The growth of rapid financial technology (fintech) is expected to contribute more than 12% of compound annual growth rate (CAGR) to the economy. India is gradually becoming the hub for many prominent fintech startups such as Paytm, Pine Labs, PayU, Razorpay, and others. However, as per the survey by Financial Express, only 27% of Indians are financially literate. This article investigates the factors that influence the millennial generation and their financial literacy and the relationship between their knowledge, their objectives, their outlook, and their behavior toward the use of fintech applications. The questionnaire is used to gather the main data. Chisquared analysis was used to test the hypotheses, and correspondence analysis was used to determine the characteristics of the millennial generation and visually demonstrate the discrepancy.
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Analyzing financial behavior of a person based on financial literacyShantanu Deshpande
6. Analysed consumer behaviour and relationship using Financial literacy dataset. Identified patterns and predictor variables using logistic regression.
Methodologies & Tools: IBM SPSS, RapidMiner, PowerBI
Exploring Digital Payments, Financial Inclusion, and Monetary Policy in Indiaijtsrd
The global financial landscape has undergone a profound transformation with the advent of digital payment technologies, influencing monetary policy paradigms and fostering financial inclusion initiatives. This research investigates the interplay between digital payments, financial inclusivity, and their relationship with the overarching objectives of monetary policy. The study delves into the multifaceted impact of digital payment systems on the attainment of monetary policy goals. It scrutinizes the role of digital financial services in fostering greater access to financial resources for underserved populations, thereby addressing issues of financial exclusion. Moreover, it assesses the implications of enhanced financial inclusivity on broader economic variables, such as consumption patterns, savings behavior, and income distribution, which are pivotal concerns for central banks in their pursuit of stability and growth. Furthermore, the research analyzes the efficacy of digital payment infrastructures in influencing the transmission mechanisms of monetary policy. It investigates how these technologies may alter the velocity of money, liquidity preferences, and the effectiveness of policy tools in steering economic variables toward desired targets, such as price stability and sustainable growth. The findings of this research are expected to contribute to policy discourse by providing a nuanced understanding of how leveraging digital payment innovations can potentially align with and augment the efficacy of monetary policy frameworks. Ultimately, it seeks to offer recommendations for policymakers, financial institutions, and regulators to leverage digital finance as a catalyst for advancing both financial inclusion goals and the broader aims of monetary policy in an increasingly digitalized global economy. Dr. J. Suresh Kumar | Dr. D. Shobana "Exploring Digital Payments, Financial Inclusion, and Monetary Policy in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63443.pdf Paper Url: https://www.ijtsrd.com/economics/financial-economics/63443/exploring-digital-payments-financial-inclusion-and-monetary-policy-in-india/dr-j-suresh-kumar
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Analyzing financial behavior of a person based on financial literacyShantanu Deshpande
6. Analysed consumer behaviour and relationship using Financial literacy dataset. Identified patterns and predictor variables using logistic regression.
Methodologies & Tools: IBM SPSS, RapidMiner, PowerBI
Exploring Digital Payments, Financial Inclusion, and Monetary Policy in Indiaijtsrd
The global financial landscape has undergone a profound transformation with the advent of digital payment technologies, influencing monetary policy paradigms and fostering financial inclusion initiatives. This research investigates the interplay between digital payments, financial inclusivity, and their relationship with the overarching objectives of monetary policy. The study delves into the multifaceted impact of digital payment systems on the attainment of monetary policy goals. It scrutinizes the role of digital financial services in fostering greater access to financial resources for underserved populations, thereby addressing issues of financial exclusion. Moreover, it assesses the implications of enhanced financial inclusivity on broader economic variables, such as consumption patterns, savings behavior, and income distribution, which are pivotal concerns for central banks in their pursuit of stability and growth. Furthermore, the research analyzes the efficacy of digital payment infrastructures in influencing the transmission mechanisms of monetary policy. It investigates how these technologies may alter the velocity of money, liquidity preferences, and the effectiveness of policy tools in steering economic variables toward desired targets, such as price stability and sustainable growth. The findings of this research are expected to contribute to policy discourse by providing a nuanced understanding of how leveraging digital payment innovations can potentially align with and augment the efficacy of monetary policy frameworks. Ultimately, it seeks to offer recommendations for policymakers, financial institutions, and regulators to leverage digital finance as a catalyst for advancing both financial inclusion goals and the broader aims of monetary policy in an increasingly digitalized global economy. Dr. J. Suresh Kumar | Dr. D. Shobana "Exploring Digital Payments, Financial Inclusion, and Monetary Policy in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63443.pdf Paper Url: https://www.ijtsrd.com/economics/financial-economics/63443/exploring-digital-payments-financial-inclusion-and-monetary-policy-in-india/dr-j-suresh-kumar
Digital Literacy is an important instrument to strengthen customer strength to avoid risky credit behaviour. Apart from Digital Literacy, Financial Self Efficacy is also an important instrument to avoid this. Therefore, this research aims to analyze the influence of digital literacy and financial self-efficacy on risky credit behaviour. This research is quantitative research with an explanatory approach, namely research that uses previous research as a stepping stone for finding new findings. The data used in this research uses primary data collected using the 1-5 questionnaire method which contains agree, strongly agree, disagree and strongly disagree. The data used was analyzed via PLS 3.0. The research results show that the Digital Literacy and Financial Self Efficacy variables each have a positive relationship and a significant influence on Risky Credit Behavior. As Digital Literacy improves and Confidence in managing finances increases, it will further strengthen the potential of employees to avoid Risky Credit Behavior
The Performance of Financial Institutions and Internal Control System A Case ...ijtsrd
The study was all about internal control systems and the performance of financial institutions of GT Bank, Kigali, Rwanda 2016 2020 .Methodology of the study based on explanatory research design the population of this study was 105 of employees of GT Bank Rwanda, which was used as sample size using universal sampling method to gather information from respondents. The study used descriptive and inferential statistics. Findings on the effect of control activities on financial performance of GT Bank Rwanda were presented on Table 4.9 indicates the value of R square in this study is 87.3 means that the proportion of financial performance as dependent variable is explained by the independent variables control activities at 87.3 . This indicates that the model is very strong, as the independent variable very highly explain the dependent variable. The adjusted R square is used to compensate for additional variable in the model. In this case, the adjusted R square is 87.2 . Findings on the effect of risk assessment on financial performance of GTBank Rwanda were presented on Table 4.12 show the value of R square in this study is 61.1 means that the proportion of financial performance dependent variable is explained by the independent variables Risk assessment at 61.1 . This indicated that the model was strong, as the independent variable highly explain the dependent variable. The adjusted R square was used to compensate for additional variable in the model. In this case, the adjusted R square is 60.8 . Findings on the effect of control environment on financial performance of banking institutions in Rwanda confirmed on table 4.15 present the value of R square in this study was 51.1 means that the proportion of financial performance dependent variable is explained by the independent variables Control environment at 51.1 . Dr. Vidhya K | Dr. Neelam Maurya | Dr. Umamaheswari K "The Performance of Financial Institutions & Internal Control System - A Case Study of Guaranty Trust Bank, Kigali Rwanda" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50323.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/50323/the-performance-of-financial-institutions-and-internal-control-system--a-case-study-of-guaranty-trust-bank-kigali-rwanda/dr-vidhya-k
The effective running of the educational system requires influx of enough resources. These resources are generated as funds for the overall administration of affairs in the sector. In this paper, a review of the effects of funding on the educational system was done – its benefits to the society and the challenges hindering it. Also, a discussion on what should be done to implement these benefits on the Nigeria economy was done.
