Forum for Economic and Financial Studies

Financial literacy education and inclusion for migrants: A logistic regression model exploration

Julius Kwaku Adu-Ntim — 2024-12-24

This study investigates the financial literacy and inclusion of Ghanaian migrants in the UK, focusing on demographic impacts on financial behaviors. Analyzing data from 400 structured survey respondents through descriptive statistics, correlation analysis, and logistic regression, the research finds that most Ghanaian migrants in the UK are younger, unmarried males with less than a university education. Educational attainment emerges as a significant predictor of financial asset ownership, with higher education levels correlating with ownership of savings accounts, investments, and pensions. Marital status also influences financial behaviors, with married individuals exhibiting different financial patterns than singles. Correlation analysis reveals a positive relationship between the length of stay in the UK, age, financial inclusion, and literacy, indicating that longer residency is linked to better financial integration and literacy. Older migrants tend to have larger households and higher financial engagement and literacy. The study provides empirical data on the financial behaviors of Ghanaian migrants in the UK, underscoring the need for financial literacy and inclusion for socio-economic integration. Recommendations include targeted educational programs for younger, unmarried Ghanaian males, and support services for new migrants to navigate the UK’s financial system, aiming to promote economic empowerment and integration within the migrant community.

To ensure fast growth-trend of bank-led digital-transactions in Indonesian: Seeking for motivational efforts adopting voluntary insurance policies

Akim M. Rahman — 2024-12-19

Purpose of the study: In today’s world, banking services have been modernized where customer compete for time-saving option in economy-country-wise where Indonesia is no exception. Here the Bank Indonesia (BI) has been speeding up the efforts for making the financial system to be digital based for few years now. The BI-FAST is a payment system infrastructure, which was earlier introduced by the BI. However, probable customers are still concerned about psychology-driven risk-factors using digital banking, particularly bank-led digital banking-services. As a result, it has been undermining the growth-trends of digital-transactions. To marginalize the dilemma, attaching a new product known as Voluntary Insurance (VI) is proposed in literature where the value of the VI-product can keep the e-banking businesses growing. Over the time, it can ensure absolute unhazardous or riskless digital banking in Indonesia. It can facilitate the Indonesian-society to be the first cashless-society in world. Thus, the pivotal enquiry in this study is: can bank-management and policy-practitioners of Indonesia be motivated and play its roles for further better-ness of its society? Methodology: For answering the question, this study used theoretical research-techniques where motivation and supportive efforts model has been developed underpinning the goal of achievement ensuring cashless economy of Indonesia. Findings: The theoretical analysis clearly shows that the motivations of officials and policymakers in Indonesia-economy can contribute significantly strengthening its economy. Implications: Thus, the answer to the question posed is Yes and as an outcome, it can facilitate to be a cashless society soon where bank-management and policymakers’ motivations are prerequisite for the achievement.

Managing the digital economy: The case of Vietnam

Vinh Hung Nguyen — 2024-12-23

The digital economy is experiencing rapid growth and holds the potential to draw a substantial number of participants in Vietnam currently. Nonetheless, despite the advantages it offers, the digital economy is also confronted with numerous risks, legal infractions, and complexities that present challenges to the government’s management endeavors. Consequently, this article conducts research on the management of Vietnam’s digital economy in the present context, with the aim of pinpointing its limitations and shortcomings, and puts forth recommendations to improve the effectiveness of managing this new and critical economic landscape.