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Factors Affecting Financial Literacy of Vietnamese Adults: A Case Study for Hanoi and Nghe An
VNU Journal of Science: Economics and Business
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| Title |
Factors Affecting Financial Literacy of Vietnamese Adults: A Case Study for Hanoi and Nghe An
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| Creator |
Tue, Nguyen Dang
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| Description |
This research examines the factors affecting the financial literacy of Vietnamese adults. Using a sample of 266 observations of adults in two big cities in Vietnam (Hanoi and Vinh in Nghe An Province), the author evaluates the literacy level of adults in these urban areas. The financial literacy of the interviewed people is low. The multiple regression results show that lower financial literacy levels associate with higher age and married status and higher financial literacy levels associate with higher education, more family members, the person making financial decisions and the person attending a useful financial course. This research also explores the association between financial literacy and financial behaviors of individuals employing logistic models. It is found that higher financial literacy associates with less probability of overspending and higher probability of saving money and careful spending. Higher financial literacy is also found to associate with higher probability of opening a savings account and making various investments. Keywords Financial literacy, financial behavior, Vietnamese adults References [1] INFE, O., “Measuring financial literacy: Core questionnaire”, in Measuring financial literacy: Questionnaire and guidance notes for conducting an internationally comparable survey of financial literacy, Paris: OECD, 2011.[2] Klapper, L., & Panos, G. A., “Financial literacy and retirement planning: The Russian case”, Journal of Pension Economics and Finance, 10. (2011) 4, 599-618. [3] Beckmann, E., “Financial literacy and household savings in Romania”, Numeracy, 6 (2013) 2, 9.[4] Morton, H., “Financial literacy: A primer for policymakers”, in National Conference of State Legislatures, April 2005.[5] Lusardi, A., & Mitchell, O. S., “Financial literacy and retirement planning in the United States”, Journal of Pension Economics and Finance 10 (2011) 4, 509-525.[6] Kehiaian, S. E., “Factors and behaviors that influence financial literacy in US households”, Doctoral dissertation, Nova Southeastern University, 2012.[7] Bhushan, P., “Insights into awareness level and Investment Behaviour of salaried individuals towards Financial Products”, International Journal of Engineering, Business and Enterprise Applications, 8 (2014) 1, 53-57. [8] Krah, R. Y., Aveh, F. K., & Addo, R., “An exploratory study of financial management practices among Ghanaian households”, International Journal of Management and Stability, 3 (2014) 7, 393-414.[9] Xu, L., & Zia, B., “Financial literacy around the world: An overview of the evidence with practical suggestions for the way forward”, World Bank Policy Research Working Paper, 6107 (2012).[10] Dinh, V, & Nguyen, T., “Estimating financial capability: International standards and suggestions for Vietnam”, Vietnam Banking Review, 14 (2015), 8-13.[11] Nguyen, T., & Tran, C., “Study about factor affecting financial literacy levels of students”, Journal of Social and Educational Studies, 61(2016) 122, 45-48.[12] Economist Intelligence Unit, “Country Report Vietnam”, London: The Economist Intelligence Unit, 2014.[13] General Statistics Office, “Some main economic indicators of Hanoi”, Hanoi: General Statistics Office, 2014.[14] Lusardi, A., & Mitchell, O. S., “Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth”, Journal of Monetary Economics, 54 (2007) 1, 205-224.[15] Grohmann, A., Kouwenberg, R., & Menkhoff, L., Financial Literacy and Its Consequences in the Emerging Middle Class, Kiel Institute for the World Economy, 2014. |
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| Publisher |
Vietnam National University, Hanoi
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| Date |
2017-06-26
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
https://js.vnu.edu.vn/EAB/article/view/4084
10.25073/2588-1108/vnueab.4084 |
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| Source |
VNU Journal of Science: Economics and Business; Vol 33 No 2
Chuyên san Kinh tế và Kinh doanh; Vol 33 No 2 2588-1108 2615-9287 |
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| Language |
eng
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| Relation |
https://js.vnu.edu.vn/EAB/article/view/4084/3817
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| Rights |
Copyright (c) 2017 VNU Journal of Science: Economics and Business
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