IssaPopulation and SamplingThe constructs of population and sa.docxvrickens
Issa
Population and Sampling
The constructs of population and sampling are integral to all research undertakings. Populations refer to a complete set of elements, whether persons or objects, that possess some common characteristics defined by the sampling criteria established by the researcher(Han,2019). The number of elements in the populations reflects the size of the population. Populations can fall into either target populations or accessible populations. The targeted population for this research study will consist investment leaders from capital investment companies in the northeast of U.S , who have a least 5 years experiences in the industry and implanted strategies to increase investment return, and investment performance.
The population is a collection of individuals from which researchers develop their sample research study(Han, 2019). Researchers must ensure the targeted population to be accessible; selecting an inaccessible population could potentially affect the scholar's ability to collect data(Binde & Romild, 2019). Aligning the population with the research question allows researchers to collect data from strategic investment decision making leaders from capital investment industry in northeast region of the U.S ,who met the criteria from the research study. Hence, providing enough data is a precursor to credible analysis and reporting to determine an adequate sample size that has a direct relation with data saturation. However, the quantity is not the determining factor when it comes to data saturation; the quality of the data must align with the research study(Binde & Romild, 2019).
Sampling refers to the process of selecting a sample from a population of interest so that a researcher can fairly generalize the results gained from these participants to the population from which the researcher obtained the sample(Wei et al,2019). There are different types of sampling techniques that researchers can utilize during their investigations, which broadly fall into probability and non-probability sampling(Wei et al ,2019). Some of the most notable probability sampling techniques include simple random sampling, stratified sampling, clustered sampling, and systematic sampling (Han, 2019).
Thu, on the contrary, non-probability sampling techniques include convenience sampling, purposive sampling, quota sampling, and snowball sampling. The main difference between a sample and a population has to do with the manner in which the researcher assigns observations to the data set(Binde & Romild, 2019). A population includes all the elements from a data set, whereas a sample consists of one or more observations derived from the population. The constructs of population and sampling can indeed find direct application in my doctoral research study. I will use purposive sample to compute the correct sample size from the population that can make the findings easy to generalize to the wider population.
In selecting samples during my research endea ...
Online payment portals are a powerful tool that makes our life simple and gives the luxury to make all required payment transactions around any part of the World. The advancement of internet and logistics systems, now it is possible for anybody to shop any product around the world and get it shipped to his\her. The main objectives are to study the problems faced through the online payment system. To study the factors influencing the online payment system.
A Study of Determinants Influencing Financial Literacy of Individual Investor...RSIS International
Investment scenario is changing very fast and financial
literacy impacts financial decisions of individual investors. The
present study is exploratory in nature and determines the factor
that affects financial literacy and how they affect decision
making. The sample consist of 649 individual investors to obtain
information through structured questionnaire from various
parts of India The result indicated that there are seven most
influencing factors of financial literacy that affects investor
decision making are: Attitude, Knowledge, Budgeting Habits,
liquidity, self analytical skills, Emotional Inclination and Goal
Planning. This study will help to determine strategies which will
help to improve financial literacy of an individual investors.
Twitter Based Sentimental Analysis of Impact of COVID-19 on Economy using Naï...CSCJournals
COVID-19 outbreak brought unprecedented changes to people’s lives and made significant impact on the US and world economy. It wrought havoc on livelihood, businesses and ultimately the economy. Understanding how the sentiment on economy is changing and main factors that drives the change will help the public to make sense of the impact and generating relief measures. In this paper we present a novel Naïve Bayes model using a word-based training approach to perform the analysis and determine the sentiment of Twitter posts. The novelty of this methodology is that we use labelled set of words to classify the tweets to perform sentimental analysis as opposed to the more expensive methods of manually classifying the tweets. We then perform analysis on the resulting labelled tweets to observe the trend of economy from February 2020 to July 2020 and determine how COVID-19 impacted the economy based on what people posted on Twitter. We found our data was largely inclined towards negative sentiment indicating that the economy had been largely negatively impacted as a result of COVID-19. Further, we correlate the sentiment with the stock market index aka Dow Jones Industrial Average (DJIA) because stock market movement closely mirrors the economic sentiment and is shown as one of the main factors influencing people's attitude change from our sentimental analysis. We found strong correlation between the two, indicating stock market change is one of the driving factors behind people's opinion change about economy during pandemic. This work proposed and tested a generic lower-cost text-based model to analysis generic public’s opinion about an event which can be adopted to analyze other topics.
This study aims to determine and analyze the impact of investment knowledge, perceived risk, and
perceivedbehavioral control of the Indonesian stock investment intention. The research data is the data collected
through questionnairesstarting from 12 April 2018 until 30 April 2018. The population in this study are all people
who have never invested shares, independent income, and located in the
Factor Analysis of Students’ Exposure to Social Media for Food and Beveragesajjalp
Food and beverage marketing on social media is
a powerful factor to influence students’
exposure to social media and application for
food and beverage. It is a well-known fact that
most of the food and beverage business target
young people on the social media. The objective
of the study is to identify the factors associated
to the students’ exposure in the social media
platforms for food and beverage. The young
students between the ages 20 to 26 years
completed a self-administered questionnaire
survey on their media use for food and
beverages. The questionnaire was prepared
using Likert scale with five options from
strongly agree to strongly disagree. The data set
was described with descriptive statistics such as
mean and standard deviation. The exploratory
factor analysis with varimax rotation method
was used to extract the factors. The most
popular social media among the respondents
were Facebook, Instagram, and You Tube.
73.3% of the students were exposed to food and
beverage application in their mobile device and
76% of them followed the popular food and
beverage pages in social media. The result
revealed that social media posts, promotional
offer, and hygienic concept have positively
influenced majority of the students’ exposure to
social media for food and beverage.
Keywords: Factor analysis, Social Media, Food
and Beverage, Student, Promotional Offer
The Influence of Financial Literacy and Financial Attitude on the Behavior of...ijtsrd
This research aims to test and analyze the influence of financial literacy and financial attitudes on the behavior of financial managers through the locus of control as an intervening variable in Jember Regency Government employees in Indonesia. The population in this research are employees in the Jember Regency Regional Government. The sampling method in this research was a questionnaire distributed to employees in the Jember Regency Regional Government. 5 hypotheses were tested on whether financial literacy and attitudes could influence financial managers through the locus of control. Smart PLS was used to test the hypothesis of this research. This research shows a direct influence between financial literacy and financial attitudes on the behavior of financial managers. Apart from that, financial literacy and attitudes indirectly influence financial managers behavior through the locus of control. Denny Prabu Syahputra | Yosefa Sayekti | Ahmad Roziq "The Influence of Financial Literacy and Financial Attitude on the Behavior of Financial Managers with Locus of Control as an Intervening Variable in Jember District Government Employees" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd61303.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/61303/the-influence-of-financial-literacy-and-financial-attitude-on-the-behavior-of-financial-managers-with-locus-of-control-as-an-intervening-variable-in-jember-district-government-employees/denny-prabu-syahputra
The Granger causality model is used in the current study to analyze the short-run cause–effect relationship between two stock market indices between 2001 and 2021 using time series data of the daily closing prices of the BSE Sensex and S&P 500 indices listed in the Indian and US stock markets, respectively. The Granger causality model and the augmented Dickey–Fuller test for data stationarity were used in the study to examine the short-term causal link between two market indices during the time period. The outcomes demonstrated the connection between the Indian and US stock markets. The findings imply that both markets have a dynamic, bidirectional relationship. This study provides the investor’s essential inputs for investment decision-making and portfolio diversification. In the current era of globalization, the study is crucial because investors and fund managers now place a high priority on stock market integration. Through fund diversification across equity markets, this study subsequently makes it easier to reduce portfolio risk by providing useful insights on diversification strategies across the stock markets.
