FINANCIAL ADVICE, LITERACY, INCLUSION AND RISK TOLERANCE: THE MODERATING EFFECT OF UNCERTAINTY AVOIDANCE

Simple item page
dc.contributor.authorÇera, Gentjan
dc.contributor.authorAjaz Khan, Khurram
dc.contributor.authorRowland, Zuzana
dc.contributor.authorRibeiro, Humberto Nuno Rito
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2021-12-09T09:34:58Z
dc.date.available2021-12-09T09:34:58Z
dc.description.abstractThe aim of this paper is to investigate the determinants of financial advice with a special focus on the cultural role in the influence of risk tolerance on seeking advice for financial issues. Financial literacy is covered by financial attitude, behaviour and knowledge. Financial inclusion is the other factor considered in the conceptual framework, as an indicator which can enhance both financial behaviour and financial advice. The research is based on primary data collected in two European nations, manifesting differences in culture, which gives the possibility to test the uncertainty avoidance role in the above relationship. This particular focus is the novelty of this work, as it sheds light on the importance of culture while designing policies with the aim to enhance individuals’ financial literacy and advice. The hypotheses are tested by using Partial Least Square- Structural Equation Modelling (PLS-SEM) method. It was found that financial behaviour improves as financial inclusion gets better, along with financial attitude and knowledge. Furthermore, financial advice is positively influenced by financial inclusion and risk tolerance and partly by financial literacy. Additionally, findings demonstrate that culture does matter in explaining differences between countries. Culture in this paper is represented by uncertainty avoidance, as one of the Hofstede’s culture dimension. Individuals from countries that manifest a very high preference for avoiding uncertainty reflect a negative relationship between risk tolerance and financial advice. The paper offers useful insights for policymakers and industry leaders in understanding the most influential factors on financial advice. This enables them to scheme policies and services aimed at equipping citizens with knowledge and skills to make the best use of their financial resources.en
dc.formattext
dc.identifier.doi10.15240/tul/001/2021-4-007
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/161028
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.isbasedonAgarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2015). Financial Literacy among Working Young in Urban India. World Development, 67, 101–109. https://doi.org/10.1016/j.worlddev.2014.10.004
dc.relation.isbasedonAjzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
dc.relation.isbasedonAllgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1), 675–697. https://doi.org/10.1111/ecin.12255
dc.relation.isbasedonAmaral, C., & Kolsarici, C. (2020). The financial advice puzzle: The role of consumer heterogeneity in the advisor choice. Journal of Retailing and Consumer Services, 54, 102014. https://doi.org/10.1016/j.jretconser.2019.102014
dc.relation.isbasedonAprea, C., Wuttke, E., Breuer, K., Koh, N. K., Davies, P., Greimel-Fuhrmann, B., & Lopus, J. S. (2016). International Handbook of Financial Literacy. Singapore: Springer. https://doi.org/10.1007/978-981-10-0360-8
dc.relation.isbasedonArifin, A. Z. (2018). Influence of financial attitude, financial behavior, financial capability on financial satisfaction. In Proceedings of the 15th International Symposium on Management (INSYMA 2018) (pp. 100–103). https://doi.org/10.2991/insyma-18.2018.25
dc.relation.isbasedonAtkinson, A., & Messy, F.-A. (2012). Measuring Financial Literacy: Results of the OECD/International Network on Financial Education (INFE) Pilot Study (Working Papers on Finance, Insurance and Private Pensions, No. 15). Paris: OECD Publishing. https://doi.org/10.1787/5k9csfs90fr4-en
dc.relation.isbasedonAtkinson, A., & Messy, F.-A. (2013). Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice (OECD Working Papers on Finance, Insurance and Private Pensions, No. 34). Paris: OECD Publishing. https://doi.org/10.1787/5k3xz6m88smp-en
dc.relation.isbasedonBagozzi, R. P., & Yi, Y. (2012). Specification, evaluation, and interpretation of structural equation models. Journal of the Academy of Marketing Science, 40(1), 8–34. https://doi.org/10.1007/s11747-011-0278-x
dc.relation.isbasedonBeckett, A., Hewer, P., & Howcroft, B. (2000). An exposition of consumer behaviour in the financial services industry. International Journal of Bank Marketing, 18(1), 15–26. https://doi.org/10.1108/02652320010315325
dc.relation.isbasedonBelás, J., Nguyen, A., Smrčka, L., Kolembus, J., & Cipovová, E. (2016). Financial Literacy of Secondary School Students. Case Study from the Czech Republic and Slovakia. Economics and Sociology, 9(4), 191–206. https://doi.org/10.14254/2071-789X.2016/9-4/12
dc.relation.isbasedonBraunstein, S., & Welch, C. (2002). Financial literacy: An overview of practice, research, and policy. Federal Reserve Bulletin, 88(11), 445–457. https://doi.org/10.17016/bulletin.2002.88-11
dc.relation.isbasedonCalcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363–380. https://doi.org/10.1016/j.jbankfin.2014.03.013
dc.relation.isbasedonCallan, V., & Johnson, M. (2002). Some guidelines for financial planners in measuring and advising clients about their levels of risk tolerance. Journal of Personal Finance, 1(1), 31–44.
