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Финансовая грамотность
как фактор, влияющий на формирование
финансовых ресурсов
Antecedents of Consumer Financial Capability and Its Effect on Financial Resource Mobilization
УДК 330.564.2
Румянцева Анна Юрьевна
директор Института международных программ Санкт-Петербургского университета технологий управления и экономики, кандидат экономических наук, доцент
190103, Санкт-Петербург, Лермонтовский пр., д. 44, лит. А Anna Yu. Rumyantseva
Institute of International Program of St. Petersburg University of Management Technologies and Economics
Lermontovskiy Ave 44/A, St. Petersburg, Russian Federation, 190103
Ход Аньигба
директор Института программ аспирантуры Международной нобелевской бизнес-школы, кандидат экономических наук 7-я Олеандер ул., Ист-Легон, Аккра, Гана
Hod Anyigba
Economics & Entrepreneurship of Nobel International Business School 7 Oleander Street, East Legon, Ghana
Настоящее исследование направлено на изучение финансовой грамотности населения как фактора, влияющего на формирование доходов и расходов в кратко- и долгосрочном периоде.
Цель. Проанализировать основные тенденции в области уровня финансовой грамотности, которые влияют на процесс функционирования финансовых рынков. Задачи. Определить основные направления повышения финансовой грамотности на государственном уровне; изучить совокупность применяемых инструментов; уточнить результаты проводимой государством политики в этом направлении.
Методология. В настоящей работе с помощью общих методов научного познания в различных аспектах рассмотрена стратегия повышения финансовой грамотности, выявлены тенденции, характерные для современного состояния доходов и расходов домохозяйств. Результаты. Финансовая грамотность является важным фактором, обеспечивающим благоприятный результат по формированию финансовых ресурсов: темпов развития национальной экономики и степени развития институтов и продуктов финансовых рынков. Выводы. Уделение внимания уровню финансовой грамотности населения страны позволяет не только выявить специфику проблем повышения эффективности использования финансовых продуктов, но и сформировать
представление о факторах, обеспечивающих формирование финансовых ресурсов. Ключевые слова: финансовая грамотность, финансовые ресурсы, финансовые рынки, финансовое поведение, финансовые знания, потребитель
The current research is aimed at studying the financial capability of consumers as a key contributor to resource mobilization and financial well-being of individuals both in the short-run and in the long-run. This spillover effect, generally builds on public spending and consumption, which affects economic growth and development.
Goal. To conceptualize and analyse antecedents of financial capability and its effect on the financial well-being on individuals. Tasks. To conduct a purposive literature review on constructs of financial capability; to study a methodology and metrics in aggregating financial capability metrics; to make recommendations on policy implications for effective financial capability accumulation. Methodology. An in-depth selective and purpose approach to literature review was utilized. The analyses is based on a longitudinal assessment.
Results. Financial capability is an important factor providing a favourable result in the financial resources formation. Financial knowledge is critical in determining an individual's
'financial self-efficacy. The study reveals that, higher financial behaviour is generally associated with more desirable financial behaviours. In other words, objective and financial financial literacy has a positive impact on financial capability, which is mediated by consumer financial behaviour.
Conclusions. Policy makers must pay attention to the consumer financial capability levels so that financial toolkits like personal financial education programs allows are targeted at individuals to boost their financial literacy. Our findings suggest that financial education may enhance financial capability. Consumers are more likely to accept financial education because of financial security (e.g. retirement benefits), therefore, individual capacities should be enhanced through rigorous and comprehensive financial education packages. Keywords: financial capability, financial resources, financial literacy, financial behaviour, financial knowledge, consumer
Background
Financial turbulence and global conditions of every dynamic expanding financial services are making financial instruments on the market to becoming very complicated and difficult to understand — in the viewpoint of the average consumer. The urgency of raising the financial capability levels on individuals has become paramount due to the financial services market development, vis-a-vis the growing diversity and complexity of financial services. Ensuring personal financial security is becoming an important factor in the economic well-being of people. Many countries today are increasingly retorting to the notion that there is the need to boost the financial capabilities of citizens. This has led to the formation of national strategies or financial education programs.
The main factors contributing to the formation of strategies for enabled financial capability are as follows: firstly, the global financial meltdown has caused affected the rational use of resources by individuals and cooperate entities and this has affected personal and national saving. Second, the complexity of the financial services offered on the market have become alien to the average person who struggles to always keep up with fluctuations and information asymmetry. Lastly, there is discrepancy in the population's financial knowledge under a backdrop of a growing and dynamic and face-paced financial market.