The study provides an empirical assessment of how institutions and trade liberalization affect Malawi’s economic expansion. It tackles the absence of empirical research into how institutions affect economic growth and how trade liberalization policy affects institutions’ influence on growth (interaction effect). The study also seeks to find out if economic growth, however, affects institutions as theories differ on causality. The study uses a time series analysis and autoregressive distribution lag (ARDL) technique to obtain short-run and long-run results. The study was conducted from 1988, the official inception year of trade liberalization in Malawi, to 2014. The empirical results show that political and economic institutions, as well as trade liberalization, affect Malawi’s economic growth in both the short term and the long term. Trade liberalization and political institutions negatively affect economic growth in the short run and long run, whereas economic institutions positively affect economic growth in the short run and long run. The findings also show that when strong economic institutions rather than strong political institutions are present, the effect of trade liberalization on economic development is more prominent (positive). Finally, the study also finds that it is institutions that affect economic growth in Malawi and not the other way around.
More Related Content
Similar to Millennium Generation Financial Literacy and Fintech Awareness
Digital Literacy is an important instrument to strengthen customer strength to avoid risky credit behaviour. Apart from Digital Literacy, Financial Self Efficacy is also an important instrument to avoid this. Therefore, this research aims to analyze the influence of digital literacy and financial self-efficacy on risky credit behaviour. This research is quantitative research with an explanatory approach, namely research that uses previous research as a stepping stone for finding new findings. The data used in this research uses primary data collected using the 1-5 questionnaire method which contains agree, strongly agree, disagree and strongly disagree. The data used was analyzed via PLS 3.0. The research results show that the Digital Literacy and Financial Self Efficacy variables each have a positive relationship and a significant influence on Risky Credit Behavior. As Digital Literacy improves and Confidence in managing finances increases, it will further strengthen the potential of employees to avoid Risky Credit Behavior
The Performance of Financial Institutions and Internal Control System A Case ...ijtsrd
The study was all about internal control systems and the performance of financial institutions of GT Bank, Kigali, Rwanda 2016 2020 .Methodology of the study based on explanatory research design the population of this study was 105 of employees of GT Bank Rwanda, which was used as sample size using universal sampling method to gather information from respondents. The study used descriptive and inferential statistics. Findings on the effect of control activities on financial performance of GT Bank Rwanda were presented on Table 4.9 indicates the value of R square in this study is 87.3 means that the proportion of financial performance as dependent variable is explained by the independent variables control activities at 87.3 . This indicates that the model is very strong, as the independent variable very highly explain the dependent variable. The adjusted R square is used to compensate for additional variable in the model. In this case, the adjusted R square is 87.2 . Findings on the effect of risk assessment on financial performance of GTBank Rwanda were presented on Table 4.12 show the value of R square in this study is 61.1 means that the proportion of financial performance dependent variable is explained by the independent variables Risk assessment at 61.1 . This indicated that the model was strong, as the independent variable highly explain the dependent variable. The adjusted R square was used to compensate for additional variable in the model. In this case, the adjusted R square is 60.8 . Findings on the effect of control environment on financial performance of banking institutions in Rwanda confirmed on table 4.15 present the value of R square in this study was 51.1 means that the proportion of financial performance dependent variable is explained by the independent variables Control environment at 51.1 . Dr. Vidhya K | Dr. Neelam Maurya | Dr. Umamaheswari K "The Performance of Financial Institutions & Internal Control System - A Case Study of Guaranty Trust Bank, Kigali Rwanda" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50323.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/50323/the-performance-of-financial-institutions-and-internal-control-system--a-case-study-of-guaranty-trust-bank-kigali-rwanda/dr-vidhya-k
The effective running of the educational system requires influx of enough resources. These resources are generated as funds for the overall administration of affairs in the sector. In this paper, a review of the effects of funding on the educational system was done – its benefits to the society and the challenges hindering it. Also, a discussion on what should be done to implement these benefits on the Nigeria economy was done.
IssaPopulation and SamplingThe constructs of population and sa.docxvrickens
Issa
Population and Sampling
The constructs of population and sampling are integral to all research undertakings. Populations refer to a complete set of elements, whether persons or objects, that possess some common characteristics defined by the sampling criteria established by the researcher(Han,2019). The number of elements in the populations reflects the size of the population. Populations can fall into either target populations or accessible populations. The targeted population for this research study will consist investment leaders from capital investment companies in the northeast of U.S , who have a least 5 years experiences in the industry and implanted strategies to increase investment return, and investment performance.
The population is a collection of individuals from which researchers develop their sample research study(Han, 2019). Researchers must ensure the targeted population to be accessible; selecting an inaccessible population could potentially affect the scholar's ability to collect data(Binde & Romild, 2019). Aligning the population with the research question allows researchers to collect data from strategic investment decision making leaders from capital investment industry in northeast region of the U.S ,who met the criteria from the research study. Hence, providing enough data is a precursor to credible analysis and reporting to determine an adequate sample size that has a direct relation with data saturation. However, the quantity is not the determining factor when it comes to data saturation; the quality of the data must align with the research study(Binde & Romild, 2019).
Sampling refers to the process of selecting a sample from a population of interest so that a researcher can fairly generalize the results gained from these participants to the population from which the researcher obtained the sample(Wei et al,2019). There are different types of sampling techniques that researchers can utilize during their investigations, which broadly fall into probability and non-probability sampling(Wei et al ,2019). Some of the most notable probability sampling techniques include simple random sampling, stratified sampling, clustered sampling, and systematic sampling (Han, 2019).
Thu, on the contrary, non-probability sampling techniques include convenience sampling, purposive sampling, quota sampling, and snowball sampling. The main difference between a sample and a population has to do with the manner in which the researcher assigns observations to the data set(Binde & Romild, 2019). A population includes all the elements from a data set, whereas a sample consists of one or more observations derived from the population. The constructs of population and sampling can indeed find direct application in my doctoral research study. I will use purposive sample to compute the correct sample size from the population that can make the findings easy to generalize to the wider population.
In selecting samples during my research endea ...
Online payment portals are a powerful tool that makes our life simple and gives the luxury to make all required payment transactions around any part of the World. The advancement of internet and logistics systems, now it is possible for anybody to shop any product around the world and get it shipped to his\her. The main objectives are to study the problems faced through the online payment system. To study the factors influencing the online payment system.