dc.relation.isbasedonCastro-González, S., Fernández-López, S., Rey-Ares, L., & Rodeiro-Pazos, D. (2020). The Influence of Attitude to Money on Individuals’ Financial Well-Being. Social Indicators Research, 148(3), 747–764. https://doi.org/10.1007/s11205-019-02219-4
dc.relation.isbasedonÇera, G., Khan, K. A., Belas, J., & Ribeiro, H. N. R. (2020). The Role of Financial Capability and Culture in Financial Satisfaction. Economic Papers: A Journal of Applied Economics and Policy, 39(4), 389–406. https://doi.org/10.1111/1759-3441.12299
dc.relation.isbasedonÇera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2020). Improving financial capability: the mediating role of financial behaviour. Economic Research – Ekonomska Istraživanja, 1265–1282. https://doi.org/10.1080/1331677X.2020.1820362
dc.relation.isbasedonChauhan, Y., & Dey, D. K. (2020). Does financial literacy affect the value of financial advice? A contingent valuation approach. Journal of Behavioral and Experimental Finance, 25, 100268. https://doi.org/10.1016/j.jbef.2020.100268
dc.relation.isbasedonChu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial Literacy, Portfolio Choice and Financial Well-Being. Social Indicators Research, 132(2), 799–820. https://doi.org/10.1007/s11205-016-1309-2
dc.relation.isbasedonCliff, A., Babiarz, P., & Woodyard, A. (2012). The demand for financial professionals’ advice: The role of financial knowledge, satisfaction and confidence. Financial Services Review, 21(4), 291–305.
dc.relation.isbasedonCollins, J. M. (2012). Financial Advice: A Substitute for Financial Literacy? Financial Services Review, 21(4), 307–322. https://doi.org/10.2139/ssrn.2046227
dc.relation.isbasedonCrotty, J. (2009). Structural causes of the global financial crisis: A critical assessment of the ‘new financial architecture’. Cambridge Journal of Economics, 33(4), 563–580. https://doi.org/10.1093/cje/bep023
dc.relation.isbasedonCwynar, A., Cwynar, W., Kowerski, M., Filipek, K., & Szuba, P. (2020). Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks. Baltic Journal of Economics, 20(1), 1–33. https://doi.org/10.1080/1406099x.2019.1693142
dc.relation.isbasedonFernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849
dc.relation.isbasedonFessler, P., Silgoner, M., & Weber, R. (2019). Financial knowledge, attitude and behavior: evidence from the Austrian Survey of Financial Literacy. Empirica, 47(2), 929–947. https://doi.org/10.1007/s10663-019-09465-2
dc.relation.isbasedonFINRA. (2012). National Financial Capability Study Military Survey. Financial Industry Regulatory Authority Investor Education Foundation. Retrieved from https://www.usfinancialcapability.org/
dc.relation.isbasedonFünfgeld, B., & Wang, M. (2009). Attitudes and behaviour in everyday finance: evidence from Switzerland. International Journal of Bank Marketing, 27(2), 108–128. https://doi.org/10.1108/02652320910935607
dc.relation.isbasedonGarg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303
dc.relation.isbasedonGeorgarakos, D., & Inderst, R. (2011). Financial advice and Stock Market participation (Working Paper No. 1296). Frankfurt am Mein: European Central Bank.
