforts to improve their financial health.Originality/valueThis research highlighted the mediating role of self-control and suggested that existing and future financial products can positively influence consumer behavior drivers.

In this study, we investigate the effects of retirement planning on the economic and psychological factors of consumers using a large sample drawn from the 2012 National Longitudinal Survey of Youth. Specifically, we examine the combined impact of risk tolerance, financial literacy, savings, income, and debt on consumers’ retirement planning behavior. Risk tolerance, financial literacy, income, and savings are all found to have positive relationships with retirement planning, though debt has no significant relationship with retirement planning. Also, higher levels of risk tolerance weaken the relationship between savings and retirement planning. Implications of these findings for the literature and the financial planning industry are provided as well as directions for future research.

Although considered as one of the main drivers of the national economy, SMEs are very vulnerable to business competition. Limited access to resources including knowledge resources makes SMEs constrained to develop their support system. One of the obstacles faced by SMEs today is their limited grasp to the business financial management concept. They also have a difficulty in accessing a simple financial accounting application that fit to their business conditions. The community service program implemented by the Ma Chung Abdimas Grant Team aims to improve the financial literacy of SME members of Forum Komunikasi Pelaku Usaha in Kabupaten Malang, as well as their access to computer-based financial accounting application. This program is implemented in the form of training and mentoring to improve SME’s understanding and skills in financial management. The results concluded that the training program was effective. It is able to improve financial management literacy for IKM partners.

PurposeConsidering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the impact of the level of education on the FL of college students.Design/methodology/approachData from a non-probabilistic sample of 185 students attending higher education bachelor’s and master’s degrees courses in Economics, Management and Marketing was collected between February 25 and March 23, 2019, using an online questionnaire. Descriptive and inferential statistics were computed using IBM SPSS 25 to analyze the data.FindingsThe findings show that the level of the degree (bachelor’s or master’s degree) and the academic background of the individual’s parents have a positive impact on FL. Moreover, among individuals with a high level of FL, gender and professional situation are additional predictors. Furthermore, the authors observed that the level of FL of Portuguese students attending higher education is overall low, especially in terms of their knowledge of the main financial concepts, which may call for public policies to be implemented so that to reduce this vulnerability.Research limitations/implicationsAmong limitations is the limited sample collected, restricted to a particular target, Portuguese students attending business-related courses such as Economics, Management and Marketing, either studying for a master’s or bachelor’s degree. This issue restricts the generalization of the overall findings to other students studying different fields. Future studies can collect a random and representative sample.Practical implicationsThis study test can be replicated to generate a diagnosis in any region or country, identifying how financially literate the region under analysis is. Also, this can be done to verify the evolution of FL after educational interventions.Social implicationsFL is an important competence. In fact, youngsters in the whole world have been suffering from a lack of financial knowledge (FK), and some characteristics of them can push them into indebtedness, and, even bankruptcy, such as a higher level of status consumption, the tendency to have an attitude of self-appraisal, to be self-centered, to seek instant gratification. This study helps to lead to a better understanding of this phenomenon.Originality/valueAddressing college students attending different levels is an add-on to the existing body of literature. This paper contributes to study differences in FL between college and master students, enlightening and evaluating the role of scholarship maturity on financial education. Furthermore, some of the findings challenge the extant knowledge regarding the influence of professional experience, gender and age on the level of FK that students have. Finally, the current approach is innovative as it addresses FK, FL and numeracy in the same study.

PurposeEven after appreciating multi-faceted merits of retail participation in stock markets and extensive efforts by policymakers and financial service industry to increase it, the present low retail participation in Indian stock markets is cause of grave concern. The purpose of this paper is to identify plausible drivers and deterrents of prospective and current household individuals through a multi-stage qualitative enquiry.Design/methodology/approachTwo qualitative studies are conducted. In Study 1, scholarship of stakeholders is engaged through participative diamond model to propose behavioural classification of retail investors based on two-parameter framework. In Study 2, behavioural substructures of retail investors that drive or deter investment intentions and actions are identified through in-depth interviews.FindingsFinancial self-efficacy, past experience (own or peer group), financial eco-system, operational literacy, higher charges by financial experts and low liquidity in the hands of the investors are some key factors that influence investment intension and action of individual investors. Though digital platforms have helped to overcome hurdles faced by an investor but its availability, awareness and ease of use still remain a concern.Practical implicationsThe inductive findings of this study uncover some important take-aways for the financial service industry – improve operational literacy, digital awareness, ease of use and incorporate risk assessments in client portfolios – and for the policymakers – improve investment eco-system through digital availability, financial literacy workshops focussed on operations.Originality/valueTo the best of the authors’ knowledge, this study is one of the initial attempts to adopt a multi-stage qualitative enquiry to propose behavioural classification of retail investors and uncover reasons that drive or deter individual investors’ intentions and actions in the context of Indian stock market. Moreover, this study provides necessary impetus to analyse and improve operational literacy (instead of financial literacy) and financial eco-system for higher retail participation.

This study aims to find out the effect of financial literacy and personality traits on personal financial management. The population in this study was all students of the Faculty of Economics, which consisted of 1068 students, and 258 students were selected as the samples of this study using a proportional cluster random sampling system. The data analysis technique used was multiple linear regression. The result of this study showed that financial literacy and personality, whether simultaneous or partial, significantly and positively affect the personal financial management of students.ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan dan ciri-ciri kepribadian terhadap pengelolaan keuangan pribadi. Populasi dalam penelitian ini adalah seluruh mahasiswa Fakultas Ekonomi yang berjumlah 1068 mahasiswa dan dipilih sebanyak 258 mahasiswa yang digunakan sebagai sampel dalam penelitian ini dengan menggunakan teknik proportional cluster random sampling. Teknik analisis data yang digunakan adalah regresi linear berganda. Hasil dari penelitian ini menunjukkan literasi keuangan dan kepribadian, baik secara simultan ataupun parsial, berpengaruh positif dan signifikan terhadap pengelolaan keuangan pribadi mahasiswa.