A Study of Determinants Influencing Financial Literacy of Individual Investor...RSIS International
Investment scenario is changing very fast and financial
literacy impacts financial decisions of individual investors. The
present study is exploratory in nature and determines the factor
that affects financial literacy and how they affect decision
making. The sample consist of 649 individual investors to obtain
information through structured questionnaire from various
parts of India The result indicated that there are seven most
influencing factors of financial literacy that affects investor
decision making are: Attitude, Knowledge, Budgeting Habits,
liquidity, self analytical skills, Emotional Inclination and Goal
Planning. This study will help to determine strategies which will
help to improve financial literacy of an individual investors.
Twitter Based Sentimental Analysis of Impact of COVID-19 on Economy using Naï...CSCJournals
COVID-19 outbreak brought unprecedented changes to people’s lives and made significant impact on the US and world economy. It wrought havoc on livelihood, businesses and ultimately the economy. Understanding how the sentiment on economy is changing and main factors that drives the change will help the public to make sense of the impact and generating relief measures. In this paper we present a novel Naïve Bayes model using a word-based training approach to perform the analysis and determine the sentiment of Twitter posts. The novelty of this methodology is that we use labelled set of words to classify the tweets to perform sentimental analysis as opposed to the more expensive methods of manually classifying the tweets. We then perform analysis on the resulting labelled tweets to observe the trend of economy from February 2020 to July 2020 and determine how COVID-19 impacted the economy based on what people posted on Twitter. We found our data was largely inclined towards negative sentiment indicating that the economy had been largely negatively impacted as a result of COVID-19. Further, we correlate the sentiment with the stock market index aka Dow Jones Industrial Average (DJIA) because stock market movement closely mirrors the economic sentiment and is shown as one of the main factors influencing people's attitude change from our sentimental analysis. We found strong correlation between the two, indicating stock market change is one of the driving factors behind people's opinion change about economy during pandemic. This work proposed and tested a generic lower-cost text-based model to analysis generic public’s opinion about an event which can be adopted to analyze other topics.
This study aims to determine and analyze the impact of investment knowledge, perceived risk, and
perceivedbehavioral control of the Indonesian stock investment intention. The research data is the data collected
through questionnairesstarting from 12 April 2018 until 30 April 2018. The population in this study are all people
who have never invested shares, independent income, and located in the
Factor Analysis of Students’ Exposure to Social Media for Food and Beveragesajjalp
Food and beverage marketing on social media is
a powerful factor to influence students’
exposure to social media and application for
food and beverage. It is a well-known fact that
most of the food and beverage business target
young people on the social media. The objective
of the study is to identify the factors associated
to the students’ exposure in the social media
platforms for food and beverage. The young
students between the ages 20 to 26 years
completed a self-administered questionnaire
survey on their media use for food and
beverages. The questionnaire was prepared
using Likert scale with five options from
strongly agree to strongly disagree. The data set
was described with descriptive statistics such as
mean and standard deviation. The exploratory
factor analysis with varimax rotation method
was used to extract the factors. The most
popular social media among the respondents
were Facebook, Instagram, and You Tube.
73.3% of the students were exposed to food and
beverage application in their mobile device and
76% of them followed the popular food and
beverage pages in social media. The result
revealed that social media posts, promotional
offer, and hygienic concept have positively
influenced majority of the students’ exposure to
social media for food and beverage.
Keywords: Factor analysis, Social Media, Food
and Beverage, Student, Promotional Offer
The Influence of Financial Literacy and Financial Attitude on the Behavior of...ijtsrd
This research aims to test and analyze the influence of financial literacy and financial attitudes on the behavior of financial managers through the locus of control as an intervening variable in Jember Regency Government employees in Indonesia. The population in this research are employees in the Jember Regency Regional Government. The sampling method in this research was a questionnaire distributed to employees in the Jember Regency Regional Government. 5 hypotheses were tested on whether financial literacy and attitudes could influence financial managers through the locus of control. Smart PLS was used to test the hypothesis of this research. This research shows a direct influence between financial literacy and financial attitudes on the behavior of financial managers. Apart from that, financial literacy and attitudes indirectly influence financial managers behavior through the locus of control. Denny Prabu Syahputra | Yosefa Sayekti | Ahmad Roziq "The Influence of Financial Literacy and Financial Attitude on the Behavior of Financial Managers with Locus of Control as an Intervening Variable in Jember District Government Employees" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd61303.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/61303/the-influence-of-financial-literacy-and-financial-attitude-on-the-behavior-of-financial-managers-with-locus-of-control-as-an-intervening-variable-in-jember-district-government-employees/denny-prabu-syahputra
Similar to Millennium Generation Financial Literacy and Fintech Awareness (20)
The Granger causality model is used in the current study to analyze the short-run cause–effect relationship between two stock market indices between 2001 and 2021 using time series data of the daily closing prices of the BSE Sensex and S&P 500 indices listed in the Indian and US stock markets, respectively. The Granger causality model and the augmented Dickey–Fuller test for data stationarity were used in the study to examine the short-term causal link between two market indices during the time period. The outcomes demonstrated the connection between the Indian and US stock markets. The findings imply that both markets have a dynamic, bidirectional relationship. This study provides the investor’s essential inputs for investment decision-making and portfolio diversification. In the current era of globalization, the study is crucial because investors and fund managers now place a high priority on stock market integration. Through fund diversification across equity markets, this study subsequently makes it easier to reduce portfolio risk by providing useful insights on diversification strategies across the stock markets.
The study provides an empirical assessment of how institutions and trade liberalization affect Malawi’s economic expansion. It tackles the absence of empirical research into how institutions affect economic growth and how trade liberalization policy affects institutions’ influence on growth (interaction effect). The study also seeks to find out if economic growth, however, affects institutions as theories differ on causality. The study uses a time series analysis and autoregressive distribution lag (ARDL) technique to obtain short-run and long-run results. The study was conducted from 1988, the official inception year of trade liberalization in Malawi, to 2014. The empirical results show that political and economic institutions, as well as trade liberalization, affect Malawi’s economic growth in both the short term and the long term. Trade liberalization and political institutions negatively affect economic growth in the short run and long run, whereas economic institutions positively affect economic growth in the short run and long run. The findings also show that when strong economic institutions rather than strong political institutions are present, the effect of trade liberalization on economic development is more prominent (positive). Finally, the study also finds that it is institutions that affect economic growth in Malawi and not the other way around.
We have used a multiple regression model to identify the impacts of the variables of credit risk management on the Nigerian deposit money banks’ performance from 2000 to 2020. The estimation was completed using the ordinary least squares method with E-Views 12. The data was sourced from the Nigerian Stock Exchange for information and the Statistical Bulletin of the Central Bank of Nigeria. The outcome determined that return on equity (ROE) is negatively correlated with the nonperforming loan/loan and advances ratio. Last but not least, the ROE measurements of the deposit money banks in Nigeria show a substantial correlation between the ratios of advances and loans to nonperforming loans, loan loss provision to loans and advances, and capital adequacy. These ratios are positively correlated with each other and negatively correlated with the capital adequacy ratio. We advise effective surveillance of pre- and post-deposit financial institution loans for the early detection of problematic debts that won’t be repaid according to schedule and for the thorough analysis of prospective projects as indicated in the financial statement given by the intended client (cash budget, income statement). Accurate identification of realistic projects and repayment terms based on the customer’s past performance will be achieved.