dc.relation.isbasedonGerrans, P., & Hershey, D. A. (2014). Financial Adviser Anxiety, Financial Literacy and Financial Advice Seeking. SSRN Electronic Journal, 1–39. https://doi.org/10.2139/ssrn.2413095
dc.relation.isbasedonGlasman, L. R., & Albarracín, D. (2006). Forming attitudes that predict future behavior: A meta-analysis of the attitude-behavior relation. Psychological Bulletin, 132(5), 778–822. https://doi.org/10.1037/0033-2909.132.5.778
dc.relation.isbasedonGrable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review, 8(3), 163–181. https://doi.org/10.1016/s1057-0810(99)00041-4
dc.relation.isbasedonGrable, J. E., & Roszkowski, M. J. (2008). The influence of mood on the willingness to take financial risks. Journal of Risk Research, 11(7), 905–923. https://doi.org/10.1080/13669870802090390
dc.relation.isbasedonHair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Sage Publications.
dc.relation.isbasedonHair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
dc.relation.isbasedonHanna, S. D., Waller, W., & Finke, M. S. (2011). The Concept of Risk Tolerance in Personal Financial Planning. Journal of Personal Finance, 7(1), 96–108. https://doi.org/10.2139/ssrn.1923409
dc.relation.isbasedonHenager, R., & Cude, B. J. (2019). Financial Literacy of High School Graduates: Long- and Short-Term Financial Behavior by Age Group. Journal of Family and Economic Issues, 40(3), 564–575. https://doi.org/10.1007/s10834-019-09626-2
dc.relation.isbasedonHenchoz, C., Coste, T., & Wernli, B. (2019). Culture, money attitudes and economic outcomes. Swiss Journal of Economics and Statistics, 155(1), 1–13. https://doi.org/10.1186/s41937-019-0028-4
dc.relation.isbasedonHenseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
dc.relation.isbasedonHermansson, C. (2015). Understanding the relationships between bank-customer relations, financial advisory services and saving behavior (Doctoral Dissertation). KTH Royal Institute of Technology, Stockholm.
dc.relation.isbasedonHofstede, G. (2001). Comparing Values, Behaviors, Institutions and Organizations Across Nations. Thousand Oaks, CA: Sage.
dc.relation.isbasedonHofstede, G., & Hofstede, G. J. (1991). Cultures and Organizations: Software of the Mind (2nd ed.). New York, NY:McGraw-Hill.
dc.relation.isbasedonHofstede, G., Hofstede, G. J., & Minkov, M. (2010). Cultures and Organizations: Software of the Mind, Intercultural Cooperation and Its Importance for Survival (3rd ed.). New York, NY: McGraw-Hill.
dc.relation.isbasedonHuston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
dc.relation.isbasedonInderst, R., & Ottaviani, M. (2012). Financial advice. Journal of Economic Literature, 50(2), 494–512. https://doi.org/10.1257/jel.50.2.494
dc.relation.isbasedonIrving, K. (2012). The Financial Life Well-Lived: Psychological Benefits of Financial Planning. Australasian Accounting, Business and Finance Journal, 6(4), 47–59.
dc.relation.isbasedonJang, S., Shen, W., Allen, T. D., & Zhang, H. (2018). Societal individualism-collectivism and uncertainty avoidance as cultural moderators of relationships between job resources and strain. Journal of Organizational Behavior, 39(4), 507–524. https://doi.org/10.1002/job.2253
dc.relation.isbasedonJeong, W.-Y., & Hanna, S. D. (2004). Risk Tolerance and Financial Satisfaction. International Journal of Human Ecology, 5(1), 35–43.
dc.relation.isbasedonJohnson, E., & Sherraden, M. S. (2007). From Financial Literacy to Financial Capability Among Youth. The Journal of Sociology & Social Welfare, 34(3), 119–147.