Today, many countries in the world are concerned about the well-being of pensioners, as their number is growing every year and pension systems cannot cope with ensuring a decent old age. The well-being of pensioners is part of the well-being of society, and the pension system is an institution for ensuring the well-being of pensioners. Therefore, it is important to understand the relationship between the financial well-being of older people and the country’s pension system. It is also important to understand that the family is an integral part of a person and therefore the well-being of each family member affects family relationships. This article is devoted to the assessment of the financial well-being of pensioners in Kazakhstan as a key factor affecting the family relations of a pensioner with partner, children, and grandchildren. Primary and secondary data were used for this study. The primary data were collected through interviews, which allowed us to obtain a subjective definition of financial well-being on the part of pensioners and its impact on family relations. This data was processed and encoded using the Atlas.ti program. Data from the Bureau of National Statistics made it possible to objectively assess the financial situation of Kazakhstani pensioners. The study found that the concept of financial well-being among Kazakhstani pensioners is more important for men than for women. Pensioners are not happy with their financial well-being, but this does not significantly affect their relationship with their families. The results of the study will allow us to assess the financial well-being of pensioners and can be used in the reform of social policy, pension provision of the country. Through the use of interviews financial literacy has been identified as one of the key factors, which depends on circumstances and the context.

An entrepreneur is often driven by a quest for innovation and creativity in a market, thus creating competition. The competition will create wealth, leading to improved living standards for individuals and the economy at large. Moreover, innovation and creation result in new and superior products that enable modern markets to be developed. However, the enthusiasm to become an entrepreneur is not the sole driving factor. One must know the importance of financial literacy. Besides, the negative stigma due to the COVID-19 pandemic ruined many lives and impacted businesses with less money due to the reduction of clientele;also, it had impacted budding entrepreneurs (at early start-up stages, and hardly have had experience between 1-3 years) with fewer opportunities to make money. That reduced the willingness of entrepreneurs to invest capital in the business due to raging losses. The current article presents the importance of financial literacy for budding entrepreneurs. To find and measure the financial literacy among budding entrepreneurs, the data were distributed to 223 entrepreneurs;however, 179 were finally used for analysis due to several reasons mentioned in the research methodology. The data was collected from five districts of the South region of India (Kerala, Andhra Pradesh, Karnataka, Telangana, and Tamil Nadu) and the snowball technique is used in the analysis. The study revealed that most budding entrepreneurs lack proper financial literacy. The study found that Financial Skills, Financial Knowledge, Financial Attitude, Social Interactions & Past Experiences, Financial Support & Guidance directly influenced Financial Literacy levels among entrepreneurs. The study also suggests that aspiring entrepreneurs should be given practical financial training sessions;it should be made mandatory. © Universal Journal of Accounting and Finance 2021.

This study is based on the impact of interest-free microfinance arrangements on the livelihood of women in India. Studies revealed the existence of interest-free microfinance, as well as its outcome on the livelihood of weaker sections of society (particularly women), improved their well-being. Moreover, the interest-free microfinance model can also offer an alternative paradigm for millions of poor individuals who are currently not accommodated by conventional microfinancing. However, the association to Interest Free Micro Financing may be due to religious constraints, easy documentation & procedure, and low rates of processing fees, or any other motive. Interest-free microfinance products like Zakat, Sadaqah, and Karze Hasna will successfully meet micro financing core objectives of poverty alleviation, women empowerment, gender equality, prosperity, and employment. Interest-free microfinance agencies are working as unorganized institutions and not availing any support from the State. In this study, data was drawn from interest-free microfinance users in the areas of 20 districts in 5 states in India, namely UP, Bihar, Maharashtra, Karnataka, and Kerala. The discussions in the study are mainly concerned with the empirical review of the impacts and influences of interest-free microfinance on the lifestyle of microfinance users before a loan and after a taken loan i.e., their income, expenditure, saving, entrepreneurship, consumption, and women's participation in earning income in India. The analysis showed that the performance of interest-free microfinance consumers is better than conventional microfinance consumers. Keywords: Entrepreneurship, Livelihood, Education Development, Living Standards, Women Empowerment

The basic literacy that must be possessed by someone to be able to compete in the 21st century is literacy, numeric literacy, scientific literacy, digital literacy, financial literacy, and cultural and civic literacy. This community service activity aims to develop digital literacy for teachers and students through the Teaching Campus program at SMPN 19 Mataram. The Teaching Campus Program is one of the implementations of the Independent Campus Policy which is beneficial for students. This community service activity at SMPN 19 Mataram was carried out from August 4, 2021 to September 25, 2021. The method of activity consisted of four stages each week, namely: planning weekly activities with the team, carrying out weekly activity plans, analyzing weekly activities, making improvement plans and follow-up. The form of digital literacy development activities is that students help teachers and students in implementing technology, information and communication (ICT) based learning. Students help teachers and students in optimizing the use of various digital applications, namely WhatsApp, Zoom Meeting, Google Meet, Google Drive, and Google Form. Students also assist teachers in preparing teaching materials in the form of power point media (ppt) and learning videos. Thus, the Campus Teaching program is beneficial for students to gain hands-on experience in the field of becoming professional teachers, teachers and students also gain information and skills in using various digital technologies as a provision to face global competition in the 21st century

This study involved determinants of maternal financial literacy on household welfare from the perspective of maqashid al-syariah. This study used two waves of IFLS, namely IFLS-4 (2007) and IFLS-5 (2014). In addition, several data related to the value of household assets and household characteristics are available based on IFLS-4 (2007). The study uses a quantitative approach with descriptive analysis and regression using the Ordinary Least Square (OLS) method. The findings in this study include the expenditure variable has no significant effect on the family welfare variable. The social consumption variable has a negative and significant impact on family welfare. The savings variable has a positive and significant effect on family welfare. The variable was to borrow funds has a positive and significant effect on family welfare. The pension fund variable has a positive and significant effect on family welfare. Mother's education variable has a negative and significant effect on family welfare. The variable number of family members has a positive and significant effect on the family's economic interest. The variables of residence and year have no significant impact on the family's economic welfare.

