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Global consumers are experiencing the adverse effects of over-indebtedness, which impacts their well-being. This study article emphasises the significant repercussions experienced by consumers regarding their welfare due to over-indebtedness. A qualitative research approach was employed to identify a deliberate sample of five registered debt counsellors and financial planners. Semi-structured interviews were employed, and theme qualitative analysis was performed. The results indicate that excessive debt adversely affects consumer well-being and quality of life. Inadequate financial well-being was recognised as the primary catalyst that exacerbated other issues for over-indebted consumers, including deteriorated physical and mental health. Moreover, stress and stigmatisation have been identified as detrimental consequences stemming from financial hardships. This article demonstrates that financial debt is correlated with and adversely affects consumer physical and mental well-being, highlighting the necessity for immediate solutions, including enhanced financial education and more robust laws.   

The research focus was on the link between Personal Financial Management (PFM) and employees' productivity in Botswana’s public sector because this particular aspect remains largely unattended despite being an important gap within African public sector management studies. The research was conducted at the Department of Social Protection and entailed applying a quantitative research paradigm with structured research interviews (n=73). Analysis shows that there was statistical significance with PFM only marginally expanding employees' productivity at 19.3% variance significance level. It was established that marital status and age were not significant factors or interests influencing PFM while education was established as an important predictor variable using multiple regression analysis. It was established that poor PFM practice translates to employees' stress caused by financial problems manifesting at workplaces indicated by employees' lack of focus and related absenteeism. The study proposes specific programs for employees' financial well-being at workplaces.

The study examined financial retirement planning of government employees in Tanzania: Moderating effect of financial decision behavior. The study applied a cross-sectional survey strategy, positivist paradigm and deductive approach. The study collected quantitative data through questionnaire from government employees working in different ministries within Dodoma region in Tanzania. The study examined whether the moderator moderates the relationship between independent variables (computation capability, financial knowledge, financial education and risk attitude towards financial products) and dependent variable (retirement planning). Data analysis was through Smart PLS-SEM path modelling. The study findings were that financial decision behavior had statistically significant positive moderating effect (p=0.013) on retirement planning. Moderating effect of financial decision behavior on the relationship between risk altitude towards financial products and retirement planning found to be a theoretical contribution of this study as it supports behavioral finance advocates who asserts that the theory of expected utility is an incomplete model since it lacks individual behavioral aspects. This study has incorporating a moderating variable financial decision behavior borrowed from the theory of planned behavior, which has indicated a significant moderating effect that has widened the explanatory power of the theory. This study offers pertinent insights for policy makers concerns on reviewing policy guidelines by government regulators and professional bodies, to advocate for employee’s savings and investment behavior, employees access to a range of financial products, regular training on financial products available in the financial market for better investment decision. Lastly, practitioners and academia can use the results of this study for future references.

This study provides an empirical assessment of financial prudence among South African individuals, focusing on savings and investment behaviour. Prior research highlights a positive correlation between national savings rates and economic growth, with countries exhibiting high saving rates often experiencing stronger economic prosperity. However, as of 2023, South Africa's gross saving rate remains around 17%, ranking the lowest among BRICS nations. In contrast, countries like China and India boast saving rates above 40% and 30% respectively, underscoring South Africa's persistent challenge in fostering a robust savings culture. Despite various initiatives aimed at increasing the national savings rate, these efforts have yet to yield significant improvements. This research explores whether financial prudence characterised by conservative spending and careful planning in the face of future income uncertainty—could contribute to higher personal savings rates. To investigate this, an experimental design was employed where participants were presented with a hypothetical lottery payout scenario to gauge their prudence and its effect on saving behaviour. Analysis of the data indicated that while individuals generally displayed a lack of prudence, prudence itself has a notable influence on savings. Based on these findings, the study recommends that financial products and services in South Africa be designed to be affordable, accessible, and suited to the needs of the population. Additionally, it advocates for government investment in small businesses, job creation, and efforts to attract foreign investment to support a more robust savings culture.

This paper examines the financial behaviors of university students in Bangladesh, including gender and academic level. The study, involving a sample size of 416 students, was done at the University of Dhaka using a standardized questionnaire to collect data on financial behaviors, including monthly expenditures, saving habits, and financial decision-making techniques. One-way ANOVA and independent samples t-tests indicated significant gender disparities; male students showed greater spending habits, whilst female students displayed a stronger propensity for savings. Academic levels influenced spending behaviors; first-year students had distinct financial patterns compared to seniors, however, savings habits were rather consistent across groups. The findings emphasize the necessity of encouraging structured saving strategies and financial awareness among university students. Identifying substantial demographic and behavioral insights in this study aids legislators and financial institutions in improving customized financial planning strategies for students. The research highlights the potential for future studies to incorporate private colleges and investigate the impact of socioeconomic issues and digital payment systems on student financial conduct that may mold Bangladesh's orderly and economical student demographic.

Financial knowledge and behaviour in millennials and Gen Z's turbulent and volatile environment are fundamental behavioural traits for a desirable work-life balance. They could contribute to work motivation and a comfortable social life. However, the financial knowledge, financial literacy and financial behaviour viewed from an organizational context are still far from homogeneity and linearity as Gen Y and Z have to navigate through challenging settings while thriving to enjoy financial and investment-balanced decision-making and problem-solving albeit limited disposable income against a plethora of spending pressures. This study explores the synergy between financial knowledge contribution and financial behaviour that culminates in sound investment prioritisation amongst Gen Y and Z professionals in the employment of public entities. The study used the qualitative research approach to unpack the challenges facing Gen Y and Z from fifteen professionals in navigating a prosperous financial future. The findings revealed that the existential restrictive nature of the economic climate and the sluggish economic growth, characterised by the heightened cost of living and inflationary pressure, have not exempted Gen Y and Z, while the broader society is experiencing the worst unemployment. The findings also revealed that even though the participants are in relatively well-remunerating positions from their respective positions, their financial knowledge and commensurate financial literacy could be superseded by actual financial behaviour, which is symptomatic with the current era of rampant price increases on almost every product, assets and purchases which are meant to improve their standard of living and stable quality of life.  

