Session

Management, Business and Economics

Description

In today's society, individuals face financial pressures since a very young age. International studies in the field of behavior and financial literacy have shown that individuals who acquire financial knowledge at an early age will be able to manage their money, make the right financial decisions, and con-tribute to the financial stability of their country. Other studies argue that limited financial literacy is an important obstacle for low-income households to require products and financial services as they do not know or are unfamiliar with such products and services and consequently, they cannot obtain them. By analyzing the perception of the students who get economic aid referring to money and wealth, it has been observed the impact of such factors as financial literacy, emotions, financial behavior on using money or financial decision-making. To identify the impact of these factors, qualitative data have been collected through interviews of the students with economic aid from the Faculty of Economics and the Faculty of Foreign Languages of the University of Tirana. In general, the findings of this study demonstrate the importance of financial education of the family. By understanding how factors such as students’ financial literacy, parental influence on their financial literacy, or emotions can contribute to ena-bling them to make the right financial decision. While governmental policies still give people responsibility for saving and investing then financial literacy needs to be given more and more importance at an early age. The existence of differences in the financial knowledge of the young age group of people has been documented. Gender, level or type of education, family characteristics in-fluence the development of these differences, which should be taken into ac-count by policy makers aiming at improving financial literacy.

Keywords:

financial literacy, behavioral, students, family, economic aid, Albania

Session Chair

Nehat Ramadani

Session Co-Chair

Nehat Dobratiqi

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-437-69-1

First Page

49

Last Page

59

Location

Pristina, Kosovo

Start Date

27-10-2018 10:45 AM

End Date

27-10-2018 12:15 PM

DOI

10.33107/ubt-ic.2018.281

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Oct 27th, 10:45 AM Oct 27th, 12:15 PM

Assessment of education, attitudes and financial behavior towards financial decision-making - The case of students with economic aid

Pristina, Kosovo

In today's society, individuals face financial pressures since a very young age. International studies in the field of behavior and financial literacy have shown that individuals who acquire financial knowledge at an early age will be able to manage their money, make the right financial decisions, and con-tribute to the financial stability of their country. Other studies argue that limited financial literacy is an important obstacle for low-income households to require products and financial services as they do not know or are unfamiliar with such products and services and consequently, they cannot obtain them. By analyzing the perception of the students who get economic aid referring to money and wealth, it has been observed the impact of such factors as financial literacy, emotions, financial behavior on using money or financial decision-making. To identify the impact of these factors, qualitative data have been collected through interviews of the students with economic aid from the Faculty of Economics and the Faculty of Foreign Languages of the University of Tirana. In general, the findings of this study demonstrate the importance of financial education of the family. By understanding how factors such as students’ financial literacy, parental influence on their financial literacy, or emotions can contribute to ena-bling them to make the right financial decision. While governmental policies still give people responsibility for saving and investing then financial literacy needs to be given more and more importance at an early age. The existence of differences in the financial knowledge of the young age group of people has been documented. Gender, level or type of education, family characteristics in-fluence the development of these differences, which should be taken into ac-count by policy makers aiming at improving financial literacy.