It is vital to understand Saving Behavior at an individual level, since an individual member of society initiates capital accumulation / mobilization. Micro and Small Enterprises (MSEs) have been provided credit facilities solely as a source of financing for a long time, but there has been increasing concern lately that MSEs require not only credit but also savings that have risen to the top of the financial services for this market. Micro and small business owners, however, often struggle to save, even if they have surpluses. This is attributed to the lack of incorporation of cognitive factors, financial indiscipline and lack of vision. This study examines the moderating effect of self-control on the relationship between financial literacy and saving behavior using cross-sectional data from 395 micro and small business owners in Kampala, Uganda.The study used a quantitative, positivist research approach. Process macro was used as a statistical tool for analyzing the data gathered using a questionnaire. The study was guided by the social cognitive theory. Results indicate that both financial literacy and self-control significantly predict saving behavior. Besides, the relationship between financial literacy and saving behavior is moderated by self-control. Furthermore, the findings suggest that individuals with low self-control require a lot of financial literacy in order to have a positive effect on their savings behavior relative to those with high self-control because even though they go through financial literacy training, its effect on savings behavior would be negligible. This means that first evaluation of their self-control levels is required before individuals are taken for financial literacy training. Therefore it is advised to determine the self-control of an individual before they are taken for training in financial literacy.

The rapid development of digital financial technologies in Ukraine leads to the emergence of new risks and to significant consumers’ losses in the financial market. The aim of the study is to develop strategic directions of state policy of consumer protection in the digital financial services market considering the best world practices and features of the financial system of Ukraine. System scientific analysis was used to study the possibilities of implementing international quality standards for digital financial services in Ukrainian legislation. The method of statistical analysis of data was used to form the imperial basis of the study. Based on the global experience and taking into account the peculiarities of Ukrainian fintech market the state policy should consist of three strategic directions: 1) create a system of legal regulation of the mechanism of protection of consumers’ rights of digital financial services; 2) introducing a risk-oriented approach to regulating the digital financial services delivery process to consumers; 3) strengthening of digital financial literacy and public awareness. Such state policy will form a reliable system of consumer protection in the digital services market in Ukraine.

The development of information technology in the industrial era 4.0 has affected various aspects of life, including the financial sector by promoting digital payment. The ability to manage finances well is needed in dealing with this situation. Addressing this phenomenon, Indonesian citizens, especially Generation Z who are considered full of confidence, enthusiasm, and risk-taker are also required to have a comparable readiness to avoid unwanted things like falling into impulsive buying behavior. The objective of this research is to examine: (1) the influence of financial literacy on consumers' impulsive buying behavior; (2) the influence of financial literacy on self-control; and (3) the influence of financial literacy on consumers' impulsive buying behavior with self-control as mediating variable. This study is comparative causal research with a quantitative approach. The object for this study is Generation Z who are individuals aged 17-24 years and who stayed in Bandung, Indonesia, as Bandung is one of the favorite destinations city in Indonesia to pursue higher studies. The sampling method the author used is convenience and purposive sampling. While the data collection method is through a survey using a questionnaire. The author collecting a total of 422 samples. The data analysis technique used is descriptive statistics, inferential analysis, and path analysis. The findings of this study revealed that: (1) financial literacy has a negative and significant effect on consumers impulsive buying behavior; (2) financial literacy has a positive and significant effect on self-control; and (3) self-control is able to mediate the effect of financial literacy on consumers impulsive buying behavior.

This study examines the demand for life insurance in a rapidly developing economic environment in South East Asia, focusing on Malaysia. The study extends the Elaboration Likelihood Model (ELM) by introducing a mediating variable ‘Persuasion’ in examining the demand for life insurance among policy buyers. Fuelled by the recent COVID-19 pandemic, the life insurance market is expected to grow significantly and the role of the state and regulatory body to regulate this process would be pivotal. Given the increasing significance of this industry both before and after the epidemic, this study identifies seven research variables from previous literature sources related to finance and international insurance, including financial literacy, saving motives, religiosity, risk aversion, agent, persuasion and purchase intention of life insurance. A causal research design is used to formulate research framework and testable hypotheses for this study. Data collection encompasses face to face interviews with 385 life insurance policy holders between May 2019 and March 2020 by using a survey questionnaire. Data analysis is mainly based on PLS-SEM method by using SPSS and Smart PLS statistical software packages. Results reveal persuasion as an important construct that explains the demand for life insurance, while agent is found to have the highest impact towards persuasion. The study also finds a full mediation effect of persuasion in the demand for life insurance for risk aversion and agent. These findings add new insights to the body of knowledge in life insurance literatures. Furthermore, research is useful for policy makers including government, finance, and insurance agencies;and recommends relevant strategies to further improve life insurance penetration in the population.

