Financial Literacy: Empowering Women for Better Financial Management
Abstract
Previous research has shown that women tend to have lower levels of financial literacy and participation in economic activities than men. The research aims to determine ways for women to empower themselves by improving their financial literacy. The research design, a literature study, is based on a review of articles using appropriate keywords, aiming to identify and objectively evaluate relevant research on the topic of financial literacy in women, the determinants, and applicable criteria approaches to enhancing financial literacy, using a transparent process to minimize research bias. Although this systematic literature review is not comprehensive, the research has been complex. The systematic review involves thorough literature searching, explicit criteria for the inclusion and exclusion of studies, and a reliable assessment of the quality of the cited research. The research findings indicate several appropriate methods, including understanding the basics of financial literacy, taking control of personal finances, using technology, making smart investments, and seeking professional assistance in managing and consulting on finances.Keywords : Financial literacy, financial knowladge, financial skill, financial tehnologi, gender.
References
Andarsari PR, Ningtyas MN. 2019. The role of financial literacy on financial behavior. J. Account. Bus. Educ. 4: 24–33.
Andriamahery A, Qamruzzaman M. 2022. Do access to finance, technical know-how, and financial literacy offer women empowerment through women’s entrepreneurial development? Front. Psychol. 12: 776844.
Arias O, Evans DK, Santos I. 2019. The skills balancing act in Sub-Saharan Africa: Investing in skills for productivity, inclusivity, and adaptability. World Bank Publications.
Bayar Y, Sezgin HF, Öztürk ÖF, Şaşmaz MÜ. 2020. Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. Sage Open 10: 2158244020945717.
Bottazzi L, Lusardi A. 2021. Stereotypes in financial literacy: Evidence from PISA. J. Corp. Financ. 71: 101831.
Chen H, Volpe RP. 2002. Gender differences in personal financial literacy among college students. Financ. Serv. Rev. 11: 289–307.
Coleman III TJ, Bartlett JE, Holcombe JM, Swanson SB, Atkinson A, Silver CF, Hood RW. 2019. Absorption, mentalizing, and mysticism: Sensing the presence of the divine. J. Cogn. Sci. Relig. 5: 63–84.
Cummings ME, Rawhouser H, Vismara S, Hamilton EL. 2020. An equity crowdfunding research agenda: Evidence from stakeholder participation in the rulemaking process. Small Bus. Econ. 54: 907–932.
Davis G, Rhodes RAW. 2020. From hierarchy to contracts and back again: reforming the Australian public service. In: Institutions on the Edge? Routledge, p 74–98.
Davis K, Maddock R, Foo M. 2017. Catching up with Indonesia’s fintech industry. Law Financ. Mark. Rev. 11: 33–40.
Elliyana E, Hastuti P, Rahman A. 2023. Literatur Review: Costumer Experience in Financial Technologi. J. Adm. Kant. 10: 134–143.
Etoromat L. 2022. Debt Management Literacy and Financial Performance of Saccos in Kumi County – Kumi Uganda. Int. J. Curr. Sci. Res. Rev. 05: 109–124.
Fessler P, Jelovsek M, Silgoner M. 2020. Financial literacy in Austria–focus on millennials. Monet. Policy Econ. Q 3.
Gulati L. 2019. The impact on the family of male migration to the Middle East: some evidence from Kerala, India. In: Asian Labor Migration. Routledge, p 194–212.
Guzman F, Paswan A, Tripathy N. 2019. Consumer centric antecedents to personal financial planning. J. Consum. Mark. 36: 858–868.
Hung A, Parker AM, Yoong J. 2009. Defining and measuring financial literacy.
Kagan J. 2020. Financial technology–fintech. Datum Pristup. dokumentu 13: 2020.
Khan MN, Rothwell DW, Cherney K, Sussman T. 2017. Understanding the financial knowledge gap: A new dimension of inequality in later life. J. Gerontol. Soc. Work 60: 487–503.
Kireyeva AA, Kredina A, Vasa L, Satpayeva ZT. 2021. Impact of financial technologies on economic development: Theories, methods and analysis. J. Int. Stud. 14.
Klapper L, Lusardi A. 2020. Financial literacy and financial resilience: Evidence from around the world. Financ. Manag. 49: 589–614.
Kofman P, Payne C. 2021. Digital financial inclusion of women: An ethical appraisal. Handb. ethics Financ.: 133–157.
Lusardi A, Mitchell OS. 2013. Older adult debt and financial frailty. Michigan Retire. Res. Cent. Res. Pap.
Mahendra KC. 2023. Pengaruh Literasi Keuangan Terhadap Perilaku Belanja dan Perilaku Investasi.
Mawad JL, Athari SA, Khalife D, Mawad N. 2022. Examining the impact of financial literacy, financial self-control, and demographic determinants on individual financial performance and behavior: An insight from the Lebanese Crisis Period. Sustainability 14: 15129.
Mintz B. 2021. Neoliberalism and the crisis in higher education: The cost of ideology. Am. J. Econ. Sociol. 80: 79–112.