Sustainable development of the regions is presently an often discussed theme, mainly due to the worldwide situation. The goal of the contribution is therefore to find regions in Slovakia and Ukraine that have the possibility to have mutually advantageous ways of cooperation. The selection of the regions results from the comparison of European Union (EU) Member State’s situations and not EU Member State situations. The situation in the regions is compared according to the regional gross domestic product per capita, the unemployment rate in the region and the average monthly wage of employees in the regions. The results of the contribution show possible cooperation of the analyzed regions in business, mainly in the area of industrial production, with unemployment decreasing. The use of the results is in the area of finding strategies for improvement and cooperation.
The coronavirus disease-19 pandemic and the impact of Sino-US trade have accelerated and intensified changes in consumer behavior and promoted the motherboard industry’s digital transformation. However, before entering the implementation stage of digital transformation, enterprises need to examine their readiness. Therefore, we hope to provide a reference for the motherboard industry in the implementation stage of digital transformation in the face of fast-changing market demands by constructing a digital transformation maturity assessment scale. Previously, maturity assessments were performed for manufacturing and smart manufacturing. The digital transformation maturity assessment of the motherboard industry lacks rigorous research in relevant
literature. Therefore, this study uses the current state of the motherboard industry to assess its digital transformation maturity and uses the fuzzy analytic hierarchy process and expert interviews to summarize and analyze the assessment mode of the digital transformation maturity of the motherboard industry. By analyzing digital transformation maturity and using an objective assessment scale, we can understand the current state of operations and set the right direction. This enables enterprises to obtain maximum benefits with limited resources when facing rapid changes in consumer behavior. We further show the implications of the industry’s operations, and finally, provide practical recommendations and conclusions.
The COVID-19 pandemic has taught us the need to rethink towards future risk and possibly how to mitigate or deal with such risk. To do this, the right risk culture needs to be embedded into the organization’s setting. In recent times, there has been an increase in regulatory pressure for effective risk management governance and strategy. An inspiring risk governance and strategy will never be realized without the backing of a strong risk culture. This paper discusses risk culture within an organization and rethinking risk culture in a post-pandemic era.
Global warming has affected the whole world negatively as it is experiencing uncertainty in weather. It is the long-term warming of the Earth’s climate system that has been seen since pre-industrial times (between 1850 and 1900). Human activities and the combustion of fossil fuels contribute to global warming by increasing heat-trapping
greenhouse gas levels in the Earth’s atmosphere. Although the phrases are commonly interchanged, the latter refers to both man-made and natural warming, as well as the consequences for our world. It’s generally calculated as the average increase in the Earth’s global surface temperature. To save the mother earth and to save themselves from the negative impacts of global warming, many countries have started taking initiatives of which green finance is the one. Many countries have started issuing green bonds. The bonds that are issued to raise money to be used in climate and environmental projects. This paper is written to define the importance of green finance for the world’s environment. It will describe how the term green finance
emerged and the status of different countries. The paper is based on secondary data only collected by accessing various online sources.
This study develops an insolvency model to predict the possible wilful non-payment of debt obligations that turn into bad assets. This paper reveals that financially weak firms have been in deep financial distress somewhere between two to three years prior to their declaration as a wilful defaulter by the initial credit institution and its reporting on the same to the credit information companies. The Cox proportional hazards model (PHM) has been employed, which is a well-known and profusely applied approach not just in medical science but also in forecasting firm bankruptcy. This widely recognized model has been utilized to estimate the effects of different covariates influencing the times-to-event data. The application of Bayesian methods has the benefit in dealing with censored data in
small sample over frequentists’ approach. Herein, Bayesian survival framework is applied incorporating normal priors that generally performs better than the traditional likelihood estimation to forecast wilful default. Subsequently, Markov Chain Monte Carlo (MCMC) sampling enables to provide the Bayesian estimator. In the Bayesian structure, the Survival model is used with the help of hazard function. The gamma distribution is selected as the prior for the standard hazard equation in PHM. In order to solve for posterior distribution, the Metropolis Hastings scheme is followed that avoids solving complicated equations with OpenBugs platform
The intention of this paper is to provide a clear idea about the current education scenario practiced in Kanyakumari District, Tamil Nadu, India, its associated drawbacks and to propose innovative teaching methods. For this purpose, various schools in the district were visited and surveys had been conducted to bring out the expectations and interests of students towards our education system. Based on the feedback given by the students and teachers, an analysis was performed and the shortcomings in the current education system were spotted out. The suggestions and expectations on the existing education scheme are being discussed in this paper.
Finance is the lifeblood and lifeline of any business entity either commercial or non-commercial. The
Survival, Stability and Sustainability of a firm is highly associated with its financial wellness. It can be observed through its ability to pay(re) short-term as well as long term liabilities, meeting the regular financial obligations, to increase the value of firm and ability to generate profit. Financial analysis, evaluation, and assessment help in determines the financial position and financial strength of a firm. Among the plenty of methods and tolls available for financial performance, ratio analysis is more useful and meaningful. These ratios make it possible to analyze the evolution of the financial situation of a firm (trend analysis), cross-sectional analysis and comparative analysis.
The aim is to determine the short-term profitability of IPOs and to surrounding the evolution of this profitability on the middle/long run. Therefore, we used the raw initial returns and the adjusted initial returns methods to assess the short-term performance. We determined the long-term performance through the cumulative abnormal returns and the buy-and-hold abnormal returns, abnormal returns being adjusted to the market index and to the market model.
Banking system occupies an important place in Indian economy.
It provides various services to its customer. The nature of its services has evolved as the advancement of technology. It has become most challengeable to understand the customer satisfaction with quality of services. The present investigation was planned with the objective to analyse the customer choice towards the services provided by the bank. The research data was collected by the various bank customers for analysing the service quality from the ratings provided by the customer. In this regard, this research paper focuses with a purpose to report the findings of selected banking services which are used by the customers in India.
India is a fast becoming country of mobile and internet. Government of India initiative such as “Digital India”, in future our country will become cashless economy. Due to advancement of technology, man becomes more convenient and comfortable. Mobile Wallet is a platform for making payment through mobile. There are various
applications available like google pay, paytm citrus, etc. by using of such platforms payment can become more easy for online shopping, money transfer, utility bill payment, etc. Through mobile payment is very convenient and more secure to the public. Here, is an attempt to make a study on how the mobile wallet used by the consumers and their perception and satisfaction level towards using of such m-wallet payment gateways.
This study reports survivorship bias for the momentum effect. Effectively, this study shows that the Portuguese stock market does not exhibit the “momentum effect” when all listed stocks are considered spanning the period from January 1991 to December 2016. However, this phenomenon was detected when only survivor stocks are used. This study also shows that average returns for momentum portfolios were similar before and after the 2007
financial crisis.
If I may be allowed to appropriate the term speculation
for the activity of forecasting the psychology of the market, and the term enterprise for the activity of forecasting the prospective yield of assets over their whole life, it is by no means always the case that speculation predominates over enterprise. As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase
The International Journal of Finance and Market Research (IJFMR) is an open access peer-reviewed journal that publishes articles which contribute new results in all the areas of Finance and Market Research. Authors are solicited to contribute to the journal by submitting articles that illustrate research results, projects, surveying works and industrial experiences that describe significant advances in this area.