PurposeThe present study aims to propose and validate a model to measure certain variables that may contribute to increasing the bankarization rate (uptake of retail banking services) among developing-economy populations characterized by poor financial literacy and low income levels.Design/methodology/approachA quantitative empirical study is carried out in the retail banking sector of a country with low-bankarization rates. Using a self-administered questionnaire distributed online, structural equation modeling is applied to analyze the relationships between value co-creation, brand experience, brand equity and reputation.FindingsThe results show that brand equity is an antecedent of reputation that values co-creation, and brand experience positively influences brand equity and that values co-creation that positively influences brand experience.Social implicationsThe bankarization rate of a developing country is generally taken as an indicator of the socioeconomic wellbeing of its population. Where there is a low-bankarization rate, this renders it more difficult for financial institutions to build their reputation to attract new customers and retain existing ones. Strategies are, therefore, proposed to improve the reputation of financial institutions in such settings and, thus, contribute to increasing the bankarization rate.Originality/valueThe findings of this study provide an original perspective that offers a deeper understanding of the mechanisms that enable banks operating in low-bankarization markets to enhance their reputation through strategies based on customer–company interaction and branding (with the variables of brand equity, brand experience and value co-creation).

The purpose of this study was to determine financial literacy and lifestyle as well as self-control on the consumptive behavior of Economic Education students at UNP Kediri. This research approach used a quantitative approach as well as descriptive research techniques and multiple linear regressions. The sample collection used was a purposive sampling technique totaling 46 students. The results of this study indicated that financial literacy had a positive effect and had a significant value on student consumptive behavior, this can be seen in the value of Sig 0.027

PurposeThis study aims to determine the contribution of financial skills to entrepreneurial intentions among women involved in university education.Design/methodology/approachClustering and logistic regression analyses were used to infer the determinants and motivators of entrepreneurial intention in a sample of women students at a Spanish online university.FindingsFinancial and numerical skills could play a significant role in boosting entrepreneurial culture, overcoming reticence and increasing awareness of business opportunities, particularly when women are motivated to increase their autonomy and income. The study offers meaningful implications for policymakers.Research limitations/implicationsFurther research will be needed before these conclusions may be inferred to other settings and circumstances. Comparison with a similar sample of potential male entrepreneurs may also be necessary to deduce the influence of gender.Practical implicationsThe introduction of certain financial content into the education system by governments and policymakers would produce remarkable results on entrepreneurship intention among women.Social implicationsRelational capital and positive social influences also contribute to mitigating the effects of risk aversion, one of the main barriers for potential female entrepreneurs.Originality/valueThe role of financial literacy in entrepreneurial intention among women has scarcely been addressed in academic research. The literature also has paid little attention to the analysis of what motivates women into entrepreneurship, and whether women who decide to embark on a business venture show different profiles. The aim of this study is to contribute to closing these gaps, exploring the effect of cognitive skills, personality traits, contextual factors and motivations.

A student is someone who studies in formal education, in this case, vocational students are expected to be able to gain expertise and skills as a provision to get and open a job. Students must be able to become entrepreneurs with new and innovative products. Vocational High School students can print entrepreneurial candidates after graduating from school so that they can help push the wheels of the national economy. Vocational students can be said to be prospective entrepreneurs, so they need to be equipped with digital business literacy and financial literacy in facing the development of the industrial revolution 4.0. This service activity is aimed at increasing the understanding of prospective entrepreneurs as well as improving skills in utilizing technology and the internet for business (business) in the digital era. The method used is workshop and training. The products produced are creative content from prospective entrepreneurs which can be in the form of vlog videos, promotional videos, and others. In addition, prospective entrepreneurs can also take advantage of the existing marketplace as a means of doing business (marketing). Community service activities have been carried out on Wednesday, April 14, 2021. Participants in the activity are class 12 students majoring in accounting from SMK Lebakbarang as many as 47 SMK students. The resource person for the activity was Wahid Wachyu Adi W, M.Si. (Lecturer) and Novendi Arkham M, M. Account. (Lecturer). The form of service activities is a workshop with material about digital business and financial literacy. Participants of service activities can follow well. The attendance rate is 83% until the activity ends. Participants also actively participated during the activity. Participants can carry out group assignments well, namely expressing ideas or business ideas in the digital era. The success of service activities is due to the service team being able to plan well and able to coordinate with collaboration partners intensively.

Background Survivor‐focused care for adolescent and young adult (AYA) childhood cancer survivors (CCS) often involves their parents. Recognizing the importance of parents in the ongoing care of CCS, our study sought to identify key aspects of a successful transition for CCS from pediatric‐ to adult‐centered care from the parent perspective. Methods We conducted qualitative interviews with 26 parents of CCS who were receiving care in the long‐term follow‐up (LTFU) clinic at a single institution. We used a semi‐structured interview protocol with the parents and conducted a thematic content analysis. Results Using a constant comparison approach, data revealed three primary themes regarding parents’ perspectives toward ensuring a seamless transition from pediatric‐ to adult‐centered follow‐up care: (1) the transition needs to include seamless communication between all involved parties, (2) survivors need to demonstrate sufficient health care self‐efficacy in order to achieve a successful transition, and (3) the survivor‐focused care should include support for survivors’ overall well‐being, including financial and health insurance literacy. Conclusions For parents of AYA CCS, the optimal pediatric to adult care transition model should include mechanisms that facilitate communication between parents, CCS, and survivor‐focused providers while also supporting self‐efficacy and financial literacy as it relates to health insurance., Survivor‐focused care for adolescent and young adult (AYA) childhood cancer survivors (CCS) often involves their parents. To parents, adolescent and young adult (AYA) childhood cancer survivors (CCS), the optimal pediatric to adult care transition model should include mechanisms that facilitate communication between parents, CCS, and survivor‐focused providers while also supporting self‐efficacy and financial literacy as it relates to health insurance.

