...Determinants of Financial Literacy among Youth: Case of Amritsar City Dr. Arwinder Singh Assistant Professor/Department of Commerce Guru Nanak Dev University Regional Campus, Gurdaspur, Punajb, India #08968092299 arwinder.gndu@yahoo.com Nitika Bhandari (Corresponding Author) Assistant Professor/Department of Commerce Khalsa College for Women, Amritsar, Punjab, India #08146993589 Nitika3088@gmail.com Determinants of Financial Literacy among Youth: Case of Amritsar City Abstract Financial markets around the world have become increasingly accessible to everyone but financial products are becoming more complex and difficult to grasp for an average individual. Therefore it is of paramount importance to equip the Youth with Financial Literacy so that they can manage their own finances and securing their financial future. The present study is carried out with the objective to find out the determinants of financial literacy of the youth. The major determinants that influence the financial literacy are required to be sought in order to deal with the complexities of current financial markets and products. Data has been collected through primary sources by framing questionnaire answered by 100 respondents in Amritsar. Factor Analysis has been used to analyse the data. The analysis revealed five underlying dimensions namely Interest in Financial Issues, Financial Behaviour, Saving habits, Financial Attitude and Financial Awareness. The results...
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...KNPE 237 • Although many definitions for physical literacy are similar there is no consensus between them. Only 17% of Canadians are aware of the term physical literacy. Physical literacy is referred to as the foundation of skill/tools related to cognitive, social, behavioural and fitness components. Children need these skills to develop and receive the inherent benefits of enjoyable and successful life long participation in sport and physical activity. Currently, many Canadian children are physically illiterate, and therefore, unable to lead healthy, active lifestyles. This has been evidenced by increasing rates of physical inactivity, and obesity. • Over the years there has been a demand for a universal test that measures physical literacy....
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...Financial literacy pattern in age Figure A: The financial literacy by age group (percent providing the correct answers to the question) Figure A: The financial literacy by age group (percent providing the correct answers to the question) The survey data confirm that financial literacy is lowest in the youth and the elder. This finding is occurring across countries as shown in figure A. However, it is in our interest that older people give themselves very high scores regarding their own poor scores on basic financial literacy question. In this case, Finke, Howe, and Huston (2011) had developed a multidimensional measure of financial literacy for the old and confirmed that, financial literacy falls with age, but peoples’ confidence in financial decision making abilities actually increase with age. The imbalance between real and perceived knowledge might explained why financial scams are often happened to the elder people. * Financial literacy pattern in gender (Figure B) Not only older men are generally more financial knowledgeable than older women but the same patterns hold across every respondents and countries. Researchers are seeking the explanation of the difference between male and female knowledge gap, which traditional explanations cannot fully account. Mahdavi and Horton (2012) had examined highly selective women in the U.S. Even with well-educated group, women’s financial literacy was found very low. This could imply that women may acquire financial literacy differently...
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...In this day and age of a pervasive mass media and seemingly a new social media outlet that is invented every month, the proliferation of information is all around us. Despite all of the advances in technology in the delivery of information, it may surprise you to learn that one in every five people on this planet are illiterate, two thirds of that number being women. Reflecting on this alarming statistic and Deborah Brandt’s essay on “Sponsors of Literacy”, I thought about what influences us to strive to learn how to read and write. Deborah Brandt refers to literacy sponsors as, “any agents, local or distant, concrete or abstract, who enable, support, teach, model, as well as recruit, regulate, suppress, or withhold literacy-and gain advantage...
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...Literacy Introduction Literacy is defined as the ability to write and read certain information. Literacy can take two forms; it can be informal education or the formal type of education. Informal education is the schooling which is done outside the usual classrooms. Informal education can be self tutoring, on the job training, the youth education program or home education done by parents. Formal education is the learning system done in a learning institution by professional teachers using a specific syllabus to educate students (Kozol 195). Personal Experience Right after finishing weaning, the first institution to join was the kindergarten. Kindergarten is an informal program for children where they are taught basic and social skills. The...