dc.relation.isbasedonJoo, S., & Grable, J. (2004). An Exploratory Framework of the Determinants of Financial Satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f
dc.relation.isbasedonKalmi, P. (2018). The Effects of Financial Education: Evidence from Finnish Lower Secondary Schools. Economic Notes, 47(2–3), 353–386. https://doi.org/10.1111/ecno.12114
dc.relation.isbasedonKarabulut, Y. (2012). Financial Advice: An Improvement for Worse? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1710634
dc.relation.isbasedonKempson, E., Perotti, V., & Scott, K. (2013). Measuring Financial Capability: A New Instrument and Results from Low- and Middle-Income Countries (Working Paper). Washington, DC: World Bank.
dc.relation.isbasedonKhan, K. A., & Akhtar, M. A. (2020). Electronic payment system use: a mediator and a predictor of financial satisfaction. Investment Management and Financial Innovations, 17(3), 246–262. https://doi.org/10.21511/imfi.17(3).2020.19
dc.relation.isbasedonKhan, K. A., Çera, G., & Netek, V. (2019). Perception of the Selected Business Environment Aspects by Service Firms. Journal of Tourism and Services, 10(19), 111–127. https://doi.org/10.29036/jots.v10i19.115
dc.relation.isbasedonKim, K. T., Anderson, S. G., & Seay, M. C. (2019). Financial Knowledge and Short-Term and Long-Term Financial Behaviors of Millennials in the United States. Journal of Family and Economic Issues, 40(2), 194–208. https://doi.org/10.1007/s10834-018-9595-2
dc.relation.isbasedonKim, K. T., Pak, T.-Y., Shin, S. H., & Hanna, S. D. (2018). The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis. Financial Planning Review, 1(1–2), e1008. https://doi.org/10.1002/cfp2.1008
dc.relation.isbasedonKlapper, L., Lusardi, A., & van Oudheusden, P. (2014). Financial Literacy Around the World: Insight from the Standards & Poor’s Ratings Services Global Financial Literacy Survey (Report). Washington, DC: Global Financial Literacy Excellence Center (GFLEC).
dc.relation.isbasedonKlapper, L., Lusardi, A., & van Oudheusden, P. (2015). Financial literacy around the world: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey (Report). Washington, DC: World Bank. Retrieved from http://www.openfininc.org/wp-content/uploads/2016/04/2015-Finlit_paper_17_F3_SINGLES.pdf
dc.relation.isbasedonKramer, M. M. (2016). Financial literacy, confidence and financial advice seeking. Journal of Economic Behavior & Organization, 131(Part A), 198–217. https://doi.org/10.1016/J.JEBO.2016.08.016
dc.relation.isbasedonKreiser, P. M., Marino, L. D., Dickson, P., & Weaver, K. M. (2010). Cultural Influences on Entrepreneurial Orientation: The Impact of National Culture on Risk Taking and Proactiveness in SMEs. Entrepreneurship: Theory and Practice, 34(5), 959–983. https://doi.org/10.1111/j.1540-6520.2010.00396.x
dc.relation.isbasedonLeFebvre, R., & Franke, V. (2013). Culture Matters: Individualism vs. Collectivism in Conflict Decision-Making. Societies, 3(1), 128–146. https://doi.org/10.3390/soc3010128
dc.relation.isbasedonLerner, J. S., Small, D. A., & Loewenstein, G. (2004). Heart strings and purse strings: Carryover effects of emotions on economic decisions. Psychological Science, 15(5), 337–341. https://doi.org/10.1111/j.0956-7976.2004.00679.x
dc.relation.isbasedonLiu, F., Yilmazer, T., Loibl, C., & Montalto, C. (2019). Professional financial advice, self‐control and saving behavior. International Journal of Consumer Studies, 43(1), 23–34. https://doi.org/10.1111/ijcs.12480
dc.relation.isbasedonLusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
dc.relation.isbasedonLusardi, A., & Mitchelli, O. S. (2007). Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education. Business Economics, 42(1), 35–44. https://doi.org/10.2145/20070104
dc.relation.isbasedonMatis, E. A., Matis, C. D., & Strouhal, J. (2013). Risk management debate focused on banking industry. International Journal of Entrepreneurial Knowledge, 1(1). https://doi.org/10.37335/ijek.v1i1.9
dc.relation.isbasedonMoreland, K. A. (2018). Seeking Financial Advice and Other Desirable Financial Behaviors. Journal of Financial Counseling and Planning, 29(2), 198–206. https://doi.org/10.1891/1052-3073.29.2.198
