Understanding financial literacy and associated factors among adult population in a low-middle income country
This study aims to identify whether demographics, socio-economic factors, the usage of the internet, smartphone and bank, and cultural factor affect Vietnamese adults' financial literacy. A sample of 669 participants participated in the online survey questionnaire (response rate of 89.92%). Mul...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2022-06-01
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| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844022009264 |
| _version_ | 1828807695153496064 |
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| author | Ha Van Nguyen Giang Hai Ha Diep Ngoc Nguyen Anh Hai Doan Hai Thanh Phan |
| author_facet | Ha Van Nguyen Giang Hai Ha Diep Ngoc Nguyen Anh Hai Doan Hai Thanh Phan |
| author_sort | Ha Van Nguyen |
| collection | DOAJ |
| description | This study aims to identify whether demographics, socio-economic factors, the usage of the internet, smartphone and bank, and cultural factor affect Vietnamese adults' financial literacy. A sample of 669 participants participated in the online survey questionnaire (response rate of 89.92%). Multivariate general linear model regression shows that adults of younger age have better skills in cash management, credit management, savings and investment, and financial management compared to older adults. The findings suggest that participants with better income could manage savings and overall finance more effectively. Furthermore, respondents with “Uncertain avoidance” in the culture had better skills in cash management, saving, and investment. Meanwhile, preferring masculinity had higher scores in credit management, insurance, and total scale compared to those preferring femininity. The significant contribution of this study is its usefulness for economic players to have assertive financial strategies and policymakers to enhance the level of financial literacy and provide trustworthy financial guidance. |
| first_indexed | 2024-12-12T08:29:47Z |
| format | Article |
| id | doaj.art-863a3825f13a4275b412575e6d1b6b26 |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-12-12T08:29:47Z |
| publishDate | 2022-06-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-863a3825f13a4275b412575e6d1b6b262022-12-22T00:31:09ZengElsevierHeliyon2405-84402022-06-0186e09638Understanding financial literacy and associated factors among adult population in a low-middle income countryHa Van Nguyen0Giang Hai Ha1Diep Ngoc Nguyen2Anh Hai Doan3Hai Thanh Phan4Faculty of Business Administration, Banking Academy, Hanoi 100000, Viet NamInstitute of Theoretical and Applied Research, Duy Tan University, Hanoi 100000, Viet Nam; School of Business and Economics, Duy Tan University, Da Nang 550000, Viet NamInstitute of Theoretical and Applied Research, Duy Tan University, Hanoi 100000, Viet Nam; School of Business and Economics, Duy Tan University, Da Nang 550000, Viet NamSchool of Economics and Management, Hanoi University of Science and Technology, Hanoi 100000, Viet NamSchool of Business and Economics, Duy Tan University, Da Nang 550000, Viet Nam; Corresponding author.This study aims to identify whether demographics, socio-economic factors, the usage of the internet, smartphone and bank, and cultural factor affect Vietnamese adults' financial literacy. A sample of 669 participants participated in the online survey questionnaire (response rate of 89.92%). Multivariate general linear model regression shows that adults of younger age have better skills in cash management, credit management, savings and investment, and financial management compared to older adults. The findings suggest that participants with better income could manage savings and overall finance more effectively. Furthermore, respondents with “Uncertain avoidance” in the culture had better skills in cash management, saving, and investment. Meanwhile, preferring masculinity had higher scores in credit management, insurance, and total scale compared to those preferring femininity. The significant contribution of this study is its usefulness for economic players to have assertive financial strategies and policymakers to enhance the level of financial literacy and provide trustworthy financial guidance.http://www.sciencedirect.com/science/article/pii/S2405844022009264Financial literacyFinancial management behaviorsVietnam populationCultural factors |
| spellingShingle | Ha Van Nguyen Giang Hai Ha Diep Ngoc Nguyen Anh Hai Doan Hai Thanh Phan Understanding financial literacy and associated factors among adult population in a low-middle income country Heliyon Financial literacy Financial management behaviors Vietnam population Cultural factors |
| title | Understanding financial literacy and associated factors among adult population in a low-middle income country |
| title_full | Understanding financial literacy and associated factors among adult population in a low-middle income country |
| title_fullStr | Understanding financial literacy and associated factors among adult population in a low-middle income country |
| title_full_unstemmed | Understanding financial literacy and associated factors among adult population in a low-middle income country |
| title_short | Understanding financial literacy and associated factors among adult population in a low-middle income country |
| title_sort | understanding financial literacy and associated factors among adult population in a low middle income country |
| topic | Financial literacy Financial management behaviors Vietnam population Cultural factors |
| url | http://www.sciencedirect.com/science/article/pii/S2405844022009264 |
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