...Public Disclosure Authorized WPS6107 Policy Research Working Paper 6107 Public Disclosure Authorized Financial Literacy around the World An Overview of the Evidence with Practical Suggestions for the Way Forward Lisa Xu Bilal Zia Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Finance and Private Sector Development Team June 2012 Policy Research Working Paper 6107 Abstract Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research. This paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at bzia@worldbank.org. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development...
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...FINANCIAL LITERACY AS A TOOL OF FINANCIAL INCLUSION A SUMMER INTERNSHIP REPORT Submitted by KHUSHBOO VERMA Registration No: 11400462 In partial fulfillment of Summer Internship for the award of the degree of MASTER OF BUSINESS ADMINISTRATION School of Business LOVELY PROFESSIONAL UNIVERSITY Phagwara, Punjab July, 2015 1 ACKNOWLEDGEMENT: I am very much obliged to Mr. Vikram Jain (Chartered Accountant) for his valuable suggestion to take up the project in Appu International Ludhiana. This project report could not complete without the guidance of Mr. Vikram Jain and their timely help and encouragement helped me to complete this project successfully. I am thankful to Vikram Jain for their suitable guidance at every stage of my training. I thanks to Mrs. Rimpy, Sangeeta jangra. And miss. Pushpa Mehta for giving me opportunity to work at Accounts, Records, purchases and sales items maintained of Appu International as a finance trainee. 2 (INDEX):Chapters Name Page No. 1. Executive Summary 7 2. Industry Introduction 8-9 3. Organization Introduction 10-19 4. Literature Review 20-23 5. Introduction To Financial Literacy As A Tool Of 24-33 Sr. No. Financial Inclusion 6. Hypothesis 33-34 7. Research Methodology 35-39 8. Result And Discussion 40-73 9. Finding 74-77 10. Suggestion 78-79 11. Limitation 80 12. Future Scope 80 13. ...
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...The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making by Lewis Mandell Kermit O. Hanson Visiting Professor of Finance and Business Economics Foster School of Business, University of Washington Senior Fellow, Initiative on Financial Security, Aspen Institute Presented at the American Economic Association Meetings San Francisco, CA January 4, 2009 The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making Abstract: Many consumers appear to lack the financial literacy needed to make financial decisions in their self-interest. A growing number of analysts and politicians are blaming the intersection of low levels of financial literacy with complex, financially-engineered products for the current economic meltdown and have proposed a number of solutions to this problem. These solutions range from mandatory education in personal finance to required simplification of financial products and greatly increased regulation. This paper examines evidence on the effectiveness of personal finance education on both financial literacy and financial behavior. If the problem can be solved through education, it is likely to reduce the perceived need to limit choice in the marketplace for retail financial products. If education is shown to be ineffective, the future of financial product innovation and financial engineering may be greatly limited. Supporting...
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...Philippine Education For All 2015: Implementation and Challenges I. General Introduction 1. Filipinos have deep regard to for education. Education occupies a central place in Philippine political, economic social and cultural life. It has always been strongly viewed as a pillar of national development and a primary avenue for social and economic mobility. 2. A clear evidence of the value placed on education is the proportion of the national government budget going to the sector. The Department of Education (DepEd), the country’s biggest bureaucracy 1 , is given the highest budget allocation among government agencies each year as required by the 1987 Philippine Constitution.2 3. The 1987 Constitution likewise guarantees the right to education of every Filipino. It provided that, “The State shall protect and promote the right of all citizens to quality education at all levels and shall take appropriate steps to make education accessible to all.” . 4. The right of every Filipino to quality basic education is further emphasized in Republic Act 9155 or the Governance of Basic Education Act of 2001. Along with Republic Act 6655 or the Free Secondary Education Act, these laws reaffirm the policy of the State to protect and promote the rights of all Filipinos by providing children free and compulsory education in the elementary and high school level. This pertains to six years of free tuition fees for children aged 6 to 11, and free four years of secondary schooling for those aged...