dc.relation.isbasedonMueller, S. L., & Thomas, A. S. (2001). Culture and entrepreneurial potential: A nine country study of locus of control and innovativeness. Journal of Business Venturing, 16(1), 51–75. https://doi.org/10.1016/S0883-9026(99)00039-7
dc.relation.isbasedonNguyen, L. T. M., Gallery, G., & Newton, C. (2016). The Influence of Financial Risk Tolerance on Investment Decision-Making in a Financial Advice Context. Australasian Accounting, Business and Finance Journal, 10(3), 3–22. https://doi.org/10.14453/aabfj.v10i3.2
dc.relation.isbasedonNguyen, T. A. N., & Rozsa, Z. (2019). Financial Literacy and Financial Advice Seeking for Retirement Investment Choice. Journal of Competitiveness, 11(1), 70–83. https://doi.org/10.7441/joc.2019.01.05
dc.relation.isbasedonOdongo, I. (2016). The Influence of Culture on Judgment and Decision Making. International Journal of Advanced Legal Studies and Governance, 6(1), 1–21.
dc.relation.isbasedonOECD. (2013). Financial Literacy and Inclusion. In Financial Literacy & Education. Paris: OECD Publishing.
dc.relation.isbasedonOECD. (2016). Financial Education in Europe: Trends and Recent Developments. Paris: OECD Publishing. https://doi.org/10.1787/9789264254855-en
dc.relation.isbasedonOzili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
dc.relation.isbasedonPan, X., Wu, W., & Zhang, X. (2020). Is financial advice a cure-all or the icing on the cake for financial literacy? Evidence from financial market participation in China. International Review of Financial Analysis, 69(16), 101473. https://doi.org/10.1016/j.irfa.2020.101473
dc.relation.isbasedonPerry, V. G., & Morris, M. D. (2005). Who Is in Control? The Role of Self-Perception, Knowledge, and Income in Explaining Consumer Financial Behavior. Journal of Consumer Affairs, 39(2), 299–313. https://doi.org/10.1111/j.1745-6606.2005.00016.x
dc.relation.isbasedonPodsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
dc.relation.isbasedonPotocki, T., & Cierpiał-Wolan, M. (2019). Factors shaping the financial capability of low-income consumers from rural regions of Poland. International Journal of Consumer Studies, 43(2), 187–198. https://doi.org/ 0.1111/ijcs.12498
dc.relation.isbasedonPotrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinants of Financial Literacy: Analysis of the Influence of Socioeconomic and Demographic Variables. Revista Contabilidade & Finanças, 26(69), 362–377. https://doi.org/10.1590/1808-057x201501040
dc.relation.isbasedonPotrich, A. C. G., Vieira, K. M., & Kirch, G. (2018). How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences. Journal of Behavioral and Experimental Finance, 17, 28–41. https://doi.org/10.1016/J.JBEF.2017.12.005
dc.relation.isbasedonPotrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356–376. https://doi.org/10.1108/MRR-06-2014-0143
dc.relation.isbasedonPřívara, A., & Kiner, A. (2020). Immigrant Employment in the Slovak Hospitality Industry: Profiles, Experience, and Education. Journal of Tourism and Services, 11(21), 166–182. https://doi.org/10.29036/jots.v11i21.223
dc.relation.isbasedonRai, K., Dua, S., & Yadav, M. (2019). Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
dc.relation.isbasedonRandáková, M., & Bokšová, J. (2016). Repayment plan as essential instrument in personal bankruptcy in the Czech Republic. International Journal of Entrepreneurial Knowledge, 4(2). https://doi.org/10.37335/ijek.v4i2.44
dc.relation.isbasedonReyers, M. (2019). Financial capability and emergency savings among South Africans living above and below the poverty line. International Journal of Consumer Studies, 43(4), 335–347. https://doi.org/10.1111/ijcs.12520
dc.relation.isbasedonRiau, S. T. I. E. (2019). The Effect of Financial Inclusion and Banking Behavior on Household Debt Behavior. JEBI (Jurnal Ekonomi Dan Bisnis Islam), 4(1), 51. https://doi.org/10.15548/jebi.v4i1.205
dc.relation.isbasedonRingle, C. M., Wende, S., & Becker, J.-M. (2015). SmartPLS (3.0). http://www.smartpls.com
dc.relation.isbasedonRobb, C. A., & Woodyard, A. S. (2011). Financial Knowledge and Best Practice Behavior. Journal of Financial Counseling and Planning, 22(1), 60–70.