Nowadays, there are enormous challenges toward this era, especially the young generation between 20 and first 30 years old who will face quarterlife crisis phase in which one of the causes is literate or not literate to finance. The grand objective of this research is to analyze gender, income per month, and marital status toward the awareness level to sharia financial literacy in the quarterlife crisis phase for IAIN Palangka Raya Alumni in 2010-2015. Primary data applied in this study are compiled from questionnaires and interviews with mixed methods. This research uses multiple regression with SPSS application, while the interview data uses descriptive analysis. The result reveals that gender and income per month have no significant influence on the awareness level of sharia financial literacy, but marital status has a significant influence on the awareness level of sharia financial literacy for IAIN Palangka Raya Alumni on 2010-2015.

This research focuses on the SMEs development evaluation of the impact of founder’s financial behavior, measured by behavioral characteristics of CEOs capacity for self-awareness, planning, and patience, also their knowledge about financial understanding which affect the ability to manage their performance of SMEs. The purpose of this research is to analyze and reduce the rate of failure of SMEs in Indonesia by pursuing the defined determinants from their behavioral traits and self-knowledge on financial understanding in decision making. This study uses a survey conducted across Indonesia, mainly on Java island, with the sample size of 482 SMEs. This research uses multivariate regression analysis as a tool for measuring the impact of founder’s financial behavior variables and financial literacy variable for SMEs performance as a dependent variable. DOI: 10.26905/jkdp.v25i3.5142

Home equity represents a substantial share of retirement wealth for many older persons, particularly in Asia where national housing policies have encouraged home-ownership. This paper explored the potential for reverse mortgages to help ‘asset-rich and cash-poor’ older Singaporeans unlock their home equity while ageing in place. The empirical analysis was based on a nationally representative survey of home-owners age 50+ in the 2018 Singapore Life Panel (N = 6,258). Our analyses showed that the average older home-owner holds some 60 per cent of total net wealth in housing equity, suggestive of high demand potential for reverse mortgage products. Nevertheless, actual interest in such products was much below potential demand. Only one in four older home-owners indicated interest in commercial reverse mortgages if these were to become available; a larger majority had never heard of the financial product. Interest in reverse mortgages was positively associated with product awareness and self-rated product understanding. This implies that a critical step towards building consumer interest would be to enhance awareness of such products and simplify related contract terms. Having a mortgage, fewer children, financial literacy and preparedness for retirement were also positively associated with interest level. These results have implications for targeted interventions to enhance consumer awareness and spur interest in reverse mortgages, especially in ageing societies where older people have built up substantial equity through the housing market over time.

Financial education is often considered to be a necessary condition in order to stimulate better consumer choices. We investigate this claim by analyzing the impact of a financial education course on consumer choices made by 688 students of the 8th and 9th grade. We combine a randomized controlled trial with a discrete choice experiment to analyze how financial education and other critical factors of a purchase decision like price, credit availability, information on product quality, and promotion affect consumer decisions at a young age. We find that students favor purchase options with free gifts and positive consumer reviews. They also prefer cash payments over credit. However, we do not find evidence that this behavior is triggered by financial education. Financial education does not automatically result in better consumer choices, even if the financial education course increased students' financial literacy.

Insights on literacy during the current pandemic are needed in order to create qualified and financially intelligent individuals or groups that can be used for financial management so that they are beneficial for their lives and able to prosper financially. Financial literacy is an intelligence and understanding of financial institutions, financial products and financial services. Individuals who have good financial literacy will have an awareness of the direction of their financial management goals, thus, they will be smarter in taking action on their assets. Having good financial literacy, a person will have strong abilities in terms of managing finances, financial planning skills, investment insight and knowledge of saving and borrowing, so that individuals will be careful of the assets they have and not easily get trapped into online loans or fake loans detrimental and far from financial well-being. Factors that influence the financial literacy during the pandemic include financial attitude, income and peers. The population taken in this observation was active female students in Surakarta with a total number of 230 respondents. This observation sample was taken using the purposive sampling technique. The data collection technique was done using questionnaires distributed online to respondents and the data analysis of hypotheses testing was done using multiple linear regressions with t test, f test and coefficient of determination through SPSS 21. According to the results of the analysis that has been carried out, it shows that the financial attitude variable has a relevant influence on financial literacy, income has no effect on financial literacy and peers have a relevant influence on financial literacy.

The number of bankruptcy cases registered from 2017 to April 2021, according to the Malaysian Insolvency Department, is 58,065. Bankruptcy cases involving people under the age of 34 accounted for 24.28 percent of all filings. The inability to pay personal loans, instalment purchases, and credit card debt led to the majority of bankruptcy cases. This is alarming because it suggests that young Malaysians are still unaware of their financial situation. As a result, the goal of this research is to investigate the level of financial literacy among youth, as well as the relationship between financial knowledge, financial behaviour, financial attitude, and familial influences on financial literacy. A non-probability convenience sampling method was used to gather information from 181 respondents. The findings of the study show that financial knowledge (p=0.000), financial behaviour (p=0.000), and family influence (p=0.000) are significantly associated with financial literacy, the dependent variable in this study, with the exception of financial attitude (p=0.418). The sample size is among the limitation of this study which it does not represent the population of youth in Malaysia. The conclusions of this study have significant consequences for a variety of stakeholders, including university students, universities, students' parents, government, and future researchers. The factors that influence financial literacy among youth were investigated in this study, and several significant factors were revealed. This will also add to the supports of the agenda in the National Strategy for Financial Literacy 2019 to 2023.