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...GDN Working Paper Series Education, Training and Youth Unemployment in Kenya Joy Kiiru, Eldah Onsomu and Fredrick Wamalwa Working Paper No. 26 October 2009 About GDN The Global Development Network (GDN) is a leading International Organization of developing and transition country researchers and policy and research institutes promoting the generation, sharing, and application to policy of multidisciplinary knowledge for the purpose of development. Founded in 1999, GDN is now headquartered in New Delhi, with offices in Cairo and Washington DC. This Working Paper has been prepared within the GDN’s Global Research Project Institutional Capacity Strengthening of African Public Policy Institutes to Support Inclusive Growth and the MDGs. The project has been fully funded by the United Nations Development Programme’s (UNDP) Bureau for Development Policy (BDP) and Regional Bureau for Africa (RBA). The views expressed in this publication are those of the author(s) alone. © GDN, 2009 2 Education, Training and Youth Unemployment in Kenya Joy Kiiru, Eldah Onsomu and Fredrick Wamalwa 1 Abstract Young people in Kenya constitute 30% of total population while youth unemployment constitutes 78% of total unemployment. In nearly all developing countries the rate of urban unemployment in the 15-24 age group is at least double the rate of all other age groups. These high rates of urban unemployment in this age bracket are also seen in developed countries, although the rates are far lower than...
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...Heng Yi Ting (A0131713U) MNO2009 Individual Analysis Tutorial H01 The market for digital financial services is on the rise with a strong potential in creating an online platform to promote gamified social trading platform in a relatively unsaturated financial technology (Fintech) market. Current competitors Trade Hero and Ayondo (TechinAsia, 2016) focus on risk-free stimulated trading aimed towards competition and real life trading connection respectively in the mass market. Thus, in this online trading field, there is a missing social network that integrates gaming features for trading and education through forum sharing for youths. Insights from TradersHub, a failed start-up with a similar business model by Travis Ong (Annex A), can be adopted to understand how to successfully penetrate Singapore’s fintech market and be a recognised player in virtual trading, before extending and monetising the business. The main reason for TradersHub’s failure is due to their idealistic causation approach not bound by a realistic understanding of the industry. This exemplifies the need to balance the approach in an effectuative way by firstly analysing the fintech ecosystem for external factors that will shape the positioning of the business model (Forbes, 2016). Singapore has cultivated a conducive market that provides fintech start-ups with high availability of financial and developmental support. The high penetration rate of technology encourages the scalability of...
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...N O R T H E R N T E R R I T O R Y D E PA R T M E N T O F H E A LT H Health Promotion Strategic Framework 2011 - 2015 www.healthynt.nt.gov.au NT Department of Health Health Promotion Strategic Framework 2011 - 2015 Background This framework provides a structure for describing the type of health promotion actions that are used across the Northern Territory. It enables a shared understanding of the actions that can be taken to improve health and wellbeing. It also provides guidance about embedding a health promotion approach into all planning processes, programs and service development across the NT. While this framework is intended to be used within the health sector, we strongly encourage other sectors and agencies outside of the health domain to use the framework. This framework should be used in conjunction with health promotion audit tools and other health promotion resources available in the NT, such as the Public Health Bush Books and the Quality Improvement Program Planning System (QIPPS). It is also designed to be used as a guide, together with other local, regional and national frameworks, policies, strategies and resources. Why Health Promotion? The World Health Organisation (WHO) acknowledges the growing evidence that health promotion and preventive health approaches are effective in improving overall health and wellbeing, reducing the burden of chronic disease and injury, addressing health inequities, facilitating the better use of resources and enhancing...
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...Essay on Early School Leavers This essay will examine the issue of Early School Leaving. The legal definition of early school leaving in the Republic of Ireland is “non participation in school before a young person reaches the age of sixteen or before completing three years post primary education, or whichever is later”. Another useful definition is “leaving the education system without a minimum of five passes in the Leaving Certificate or equivalent qualification”. In Ireland up to nine thousand young people leave school early every year before taking the Leaving Certificate. The Leaving Certificate is the final state exam in the Irish secondary school education system. The essay will examine the factors that influence a young person’s decision to leave education early and the possible societal impacts that their decision will have for them in the future. Educational standards shape an individual’s role in society. Without a good standard of education, opportunities in society can be limited. Education can open many doors and without a good standard of education many doors will remain closed. Aristotle wrote “Education is the creation of a sound mind in a sound body. It develops man’s faculty, especially his mind, so that he may be able to enjoy the contemplation of supreme truth, goodness and beauty of which perfect happiness essentially consists”. Education is one of the most important aspects of society. It gives us knowledge of the world around us. It develops in us...