In the Russian Federation, the government recently adopted a number of laws to protect the public from the consequences of making wrong financial decisions. The first such step was the new Federal Law on collectors 230-FZ of 2016, which came into force on January 1, 2017. In addition, the Government approved a strategy to increase the financial capability of Russian citizens from 2017-2023 [1].
Beyond that, during the period of instability 5
and low predictability of the financial markets ©
development, the importance of obtaining ac- ^
cess to authentic and reliable information about i
financial services and protecting citizens' rights ^
as consumers of financial services has been fur- £
ther enhanced. ^
o
One of the main roles among the international g organizations involved in the process of rais- ^ ing the financial capability level is played by ^ the Organization for Economic Cooperation and | Development and the International Network of Financial Education created in 2009 that issued the High-level Principles on National Financial Education Strategies in 2012.
Thus, international practice shows that in current conditions serious and targeted changes are needed in the sphere of increasing the population financial capability. The state is acting as the initiator of such reforms through the adoption of a strategy for increasing the population financial capability and involving state executive bodies, local governments, financial organizations, public and private organizations and other interested parties in its implementation.
At the same time, the process of spreading financial knowledge among the country population is proceeding at different rates and with different results. It certainly depends on the level of the population education, on the ability to perceive and interpret information of a financial nature.
In the period of digital technologies active development, in particular in the field of economics, the mechanisms for the financial capability development are becoming more relevant. In the situation when the information on financial markets becomes open, and there are no special barriers for participation in financial relations for any resident of the country, issues of financial services consumer rights protection come to the forefront for the state. And one of the tools that help to prevent financial losses for the population are programs promoting financial knowledge in financial markets and financial services.
Given the openness and accessibility of financial products to a wide range of consumers and their involvement in financial relations, individual financial decisions are very important and have an impact not only on the personal well-being of citizens, but also on the financial system stability of the country. As in many countries, in Russia the low ability to provide personal or family financial well-being is exacerbated by a lack of knowledge about the financial services basic principles. In addition, it is worth considering the fact that Russian citizens are not sufficiently informed about ways to protect their rights in this area.
£ The concept and measurement e of financial capacity
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^ The term 'financial capability' was first used x in a United Kingdom national survey [2]. Prior w to this, many national surveys and population ^ census data from developing, developed and m emerging economies had attempted using the o phrase "financial literacy" in capturing data. In < contract, in the research literature, researchers | have stressed the need for financial literacy in developing financial capability. Financial ability is a set of knowledge acquired where this knowledge is applied to useful ends [3; 4].
The theory and application of consumer financial education has become a topical issue today in the world of business and financial transactions [5]. Various researchers have broached the subject in recent times with various perspectives such as debating on the impact of financial education on personal finance [6]. Other researchers are of the view that a thorough curriculum should be included in the social sciences and liberal arts courses [7]. A literature search on the term financial education reveals that two other terminologies, 'financial capability' and 'financial literacy' are used to describe different phenomena, occurring in that body of knowledge. In terms of scope, financial capability is a broader umbrella that includes financial self-efficacy, financial behaviour and financial literacy [8]. Xiao, Chen & Chen [9] describe financial capability as the ability to employ and apply the right financial knowledge and perform above par financial behaviour in order to achieve financial well-being. In other words, financial capability can be defined as financial literacy, financial knowledge or a mix of the two. In short, both financial literacy and behaviour are essential components of financial capability. The need for financial capability has been re-echoed in recent years due to the socioeconomic impact of the global financial crises of 2008 and its impact on economic security of households. Financial education is a crucial element that helps households to gain financial knowledge through financial literacy and apply patterns of financial behaviour to enrich financial capability. However, researchers have diverse opinions on the impact of financial education on consumer outcomes. Some envisage a positive relationship between the two variables [3; 4] while others are of the view that financial education has limited effects on financial outcomes [10; 11]. In measuring the financial capabilities of consumers, two distinct approaches are applied. The first approach involves using certain behaviour patterns [2] whiles the other approach involves using both behaviour and outcome measures [12]. The third approach, a more robust way of measurement include, subjective
and objective financial literacy, desirable and undesirable financial behaviours, and perceived financial capability constructs [9]. The last approach is using an index of both subjective and objective measures of financial literacy and financial behaviour [13; 14].