Purpose This study aims to propose a comprehensive education model to enhance Islamic financial literacy to elevate the prominence of Islamic finance. Design/methodology/approach The study conceptualized a framework of Islamic finance education using Prochaska and DiClemente’s transtheoretical model (TTM) of change aided by a review of the essential literature on Islamic financial literacy. The study also includes critical reflection based on the real firsthand experiences of delivering 16 voluntary non-formal community-based Islamic finance workshops for Indonesian diaspora in the UK and the Republic of Ireland from December 2014 to July 2016. Findings This study provides an inclusive conceptualization of an Islamic finance education approach to creating awareness in communities of applying Islamic financial principles in daily life. It also elaborates stage-appropriate strategies that cover the pre-contemplation, contemplation, preparation, action and maintenance stages that vary by upon individuals based on their readiness to adopt Islamic finance principles. Research limitations/implications This study is not merely based on a conceptual examination of literature but also incorporates critical reflection on a series of community-based Islamic finance workshops conducted by the authors. It therefore offers the potential to present an under-researched model used to enhance Islamic finance literacy as one of the pillars in supporting the development of the Islamic economic and financial sector. Practical implications This study provides guidelines and various practical ideas that scholars and any concerned parties can use to offer community-based Islamic finance educational activities aimed at supporting the future organic growth of Islamic finance. Originality/value The study expands the use of Prochaska and DiClemente’s TTM (which has been widely cited in health-related behavioral research) and brings a unique theoretical lens, notably within the Islamic finance literature. The use of the TTM was established in psychology and health-related behavioral science, particularly in relation to elucidating how people cease unhealthy behaviors (e.g. alcohol and smoking addictions) and how they develop healthy behaviors. This paper brings the TTM into another context on how to stimulate individuals, particularly Muslims, to shift from “riba addiction” and develop sharia-compliant financial behaviors.

Buy-now-pay-later (BNPL) arrangements have rapidly emerged as a short-term debt option, and like other innovative and disruptive Fintech, challenge existing regulation. BNPL arrangements avoided prescribed ‘responsible lending’ legislative obligations, which applied to similar short-term credit products. Instead, BNPL relies on ‘responsible spending’ in providing a potentially cheaper option than alternatives such as credit cards. We describe the interplay of regulation and responsibility with BNPL. A survey investigates whether a key demographic (young adults) have an appetite or skill for responsible use. We analyse the preference for BNPL relative to credit cards and the role of financial literacy and traits including propensity to plan and save. The findings suggest that financial literacy reduces perceived BNPL benefits and that lower financial literacy is associated with more benefits and less risks. JEL Classification: G53, D14, G51, G41, G18

PurposeThis paper aim to fill the gaps by looking for the determinants and barriers related to financial inclusion. This study assesses the effect of socio-demographic variables on the use of formal financial inclusion services.Design/methodology/approachThis article examines the barriers to formal financial inclusion, focusing on saving and credit strands. The authors propose the probit model, allowing distinguishing the outcome variable into three categories: Formal inclusion, informal inclusion and financial exclusion. The authors apply this model to the Findex 2017 survey data.FindingsEstimation results propose that the trust to financial institutions, the distance to banks, the lack of documentation and the service costs are the main barriers, but these barriers affect the probability of using formal financial services differently according to the types of financial services (saving or credit).Research limitations/implicationsTo advance the formal financial inclusion in Tunisia, the authors call for continuing promoting financial literacy among adults and the young population, which helps them understand the benefits of using formal financial services. Financial literacy throws in constructing the individual trust toward the financial sector in a country that experienced several decades of political and economic instability.Originality/valueFinancial inclusion promotes growth through a broadening of the system and technology that can be a major catalyst for greater financial inclusion. It helps in the overall economic development of the underprivileged population and contributes to poverty reduction. It can also enhance the security of payments, and thus lower the incidence of associated crime.

Digital financial services (DFSs), being financial services accessed and delivered through digital channels, have grown rapidly in South Africa as well as globally. The adoption of the technology for DFSs has led to an increase in financial inclusion, enabling more individuals and businesses to have access to useful and affordable financial products and services, where payments, savings, credit, investment and insurance are included. Through the Financial Sector Regulation Act 9 of 2017 financial inclusion was statutorily enacted for the first time. The regulators are now empowered to insist that financial institutions take proactive steps to expand financial inclusion and can take the necessary steps to enforce these powers. One of the factors that have an influence on whether consumers will adopt DFSs is consumers' perspectives of DFSs. Lack of information and knowledge combined with the cost of data negatively influences the adoption of DFSs. The transfer of information to unbanked people in South Africa with regards to DFSs should be enhanced by the state as it strives to improve financial literacy. DFSs are susceptible to financial crimes like fraud, money laundering, terrorist financing, bribery, corruption and market abuse. The challenges that threaten the interests of customers should be addressed by stricter information verification methods when transacting with clients online. Technological detectors and digital identification should be used more effectively to verify customers and to alert authorities to suspicious transactions. Financial institutions might consider authenticating online transactions by thumb-print or a voice recognition system. This paper emphasises that because of the prospects of greater and deeper financial inclusion in South Africa, the use of DFSs has to be improved and developed and the challenges have to be constructively addressed to unleash the true potential thereof.

