Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach
This article discusses the strategies and concepts in understanding the financial literacy with the approach of self-efficacy theory and goal setting theory of motivation. The discussion begins with the concept of behavioral finance that discusses links between financial concepts to the behavior, an...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
EconJournals
2017-07-01
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| Series: | International Journal of Economics and Financial Issues |
| Online Access: | https://www.econjournals.com/index.php/ijefi/article/view/4792 |
| _version_ | 1797911621385846784 |
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| author | Muizzuddin Muizzuddin Taufik Taufik Reza Ghasarma Leonita Putri Mohamad Adam |
| author_facet | Muizzuddin Muizzuddin Taufik Taufik Reza Ghasarma Leonita Putri Mohamad Adam |
| author_sort | Muizzuddin Muizzuddin |
| collection | DOAJ |
| description | This article discusses the strategies and concepts in understanding the financial literacy with the approach of self-efficacy theory and goal setting theory of motivation. The discussion begins with the concept of behavioral finance that discusses links between financial concepts to the behavior, and then proceed with the concept and measurement of financial literacy of individuals altogether with some approaches and factors that may affect it. Self-efficacy theory and goal setting theory of motivation is proposed to be a predictive factor of the level of financial literacy with relevant constructs, there are two propositions proposed to predict the level of financial literacy: (1) self-efficacy theory, in this case the motivational construct (manage finances, use credit cards less, and control debt);and (2) goal setting theory of motivation, in this case the goal commitment and goal specificity construct (financial planning).
Keyword: financial literacy, self-efficacy, goal setting.
JEL Classifications: G02, G3, L2
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| first_indexed | 2024-04-10T11:43:26Z |
| format | Article |
| id | doaj.art-de471b2acff1402f81fd42dbf79ee486 |
| institution | Directory Open Access Journal |
| issn | 2146-4138 |
| language | English |
| last_indexed | 2024-04-10T11:43:26Z |
| publishDate | 2017-07-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Economics and Financial Issues |
| spelling | doaj.art-de471b2acff1402f81fd42dbf79ee4862023-02-15T16:17:27ZengEconJournalsInternational Journal of Economics and Financial Issues2146-41382017-07-0174Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation ApproachMuizzuddin Muizzuddin0Taufik Taufik1Reza Ghasarma2Leonita Putri3Mohamad Adam4Faculty of Economics, Sriwijaya UniversityFaculty of Economics, Sriwijaya UniversityFaculty of Economics, Sriwijaya UniversityFaculty of Economics, Sriwijaya UniversityFaculty of Economics, Sriwijaya UniversityThis article discusses the strategies and concepts in understanding the financial literacy with the approach of self-efficacy theory and goal setting theory of motivation. The discussion begins with the concept of behavioral finance that discusses links between financial concepts to the behavior, and then proceed with the concept and measurement of financial literacy of individuals altogether with some approaches and factors that may affect it. Self-efficacy theory and goal setting theory of motivation is proposed to be a predictive factor of the level of financial literacy with relevant constructs, there are two propositions proposed to predict the level of financial literacy: (1) self-efficacy theory, in this case the motivational construct (manage finances, use credit cards less, and control debt);and (2) goal setting theory of motivation, in this case the goal commitment and goal specificity construct (financial planning). Keyword: financial literacy, self-efficacy, goal setting. JEL Classifications: G02, G3, L2 https://www.econjournals.com/index.php/ijefi/article/view/4792 |
| spellingShingle | Muizzuddin Muizzuddin Taufik Taufik Reza Ghasarma Leonita Putri Mohamad Adam Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach International Journal of Economics and Financial Issues |
| title | Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach |
| title_full | Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach |
| title_fullStr | Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach |
| title_full_unstemmed | Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach |
| title_short | Financial Literacy; Strategies and Concepts in Understanding the Financial Planning With Self-EfficacyTheory and Goal SettingTheory of Motivation Approach |
| title_sort | financial literacy strategies and concepts in understanding the financial planning with self efficacytheory and goal settingtheory of motivation approach |
| url | https://www.econjournals.com/index.php/ijefi/article/view/4792 |
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