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...SELF-CONTROL, FINANCIAL LITERACY, AND THE FINANCIAL BEHAVIORS OF YOUNG ADULTS Dissertation Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Jodi C. Letkiewicz, B.S., M.S. Graduate Program in Human Ecology ******* The Ohio State University 2012 Dissertation Committee: Dr. Jonathan Fox, Advisor Dr. Catherine P. Montalto Dr. Robert Scharff Dr. Caezilia Loibl Copyright by Jodi C. Letkiewicz 2012 ii ABSTRACT The objective of this paper is to determine whether financial literacy can moderate the effects that self-control has on financial outcomes. Financial literacy is an oft cited solution to the myriad financial complexities faced by consumers. If financial literacy is effective it should help consumers overcome issues of self-control to encourage more fiscally responsible behaviors. Both economic and psychological theories of self-control are explored, and a conceptual model using the Big Five personality trait of conscientiousness as a measure of self-control is utilized. Data for this study come from the 1997 National Longitudinal Survey of Youth (NLSY). Asset data in the study was collected in Rounds 9-13 when the respondents were 25 years old. The measure of conscientiousness was collected in Round 13 as part of the Ten-Item Personality Inventory...
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...WOMEN DEVELOPMENT AND NATIONAL POLICY ON WOMEN IN NIGERIA Olubunmi Aderemi Sokefun Abstract This paper discusses the document on women in Nigeria (National Policy on Women). Several past administrations in this country have treated women issues and affairs with calculated levity: Carefully side - tracking or blatantly refusing to accord it the necessary attention. It is now a thing to gladden the hearts of all women of Nigeria that, "after four attempts by four former heads of Nigeria's Government," Chief Obasanjo's administration finally granted government recognition to women's issues in this country. The official document .on Human Rights' issues as it relates to Nigerian women; this document is known as the NATIONAL POLICY ON WOMEN. This paper therefore focuses on the document which promises to bring delight to the heart of every woman in this country. Introduction When late Mrs. Olufunmilayo Ransome Kuti joined the vanguard team as the only nationalist and activist during the early struggle for Nigerian independence, hardly did .anybody realize then that she had a dream, a clear vision of a future Nigerian woman, that vision was crystal clear in her heart, and like a pivot, it stood firmly on three stand posts-known today as women's rights, women emancipation and women empowerment.. . Mrs. Olufunmilayo Ransome-Kuti later joined by some educated women of like minds, fought daringly and relentlessly for these three .pivotal goals of women emergency and relevance in the socio-political...
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...Executive Summary Kingdom Bank Zimbabwe is a commercial bank that was established in 1997. Kingdom Bank Limited (KBL) was among the first banks to introduce derivative instruments on the Zimbabwe stock Market and has constantly churned out innovative products that have made it the benchmark which competitors are rated. Kingdom Bank specializes in offering tailor made banking solutions to individuals, SMEs, Corporates and institutions in the following areas: * Retail and Corporate Banking * Investment and Treasury Management * International Finance * SME and business Banking * Banc assurance and Risk Management The bank cements and continues to endeavor to be the one stop shop that offers convenient branch networks as well as innovative products which are efficient and effective. For instance the recent launch of Kingdom Cell Card product where million accounts are expected to be opened by mid next year. AfrAsia Kingdom Zimbabwe Limited plans to raise $200 million through debt capital and offshore lines of credit to further capitalize its operations. The capital will comprise $50 million in debt and $150 million in offshore lines of credit. This additional capital will strengthen its banking subsidiary, Kingdom Bank Limited (KBL) capital adequacies. It has the effect to lower KBL’s risk profile and enhance the bank’s ability to raise more deposits in the local market. The capital will also promote general corporate expansion in line with the group’s...