More from BOHR International Journal of Finance and Market Research (16)
Senior Project and Engineering Leader Jim Smith.pdfJim Smith
I am a Project and Engineering Leader with extensive experience as a Business Operations Leader, Technical Project Manager, Engineering Manager and Operations Experience for Domestic and International companies such as Electrolux, Carrier, and Deutz. I have developed new products using Stage Gate development/MS Project/JIRA, for the pro-duction of Medical Equipment, Large Commercial Refrigeration Systems, Appliances, HVAC, and Diesel engines.
My experience includes:
Managed customized engineered refrigeration system projects with high voltage power panels from quote to ship, coordinating actions between electrical engineering, mechanical design and application engineering, purchasing, production, test, quality assurance and field installation. Managed projects $25k to $1M per project; 4-8 per month. (Hussmann refrigeration)
Successfully developed the $15-20M yearly corporate capital strategy for manufacturing, with the Executive Team and key stakeholders. Created project scope and specifications, business case, ROI, managed project plans with key personnel for nine consumer product manufacturing and distribution sites; to support the company’s strategic sales plan.
Over 15 years of experience managing and developing cost improvement projects with key Stakeholders, site Manufacturing Engineers, Mechanical Engineers, Maintenance, and facility support personnel to optimize pro-duction operations, safety, EHS, and new product development. (BioLab, Deutz, Caire)
Experience working as a Technical Manager developing new products with chemical engineers and packaging engineers to enhance and reduce the cost of retail products. I have led the activities of multiple engineering groups with diverse backgrounds.
Great experience managing the product development of products which utilize complex electrical controls, high voltage power panels, product testing, and commissioning.
Created project scope, business case, ROI for multiple capital projects to support electrotechnical assembly and CPG goods. Identified project cost, risk, success criteria, and performed equipment qualifications. (Carrier, Electrolux, Biolab, Price, Hussmann)
Created detailed projects plans using MS Project, Gant charts in excel, and updated new product development in Jira for stakeholders and project team members including critical path.
Great knowledge of ISO9001, NFPA, OSHA regulations.
User level knowledge of MRP/SAP, MS Project, Powerpoint, Visio, Mastercontrol, JIRA, Power BI and Tableau.
I appreciate your consideration, and look forward to discussing this role with you, and how I can lead your company’s growth and profitability. I can be contacted via LinkedIn via phone or E Mail.
Jim Smith
678-993-7195
jimsmith30024@gmail.com
Artificial intelligence (AI) offers new opportunities to radically reinvent the way we do business. This study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI.
The case study discusses the potential of drone delivery and the challenges that need to be addressed before it becomes widespread.
Key takeaways:
Drone delivery is in its early stages: Amazon's trial in the UK demonstrates the potential for faster deliveries, but it's still limited by regulations and technology.
Regulations are a major hurdle: Safety concerns around drone collisions with airplanes and people have led to restrictions on flight height and location.
Other challenges exist: Who will use drone delivery the most? Is it cost-effective compared to traditional delivery trucks?
Discussion questions:
Managerial challenges: Integrating drones requires planning for new infrastructure, training staff, and navigating regulations. There are also marketing and recruitment considerations specific to this technology.
External forces vary by country: Regulations, consumer acceptance, and infrastructure all differ between countries.
Demographics matter: Younger generations might be more receptive to drone delivery, while older populations might have concerns.
Stakeholders for Amazon: Customers, regulators, aviation authorities, and competitors are all stakeholders. Regulators likely hold the greatest influence as they determine the feasibility of drone delivery.
The Team Member and Guest Experience - Lead and Take Care of your restaurant team. They are the people closest to and delivering Hospitality to your paying Guests!
Make the call, and we can assist you.
408-784-7371
Foodservice Consulting + Design
Oprah Winfrey: A Leader in Media, Philanthropy, and Empowerment | CIO Women M...CIOWomenMagazine
This person is none other than Oprah Winfrey, a highly influential figure whose impact extends beyond television. This article will delve into the remarkable life and lasting legacy of Oprah. Her story serves as a reminder of the importance of perseverance, compassion, and firm determination.
Millennium Generation Financial Literacy and Fintech Awareness
1. ISSN (online) 2583-4541
BOHR International Journal of Finance and Market Research
2022, Vol. , No. 1, pp. 118–121
https://doi.org/10.54646/bijfmr.019
www.bohrpub.com
Millennium Generation Financial Literacy and Fintech Awareness
U. Amaleshwari and R. Jeevitha∗
School of Management, D.D.G.D. Vaishnav College, Chennai, Tamil Nadu, India
∗Corresponding author: jeevithavenu9@gmail.com
Abstract. The growth of rapid financial technology (fintech) is expected to contribute more than 12% of compound
annual growth rate (CAGR) to the economy. India is gradually becoming the hub for many prominent fintech
startups such as Paytm, Pine Labs, PayU, Razorpay, and others. However, as per the survey by Financial Express, only
27% of Indians are financially literate. This article investigates the factors that influence the millennial generation
and their financial literacy and the relationship between their knowledge, their objectives, their outlook, and their
behavior toward the use of fintech applications. The questionnaire is used to gather the main data. Chisquared
analysis was used to test the hypotheses, and correspondence analysis was used to determine the characteristics of
the millennial generation and visually demonstrate the discrepancy.
Keywords: Fintech, financial literacy, millennial, cluster analysis, ANOVA.
INTRODUCTION
“Literacy is a bridge from misery to hope.”
–Kofi Annan
Financial technology, or fintech, is a digital framework that
includes big data, cloud computing, artificial intelligence
(AI), biometric technology, and augmented reality. In this
paper, we examine financial applications including pay-
ment, budgeting, borrowing and financing, trading and
investing money, health insurance, and data security, as
well as their knowledge among working women. This
paper investigates fintech applications and their impact on
people’s daily lives in order to make independent financial
decisions.
A person is said to be “financially literate” (FinLit) when
he or she can effectively manage financial decisions such as
personal finance management, budgeting, and investment.
India’s FinLit rate has been steadily growing due to various
factors, including the development of rural areas, ease
in borrowing funds, ease in doing business transactions,
and the growth of micro, small, and medium enterprises
(MSMEs). The number of digital payment transactions in
India grew 5X, from 10.04 billion in 2016–2017 to 55.54 bil-
lion in 2020–2021. Furthermore, a 20% compound annual
growth rate (CAGR) is expected from $66 billion in 2019 to
$138 billion in 2023.
BACKGROUND OF THE RESEARCH
In the recent few years, India has become the world’s
largest millennial market. The millennial generation
accounts for more than 30% of the country’s population.
This research was written to investigate the financial
habits of millennials. Millennials are people who were
born between 1980 and 1996 and are between the ages
of 25 and 40. People begin earning at the age of 23 and
settle down in their careers and families by the age of 25
to 26. This group of people is being studied to determine
their level of understanding of fintech awareness and the
adequacy of their literacy level. The papers look into
the relationship between millennials’ financial goals,
their attitudes and behaviors, and their understanding of
fintech’s impact on their financial well-being.
REVIEW OF LITERATURE
Huston et al. [7] discovered that measuring financial lit-
eracy was necessary in order to understand the educa-
tional influence and obstacles to financial decision-making.