It is by no change that different countries across Europe have resorted to improving the financial capabilities of their population by strengthening the financial capability of the working populace. This move has become necessary because the government-managed economic safety net, such as retirement security. Increasingly, pension contributions are becoming very sophisticated for the average user. Consumers of retirement plans have to be abreast with their contributions and this makes this trend worrying in the long-term if proper measures are not taken. Consumers are becoming knowledgeable through self-thought programs but the extent to which financial knowledge can used to affect financial behaviours is key. Financial education can improve on financial well-being and consumer behaviour. The capacity to manage one's own financial resources is demonstrated by a certain level of financial literacy and performance of desired financial behaviours [8].
Empirical Evidence
The data of sociological research [15] show that the Russian population tends to accept economically unjustified, often irrational decisions about their personal budget. Thus, 37% of respondents believe that it is quite possible not to pay a bank loan, if they have "good reasons" for this. Every fifth respondent (20%) reads the contract, but signs it regardless of whether he/she understands the text completely or not, but every tenth (10%) signs an agreement with financial organizations without reading it. Of great concern is the fact that according to the sociological research results, every fifth respondent having a loan 22 percent indicates that payments on the loan are more than 30 percent of their income; and 68 percent of them note they pay away more than 50 percent of their income.
Almost half of the respondents (47%) have financial savings. Thus, with the right investment of savings in financial markets, it is possible to raise the well-being of the nation's overall level.
According to the Federal State Statistics Service, average household incomes per month in 2016 were 38.4 thousand Rubles (or 16.1 thousand Rubles per capita) — an equivalent of USD 650 or USD 272 per capita; the median is 12.9 thousand Rubles — USD 218. In Russia incomes are less evenly distributed among households than net household assets, mainly due to non-financial assets, the bulk of which is the cost of basic housing.
In most households the total income is composed of several sources. At the same time, a large share of revenues (87.6%) comes from three main sources [16]:
• ages from basic and additional work (or income from entrepreneurial activities) — 77.4%; pensions — 55.5%;
• various grants, benefits and subsidies — 31.9%.
• In addition, incomes are formed from benefits (for children, unemployment, stipends) — 21.3%; private transfers — 19.1%.
When all loans are taken onto account (consumer loans, loans for the real estate purchase or construction, educational loans, loans in pawnshops and private individuals), the proportion of households that have outstanding debts for one or more types of loans is 36.1%. If we take into account only the institutional forms of financing, without pawnshops and loans from private individuals, then 31.9% of the households have an outstanding loan.
It is interesting to note that the proportion of households that have outstanding loans is related to income levels non-linearly. In Moscow and St. Petersburg the share of households with credit obligations is lower than in other types of settlements: 30.3% of households. The maximum coverage (44.0%) is observed in cities with a population of over one million; this figure shows values above the Russian average in the smallest settlements.
In terms of current debt, almost half (46.0%) are loans taken for the purpose of the real estate purchases or building. Loans for consumer needs are 26.4%.
The outstanding balance average amount for all types of loans was 214.2 thousand Rubles, the median value was 57.0 thousand Rubles, and only households that had outstanding loans were taken into account.
Thus, it can be concluded that the level of Russian households over-crediting is quite high if we compare the amount of all the debt with the amount of the population money income.
The lending process contributes to the production expansion and economy growth, and as a financial instrument is an auxiliary mechanism for supporting those who need the financial resources at a certain point in time.
In the current economic situation, from the point of view of intensive credit growth, loans are most in demand among borrowers with a poor risk profile, who have already been overindebted [Ibid.]. Extensive credit growth at the expense of borrowers with median incomes will require lower interest rates, and with high incomes — active mitigation and non-price credit conditions, active loan sale, which requires additional costs. Under the new conditions it is difficult to expect a demand for a loan from someone
who did not take consumer loans during the 5 credit boom of 2010-2012 in the face of ris- © ing oil prices and revenues. Russian households ^ as a whole have a high debt load on consumer i loans. At the same time in the debt structure, x a low-income household, as we showed earlier, g is already over indebted. ^
Another risk factor is the low-income groups g of the population, which are characterized by ^ very high income variability. They are also char- ^ acterized by less stable employment in conditions | of strong macroeconomic shocks. This credit area development not only creates additional risks for banks, but also is a source of social tension. The choice of banks in favor of credit growth at the expense of borrowers with high risks will help them maintain relatively high interest rates. At the same time, lower interest rates can stimulate extensive growth in loans to borrowers with medium income and lower risks. The choice of banks will also determine the risks that the financial system will assume.
