Developing the Financial Literacy Education Model in Iran using the Grounded Theory Approach
Subject Areas : Financial engineering
Fatemeh Kazempour dizaji
1
(Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran)
mohammadhamed khanmohammadi
2
(Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran)
Mahmoud Moeinuddin
3
(Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran)
Keywords: Keywords: Education, financial literacy, Grounded Theory,
Abstract :
Financial literacy is the possession of skills and knowledge that allows an individual to make informed and effective decisions. In this regard, the purpose of the present study is to develop a model for financial literacy education in Iran using the Grounded Theory approach. The dominant paradigm of the present research is the interpretive and its required data were collected using semi-structured interviews and snowball sampling method. The research interviewees include accounting and financial experts and professors. The open coding method which is specific to the grounded theory approach was used to analyze the research data and conceptual, main and macro categories were extracted. Finally, financial literacy education model were presented including causal, structural, intervener factors as well as strategies for financial literacy education and the consequences of implementing the correct financial literacy education system. The research results shows the main topics that can be used for designing, developing and implementing financial literacy education program in Iran include general headlines, income and savings management, risk management and cost management.
_||_
Hamdi, Gholam Ali. Imam Juma, Seyyed Mohammad Reza. Alizadeh, Leila. (2014). Investigating the amount of attention paid to the components of financial and economic literacy in the content of elementary school textbooks, research in curriculum planning, 179-192.
2) Message, Adel. Torani, Haider. (1390). The role of the economics curriculum in the world's official and public education program, providing an action plan for a neglected curriculum. Educational Innovation, No. 37.
3) Taftian, Akram. Hoshiarzadeh, Mohammad. (2016). The necessity of financial education and financial and economic literacy in the educational system: empirical results in the educational system of the Czech Republic. The third international conference on management, accounting and knowledge-based economics.
4) Jalilund, Abul Hassan. Rostami Norouzabad, Mojtabi. (2017). Interactions of financial literacy, investors' emotions, risk perception and willingness to invest: Evidence from Tehran Stock Exchange. Investment Knowledge, 7(27): 141-170.
5) Dianti, Zahra. Hanifazadeh, Mohammad. (2014). Investigating the level of financial literacy of Tehrani families and related factors. Financial knowledge of securities analysis. 26: 115-139.
6) Delawar, Ali. (1383). Research method in psychology and educational sciences. Edit.
7) Rahimi, Hossein. Tavakoli, Najma. (2017). Investigating the relationship between financial and demographic literacy levels. The first national conference on management, economy and resistance economy.
8) Sajadi, Ibrahim. (2016). Examining the relationship between financial literacy, investors' feelings, risk perception and willingness to invest; Explanation of the optimal model (evidence from individual and institutional investors in Tehran Stock Exchange). Master's thesis. Islamic Azad University of Safadasht
9) Saberi, Hossein. (2016). Investigating the relationship between managers' financial literacy and non-financial performance of state-owned banks in Ilam city, considering the mediating role of moral intelligence. Master's thesis. Bakhtar Ilam Institute of Higher Education.
10) Qalmaq, Karim. Yaqubnejad, Ahmed. Fallah Shams, Faiz. (2015). The effect of financial literacy on the behavioral patterns of Tehran Stock Exchange investors. Financial management perspective. 6(16).
11) Moradi, Javad. Yazidi, Mansoura. (2013). Investigating the effect of investors' financial literacy on the decision to invest in securities. Investment Knowledge, 4(13): 127-150.
12) Moinuddin, Mahmoud. Hirani, Forough. Hamedinia, Hadi. (2012). Examining the financial literacy of government employees and its effect on their financial well-being and financial strategies. Master's thesis of Islamic Azad University, Yazd branch.
13) Yaqub Nejad, Ahmed. Nikumram, Hashem, Moinuddin, Mahmoud. (1390). Presenting a model to measure the financial literacy of Iranian students using the Delphi-Fuzzy method. Financial Engineering and Securities Management, 2(8): 1-49.
14) Allgood, Sam & Walstad, William B, (2011), The Effect of Perceived and Actual Financial Knowledge on Credit Card Behavior, Networks Financial Institute.
15) Amagir, A. Groot, W. Wilschut, A. (2017). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economic Education.
16) Bayer, P. J., Bernheim, B. D., & Scholz, J. K. (2018). The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers. Working paper.
17) Blue, L., Grootenboer, P., & Brimble, M. (2014). Financial literacy education in the curriculum: Making the grade or missing the mark? International Review of Economics Education, 16, Part A, 51-62
18) Brabazon, Tony, (2015), Behavioral Finance: A Vew Auririse or A False Down? Coll Sumer School, University of Limerick.
19) Calcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363-380.
20) Creswell, J. (2005). Designing and conducting mixed method research. Thousand oak.
21) Cole, Sampson, & Zia (2010), Price or Knowledge? What Drives Demand for Financial Services in Emerging Markets? HBS Working Papers 09-11 forthcoming in the Journal of Finance http://www.csicr.cz/getattachment/af0099dc-1653-4f68-b01a-83a38b71d801.
22) Chang, C.-H., & Lin, S.-J. (2015). The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets. International Review of Economics & Finance, 37, 380-392.
23) Devlin, J. F. (2003) 'Monitoring the success of policy initiatives to increase consumer understanding of financial services', Journal of Financial Regulation and Compliance,11,2151-163.
24) Deacon, S., & Ennew, C. (2001). Consumer Perceptions of Financial Risk. The Geneva Papers on Risk and Insurance. Issues and Practice, 26(3), 389-409.
25) Driver, C., & Dowrick, S. (1997). INVESTMENT INTENTIONS AS AN INDICATOR OF ACTUAL INVESTMENT IN AUSTRALIAN MANUFACTURING*. Australian Economic Papers, 36(68), 90-105
26) Flores, S. A. M., & Vieira, K. M. (2014). Propensity towards indebtedness: An analysis using behavioral factors. Journal of Behavioral and Experimental Finance, 3, 1-10.
27) Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific-Basin Finance Journal. 48: 129-143.
28) 28) Hastings, J. S., & Tejeda-Ashton, L. (2016). Financial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexico. NBER Working Paper.
29) Xiao, Nilton Porto, (2017) "Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators", International Journal of Bank Marketing, Vol. 35 Issue: 5, pp.805-81
7
30) Klapper, L., A. Lusardi, and G. A. Panos (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking and Finance 37 (10), 3904–3923.
31) Lerman, R. (2006). Financial Literacy Strategies: Where Do We Go From Here? Networks Financial Institute Policy Brief. 10.
32) Lopus, Jane S, and Lăcătuş, Maria Liana, (2002), "Economic Education in the High Schools: Post-communist Romania and United States", the Journal of Private Enterprise 17.2.
33) Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Lusardi Swiss Journal of Economics and Statistics. 155:1.
34) Lusardi, A. (2015). Financial literacy: Do people know the ABCs of finance? : Journal of Public Understanding of Science, Vol. 24(3) 260–271.
35) Mohammadpour, Ahmad (2013) Qualitative research method, anti-method 1 (logic and design in qualitative methodology), sociologists' publication. [Persian]
36) Mouna, A. Anis, J. (2017). Financial literacy in Tunisia: Its determinants and its implications on investment behavior. Research in International Business and finance. 39: 568-577.
37) Paiella, M. (2016). Financial literacy and subjective expectations questions: A validation exercise. Research in Economics, 70(2), 360-374.
38) PISA (2012), Financial Literacy Assessment Framework, OECD
39) Ramagir, P. Samantho, G. (2017). Financial literacy education for adults. Basic theory and Education, 5(2).
40) Scott Wolla, (2017) "Evaluating the effectiveness of an online module for increasing financial literacy", Social Studies Research and Practice, Vol. 12 Issue: 2, pp. 154-167.
41) Shen, C.-H., Lin, S.-J., Tang, D.-P., & Hsiao, Y.-J. (2016). The relationship between financial disputes and financial literacy. Pacific-Basin Finance Journal, 36, 46-65.
42) Speziale HS, Streubert HJ, Carpenter DR. Qualitative research in nursing: Advancing the humanistic imperative. 5th ed. Philadelphia: Lippincott Williams & Wilkins; 2011.
43) Strauss, Anselm L.; Corbin, Juliet M (1990) "Basics of qualitative research: Grounded theory procedures and techniques" 1st Edition.
44) Strauss, Anselm and Corbin, Juliet (2006); Principles and Methods of Qualitative Research, Basic Theory and Practices, Translation by Biouk Mohammadi, Tehran, Institute of Humanities and Cultural Studies
45) U.S. Department of Treasury. (2008). Financial literacy and education commission. Retrieved June 15, 2008, from www.MyMoney.gov.
46) (46Van Rooij, M., A. Lusardi, and R. Alessie (2018). Financial literacy and stock market participation. Journal of Financial Economics 101 (2), 449-472.
47) Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioral factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(1), 24-4