Financial Literacy And Stock Market Participation In Government School Setting
Luis Mikhail D. Cortez | Seiji V. Oyanagi | Carolina Ditan
Abstract:
The main focus of this study was to determine the relationship between financial literacy and stock market participation by professional students in a Government Setting. The study employed a descriptive survey design. Data was collected using questionnaires and subsequently analyzed using descriptive statistics. The data were presented in a form of charts and tables. The study reveal that professional students have a high level of financial literacy. The study also established relationship of financial literacy and stock market participation. The findings concluded factors that influenced the level of stock market participation.
References:
- Alimohammadisagvand, B. and Matos, A. (2012). Behavioral Determinants of Stock Market Participation. Lund University, School of Economics and Management
- Amadeu, J. R. (2009). Financial education and its influence on consumption and investment decisions: proposal for the insertion of the discipline in the curriculum
matrix Master’s thesis, Universidade do Oeste Paulista, São Paulo, SP, Brazil.
- Atkinson, A., & Messy, F. (2012). Measuring financial literacy: results of the OECD / International Network on Financial Education (INFE) Pilot Study http://dx.doi.org/10.1787/5k9csfs90fr4-en.
- Bangko Sentral ng Pilipinas.(2012).Consumer Finance Survey.retrieved from:
- 2.pdf
- Bayar Y & Sazmaz M. (2017).Impact of Financial Literacy on Personal Saving: A Research on Usak University Staff retrieved from: file:///C:/Users/dlsau/Downloads/1606_Impact_of_Fina ncial_Literacy_on_.pdf
- Beckmann, E. (2013). Financial Literacy & Household Savings in Romania. Numeracy, 6(2), 9.
- Bohanon M, (2018).New Data Shows Most Students Are on Their Own – and Struggling Financially. retrieved from: https://www.insightintodiversity.com/new-data-shows- most-students-are-on-their-own-and-struggling- financially/
- BPI Foundation, Inc. (2013). BPI Foundation - ASKI Partnership through “Financial Education for OFWs and Their Families” Project. Retrieved from: http://www.mybpimag.com/BPI_foundation/BPI_Foundation_FInancial_Education_for_OFWs_and_Their_Fa milies.html
- Brown, J., Ivkovic, Z., Smith, P.& Weisbenner, S. (2006). Neighbors matter: Casual community effects and stock market participation. Retrieved from: http://www.aeaweb.org/annual_mtg_papers/2007/0106_0800_1901.pdf
- Brown, M., & Graf, R. (2013). Financial literacy and retirement planning in Switzerland. Numeracy6(2), art. 6.
- Campbell, J. Y. (2006). Household finance. The Journal of Finance, 61, 1553–1604. doi: 10.1111/j.1540-6261.2006.00883
- Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review7(2), 107-128.
- Clement(2012) Factors Influencing Investment Decision in Equity Stocks at the Nairobi Securities Exchange among Teachers in KISMU Municipalitiy. Kenya
- Cole, S., Paulson, A.L. and Shastry, G. (2012). Smart Money: The Effect of Education on Financial Behavior. Harvard Business School Publication Corp. Retrieved from http://academics.wellesley.edu/Economics/gshastry/cps-smart money-2012.
- Etikan, Ilker. (2016). Comparison of Convenience Sampling and Purposive Sampling. American Journal of Theoretical and Applied Statistics. 5. 1.
- 10.11648/j.ajtas.20160501.11.
- Gallery, N., Newton, C., & Palm, C. (2011).Framework for Assessing Financial Literacy & Superannuation Investment Choice Decisions, Australasian Accounting Business and Finance Journal, 5(2), 3-22.
- Glaser, M., & Klos, A.(2013). Causal evidence on internet use and stock market participation Retrieved from: https://poseidon01.ssrn.com/delivery.php?
- Grinblatt, M, et al.. (2011). IQ and Stock market participation. Retrieved from Social Science Research Network: http//ssrn.com/abstract=1441512
- Goldsmith, R. E. & Goldsmith, E. B. (2006). The effects of investment education on gender differences in financial knowledge, Journal of Personal Finance, 5(2).
- Guiso, L., & Jappelli, T. (2005). Awareness and stock market participation. Review of Finance, 9, 537–567. doi: 10.1007/s10679-005-5000-8
- Guiso, L., Sapienza, P. & Zingales, L. (2007). Trusting the Stock Market.Retrieved from:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=811545
- Guiso, L. and Sodini, P. (2013), “Household finance: An emerging field”, in Constandinides, G., Harris, M. and Stulz, R. (Eds.), Handbook of the Economics of Finance, Elsevier Science.
- Ho, S. & Odhiambo, N. (2015). Stock Market Development in the Philippines: Past & Present. Philippine Journal of Development, 41 & 42 (1&2).
- Hoffmann, A. O. I., Shefrin, H. M., & Pennings, J. M. E. (2010). Behavioral portfolio analysis of individual investors. SSRN Electronic Journal, 1–45, Maastricht University and Netspar,
- Hung, A. A., Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy [Working Paper n. 708]. Social Science Research Network, Santa Monica.