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...Approaches to Equity in Policy for Lifelong Learning Ben Levin1 A paper commissioned by the Education and Training Policy Division, OECD, for the Equity in Education Thematic Review August 2003 EQUITY IN EDUCATION The opinions expressed in this paper are the sole responsibility of the author and do not necessarily reflect those of the OECD or of the governments of its Member countries. 1 . Ben Levin, Ph D, The University of Manitoba, Winnipeg, Canada. TABLE OF CONTENTS TABLE OF CONTENTS................................................................................................................................ 2 APPROACHES TO EQUITY IN POLICY FOR LIFELONG LEARNING ................................................. 3 Origins of this report ................................................................................................................................... 3 Summary of the report................................................................................................................................. 3 PART 1 – THINKING ABOUT EQUITY IN LIFELONG LEARNING ...................................................... 5 A definition of equity? ................................................................................................................................ 5 The importance of equity ............................................................................................................................ 5 Current status of equity...
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...PRINA REPORT ON MEDIA (PRINT AND DIGITAL) AT INSTITUTE OF MANAGEMENT TECHNOLOGY – HYDERABAD PREPARED FOR SUBMISSION AS A PART OF BUSINESS ORIENTATION PROGRAMME BY SUSRI SANGEETA ANUJ GUPTA 1 ACKNOWLEDGEMENT I would like to express my gratitude and appreciation to all those who gave me the possibility to complete this report. A special thanks to our BOP coordinator, Dr. Siva Gyanasundaram , whose help, stimulating suggestions and encouragement, helped me to coordinate my project especially in writing this report. A special thanks goes to my team mate, who help me to assemble the parts and gave suggestion about the Differential Rig Last but not least, many thanks go to the head of the project, Dr. Archana Pillai who have given her full effort in guiding the team in achieving the goal as well as his encouragement to maintain our progress in track. I would to appreciate the guidance given by other supervisor as well as the panels especially in our project presentation that has improved our presentation skills by their comment and tip. 2 INDEX SL NO. 1 2 CONTENT INTRODUCTION KEY PLAYERS OF THE INDUSTRY 3 GROWTH OF THE INDUSTRY 4 5 6 SWOT ANALYSIS CONCLUSION BIBLIOGRAPHY 16 19 22 12 PAGE 4 6 3 INTRODUCTION Overview Of The Industry Printing is a process for reproducing text and image, typically with ink on paper using a printing press. It is often carried out as a large-scale industrial process, and is an essential part of publishing and transaction printing...
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...average population growth rate of 1.41%, this is a clear indication that this population will increase more with time. When looking at the age structure, people who are 15-64 years old make up 65% of India's population and only 30% being under 15 years of age. This clearly indicates that India is composed of a rather young population. As per the 2011 census, literacy levels stand at around 74.04% and this is a significant progress from the 14.5% rate at the time of India’s independence in 1947, though the census still reveals that the adult literacy rate in India was more than 11% lower than the average World Adult Literacy Rate of 84% (Census of India, 2011c, p.101). Despite major reforms and programs intended to develop the education system, India is still struggling with low rates of illiteracy, especially in the country’s rural parts. Different states have been experiencing different rates of increase in literacy levels, although with very high disparities caused by the different classes of the Indian society. For instance, Kerala and Mizoram states are above the national average at 82.14%, while others like Bihar have a literacy level of about 65.46%...
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...Directorate of Employment (NDE). Unemployment has been defined as the absence of a job by an able bodied person. It is a term often denoting the percentage of people in the labour force who are not working. The concept of unemployment is not an entirely new one in Nigeria. Patrick Koshoni, (2005), a former Labour Minister has this to say “The problem of mass unemployment is not new, it has been with us with various degree for the past decades. Increasing population explosion of the last few years raised the situation to a critical dimension which cannot be ignored without disastrous consequences. The number of unemployed persons keeps increasing with each passing day. Thousands of Nigerian graduates who have completed the compulsory National Youth...
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