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...The Night Before An Examination It was the night before my examinations. I was appearing for my matriculation examination, for the third time. Come on, even intelligent people fail their exams too!! It was that “butterflies in stomach” Part-3 once again. Not for me, hah.. am talking about my parents. God knows why they took so much of tension about my exams. I had warned my parents of Diabetes and Ulcers way back, but they would never listen. I even asked them to emulate my carefree attitude when it came to exams, but they were one ignorant lot who would not heed good advice. Anyways, I was cool as a cucumber, because this time I had decided that it would not be the Season Three of some failed daily soap. I had made all fool-proof arrangements to pass this time. My dedication, patience, perseverance and persistence would definitely see me through my exams this time around. Day in and day out, I had sacrificed all my useless activities that kept me unduly busy; computer games, movies, parties, discos.. everything! I gave up everything as soon as the exam time table was announced. All my energy and efforts were now aimed at one single objective: getting the question paper somehow!! Patience is always rewarded, so are genuine efforts and dedication. I was lucky enough to discover a gem of a person in one of my class-mates, whom I revered as my senior, coz he had failed thrice in the same exam. He would have made one hell of a statesman...
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...Statistics Project Anicée Ravier BCi 2015 Introduction The purpose of this study is to reveal the differences of education in the world. The collected data shows the education situation of the countries over the years from 2000 to 2013. The research conducted was based on several websites’ comparison due to the fact that most of these databases are incomplete. The report examines 11 countries from each group based on random selection, but each part of the globe. The main question to be answered is whether there is a correlation between education, living standards (education, health…) and the type of country. How has the level of education changed the world in recent years? Today, education is still inaccessible right for millions of children worldwide. Over-age children attend 72 million primary school do not attend school and more than 759 million adults are illiterate and do not have the knowledge to improve their lives and those of their children. 1 Analyse of the data Enrolment rate in primary school in 2006 and 2013 (percentage) 2006 2013 Brazil 95 95 Canada 100 100 Côte d'Ivoire 62 62 France 99 99 Germany 96 100 Guinea 51 76 Hungary 89 97 India 84 99 Niger 40 64 South Africa 87 90 United States 92 93 Total n= 11 11 Average 81.36 88.64 Median 89 95 MAX 100 100 MIN 40 62 Range 60 38 We can...
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...average population growth rate of 1.41%, this is a clear indication that this population will increase more with time. When looking at the age structure, people who are 15-64 years old make up 65% of India's population and only 30% being under 15 years of age. This clearly indicates that India is composed of a rather young population. As per the 2011 census, literacy levels stand at around 74.04% and this is a significant progress from the 14.5% rate at the time of India’s independence in 1947, though the census still reveals that the adult literacy rate in India was more than 11% lower than the average World Adult Literacy Rate of 84% (Census of India, 2011c, p.101). Despite major reforms and programs intended to develop the education system, India is still struggling with low rates of illiteracy, especially in the country’s rural parts. Different states have been experiencing different rates of increase in literacy levels, although with very high disparities caused by the different classes of the Indian society. For instance, Kerala and Mizoram states are above the national average at 82.14%, while others like Bihar have a literacy level of about 65.46%...
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...Literacy results from the combination of passion, hard work, dedication and success. Obtaining the stature to be viewed as literate in an area is a process, there are no short cuts to get you to that level, and no substitutions for the work you have to put in. An area I believe that I am literate in is soccer. In my 18 years alive, I have put in countless hours, shed tears of both anguish and joy, persevered through the toughest times, and have been recognized for my achievements. In the process to obtaining literacy, passion is the driving force that ignites a reason to become literate in an area. Without a purpose, there is no reason to obtain any goal, let alone to become proficient and literate. Hard work and dedication are the forces that...
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...University of Pennsylvania, Clarion, Pennsylvania FINANCIAL LITERACY AND FINANCIAL DECISION MAKING CAPACITY: THE GENDER BALANCE ISSUE Ebiringa, O. T. and Okorafor, E.O. Department of Management Technology, Federal University of Technology, Owerri, Nigeria ABSTRACT This paper investigates the extent to which age, level of education, nature of work and experience affects the financial literacy levels of Master of Business Administration students of Federal University of Technology, Owerri Nigeria. It equally assesses the extent to which gender difference discriminates in financial decision making, as there seems to be inconclusive notion that female students are better at financial decision making than their male counterpart. Students who took a three credit hours course in Financial Economics during the 2009/2010 academic session as well as participated in a financial literacy capacity program jointly organized by GTBank Plc and SIFE a part of the continuous assessment for the course constituted the study population. Quota and simple random sampling was adopted in the selection of 165 respondents whose responses provided the primary data used for analysis. Correlation coefficients and linear regression tools were adopted for analysis. The conclusion of the study based on results obtained is that gender difference though having inverse correlation with financial literacy level is not a significant predictor of financial literacy level, implying that there is no valid evidence to substantiate...
