There are many concerns about financial competences of Millennials. Initial research on this generation suggests that it is less financially knowledgeable and exhibits less healthy financial ...behaviours compared to other generations. The goal of the article is to compare Millennials to non-Millennials as a whole, as well as to other generations treated in isolation, to check whether Millennials diverge in terms of financial literacy, behaviour and well-being. To that end, this study uses three distinct datasets from three surveys conducted in 2017 and 2018 on different samples of Poles. The applied statistic tests of significant differences do not confirm that Millennials diverge from other generations with respect to financial literacy as well as behaviours related to cash management, saving and investment. However, the surveyed Millennials perform significantly less healthy credit management and insurance behaviours compared to non-Millennials. We also found that Millennials report significantly higher levels of financial well-being compared to all previous generations.
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CEKLJ, IZUM, KILJ, NUK, ODKLJ, PILJ, SAZU, UL, UM, UPUK
Borrowing behavior may be more resistant to formal educational treatments than other financial behaviors. In order to study the process and results of infographics-based debt education, we used eye ...tracking technology (SMI RED 500 Hz) to monitor the oculomotor behavior of 108 participants (68 females) aged 18 to 60 who were shown 4 infographics. The study used an experimental design with repeated measures and an internal comparison group. We also used scales of debt literacy and a set of information literacy scales: numerical, graph, and linguistic. The results confirm that short-term infographics-based debt education can improve debt literacy significantly. The difference in processing the educational contents that were not known to participants before the educational session suggests that participants with better information literacy make more considerable debt literacy progress. Specifically, we found that numerical literacy is a significant mediator of debt education results, depending on the initial level of debt literacy; this relation is moderated by the focus of visual attention on negatives of debt. We found no significant relationship between debt literacy education results and those of graph and linguistic literacy.
The aim of the study was to investigate the factors affecting life satisfaction with reference to particular reports from both partners in the relationship. The study was conducted within a group of ...500 heterosexual couples. The accuracy of the actor-partner interdependence models (APIM) which offer in-depth insights into the dyadic relationships between female and male partners were estimated. The results of the chi-square test enabled us to reject the hypothesis of actor indistinguishability, therefore the model proposing distinguishability with respect to gender was explored further. The results suggest that women's credit management behavior patterns predict changes in her assessment of well-being. Moreover, the financial behavior patterns of women have an impact on the assessment of well-being as reported by their male partners. Moreover, shared goals and values turned out to be significant with regard to the assessment of quality of life for both women and men. The obtained results provide an insight into the difficulties experienced within relationships and indicate the importance of the roles assumed in various areas of financial management.
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DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
The way of functioning in everyday life and the style of coping with the challenges encountered, including the situations of financial difficulties, are shaped by various adaptation mechanisms ...conditioned by the state of psychophysical health, as well as social and cultural factors. They are related to the intrapsychic features, among which the personality plays a key role.
The research sample consisted of 2 groups - 50 patients with mobility impairment resulting from chronic pathologies of the locomotor system hospitalized in the Department of General and Neuro Rehabilitation, Institute of Rural Health in Lublin, and 50 healthy people. The research was carried out using the NEO-FFI Personality Inventory, Perceived Stress Scale, Self-Esteem Scale, General Self-Efficacy Scale, Impulsiveness Inventory and the APSZ Questionnaire.
In the group of patients with impaired mobility resulting from chronic pathologies of the locomotor system, the leading correlate of the tendency to seek help in the situation of indebtedness was extraversion. In the healthy group, the leading correlates of the tendency to undertake this type of activity were the intensity of perceived stress, neuroticism, self-esteem, self- efficacy and empathy.
In the group of patients with impaired mobility resulting from chronic diseases of the locomotor system, extroversion was the factor conducive to seeking help in the situation of indebtedness. In the group of healthy people, self-esteem, self- efficacy and empathy were the factors conducive to taking such actions, whereas intensity of perceived stress and neuroticism were the risk factors.
Professional advice can be perceived as a means to tackle shortcomings in the objectively measured financial literacy of consumers. However, most studies suggest that less financially literate ...individuals are less likely to seek experts’ financial advice. At the same time, it has been shown that financial confidence – or subjectively perceived financial literacy – is positively correlated with the propensity to request such professional advice. This study examines these puzzling effects in a sample of 1,055 Facebook users in Poland, and within an analytical framework that allows control of the potential endogeneity of financial literacy to professional advice. A series of regressions applied to the results of our survey showed that objective debt literacy – a little-studied aspect of financial literacy – was insignificant in explaining advice-seeking behaviour, although the decisions to ask for advice were positively dependent on subjective debt literacy. Such outcomes prove that subjective financial literacy should be treated as a separate construct which can predict financial behaviour above and beyond predictions based on objective financial literacy. Our findings also suggest a positive role for social networks in inducing desired financial actions. We found that respondents having access to greater resources embedded in their social networks are more inclined to seek professional debt advice.