Mirza AD. 2019. Milenial cerdas finansial. CV Jejak (Jejak Publisher).
Moeller K. 2020. Accounting for the corporate: An analytic framework for understanding corporations in education. Educ. Res. 49: 232–240.
Mustafa M, Mazhar N, Asghar A, Usmani MZ, Razaq L, Anderson R. 2019. Digital financial needs of micro-entrepreneur women in Pakistan: is mobile money the answer? In: Proceedings of the 2019 CHI Conference on Human Factors in Computing Systems., p 1–12.
Muwanguzi PA, Nassuna LK, Voss JG, Kigozi J, Muganzi A, Ngabirano TD, Sewankambo N, Nakanjako D. 2019. Towards a definition of male partner involvement in the prevention of mother-to-child transmission of HIV in Uganda: a pragmatic grounded theory approach. BMC Health Serv. Res. 19: 1–11.
Ofori-Abebrese G, Baidoo ST, Essiam E. 2020. Estimating the effects of financial inclusion on welfare in sub-Saharan Africa. Cogent Bus. Manag. 7: 1839164.
Plöthner M, Schmidt K, De Jong L, Zeidler J, Damm K. 2019. Needs and preferences of informal caregivers regarding outpatient care for the elderly: a systematic literature review. BMC Geriatr. 19: 1–22.
Potrich ACG, Vieira KM, Kirch G. 2018. How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences. J. Behav. Exp. Financ. 17: 28–41.
Rai K, Dua S, Yadav M. Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach.
Razzaque A, Cummings RT, Karolak M, Hamdan A. 2020. The propensity to use FinTech: input from bankers in the Kingdom of Bahrain. J. Inf. Knowl. Manag. 19: 2040025.
Resmi GG, M Amirudin Syarif M, Andrian N. 2022. Buku Ajar BISNIS MILIK KELUARGA. Buku Ajar BISNIS MILIK Kel.
Sinambela WP. 2020. Peran Financial Technology Dalam Meningkatkan Literasi Keuangan Generasi Millenial Di Kota Medan.
Standal K, Talevi M, Westskog H. 2020. Engaging men and women in energy production in Norway and the United Kingdom: The significance of social practices and gender relations. Energy Res. Soc. Sci. 60: 101338.
Wang Z, Torres PE. 2022. How to be Helpful on Online Support Forums? In: Proceedings of the 4th Workshop of Narrative Understanding (WNU2022)., p 20–28.
Xiao JJ, Chatterjee S, Kim J. 2014. Factors associated with financial independence of young adults. Int. J. Consum. Stud. 38: 394–403.
Yeoh BSA, Somaiah BC, Lam T, Acedera KF. 2020. Doing family in “times of migrationâ€: Care temporalities and gender politics in Southeast Asia. Ann. Am. Assoc. Geogr. 110: 1709–1725
Andriamahery A, Qamruzzaman M. 2022. Do access to finance, technical know-how, and financial literacy offer women empowerment through women’s entrepreneurial development? Front. Psychol. 12: 776844.
Arias O, Evans DK, Santos I. 2019. The skills balancing act in Sub-Saharan Africa: Investing in skills for productivity, inclusivity, and adaptability. World Bank Publications.
Bayar Y, Sezgin HF, Öztürk ÖF, Şaşmaz MÜ. 2020. Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. Sage Open 10: 2158244020945717.
Bottazzi L, Lusardi A. 2021. Stereotypes in financial literacy: Evidence from PISA. J. Corp. Financ. 71: 101831.
Chen H, Volpe RP. 2002. Gender differences in personal financial literacy among college students. Financ. Serv. Rev. 11: 289–307.
Coleman III TJ, Bartlett JE, Holcombe JM, Swanson SB, Atkinson A, Silver CF, Hood RW. 2019. Absorption, mentalizing, and mysticism: Sensing the presence of the divine. J. Cogn. Sci. Relig. 5: 63–84.
Cummings ME, Rawhouser H, Vismara S, Hamilton EL. 2020. An equity crowdfunding research agenda: Evidence from stakeholder participation in the rulemaking process. Small Bus. Econ. 54: 907–932.
Davis G, Rhodes RAW. 2020. From hierarchy to contracts and back again: reforming the Australian public service. In: Institutions on the Edge? Routledge, p 74–98.
Davis K, Maddock R, Foo M. 2017. Catching up with Indonesia’s fintech industry. Law Financ. Mark. Rev. 11: 33–40.
Elliyana E, Hastuti P, Rahman A. 2023. Literatur Review: Costumer Experience in Financial Technologi. J. Adm. Kant. 10: 134–143.
Etoromat L. 2022. Debt Management Literacy and Financial Performance of Saccos in Kumi County – Kumi Uganda. Int. J. Curr. Sci. Res. Rev. 05: 109–124.
Fessler P, Jelovsek M, Silgoner M. 2020. Financial literacy in Austria–focus on millennials. Monet. Policy Econ. Q 3.
Gulati L. 2019. The impact on the family of male migration to the Middle East: some evidence from Kerala, India. In: Asian Labor Migration. Routledge, p 194–212.