Research aims : This study aims to determine and analyze the level of financial behavior, the level of Muhammadiyah community’s Islamic financial literacy in Medan City, and the effect of Islamic financial literacy on financial behavior. Design/Methodology/Approach : This research is descriptive quantitative using primary data through questionnaire. The research sample was 200 members of the Muhammadiyah organization in Medan City. The data analysis technique employed confirmatory factor analysis and structural equation modeling utilizing AMOS. Research findings : The research confirmed that the level of Islamic financial knowledge among the Muhammadiyah community in Medan City was low, 60.56%. In contrast to Islamic finance knowledge, the financial behavior of the Muhammadiyah community in Medan City was classified as good; 69.01% of the Muhammadiyah community showed relatively good financial behavior. These two things make the level of Islamic financial literacy among Muhammadiyah residents in Medan City classified as less literate. This shows that in everyday life, Muhammadiyah community in Medan City had good financial behavior but was more influenced by habits or finance. Meanwhile, as far as Sharia finance was concerned, the Muhammadiyah community in Medan City still did not understand it. Theoretical contribution/Originality : This study provides information about the level of financial literacy and financial behavior of the Muhammadiyah community in Medan. This information becomes the basis for subsequent research to develop strategies to increase financial literacy and financial behavior of Muhammadiyah communities in Medan. Practitioner/Policy implication : Since Muhammadiyah aims to improve the welfare of the people and various studies have shown a link between the level of financial literacy and one's welfare, Muhammadiyah organizers need to pay attention to this, such as organizing a more structured and systematic program to increase Muhammadiyah citizens' knowledge of Islamic finance. Research limitation/Implication : This study still used a limited sample, namely Muhammadiyah communities. A broader sample will further confirm the validity of the literacy measurement instrument in the future.

In todays' complex and fast-changing economy, financial literacy is an essential skill, especially for the economically deprived. Due to the recent pandemic Covid - 19, the importance of financial knowledge and behaviour occupied a prominent place in India and worldwide. Many individuals suffered during this pandemic period since they do not have sufficient savings and investment to use critical situations and do not have regular earnings. But financial education is not the only skill needed to have appropriate economic behaviour. The study's objective is to analyse and understand teachers' financial knowledge and behaviour working in higher learning institutions in Hyderabad since they are instrumental in moulding their student community to uplift the economy. Adopted a structured questionnaire for this study, which contains two sections: section 1 contains Socio-demographic variables, and section 2 consists of variables relating to financial numeracy, knowledge, attitude and behaviour. Descriptive analysis has been used to analyse the data and found that only 21% of the teachers' possess a higher level of financial numeracy skills, 23% have a higher level of knowledge in finance. Concerning financial behaviour, 48.5% of teachers working in higher learning institutions in Hyderbad have high financial behaviour. This study can help different stakeholders such as policymakers, academic institutions, and corporate entities enhance literacy levels in finance in general and teachers working in higher learning institutions to improve individuals' economic wellness.

Purpose This study aims to examine financial socialization based on augmented reality (AR) technology for elementary school students, which it is hoped will improve their sharia financial knowledge. Design/methodology/approach The experimental method with pre- and post-test and control groups was used to test the improvement in the young learners’ sharia financial knowledge. This study used AR for sharia financial socialization on elementary school students and focused on sharia’s basic concepts, which include earning money, balanced spending, borrowing, saving, investment, payment methods, financial technology and the concept of protection. Findings This study finds empirical evidence that the treatment group, who received sharia financial socialization via the AR media, increased their sharia financial knowledge to a greater extent than the control group did. Research limitations/implications This study provides encouraging evidence about the potential of sharia financial education for elementary school students using the appropriate learning strategies and media. The weakness in this study is that it was only carried out in one elementary school, with the children of middle- to upper-income parents. Further research should be undertaken at several schools with the children of parents with different income levels. Practical implications A shift in learning styles from verbal or visual to virtual encourages the use of AR-based learning media. Financial concepts can be abstract ones, and AR-based learning media is able to present intangible virtual elements so they become more concrete and tangible. Social implications The global COVID-19 pandemic has affected all aspects. One of the most severe and likely to be multiyear ahead is the financial aspect. Therefore, this research is expected to be a preparation for the younger generation as early as possible to strengthen social benefits in order to improve sharia financial literacy. Originality/value Research into the financial literacy, especially sharia financial literacy aimed at elementary school students, is still very limited. The teaching of financial literacy will be more effective if educators use the appropriate strategies and media. This study used financial socialization strategies and AR learning media that are aligned with the learning styles of young learners.

Many financial literacy educational efforts mainly focus on teaching money management. However, money management alone does not address financial prerequisites concerning home ownership, savings or retirement planning since these issues are governed by agents outside households, namely the financial system and policy makers. This study examines students’ response to a financial literacy teaching that treats financial issues as controversial and contextually bounded to the financial and societal systems. Data consists of 36 students’ conversations during a financial literacy teaching intervention. Results show that students are capable of grasping and relating to financial concepts where association to the financial system and policy-making produce elaborate understanding. Furthermore, students that contest given financial concepts and system do not only present constructive alternate solutions for the future, but these students also seem to grasp current financial and societal systems in more advanced ways and thereby demonstrate a possible convergence between financial literacy and citizenship education.

In the wake of global financial crisis, policymakers around the world have expressed deep concern about widespread lack of financial knowledge. Efforts are also underway to fill the gaps with specific programs to “identify individuals who are most in need of financial knowledge and the best way to improve that education. This study tries to analyze the level of financial literacy between the Jammu division and Kashmir division and for that purpose, percentage calculation, Inflation calculation and Interest calculation were used to prove it. After the analysis of data it was found that the Jammu division and Kashmir division do not differ significantly with respect to knowledge of percentage, Inflation and interest calculation. Moreover, the study has also revealed that financial literacy among the male is more than the female.

