Vol. 2 No. 4 (2024)

Open Access

Article

Article ID: 2033

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

by Julius Kwaku Adu-Ntim, Kingsley Ofosu-Ampong, Angela Ashorkor Ashietey, Daniel Abotwe Dzimah

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

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.

Open Access

Article

Article ID: 2014

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

by Akim M. Rahman

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

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.

Open Access

Article

Article ID: 2132

Managing the digital economy: The case of Vietnam

by Vinh Hung Nguyen, Duc Anh Nguyen

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

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.

Open Access

Article

Article ID: 2246

Research on the economic development level differences among economies under the RCEP framework

by Jiayu Ru, Jiahui Li

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

Cross-border economic cooperation plays a vital role in helping China overcome challenges posed by national borders and address regional economic imbalances. Given the significant heterogeneity of borders and the localized spatial constraints of border effects, this study examines the spatial patterns of economic changes among economies in the Regional Comprehensive Economic Partnership (RCEP). Using the Theil index, the study compares economic development disparities across RCEP member countries, while applying α-convergence and β-spatial convergence models to empirically explore economic development trends. The results reveal that the coefficient of variation in per capita GDP initially decreases and then increases, reaching its lowest point in 2019. This indicates a narrowing gap in per capita GDP, reflecting α-convergence and a more balanced distribution of economic development. Furthermore, absolute β-convergence is observed across 14 RCEP economies (excluding Myanmar), although spatial spillover effects are only significant at the aggregate level, with no spillover detected within subgroups. In conditional β-convergence, significant spatial effects are found in the overall and economically developed groups, while the economically underdeveloped group does not show such effects and is better explained by an ordinary panel model. Additionally, the study identifies that factors such as population growth rate, government public expenditure, fixed asset investment rate, and openness to trade have significant negative impacts on per capita GDP under the RCEP framework. These findings provide valuable insights into the dynamics of regional economic convergence within the RCEP and underscore both opportunities and challenges in achieving more balanced economic development.

Open Access

Article

Article ID: 2045

Financial risk evaluation and control of JZ New Energy Company

by Aicong Liu, Jiayuan Li, Siqi Jiang, Shi Yin

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

Under the background of “double carbon”, the new energy industry is developing rapidly and the economy is growing rapidly. At the same time of the rapid development of the new energy industry, the financial risks faced by it should not be ignored. In this paper, JZ New Energy Company is selected as a case study object, the financial risk of the enterprise is identified and evaluated, and control measures are proposed. The results of the study show that (1) JZ New Energy has financial risks in 2018–2022, with the highest risk in 2020 and the lowest risk in 2021. (2) JZ New Energy has certain risks of financing, investment, operation and income distribution. (3) In order to reduce the financial risk, it should expand financing channels and optimise the capital structure; regularly prepare cash budgets, reasonably retain earnings and profit distribution; improve the talent management system and actively respond to changes in the external environment. By identifying the financial risks of JZ New Energy, we can make a comprehensive evaluation of the risks of JZ New Energy, and then put forward financial risk control measures for JZ New Energy.