Thus, the financing growth under the conditions of overstated inflation expectations contributes to the vulnerabilities accumulation in the consumer lending segment that creates a risk for financial stability and requires monetary policy adjustment.
Lower oil prices, reduction of Russian households' real incomes and a noticeable slowdown in their growth rates compared to the period of 2010-2012 do not give room to expect a consumer lending boom today. However, analysis of data from household finance surveys indicates that even a moderate growth in consumer lending under new conditions may be accompanied by the significant risks accumulation in this segment. It is related to a more risky profile of borrowers among people with incomes below the median level, which present a demand for a loan at present, compared with the period of 2010-2012. According to the 2015 survey, this category of borrowers has a high debt burden, exceeding the estimates considered to be marginal. They are characterized not just by low, but by volatile incomes and by the high probability of losing their jobs in the event of unfavorable shocks. At the same time, they are more prone to further increase in the debt burden than borrowers with high incomes; and for them higher interest rates on the loan are a smaller restriction of the application for a loan. As the survey data indicate, the nature of this behavior can partly be explained by the propensity for risk behavior (low-income borrowers have negative net assets and they simply have nothing to lose), in part — by risks underestimation, for example, due to too high inflationary and salary expectations, and also because of financial capability low level.
5 Over the past 10 years, in the Russian Fed-e eration there has been increasing attention to ^ improving the financial capability level as an i important factor in the country's economic de-^ velopment, the financial potential of households g and, consequently, improving the population ^ living standards. The Concept of the Russian g Federation long-term social and economic de-^ velopment for the period until 2020, approved ^ by the Government of the Russian Federation | Instruction 1662-r dated 17 November 2008, notes that encouraging the population to save money, including through the financial capability development, should be one of the main directions of investment resource formation. The strategy for the Russian Federation financial market development for the period until 2020, approved by the Government of the Russian Federation Decree 2043-r dated 29 December 2008, considers financial capability increasing as one of the strategic factors for ensuring the Russian financial market competitiveness.
At the same time, the financial capability level in the Russian Federation remains rather low and requires a long-term systematic and coordinated work of all concerned parties. The skills of personal financial planning and the financial reserves formation in the event of unforeseen circumstances are still missing in most Russian households. Another feature of the financial culture of Russians is the lack of financial discipline and responsibility for the risks associated with the independent selection and use of various financial services and financial instruments.
Theoretical framework and propositions
Conventionally, neoclassical economists draw on the fact that consumers behave rationally and always seek to maximize their utility function. However, with the advent of behavioural economics, the right tone has been set, which explains the fact that, psychological characteristics and considerations affects consumer decision. Behavioural economics increases the explanatory power of economics by providing it with more realistic psychological foundations. The neoclassical approach is vital because it provides researchers with the right theoretical framework that is application to economic behavior and even to non-economic behaviour. Behavioural economics should be classified into reality, generality, and tractability. Researchers have been able to incorporate behavioural studies in life cycle models to actually describe consumer life cycle consumption and savings behaviours [17]. Angeletos et. al. [18] suggest that our long run preferences tend to conflict with our short run behaviour. When planning for the long run may tend to meet our financial goals and targets but in the short run
we have little interest in reading financial toolkits that improving on our knowledge. Apparently, there is a wide between short-run actions and long-run intentions including saving choices — financial choices. Farkas and Johnson [19] conclude in their report that the existing gap between intentions, behaviours and attitudes are worrying because it threatened retirement security for people who retire. It is well established that self-control problems practically affects savings choices. The consumer tomorrow, usually is faced with two key assumptions. First, since consumers face uncertain future labour income, they face liquidity challenges today because they are not able to borrow against those future labour incomes. Second, consumers eager to increase their wealth in the short-run are more likely to engage in riskier financial instruments( instantaneous gratification). This phenomena- hyperbolic discounting, as described by Strotz [20] posits that people are more impatient when they make short-run tradeoffs than when they make longrun tradeoffs. The theory of time preferences have been applied to numerous constructs like financial rewards and non-financial rewards [21; 22]. The greater proportion of these simulations and experiments, explains the value of rewards at different time levels. Over the consumer lifecycle, finance becomes a binding constraint and affects saving, borrowing and financial decisions. In the short-run, consumers develop dual personalities and act impatiently with respect to their finances. Therefore, financial literacy can have an effect on saving behaviour, borrowing behaviour, financial behaviour and inflationary expectations. Since financial literacy is at the centre of financial decision making, financial educators teaching strategies and level and depth of knowledge can also be assessed.