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Research shows that involvement in intra-household financial management fosters the development of financial literacy and sound financial behaviour. However, little is known about how different ...intra-couple financial management styles (sole versus joint management) affect the way consumers act when confronted with typical financial matters. Using a simple classifier allowing to distinguish households in which both partners undertake financial activity from those in which only one partner is involved in managing household finances, we applied statistical tests of significant differences and multiple linear regression models to determine whether the financial behaviour of joint participants is distinct from that of sole participants in Poland. Mann-Whitney U test showed that significant differences exist in credit management behaviour, with individuals who share participation performing better behaviour in this domain compared to sole managers. Credit management also appears to be the most problematic domain of household financial management where undesirable behaviour is the most likely. However, closer inspection with linear regression revealed that these differences can be attributed to socio-demographic variables such as age, place of residence, income, and number of dependent children.
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Although financial literacy becomes increasingly important in more and more financialised world, and despite broad-based financial education interventions, consumers still display large shortcomings ...in the literacy. In this study, using multivariate linear regression and a nationally representative sample of adult Poles (N=1,067), we test some little-studied potential determinants of financial literacy with the purpose to further explain low financial literacy levels. We found that respondents who are more interested in financial domain, have less difficulty in understanding information supplied by means of numbers, and report more learning from own mistakes are at the same time more financially literate, even after controlling for sociodemographic characteristics. Possible implications regarding the role of these factors for financial education are discussed.
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: In recent years classic financial market theory based on decision makers’ rationality has been challenged by repeated anomalies that became a ‘new normal’. As a result, what we witness today is a ...considerable turn to behavioral concepts that can shed a new light on choices made by market participants. The astonishing development of social media accelerated scientific validation of such concepts, since the media opened new and capacious ‘laboratory space’ for testing behavioral hypotheses. The main purpose of the article is to examine whether financial market professionals believe that social media content can be useful in achieving additional financial market returns and to investigate the factors behind this belief.
: We surveyed a sample of over 400 financial market professionals at institutions operating in Poland, and analyzed the results using logit regression models.
: We established that almost 60% of the surveyed finance professionals recognized the potential of social media for achieving additional returns. We also found out that the differences in respondents’ perception of this potential could be explained mainly by heterogeneity of their job experience and, to a lesser degree, by their job position. Interestingly, more experienced individuals were less likely to recognize this potential. Firm-specific factors did not have a significant effect on the dependent variable.
: The opinions of financial market professionals regarding the link between social media and additional returns are mixed, which is consistent with the current body of evidence brought by sentiment-based research. Our findings confirm the key role of previous experience in explaining attitudes towards novelties and innovations (such as social media), a phenomenon known from other fields and everyday experience.
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Capital structure decisions in firms and factors determining them still belong to the most challenging research issues that deserve more empirical studies. The recent global crisis has put the ...subject into a new perspective as it was clearly related to debt issues. Using panel data and multi factor regression procedure we investigated the diversified sample of almost 4000 public and non-public firms operating in Poland over 2006–2011 period to verify the degree to which the most significant traditional firm-specific factors explain their capital structures. Specifically, our study was aimed at examining the potential differences in the investigated relationships in the pre-crisis years as compared to the crisis ones. We confirmed the previous findings of other researchers concerning the impact profitability and size have on leverage. We showed also that the latest global crisis did not influence significantly capital structure selection patterns observed in our sample despite visible changes in the financial performance of the investigated firms. However, our evidence is inconclusive in terms of the verification of two classic capital structure theories: trade-off and pecking order. Some of our empirical findings may be of a practical importance as they can indicate some desired rearrangements in the institutional environment of firms, including financial markets, and suggest the appropriate directions for the potential policy programs.
Przedsiębiorczość ma kluczowe znaczenie zarówno dla wzrostu gospodarczego, jak i rozumianego wielowymiarowo rozwoju, co znalazło odzwierciedlenie w przyjmowaniu jej za jeden z czynników produkcji ...przez niektóre teorie. Zarówno teoretyczne, jak i empiryczne badania przedsiębiorczości świadczą o tym, że jest ona kształtowana przez wiele różnorodnych czynników, będąc wyjątkowo złożonym zjawiskiem. Tradycyjne metody badawcze okazują się niewystarczające wobec wspomnianej złożoności zjawiska. Niniejszy artykuł prezentuje wyniki badania dotyczącego wpływu poszczególnych wskaźników opracowanych przez Bank Światowy w World Governance Indicators na wzrost przedsiębiorczości. Celem artykułu jest empiryczna weryfikacja przydatności metod uczenia maszynowego w selekcji czynników kluczowych dla przedsiębiorczości w sytuacji, gdy dokonuje się jej z wykorzystaniem dużych zbiorów wielowymiarowych i zmiennych danych. Zastosowana metoda wykazała istotne różnice pomiędzy kluczowymi czynnikami determinującymi wzrost przedsiębiorczości w pięciu grupach krajów, wydzielonych ze względu na wartość tego wzrostu mierzoną przyrostem nowo zakładanych przedsiębiorstw. Otrzymane wyniki świadczą o tym, że do badania istoty i determinant przedsiębiorczości mogą zostać zaprzęgnięte niestandardowe metody, rzucając nowe światło na to zjawisko.
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