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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...

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Detalles Bibliográficos
Autores principales: Van Nguyen, Ha, Ha, Giang Hai, Nguyen, Diep Ngoc, Doan, Anh Hai, Phan, Hai Thanh
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9168148/
https://www.ncbi.nlm.nih.gov/pubmed/35677404
http://dx.doi.org/10.1016/j.heliyon.2022.e09638
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author Van Nguyen, Ha
Ha, Giang Hai
Nguyen, Diep Ngoc
Doan, Anh Hai
Phan, Hai Thanh
author_facet Van Nguyen, Ha
Ha, Giang Hai
Nguyen, Diep Ngoc
Doan, Anh Hai
Phan, Hai Thanh
author_sort Van Nguyen, Ha
collection PubMed
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.
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spelling pubmed-91681482022-06-07 Understanding financial literacy and associated factors among adult population in a low-middle income country Van Nguyen, Ha Ha, Giang Hai Nguyen, Diep Ngoc Doan, Anh Hai Phan, Hai Thanh Heliyon Research Article 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. Elsevier 2022-06-03 /pmc/articles/PMC9168148/ /pubmed/35677404 http://dx.doi.org/10.1016/j.heliyon.2022.e09638 Text en © 2022 The Author(s) https://creativecommons.org/licenses/by-nc-nd/4.0/This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
spellingShingle Research Article
Van Nguyen, Ha
Ha, Giang Hai
Nguyen, Diep Ngoc
Doan, Anh Hai
Phan, Hai Thanh
Understanding financial literacy and associated factors among adult population in a low-middle income country
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 Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9168148/
https://www.ncbi.nlm.nih.gov/pubmed/35677404
http://dx.doi.org/10.1016/j.heliyon.2022.e09638
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