Guzman F, Paswan A, Tripathy N. 2019. Consumer centric antecedents to personal financial planning. J. Consum. Mark. 36: 858–868.
Hung A, Parker AM, Yoong J. 2009. Defining and measuring financial literacy.
Kagan J. 2020. Financial technology–fintech. Datum Pristup. dokumentu 13: 2020.
Khan MN, Rothwell DW, Cherney K, Sussman T. 2017. Understanding the financial knowledge gap: A new dimension of inequality in later life. J. Gerontol. Soc. Work 60: 487–503.
Kireyeva AA, Kredina A, Vasa L, Satpayeva ZT. 2021. Impact of financial technologies on economic development: Theories, methods and analysis. J. Int. Stud. 14.
Klapper L, Lusardi A. 2020. Financial literacy and financial resilience: Evidence from around the world. Financ. Manag. 49: 589–614.
Kofman P, Payne C. 2021. Digital financial inclusion of women: An ethical appraisal. Handb. ethics Financ.: 133–157.
Lusardi A, Mitchell OS. 2013. Older adult debt and financial frailty. Michigan Retire. Res. Cent. Res. Pap.
Mahendra KC. 2023. Pengaruh Literasi Keuangan Terhadap Perilaku Belanja dan Perilaku Investasi.
Mawad JL, Athari SA, Khalife D, Mawad N. 2022. Examining the impact of financial literacy, financial self-control, and demographic determinants on individual financial performance and behavior: An insight from the Lebanese Crisis Period. Sustainability 14: 15129.
Mintz B. 2021. Neoliberalism and the crisis in higher education: The cost of ideology. Am. J. Econ. Sociol. 80: 79–112.
Mirza AD. 2019. Milenial cerdas finansial. CV Jejak (Jejak Publisher).
Moeller K. 2020. Accounting for the corporate: An analytic framework for understanding corporations in education. Educ. Res. 49: 232–240.
Mustafa M, Mazhar N, Asghar A, Usmani MZ, Razaq L, Anderson R. 2019. Digital financial needs of micro-entrepreneur women in Pakistan: is mobile money the answer? In: Proceedings of the 2019 CHI Conference on Human Factors in Computing Systems., p 1–12.
Muwanguzi PA, Nassuna LK, Voss JG, Kigozi J, Muganzi A, Ngabirano TD, Sewankambo N, Nakanjako D. 2019. Towards a definition of male partner involvement in the prevention of mother-to-child transmission of HIV in Uganda: a pragmatic grounded theory approach. BMC Health Serv. Res. 19: 1–11.
Ofori-Abebrese G, Baidoo ST, Essiam E. 2020. Estimating the effects of financial inclusion on welfare in sub-Saharan Africa. Cogent Bus. Manag. 7: 1839164.
Plöthner M, Schmidt K, De Jong L, Zeidler J, Damm K. 2019. Needs and preferences of informal caregivers regarding outpatient care for the elderly: a systematic literature review. BMC Geriatr. 19: 1–22.
Potrich ACG, Vieira KM, Kirch G. 2018. How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences. J. Behav. Exp. Financ. 17: 28–41.
Rai K, Dua S, Yadav M. Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach.
Razzaque A, Cummings RT, Karolak M, Hamdan A. 2020. The propensity to use FinTech: input from bankers in the Kingdom of Bahrain. J. Inf. Knowl. Manag. 19: 2040025.
Resmi GG, M Amirudin Syarif M, Andrian N. 2022. Buku Ajar BISNIS MILIK KELUARGA. Buku Ajar BISNIS MILIK Kel.
Sinambela WP. 2020. Peran Financial Technology Dalam Meningkatkan Literasi Keuangan Generasi Millenial Di Kota Medan.
Standal K, Talevi M, Westskog H. 2020. Engaging men and women in energy production in Norway and the United Kingdom: The significance of social practices and gender relations. Energy Res. Soc. Sci. 60: 101338.
Wang Z, Torres PE. 2022. How to be Helpful on Online Support Forums? In: Proceedings of the 4th Workshop of Narrative Understanding (WNU2022)., p 20–28.
Xiao JJ, Chatterjee S, Kim J. 2014. Factors associated with financial independence of young adults. Int. J. Consum. Stud. 38: 394–403.
Yeoh BSA, Somaiah BC, Lam T, Acedera KF. 2020. Doing family in “times of migrationâ€: Care temporalities and gender politics in Southeast Asia. Ann. Am. Assoc. Geogr. 110: 1709–1725
Published
2023-07-11
How to Cite
ELLIYANA, Ela; YULIANI, Yuliani; PAERAH, Ambo.
Financial Literacy: Empowering Women for Better Financial Management.
JURNAL ADMINISTRASI KANTOR, [S.l.], v. 11, n. 1, p. 51-65, july 2023.
ISSN 2527-9769.
Available at: <http://ejournal-binainsani.ac.id/index.php/JAK/article/view/2383>. Date accessed: 08 sep. 2024.
doi: https://doi.org/10.51211/jak.v11i1.2383.
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
_.jpg)