The growth of sharia fintech is not proportional to the majority of the Muslim population. There are only a few studies that discuss the behavioral intentions of consumers who use sharia fintech. This study aims to identify the factors influencing Muslim's behavioral intentions in using sharia fintech. This study conducted 400 respondents in four types of sharia fintech (digital payment, lending, crowdfunding, and risk and management). This study uses a structural Equation Modeling - Partial Least Square (SEM-PLS) approach. Variable Planned behavior (PB), Acceptance Model (AM), Use of Technology (UT), Digital Literacy (DL), and Sharia Financial Literacy (SFL) have significant positive effects on Behavior Intention (BI). This study provides recommendations to improve the distribution of internet access infrastructure and the right curriculum in increasing digital literacy, Islamic finance literacy, and also more accessible fintech services.JEL Classification: D83, D91, G2, Z1How to Cite:Setiawan, D., Darwanto., & Gunanto, E. Y. A. (2021). Determinants of Behavioral Intentions to Use Sharia Financial Technology. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 325-342. https://doi.org/10.15408/sjie.v10i2.21451.

Small entrepreneur performance is always seen along with the complete proportions of financial, strategic, and structural development. The socioeconomic function performed by them is widely known. Yet there is concern regarding their financial literacy due to declining public and private to support and large developments in the financial marketplace. The concern is also deep due to the financial challenges and dearth of financial literacy of them. This may be a major factor for poor financial decision making and even deprived financial inclusion. Further, poor financial literacy causes not only business failures but has a penury multiplier effect. Thus, there is a global reckoning that financial literacy is not only vital for economic-financial stability and development but also as a strategy for financial inclusion. Hence, adopting a conceptual analysis approach, the aim of this study is to deliberate on financial literacy as a strategy for enhancing the financial inclusion of small entrepreneurs in the Indian context.

This study aims to develop valid and reliable chemical literacy assessment instruments based on PISA 2015. The development procedures carried out were 1) research and information collecting, 2) planning, 3) development preliminary form of product, 4) preliminary field testing, and 5) main product revision. Instrument of development result was validated(content validity and empirical validity). Content validity assessment data was obtained from the validity test results from two chemistry lecturers. Empirical validity test data were acquired from68 grade XI students as test subjects who came from five high schools in Malang. An empirical validity test was used to obtain the level of validity, reliability, discrimination index, difficulty level, and effectiveness of distractors of the items developed in the instrument. The instrument of development results consisted of 20 multiple choice items and 4 attitude questionnaires. The results of the content validity test indicated a valid instrument (the average score for the aspects of substance, construction, and language was 83.9). The results of the empirical validity test showed that multiple-choice items had a correlation value of 0.37-0.77, categorized as valid, and the reliability value was 0.86, classified as highly reliable. The discrimination index obtained was five items ranked as sufficiently good and 15 items categorized as good, while five items classified as easy item, 14 moderate items, and one difficult item, all distractors were functioning. The empirical validity test results in the form of an attitude questionnaire showed a correlation value of 0.65-0.69, so they were valid, and the reliability value was 0.59, classified as quite high criteria. Instrument development results proved to be valid and reliable, so it is feasible to be used to measure students' chemical literacy skills. 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This research is conducted with the aim of analyzing the influence of financial literacy, financial inclusion, and peers on saving behavior through self-control as intervening variables in 920 students of the Faculty of Economics at State Universities in Surabaya. The sample of this research amounted to 211 sample taken with random sampling techniques. Data collection techniques using tests and questionnaires, which are analyzed by the SPSS 25 program. The results showed: 1) financial literacy has a negative and significant effect of 0,038 on saving behavior, 2) financial inclusion has an influence and significance of 0,001 on saving behavior, 3) peers has an influence and significance of 0,018 on saving behavior, 4) self-control has an influence and significance of 0,000 on saving behavior, 5) financial literacy has no significant effect 0,131 on saving behavior through self-control, 6) financial inclusion has a significant effect of 0,013 on saving behavior through self-control, 7) peers has a significant influence 0,012 on saving behavior through self-control.

The Indonesian Financial Services Authority (OJK) has targeted college students as one of the priority targets of their financial education programs in Indonesia. This research aimed to analyze the level of Islamic financial literacy of college students in Bogor; and analyze the factors that influence their level of Islamic financial literacy. The independent variable used in this study is the score of Islamic financial literacy. While gender, university, Grade Point Average (GPA), sources of information and religiosity are used as the dependent variables. The data analysis is conducted using the descriptive analysis and Structural Equation Modeling Partial Least Square (SEM-PLS). The estimation results showed that the level of Islamic financial literacy towards Muslim students in Bogor is 50.2% and is classified as sufficient literate. The study found that gender and university have positively and significantly influenced the level of Islamic financial literacy of Muslim students in Bogor.

Financial inclusion (FI) appears to be one of the main global agendas as it is an essential way of reducing poverty and increasing the economic growth of a country. FI is the provision of financial services to all segments of society in a more convenient, quality, and affordable way. In this study, the authors analyzed the issues and challenges faced from the two perspectives of the Financial Institutions (FIs) and the rural B40 group concerning the way of pursuing the exclusive of FI. Primary data was collected by conducting semi-structured interviews with four expert bankers from the Financial Institutions (FIs) in Kuala Rompin, Pahang, and two representatives from the B40 customers in the rural areas of Pekan, Pahang, Malaysia. Based on the findings, barriers faced by the supply sides of the FIs include 1) high risk of cost and security, 2) barriers in communication and lack of financial education, and 3) lack of proof documents. The other challenges are 1) competition with the conventional institutions, 2) default risk due to non-payment, and 3) internet connection problem. On the demand side, the issues and challenges found include 1) lack of confidence, 2) lack of proof documents, 3) misuse of capital, and 4) lack of financial literacy. Henceforth, the findings have significant implications for the Islamic banking and finance industry in exploring the current barriers faced in delivering financial inclusion to the lower segment of the society in Malaysia.