dc.relation.isbasedonSample, J., & Warland, R. (2018). Attitude and Prediction of Behavior. Social Forces, 51(3), 292–304. https://doi.org/10.1093/sf/51.3.292
dc.relation.isbasedonSantini, F. D. O., Ladeira, W. J., Mette, F. M. B., & Ponchio, M. C. (2019). The antecedents and consequences of financial literacy: a meta-analysis. International Journal of Bank Marketing, 37(6), 1462–1479. https://doi.org/10.1108/IJBM-10-2018-0281
dc.relation.isbasedonSerido, J., Shim, S., & Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development, 37(4), 287–297. https://doi.org/10.1177/0165025413479476
dc.relation.isbasedonSherraden, M. S. (2013). Building Blocks of Financial Capability. In J. Birkenmaier, M. Sherraden, & J. Curley (Eds.), Financial Capability and Asset Development (pp. 3–43). Oxford: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199755950.003.0012
dc.relation.isbasedonSherraden, M. S., & Ansong, D. (2016). Financial Literacy to Financial Capability: Building Financial Stability and Security. In C. Aprea, E. Wuttke, K. Breuer, N. K. Koh, P. Davies, B. Greimel-Fuhrmann, & J. S. Lopus (Eds.), International Handbook of Financial Literacy (pp. 83–96). Singapore: Springer. https://doi.org/10.1007/978-981-10-0360-8_7
dc.relation.isbasedonSherraden, M. S., Huang, J., Jacobson Frey, J., Birkenmaier, J., Callahan, C., Clancy, M. M., & Sherraden, M. (2015). Financial Capability and Asset Building for All. St. Louis, MO: American Academy of Social Work and Social Welfare.
dc.relation.isbasedonShkvarchuk, L., & Slav’yuk, R. (2019). The Financial Behavior of Households in Ukraine. Journal of Competitiveness, 11(3), 144–159. https://doi.org/10.7441/joc.2019.03.09
dc.relation.isbasedonSmith, P. B., Peterson, M. F., Schwartz, S. H., Ahmad, A. H., Akande, D., Andersen, J. A., Ayestaran, S., Bochner, S., Callan, V., Davila, C., Ekelund, B., François, P. H., Graversen, G., Harb, C., Jesuino, J., Kantas, A., Karamushka, L., Koopman, P., Leung, K., … Yanchuk, V. (2002). Cultural Values, Sources of Guidance, and their Relevance to Managerial Behavior: A 47-Nation Study. Journal of Cross-Cultural Psychology, 33(2), 188–208. https://doi.org/10.1177/0022022102033002005
dc.relation.isbasedonStatman, M. (2010). The Cultures of Risk Tolerance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1647086
dc.relation.isbasedonStolper, O. (2018). It takes two to Tango: Households’ response to financial advice and the role of financial literacy. Journal of Banking and Finance, 92, 295–310. https://doi.org/10.1016/j.jbankfin.2017.04.014
dc.relation.isbasedonStolper, O., & Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9
dc.relation.isbasedonTang, N., & Lachance, M.-E. (2012). Financial advice and trust. Financial Services Review, 21(3), 209–226.