According to Capuano and Ramsay et al. [2], financial
literacy assessments conducted by the World Bank and a
number of countries show that respondents have a poor
understanding of monetary terms.
118
2
2. Fintech and Financial Literacy Among Millennials 119
Despite the fact that the survey’s target population
ranges from students in high school to professionals and
the technique used varies from objective to subjective
assessments, this research shows that a sizable segment of
the population lacks financial literacy. Dewi, Vera et al. [4]
discovered that social and financial attitudes and financial
management conduct have significant correlations, as do
financial skills and financial management behavior. How-
ever, there was no substantial association between financial
knowledge and financial behavior.
Eriksen and Fallan et al. [5] propose in their paper that
fiscal awareness is substantially connected with attitudes
toward taxation. They indicate that a greater understand-
ing of tax legislation could enhance tax-payment behavior.
Croy et al. [3] revealed this in their study by surveying
2,300 retirement savings fund members and applying.
The planned behavior theory was used to evaluate the
relationship between financial education and desires for
increased retirement payments. According to the study,
“people’s insights into preparing, developing, thinking,
and self-assessed planning have significant unintended
effects on behavior.” Widiastuti, Ekaningtyas et al. [13]
examine the influence of today’s technology on many
services provided by banks and other institutions that have
an effect on students’ behavior at various colleges.
According to Marzieh et al. (2013), financial knowl-
edge and financial well-being are positively related to age
and educational level. Men and married people are more
financially prudent. Financial literacy boosts financial well-
being and reduces financial worries. Lastly, monetary
security results in reduced financial anxiety.
Setyorini, Retno et al.’s [12] study discovers a connection
between financial knowledge and the utilization of bank
credits for the younger generation. The study shows that
monetary and commercial knowledge have a considerable
influence on loan transactions. The correlation shows that
the overall contribution of personal finance to mortgages
transacted is a positive linear relationship, meaning that
any gain in financial knowledge can boost the number of
credits processed.
RESEARCH METHODOLOGY
The aim of the paper is to understand the relationship
between the level of financial literacy and fintech
awareness. Descriptive research is conducted to under-
stand millennials’ perceptions of financial literacy and their
awareness and usage of fintech applications. Financial lit-
eracy is measured using components such as planning and
managing finances, setting financial goals, and financial
attitude and behavior.
DATA ANALYSIS
The responses gathered from 172 people focused on their
financial planning and management, on attaining their
financial goals, their behavior toward finance manage-
ment, and their awareness of fintech usage. K-mean cluster
analysis is used to understand the important dimensions
of the paper. Cluster analysis the technique of grouping the
variables based on their individuals, objects, or cases into
relatively homogeneous (similar) groups. The variables
grouped within the cluster are similar to each other, but
there is dissimilarity between the clusters.
Classification of the Respondents Based on the Factor
of Financial Habits
When the variable is used to create a distinct cluster,
the cluster centers are selected by default. Three clus-
ters are formed from the 29 variables, and each variable
joins the nearest cluster center until the stopping criteria
is reached. The factor scores from the cluster analysis are
applied, and the respondents are classified on this basis.
The criteria for the randomness of the observations in
the various groups are not satisfied in our situation since
the groups are purposefully generated according to their
distance from one another in the multidimensional space;
therefore, the findings of the dispersion analysis are merely
descriptive. However, the variations in the F-ratios (the
F-column in the ANOVA table) allow for generalizations
about the contribution of the various mean variables to the
formation of the clusters.
In Table 1, the results from the dispersion analysis are
given. Table 2’s final cluster center values show the means
for each variable within each final cluster. The first cluster
has high cluster values on timely payment of bills, their
income, mindful buying, and the fintech apps used to
manage their household. The second cluster has a rela-
tively high cluster center value for age, education, and
profession. The third high cluster center value on variables
is goal-oriented actions to attain the goal, risk-averse, and
with high debts.
The ANOVA between the Cluster Table 3 displays the
most critical factors in the cluster analysis. The Cluster col-
umn’s mean square represents the variance in the variable
Table 1. The research design.
Types of Research Descriptions
Sample Size 175 (Millennials of 25 to 40
Years of Age)
Sampling Area Selected Localities in Chennai
Sampling Method Probability
Sampling—Random
Sampling
Data Collected Primary (Survey Method) and
Secondary Data (Books,
Journals, and Internet)
Research Instrument Structured Questionnaire
Validity and Reliability of
Questionnaire
Overall Cronbach’s Alpha
Value = 0.674
Software Used for Analysis SPSS (Version 25)
∗Authors’ preparation.
3. 120 U. Amaleshwari and R. Jeevitha
Table 2. The final cluster center.
1 2 3
Fintech Awareness 1.14 1.52 1.61
Gender 1.51 1.55 1.57
Spending money is more rewarding to me
than long-term investing.
1.56 1.34 2.48
I’m willing to take a small financial risk in
order to save or invest.
1.59 1.38 2.35
Accountability for making daily financial
decisions for your home
1.7 1.65 2.26
I’m content with how things are right
now financially.
1.89 1.82 2.96
Action plan taken to attain the financial
goal
2.11 2.38 4
Education 2.16 2.82 1.52
I keep a careful eye on my own finances. 2.21 2.15 2.91
Even if a bank collapses, I think the
money there will be safe.
2.23 2.49 3.43
I make long-term financial plans and
work to fulfill them.
2.33 1.49 2.78
Profession 2.63 2.68 2.96
I currently owe too much money. 2.66 2.3 3.26
I think banks should investigate a
company’s ethics before offering financial
services to it.
3.3 2.49 2.17
Age 3.8 3.65 2.96
I promptly pay my household dues. 3.8 2.56 2.26
Income 4 2.65 2.83
I carefully assess if I can afford anything
before making a purchase.
4.07 3.28 3.96
Medium used for managing household 4.37 1.46 1.3
∗Authors’ preparation.
that may be attributable to clusters. The variance in the
variable that cannot be attributed to clusters is indicated
by the mean square in the error column.
The F-ratio is the proportion of cluster variance to error
variance. The large F-value variables, which show that they
are essential for segregating the clusters, include house-
hold management, action plans to reach financial goals,
and survival without a primary source of income. A small
F-value (nearly 1) shows variables that are not very useful
in determining cluster membership.
The F-statistic should not be understood traditionally,
and hence the significance value associated with the
F-value cannot be interpreted traditionally, in terms of
acceptance or rejection of the null hypothesis.
From Table 4, it is found that the first group consists of
70 respondents (40%) with cluster 1, 82 respondents (47%)
with cluster 2, and 23 respondents (13%) with cluster 3.
The questions that load highly on factor 1 seem to relate to
using fintech tools to manage finances and plan ahead to
attain financial goals. Therefore, this factor is labeled “the
architect of money.”
The questions that load highly on factor 2 seem to
relate to the risk of losing the main source of income.
Therefore, this factor is labeled “pessimistic of wealth.” The
questions that load highly on factor 3 seem to relate to
attaining their financial goals.
Table 3. ANOVA between the clusters.
