The Role Of Financial Literacy Education In Preventing Student Loan Issues

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An overview of digital financial literacy, which combines the skills needed to navigate financial services with the skills to use digital technologies

The Role Of Financial Literacy Education In Preventing Student Loan Issues

Digital financial literacy combines the skills needed to navigate financial services with the skills to use digital technologies.

Fun And Engaging Financial Literacy Activities For High Schoolers

Depending on the user’s proficiency, technology such as Internet browsers and mobile devices can help or hinder access to financial tools. Someone with high tech skills would find it easier to buy and sell cryptocurrency. Someone with low tech skills may have trouble accessing an online bank account.

Read this proposal developed by a working group developed in support of the 2019 Osaka G20 summit on the need to promote digital financial literacy. A key argument is that “consumers will need to have a higher level of financial sophistication to make effective use of financial technology (fintech) products and services and avoid costly fraud and errors.”

What has been your experience with digital financial tools? Do they increase or decrease your ability to access financial services? What about access for your friends and family?

Want to keep learning? This content was taken from the University of Michigan’s online course, Cryptocurrency: Beyond Bitcoin Teach-Out View Course

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Read more about the intersection of financial literacy and cryptocurrency and some emerging ideas about financial education for children.

Want to keep learning? This content comes from the University of Michigan’s online course Cryptocurrency: Beyond Bitcoin Teach-Out View Course

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Financial Literacy In Canada

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The Case For Financial Literacy Education

Editor’s Choice articles are based on recommendations from scientific journal editors around the world. The editors select a small number of articles recently published in the journal that they believe will be of particular interest to readers or important in the relevant research area. The aim is to offer a snapshot of some of the most interesting work published in the journal’s different research areas.

By Jianmu Ye Jianmu Ye Scilit Preprints.org Google Scholar 1 and KMMCB Kulathunga KMMCB Kulathunga Scilit Preprints.org Google Scholar 1, 2, *

Received: May 16, 2019 / Revised: May 21, 2019 / Accepted: May 23, 2019 / Published: May 26, 2019

The role of knowledge-based resources in promoting sustainability in small and medium-sized enterprises (SMEs) is currently a matter of debate. Financial literacy has been identified as a vital knowledge resource for financial decision-making, but insufficient attention has been paid to how SMEs’ financial literacy affects their sustainability. Based on a knowledge-based perspective, maximum order theory, and dual process theory, we built an integrated model to examine the impact of financial literacy, access to finance, and attitude of financial risk in the sustainability of SMEs. The sample included 291 Chief Financial Officers (CFOs) of Sri Lankan SMEs. The result of structural equation modeling revealed direct positive effects of financial literacy, access to finance and financial risk attitude on sustainability. Financial literacy also emerged as a predictor of access to finance and financial risk attitude. In addition, access to finance and financial risk attitude were found to be partial mediators of the relationship between financial literacy and SME sustainability. Theoretical and practical implications for policy makers, industry practitioners and academics interested in promoting sustainability among SMEs are discussed.

Financial Literacy Initiative

Small and medium-sized enterprises (SMEs) contribute enormously to economic development through wealth distribution, job creation, technological progress, poverty reduction, and innovation [ 1 , 2 ]. Having a strong SME sector is crucial to establishing a strong industrial sector in an economy [3] and therefore well-functioning SMEs are essential for steady and continuous economic growth. The rapid economic development and higher profitability of emerging markets give SMEs the opportunity to be more competitive in both domestic and global markets [4, 5]. Having a strong SME sector is essential for developing economies, where there is great potential for the development of this sector, although they have not yet achieved the full benefits of a strong SME sector. SME sectors in developing countries have stagnated rather than expanded and become more sophisticated. Some of the characteristics of a developing economy—economic turbulence, unstable exchange rates, immature information infrastructure, higher transaction costs, political unrest, high inequality, and worsening unilateralism in trade policy—are additional threats to to the sustainability of SMEs [6, 7]. Therefore, there has been interest among researchers and those directly involved in the SME sector to find ways to increase the sustainability of SMEs.

Recently, there has been increased interest in the knowledge-based view (KBV) of organizational performance. The KBV suggests strategies by which companies can achieve a competitive advantage and improve their performance [8]. It assumes that collective and tacit knowledge are key resources in improving organizational performance [9]. The KBV also emphasizes the importance of a company’s ability to integrate individual and company knowledge of its products and services. Therefore, organizations rich in knowledge-based resources are more likely to enjoy good returns than their competitors. Knowledge can be considered a vital resource that is difficult to imitate or transmit and socially complex [10, 11]. However, in the growing literature on SME performance, little attention has been paid to the importance of SMEs’ knowledge-based resources and their role in sustainable SME performance.

Despite the importance of knowledge resources for SME sustainability, most previous research has focused on other factors, such as competitive advantage, supply chain management, and internationalization [ 12 , 13 , 14]. However, Ying et al. [15] examined the contribution of managers’ intangible capabilities to the sustainability of SMEs and concluded that they play an important role in enabling managers to cope with turbulent market conditions. Hussain et al. [16] also examined the contribution of knowledge resources to SME performance and concluded that knowledge resources such as financial literacy and business experience help SMEs sustain their performance. There have been few in-depth analyzes of how specific knowledge resources, such as financial literacy, influence the sustainability of SMEs, so this study, which provides an in-depth analysis of financial literacy and explores the mechanisms for which financial literacy can boost SMEs. ‘sustainability, expands the literature.

The aim of the study was to examine the importance of financial literacy in the SME sector and therefore address a gap in the literature. This study contributes to the literature on financial literacy and SME sustainability in five ways. First, the research draws on three theoretical perspectives, namely the KBV, the highest order theory and the dual process theory, to describe the importance of financial literacy, access to finance and the ‘financial risk attitude in the SME sector. Second, the research extends the knowledge of financial literacy because it investigated the indirect relationship between financial literacy and SME sustainability. It also contributes to the literature because it represents one of the first applications of structural equation modeling (SEM) in the field of financial literacy. Third, although it is widely accepted that financial literacy is important in the context of personal finance decisions, the concept of financial literacy at the firm level is less understood and researched, particularly in developing countries. This research addresses this gap by exploring financial literacy at the firm level in the Sri Lankan SME sector. Fourth, the research generated a framework that SMEs could use to sustain their firm’s performance. As only a small proportion of SMEs survive their early years [17], this framework has practical value for new and emerging SMEs. Fifth, the results of this study should help policy makers design and initiate programs to improve financial literacy, including programs tailored specifically to the needs of SMEs. If the relevant agencies offered more robust and targeted training programmes, it would increase the financial literacy of key players in the SME sector. This research also contributes to research on a particular geographical region, namely Sri Lanka, and the findings should

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