- Llanto, G. (2015). Financial inclusion, education and regulation in the Philippines. ADBI working paper series, No. 541.
- Kabir, M., Shakur, S. and Liu, J. (2011), “Risk Aversion and Stockholding Behavior of US Households”, International Research Journal of Finance and Economics, Vol. 81 No. 81.
- Kadoya, Yoshihiko and Khan, Mostafa and Rabbani, Naheed (2017). Does Financial Literacy Affect Stock Market Participation? Retrieved from:
- https://ssrn.com/abstract=3056562 or http://dx.doi.org/10.2139/ssrn.3056562
- Kaiser and Menkoff (2016) Does Financial Education Impact Financial Behavior, and if So, When? German Institute for Economic Research (DIW Berlin) Discussion Paper 1562.
- Kenton, W. (2019). Financial Literacy. Retrieved from: https://www.investopedia.com/terms/f/financial- literacy.asp
- Khorunzhina, N. (2011). Dynamic Stock Market Participation of Households. Retrieved from: https://mpra.ub.uni- muenchen.de/35310/1/MPRA_paper_35310.pdf
- Klapper, L., Lusardi, A., & Oudheusden, P. (2015). Financial Literacy Around the World.Retrieved from: https://gflec.org/wp-content/uploads/2015/11/Finlit_paper_16_F2_singles.p df
- Llanto, G. M. (2015). Financial Inclusion, Education, and Regulation in the Philippines. ADBI Working Paper 541. Tokyo: Asian Development Bank Institute. Retrieved from:http://www.adb.org/publications/financial- inclusion-education-and-regulation-philippines
- Lusardi (2012). Numeracy, financial literacy, and financial decision-making. Retrieved from: https://www.nber.org/papers/w17821.pdf
- Lusardi, A. and O. S. Mitchell. (2007). ‘Financial Literacy and Retirement Planning: New Evidence from the RAND American Life Panel,’ MRRC Working Paper 2007-157. Ann Arbor, MI: Michigan Retirement Research Center.
- Lusardi, A. & Mitchell, O.S., (2008) Planning and financial literacy: How do woman fare? American Economic Review: Papers and Proceeding, 98(2), 413-417
- Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5-44. doi: http://www.aeaweb.org/jel/index.php
- Mertler, C. (2014). Action research: Improving schools and empowering educators (4th ed.). Thousand Oaks, CA: SAGE Publications.
- Montalbo, Imelda & Pogoy, Angeline & Av, Gwendelina & MP, Genalen. (2017). Financial Literacy of Professional and Pre-Service Teachers in the Philippines. Journal of Global Economics. 05. 10.4172/2375-4389.1000267.
- Monticone, C. (2010). How much does wealth matter in the acquisition of financial literacy? The Journal of Consumer Affairs 44(2), 403-422
- Morales, N. J. (2014). Sun Life steps up financial literacy programs. Retrieved from Philippines star: https://www.philstar.com/business/business-as-usual/2014/07/28/1351022/sun-life-steps-financial- literacy-programs
- Morgan, P., Zhang, Y., Kydyrbayev D. (2018). Overview of financial inclusion,regulation, financial literacy, and education in Central Asia and South Caucasus. ADBI Working Paper Series, No. 878, Asian Development Bank Institute (ADBI),Tokyo. Retrieved from: https://www.econstor.eu/bitstream/10419/190299/1/adb i-wp878.pdf
- Muchiri MP, (2015). Effects of financial literacy on personal investments decisions among bankers in Kenya. Retrieved from:
- 02090/Obure%2CPatricia h%20A_Effects%20of%20Financial%20Literacy%20o n%20Personal%20Investments%20Decisions%20Amo ng%20Bankers%20in%20Kenya.pdf?sequence=1&isAl lowed=y
- Muller, S., & Weber, M. (2010). Financial literacy and mutual fund investments:who buys actively management funds?. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=10 93305
- Oseifuah, E. K., & Gyekye, A. B. (2014) Analysis of the Level of Financial Literacy among South African Undergraduate Students. Analysis, 6(3), 242-250
- Philippine Stock Exchange Inc. (PSE). 2015. About PSE… https://www.pse.com.ph/stockMarket/home.html
- Philippine Stock Exchange Inc. (PSE) 2015b. Stock market investor profile,2015 http://www.pseacademy.com.ph/LM/investors~details/i d1340760846179/Stock_Market_Investor_Profile_2012.html
- Vissing-Jørgensen, Annette. (2004). “Perspectives on behavioral finance: Does “irrationality” disappears with wealth? Evidence from expectations and actions.” NBER Macroeconomics Annual 18, 139–208
- Xu, L., & Zia, B. (2012). Financial literacy around the world: An overview for the evidence with practical suggestion for the way forward. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2248863
- Yoshino, N. and Morgan, P. (2016). Overview of Financial Inclusion, Regulation, and Education. ADBI Working Paper 591. Tokyo: Asian Development Bank Institute.
Full Text:
Note: Kindly Login or Register to gain access to this article.
ISSN 2672-2755 (Online)
ISSN 2545-9137 (Print)