This article reports on a study aimed at measuring and characterising consumer over-indebtedness in South Africa, despite the existence of financial regulatory measures and legislation. The study employed quantitative analysis to examine the impact of macroeconomic variables on consumer over-indebtedness. The primary conclusion of the study indicated that the debt-to-disposable-income ratio decreased following the enactment of the National Credit Act; nevertheless, the alterations in debt levels cannot be solely ascribed to the enforcement of regulations and legislation. The study findings indicate that over-indebtedness correlates positively with gross domestic product, consumer expenditure, unemployment, and the debt-to-income ratio, while exhibiting a negative correlation with the interest rate.

The literature laments college students’ lack of financial literacy and their lackadaisical interest in learning. However, our research demonstrates that students can be enticed such that they get interested in acquiring financial skills. Generally, college students live hand-to-mouth and are happy to learn about money-making opportunities (not necessarily financial management). Students were informed that qualified faculty will conduct a series of workshops whereby they will learn financial tools and skills and will also get an opportunity to trade stocks and options first-hand. Literature on pedagogy confirms that experiential learning is the best way to learn. Students also prefer practical, hands-on learning more than listening to a lecture or reading a book. Moreover, if workshops (for which professionals charge exorbitant sums) are offered for free, students’ interest soars, and they enrol in hordes. This is confirmed by our workshops which proved successful in enhancing student interest and imparting financial skills. The workshops were innovative and unique as they were online, interactive, tutored, and free. They were open to students from all majors, faculty, and staff. Students are excited about stock trading but are generally apprehensive of and intimidated by financial options. This was true of our sample of students as well, but the faculty-led, friendly, and riskless environment of hands-on learning provided a great opportunity, and over 100 individuals enrolled in our workshops. A comparison of pre- and post-survey quizzes shows that participants’ interest in, and knowledge of options trading increased significantly due to the workshops.  

The article aims to promote financial literacy among youngsters from low-income backgrounds, encouraging them to engage in cost-effective investments that will enable them to accumulate wealth in the future. The article outlines a novel approach in life skills that entails shifting away from relying on uncertain grants and supports. Instead, it proposes utilizing a straightforward and practical mathematical model to generate money starting from a young age. The authors demonstrate that by utilizing a highly efficient investing option, young children have the ability to generate substantial wealth. To exemplify, we demonstrate the suggested methodology utilizing sequences and summations. Our method/proposal facilitates the enhancement of boundless wealth generation by enabling those who can invest more than the minimum requirement to accumulate greater wealth. The efficacy assessment of the new method is validated through the computation of the smallest investment, which is merely symbolic, yet yields boundless financial outcomes. The study findings, which have the potential to enhance governmental decision-making, can also be utilized for personal betterment. This work is innovative as it presents an alternative approach that imparts discipline, consistency, and honesty. It allows individuals to easily adopt the model with appropriate adjustments, hence facilitating the creation of wealth.

Financial literacy (FL) is a crucial skill set that police officers must possess, particularly in managing their funds during their tenure in the police force and as they approach retirement from their service. The extent of an individual's FL will directly impact the extent of their financial planning knowledge and budgeting abilities required as a police officer, commencing from the initial stages of their career. The primary objective of this study is to investigate the level of FL within the police force, with a particular emphasis on the factors of financial knowledge, attitude, and behaviour. The study employed a simple random sampling technique to gather data from a sample of 68 law enforcement employees stationed in Vosman and Klipfointein. The data was acquired through survey questionnaires. The data were descriptively analysed using the Statistical Package for the Social Sciences (SPSS). The results of the study suggest that police officers often possess low to moderate levels of FL. However, there is a positive correlation observed between the variables under investigation. The recommendation proposes that the government should implement ongoing training and short-term interventions focused on FL, with a particular emphasis on tailoring these initiatives to individuals' income levels and lifestyles. This study utilized intervention and transformational learning theory to support law enforcement professionals in enhancing their financial planning both prior to and following their employment, by means of financial education.

Financial product awareness is an efficient remedy for poverty reduction as against lack of money. However, a holistic literature on financial product awareness in the six Geo-Political Zone of Nigeria is scarce. Using data from a quarterly survey of households in Nigeria, this paper investigated the influence of financial literacy, Socioeconomic and demographic factors on saving behaviors of Nigerians, age 15 to 70. With a pool of methods, our finding supported the observation from similar economies, but revealed some differences as well. We observed that financial literacy and proximity to financial products and services among others are the most significant determinants of savings behaviors of Nigerians. It is fair to say financial awareness and factors that influences it are necessary for the formulation of strategies to increase the inclusion of more members of the society into the formal financial stream.

This paper investigates whether false confidence, as characterized by a high level of personal mastery and a low level of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various behavioral, socio-economic and demographic variables drawn from prior literature. Findings of this research reveal that false confidence is indeed a predictor of trading activity in individual investment assets, and it also has a negative impact on individual wealth creation across time.

<p>This paper investigates whether false confidence, as characterized by a high level of personal mastery and a low level of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various behavioral, socio-economic and demographic variables drawn from prior literature. Findings of this research reveal that false confidence is indeed a predictor of trading activity in individual investment assets, and it also has a negative impact on individual wealth creation across time.</p>