Cluster
Sum of Sum of
Squares Df Squares F Sig
Accountability
for making
daily financial
decisions for
your home
72.937 174 0.383 9.214 0.000
Managing
household
593.794 174 1.335 136.412 0.000
Keeping
money in your
wallet or at
home
31.394 174 0.174 4.402 0.014
Saving money
into a
<savings/deposit>
account
42.549 174 0.234 4.923 0.008
Buying bonds
or time
deposits
28 174 0.135 17.782 0.000
Investing in
stocks and
shares
30.309 174 0.159 9.541 0.000
Investing in
mutual funds
42.194 174 0.232 5.109 0.007
Action plan
taken to attain
the financial
goal
125.714 174 0.363 87.354 0.000
Survival
without the
main source of
income
243.714 174 0.908 48.177 0.000
Att_Beh_1 258.949 174 1.08 33.839 0.000
Att_Beh_2 140.857 174 0.719 12.02 0.000
Att_Beh_3 153.737 174 0.747 16.904 0.000
Att_Beh_4 124.994 174 0.583 21.175 0.000
Att_Beh_5 184.857 174 0.875 19.638 0.000
Att_Beh_6 96.834 174 0.499 10.997 0.000
Att_Beh_7 155.714 174 0.757 16.894 0.000
Att_Beh_8 146.994 174 0.604 35.736 0.000
Att_Beh_9 84.709 174 0.357 32.551 0.000
Att_Beh_10 90.377 174 0.427 19.771 0.000
Fintech
awareness
41.349 174 0.201 17.069 0.000
∗Authors’ preparation.
Table 4. Percentage of cluster.
No. of Cases in Each Cluster Percent
1 70 40
Clusters 2 82 47
3 23 13
Valid 175 100
∗Authors’ preparation.
Therefore, this factor is labeled “overlookers.” Making
informed choices about the factor structure requires careful
consideration of the rotation criterion and factor loading
assessment.
4. Fintech and Financial Literacy Among Millennials 121
EFFECTS OF FINANCIAL LITERACY ON
FINTECH AWARENESS
(i) Hypothesis Testing for “Architect of money”
H1: There is a significant difference between the
“architect of money” and Factor 1 among the
respondents (millennials) with respect to fin-
tech awareness.
For the cluster group “architect of money,”
the mean and standard deviation (SD) of
the cluster are 2.17 and 0.810, and it is
skewed to −0.312/0.184; the Z-score skewness
is −3.49383. The probability value (P-value)
is 0.000239, which is greater than 0.05. It is
significant that the respondents in the cluster
“architect of money” are highly aware of fintech
applications and their usage.
(ii) Hypothesis Testing for “Pessimistic of Wealth”
H2: There is a significant difference between
“Pessimistic of Wealth” Factor 2 and other fac-
tors among the respondents (millennials) with
respect to fintech awareness.
For the cluster group “Pessimistic of Wealth,”
the mean and SD of the cluster respectively are
2.89 and 1.557, and it is skewed to 0.165/0.184;
the Z-score skewness is −1.35517. The proba-
bility value is 0.088508, which is less than 0.05.
Respondents in Cluster 2 who are risk averse
try to save money in more conservative ways,
such as fixed deposits, and are concerned about
losing their primary source of income during
an emergency. This cluster does not have a
significant relationship with the awareness of
fintech apps and their usage.
(iii) Hypothesis Testing for “Overlookers”
H3: There is a significant difference between “over-
lookers,” or Factor 3 of the respondents (millen-
nials), with respect to fintech awareness.
For the cluster group “overlookers,” the mean
and SD of the cluster respectively are 1.73
and 0.680, and it is skewed to 0.392/0.184; the
Z-score skewness is −4.80882. The probability
value is 0.00001, which is more like 0.05. The
respondents in Cluster 3 have significant rela-
tionships with fintech awareness.
FINDINGS AND CONCLUSION
The ability to manage finances, financial attitudes, and
behaviors has a greater impact on awareness and usage
of fintech applications. A great percentage of the respon-
dents manage their funds by using fintech applications for
planning, budgeting, tax planning, and investment. Very
few respondents use neo-investments such as cryptos and
non-fungible tokens (NFTs).
While a small percent of respondents are able to cover
their living expenses during the loss of their main source of
income, respondents are aware of the fintech application,
but close to one-third of the respondents are reluctant to
use it. This paves the way for identifying the reasons why
they are not using the fintech app for financial planning.
AUTHOR CONTRIBUTIONS
All the work in this research paper is original and
contributed only by the corresponding author.
REFERENCES
[1] Beckmann, E. (2013). Financial Literacy and Household Savings in
Romania. Numeracy, Vol. 6, Issue 2, Article 9.
[2] Capuano, A., & Ramsay, I. (2011). What causes suboptimal financial
behaviour? An exploration of financial literacy, social influences and
behavioural economics. University of Melbourne Legal Studies
Research Paper No. 540. Centre for Corporate Law and Securities
Regulation, The University of Melbourne.
[3] Croy, G., Gerrans, P., & Speelman, C. (2010). The role and relevance
of domain knowledge, perceptions of planning importance, and
risk tolerance in predicting savings intentions. Journal of Economic
Psychology, 31(6), 860–871.
[4] Dewi, Vera; Febrian, Erie; Effendi, Nury; and Anwar, Mokhamad,
Financial Literacy among the Millennial Generation: Relationships
between Knowledge, Skills, Attitude, and Behavior, Australasian
Accounting, Business and Finance Journal, 14(4), 2020, 24–37.
[5] Fallan, L. (1999). Gender, exposure to tax knowledge, and attitudes
towards taxation; an experimental approach. Journal of Business
Ethics 18(2): 173–184.
[6] Greenspan, A. (2002). Financial Literacy: A Tool for Economic
Progress. The Futurist, 36, (4): 37–41.
[7] Huston, S. J. (2010). Measuring financial literacy. The Journal of
Consumer Affairs, 44(2), 296–316. http://dx.doi.org/10.1111/j.1
745-6606.2010.01170.x
[8] Jappelli, Tullio, and Marco Padula. (2011). Investment in Finan-
cial Literacy and Saving Decisions. CSEF Working Paper, No. 272,
University of Naples, Italy.
[9] Lusardi, A. (2012). "Numeracy, Financial Literacy, and Financial
DecisionMaking," Numeracy: Vol. 5 (1), Article#2, [online] http://
www.scholarcommons.usf.edu/numeracy/vol5/iss1/art
[10] OECD. (2012). High-level Principles on National Strategy for
Financial Education. Financial Markets, Insurance And Pensions:
Digitalisation And Finance c OECD 2018.
[11] S. Vidya (2017). Financial Literacy And Its Impact On Financial Well
Being An Analytical Study Of Millennials In Tamil Nadu. http://hd
l.handle.net/10603/239088.
[12] Setyorini, Retno et al. The Relationship Between Financial Literation
Towards Users Of Loan Transacted Applications In The Millennial
Generation. Jurnal Manajemen Indonesia, [S.l.], v. 21, n. 3, p. 238–245,
dec. 2021. ISSN 2502–3713.
[13] Widiastuti, Ekaningtyas. Technology Based Financial Services Inno-
vation, Financial Literacy and Its Impact on Financial Behavior.
Jurnal Akuntansi, Manajemen dan Ekonomi, [S.l.], v. 23, n. 1, p. 1–8,
july 2021. ISSN 2620–8482.