Financial literacy can be grouped into two. Objective and Subjective. Objective financial literary refers to consumers' actual financial knowledge, usually measured by scores of financial quizzes. Subjective financial literacy is the financial knowledge level self-evaluated by consumers themselves [13]. Both subjective and objective factors can be used to predict financial behaviour. Theoretically, Robb and Sharpe [23] argue that, financial knowledge should result in individuals making prudent and effective borrowing, saving or investment decisions. For example, Robb and Sharpe [Ibid.] in their work noted a positive relationship between credit card balance behaviour and resource mobilization. Figure 1, illustrates our conceptualization and propositions. Financial literacy can be accumulated from both explicit and implicit (tacit) means. Anecdotally, it is expected that both objective and subjective literacy have positive relationships with financial capability in the long-run.
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Fig. 1. Conceptual framework
P1: There is a higher positive relationship between objective financial literacy and financial behaviour
P2: There is a positive relationship between subjective financial perceptions and financial behaviour
P3: Financial Behaviour has a positive mediating effect on financial literacy and financial capability
In this study, financial behaviour refers to human behaviour that is relevant to any form of money management. To this effect, higher financial behaviour is generally associated with more desirable financial behaviours. In the neo-classical model of consumer behaviour, consumers demonstrate different financial behaviours because of resource scarcity and availability and they respond to very frantically to short-term external shocks
Conclusion
The goal of most financial education courses is to convert explicit financial knowledge into productive knowledge gains and behaviour change of consumers to improve their financial capabilities which has a direct impact on their financial well-being. This study makes propositions using four variables — objective financial literacy, subjective financial literacy, financial behaviour and a dependent variable — financial capability. We expect that the independent variables and mediator has a positive impact on financial capability and well-being of consumers. We further expect that objective financial literacy is a greater impact on financial capability both in the short-term and long-term. These findings suggest that financial education may enhance financial capability especially when measured through objective means — this could be in the form of seminars, classes, webinars and conferences. Consumers are more likely to accept financial education because of financial security (e.g. retirement benefits). In this regard, financial education programs and outcomes should include training for personal finance instructors since it has a direct impact of learning.
Литература
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2. Atkinson A., McKay S., Kempson E., Collard S. Levels of Financial Capability in the UK: Results of a Baseline Survey. L.: Financial Services Authority, 2006. 150 p.
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References
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2. Atkinson A., McKay S., Kempson E., Collard S. Levels of financial capability in the UK: Results of a baseline survey. London: Financial Services Authority, 2006. 150 p. (Financial Services Authority Consumer Research, No. 47). Available at: http://www.pfrc.bris.ac.uk/pub-lications/Reports/Fincap_baseline_results_06.pdf.
3. Brown A. M., Collins J. M., Schmeiser M. D., Urban C. State mandated financial education and the credit behavior of young adults. Washington, DC: Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2014. 42 p. (Finance and Economics Discussion Series, No. 68). Available at: https://www.federalreserve.gov/pubs/feds/2014/ 201468/201468pap.pdf.
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5. Thaler R. H. Some empirical evidence on dynamic inconsistency. Economic Letters, 1981, vol. 8, no. 3, pp. 201-207.
6. Baumann C., Hall T. Getting Cinderella to the ball: Putting education at the heart of financial education. International Journal of Consumer Studies, 2012, vol. 36, no. 5, pp. 508-514.
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10. Fernandes D., Lynch J. G., Jr., Netemeyer R. Financial literacy, financial education, and downstream financial behaviors. Management Science, 2014, vol. 60, no. 8, pp. 1861-1883.
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12. Strotz R. H. Urban transportation parables. Mar-golis J., ed. The public economy of urban communities. Washington, DC: Resources for the Future, 1965, pp. 127-169.
13. Xiao J., Chen C., Chen F. Consumer financial capability and financial satisfaction. Social Indicators Research, 2014, vol. 118, no. 1, pp. 415-432.
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