dc.relation.isbasedonTaylor, M. (2011). Measuring Financial Capability and its Determinants Using Survey Data. Social Indicators Research, 102(2), 297–314. https://doi.org/10.1007/s11205-010-9681-9
dc.relation.isbasedonVieira, K. M., Potrich, A. C. G., & Mendes-Da-Silva, W. (2019). A Financial Literacy Model for University Students. In W. Mendes-Da-Silva (Ed.), Individual Behaviors and Technologies for Financial Innovations (pp. 69–95). Cham: Springer. https://doi.org/10.1007/978-3-319-91911-9_4
dc.relation.isbasedonVon Gaudecker, H. M. (2015). How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice? Journal of Finance, 70(2), 489–507. https://doi.org/10.1111/jofi.12231
dc.relation.isbasedonWang, M., & Shi, J. (2014). Psychological Research on Retirement. Annual Review of Psychology, 65(1), 209–233. https://doi.org/10.1146/annurev-psych-010213-115131
dc.relation.isbasedonWestermann, S., Niblock, S. J., Harrison, J. L., & Kortt, M. A. (2020). Financial Advice Seeking: A Review of the Barriers and Benefits. Economic Papers: A Journal of Applied Economics and Policy, 39(4), 367–388. https://doi.org/10.1111/1759-3441.12294
dc.relation.isbasedonWinchester, D. D., & Huston, S. J. (2015). All Financial Advice for the Middle Class is Not Equal. Journal of Consumer Policy, 38(3), 247–264. https://doi.org/10.1007/s10603-015-9290-8
dc.relation.isbasedonWorimegbe, P. M., Worimegbe, T. M., & Abiola-Oke, E. (2020). Gamification and Customers Experience in the Hospitality Industry. Journal of Tourism and Services, 11(21), 71–87. https://doi.org/10.29036/jots.v11i21.165
dc.relation.isbasedonXiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and later financial behaviour of college students. International Journal of Consumer Studies, 38(6), 593–601. https://doi.org/10.1111/ijcs.12122
dc.relation.isbasedonXiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712–721. https://doi.org/10.1111/ijcs.12285
dc.relation.isbasedonYaniv, I. (2004). Receiving other people’s advice: Influence and benefit. Organizational Behavior and Human Decision Processes, 93(1), 1–13. https://doi.org/10.1016/j.obhdp.2003.08.002
dc.relation.isbasedonYao, R., Gutter, M. S., & Hanna, S. D. (2005). The financial risk tolerance of Blacks, Hispanics and Whites. Journal of Financial Counseling and Planning, 16(1), 51–62.
dc.relation.isbasedonYap, R. J. C., Komalasari, F., & Hadiansah, I. (2018). The Effect of Financial Literacy and Attitude on Financial Management Behavior and Satisfaction. Bisnis & Birokrasi: Journal Ilmu Administrasi dan Organisasi, 23(3), 140–146. https://doi.org/10.20476/jbb.v23i3.9175
dc.relation.isbasedonYong, C. C., Yew, S. Y., & Wee, C. K. (2018). Financial knowledge, attitude and behaviour of young working adults in Malaysia. Institutions and Economies, 10(4), 21–48.
dc.relation.isbasedonYoong, J. K., & Hung, A. A. (2010). Asking for Help Survey and Experimental Evidence Change (Labor and Population Working Paper WR-714-1). Santa Monica, CA: RAND Corporation. https://doi.org/10.7249/WR714-1
dc.relation.isbasedonZamir, Z. (2019). The Impact of Knowledge Capture and Knowledge Sharing on Learning, Adaptability, Job Satisfaction and Staying Intention. International Journal of Entrepreneurial Knowledge, 7(1), 46–64. https://doi.org/10.37335/ijek.v7i1.87
dc.relation.isbasedonZins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46–57. https://doi.org/10.1016/j.rdf.2016.05.001
dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectfinancial adviceen
dc.subjectfinancial inclusionen
dc.subjectfinancial literacyen
dc.subjectrisk toleranceen
dc.subjectcultureen
dc.subject.classificationG53
dc.subject.classificationD91
dc.titleFINANCIAL ADVICE, LITERACY, INCLUSION AND RISK TOLERANCE: THE MODERATING EFFECT OF UNCERTAINTY AVOIDANCEen
dc.typeArticleen
local.accessopen
local.citation.epage123
local.citation.spage105
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue4
local.relation.volume24
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
EM_4_2021_07.pdf
Size:
705.5 KB
Format:
Adobe Portable Document Format
Description:
článek
Download
Collections
Číslo 4