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...of illiteracy, illiteracy is a serious problem in pour society today because illiteracy causes high rate of unemployment, high crime rates, health issues and loss of talents inbuilt in our youths leading to low self-esteem. Illiteracy is a pressing concern especially for poor countries, it affects all other aspects of life and personal behavior of the uneducated one. There are several causes which may lead someone to be uneducated or to escape from school. In this essay I will discuss some causes of illiteracy and its effects on our society, and how we can treat it. Illiteracy is a global problem we are facing in our society today of which it greatly affects all our day to day life activities. I will first start with the problem unemployment in which one of the reasons for this is the high illiteracy level in our society. Unemployment is a situation where youths and the general population are unable to get jobs to meet up with their day to day responsibilities and bills. When people are not able to read and write they are greatly handicapped educational wise there by causing them not fit for the job market. Illiteracy still on the same side of the coin cause low self-esteem among youths who are less educated causing them fill inferior to their fellow educated youths. But we us tackling the outside solutions of illiteracy in relation to unemployment without tackling the inner core problem that is the...
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...Public Disclosure Authorized WPS6107 Policy Research Working Paper 6107 Public Disclosure Authorized Financial Literacy around the World An Overview of the Evidence with Practical Suggestions for the Way Forward Lisa Xu Bilal Zia Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Finance and Private Sector Development Team June 2012 Policy Research Working Paper 6107 Abstract Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research. This paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at bzia@worldbank.org. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development...
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...Athletes Helping Kids, Inc. I. Introduction With concern for the well-being of our country's youth and the problems that affect them, there was a need to develop a program that emphasized the importance of education, staying in school, as well as abstinence of drugs, alcohol and gang violence. The Foundation for Athletes Helping Kids, Inc. was formed by Don Edwards along with 15 NFL alumni in 1986. It is through their successful implementation of free football clinics for high school youths, charitable contributions and substantial fundraising efforts that their goal for becoming National is not just a dream but reality. II. Effectiveness of Website The Foundation for Athletes Helping Kids, Inc. website is http://athleteshelpingkids.org. This website is an attribute to their mission, accomplishments and marketing strategy in that it is very informative. It draws a picture of what they are doing and how it affects the young adults they are helping. It shows the importance of giving back and putting forward in our future generations. A. Over the past 15 years, professional football players, active and retired, have worked with over 250,000 kids. They have given their time, talent, energy and resources. In Hawaii alone they have contributed over $400,000 to charities such as D.A.R.E., the Hawaiian Police Athletic Federation, and various literacy programs, raising funds through charity basketball and softball games against local police and fire...
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...important to make sure as many people as possible are able to read and write to be able to complete all necessary daily activities, both at home and at the work place. A person needs to be able to read and write to fill out job applications, follow rules and directions, and maintain financial records. Some of the common causes of illiteracy are poverty, the lack of literacy within the family, and learning disabilities. Due to poverty some children are needed to work outside of the home, to help compensate the family’s income, instead of being able to go to school to receive the education that is needed. Therefore, poverty leads to the lack of literacy within the family. According to the National Center for Education Statistics, nearly twenty-two percent of all of the adults living in the United States scored below basic skills during an assessment in 2003 (“Illiteracy: The Downfall”). “Sixty years ago, most illiterate adults were people who were uneducated” (Kunerth). Today, learning disabilities are often the cause of illiteracy in adults. The Florida Literacy Coalition estimates that half of the adults in literacy programs now, have learning disabilities. In the 1970s teachers used a one-size-fits-all type of program to teach adults how to read. It was the same program that school aged children were using. The old method did not work for those persons with a learning...
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...likely impact their future. Chicago, with a population of nearly three million people, would be an ideal local to hold a non-profit, community book festival, City of Chicago (2010), Creative thinking, therefore, will become increasingly important to provide reading material for those who would otherwise go without. This could be accomplished through several means including a literacy children's fair, incorporating large and small businesses, and engaging diverse cultures in the Chicago area. Chicago is the third largest city in the United States, after New York City and Los Angeles, with an official population of 2,896,016, as of the 2000 US Census. Chicago has been a center for commerce in the United States for most of its modern history. Today Chicago is considered to be a Prime Accountancy, Advertising and Legal Service Centers by the GaWC. Chicago is also considered to be the fourth largest metropolitan area in North America and because of that Chicago, Illinois has many different forms of media and outlets to support its status (www.wordiq.com/defintion, n.d.). This is a reason why literacy is important for a community like Chicago, Illinois. Due to the recent decline of the economy, creative thinking needs to...
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