Improving financial literacy via social media: the case of Kogumispäevik

Authors

  • Kati Voomets
  • Leonore Riitsalu
  • Andra Siibak

DOI:

https://doi.org/10.12697/eha.2021.9.2.06

Keywords:

financial literacy, financial education, social media, Facebook, nonformal education

Abstract

Artikli keskmes on finantskirjaoskuse ehk rahatarkuse arendamine sotsiaalmeedia kaudu. Täpsemalt uuriti Facebooki rahatarkuse teemalist gruppi Kogumispäevik ja seda, milliseid finantsnõuandeid ja -nippe on grupi liikmed sealt saanud ning kas ja kuidas neid igapäevases käitumises rakendanud. Andmeid koguti fookusgrupiintervjuudega gruppi kuuluvate inimestega. Horisontaalanalüüsi tulemusel selgus, et grupp suurendas liikmete teadmisi ning mõjus nende finantskäitumisele positiivselt. Soovitud käitumist toetasid eelkõige grupis jagatud praktilist laadi nõuanded, vastastikune motiveerimine ning grupis välja kujunenud sotsiaalsed normid ja kapital, mis omakorda soodustasid säästlikku elu- ja mõtteviisi. Seega toimis sotsiaalmeedia grupp finantshariduse kanalina. Finantshariduse pakkujad ja poliitikakujundajad saavad tulemuste toel tõhusamalt kavandada sotsiaalmeedia kaudu finantskirjaoskuse arendamist. Lisauurimist vajab sotsiaalmeedia grupi mõju pikaajalisele finantskäitumisele.

PDF Summary

Downloads

Download data is not yet available.

References

Allcott, H. (2011). Social norms and energy conservation. Journal of Public Economics, 95(9–10), 1082–1095. https://doi.org/10.1016/j.jpubeco.2011.03.003

Åstrøsm, A. N., & Rise, J. (2001). Young adults’ intention to eat healthy food: Extending the theory of planned behaviour. Psychology and Health, 16(2), 223–237. https://doi.org/10.1080/08870440108405501

Atkinson, A., Messy, F. A., Rabinovich, L., & Yoong, J (2015). Financial Education for Long-term Savings and Investments: Review of Research and Literature. OECD Working Papers on Finance, Insurance and Private Pensions, No. 39.

Beshears, J., Choi, J. J., Laibson, D., Madrian, B. C., & Milkman, K. L. (2015). The effect of providing peer information on retirement savings decisions. The Journal of Finance, 70(3), 1161–1201. https://doi.org/10.1111/jofi.12258

Bonner, A., & Tolhurst, G. (2002). Insider-outsider perspectives of participant observation. Nurse Researcher, 9(4), 7–19.

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013

Bursztyn, L., Ederer, F., Ferman, B., & Yuchtman, N. (2014). Understanding peer effects:evidence from a field experiment on financial decisions. Econometrica: Journal of the Econometric Society, 82(4), 1273–1301. https://doi.org/10.3982/ECTA11991

Charness, G., & Sutter, M. (2012). Groups make better self-interested decisions. Journal of Economic Perspectives, 26(3), 157–76. https://doi.org/10.1257/jep.26.3.157

Chavez, C. (2008). Conceptualizing from the inside: Advantages, complications, and demands on insider positionality. The Qualitative Report, 13(3), 474–494.

Czajkowski, M., Zagórska, K., & Hanley, N. (2019). Social norm nudging and preferences for household recycling. Resource and Energy Economics, 58, 101110. https://doi.org/10.1016/j.reseneeco.2019.07.004

De Meza, D., Irlenbusch, B., & Reyniers, D. (2008). Financial capability: A behavioural economics perspective. Consumer research, 69, 192–193.

Eesti Konjunktuuriinstituut. (2017). Pere-eelarve ja säästmine. Elanike küsitlusuuringu tulemused. Swedbank, Rahaasjade Teabekeskus.

Ellison, N. B., Steinfield, C., & Lampe, C. (2007). The benefits of Facebook "friends": Social capital and college students’ use of online social network sites. Journal of computer-mediated communication, 12(4), 1143–1168. https://doi.org/10.1111/j.1083-6101.2007.00367.x

Hallahan, T. A., Faff, R. W., & McKenzie, M. D. (2004). An empirical investigation of personal financial risk tolerance. Financial Services Review-Greenwich, 13(1), 57–78.

Hancock B., Windridge K., & Ockleford E. (2007). An introduction to qualitative research. The NIHR RDS EM / YH. https://www.rds-yh.nihr.ac.uk/wp-content/uploads/2013/05/5_Introduction-to-qualitative-research-2009.pdf.

Fernandes, D., Lynch Jr, J. G., & Netemeyer, R. G. (2013). Financial literacy, financial education and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849

Fu, J. (2020). Ability or opportunity to act: What shapes financial well-being? World Development, 128, 1–20. https://doi.org/10.1016/j.worlddev.2019.104843

Greenberg, A. E., & Hershfield, H. E. (2019). Financial decision making. Consumer Psychology Review, 2(1), 17–29.

Greene, M. J. (2014). On the inside looking in: Methodological insights and challenges in conducting qualitative insider research. The qualitative report, 19(29), 1–13. https://doi.org/10.46743/2160-3715/2014.1106

Greninger, S. A., Hampton, V. L., Kitt, K. A., & Achacoso, J. A. (1996). Ratios and benchmarks for measuring the financial well-being of families and individuals. Financial Services Review, 5(1), 57–70. https://doi.org/10.1016/S1057-0810(96)90027-X

Hastings, J., & Mitchell O. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics and Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227

Hopkins, P. E. (2007). Thinking critically and creatively about focus groups. Area, 39(4), 528–535. https://doi.org/10.1111/j.1475-4762.2007.00766.x

Huston, S. (2010). Measuring Financial Literacy. The Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x

Johnston, K. L., & White, K. M. (2003). Binge-drinking: A test of the role of group norms in the theory of planned behaviour. Psychology and health, 18(1), 63–77. https://doi.org/10.1080/0887044021000037835

Joinson, A. N. (2008). Looking at, looking up or keeping up with people? Motives and use of Facebook. Proceedings of the SIGCHI conference on Human Factors in Computing Systems, 1027–1036. https://doi.org/10.1145/1357054.1357213

Kaiser, T., & Menkhoff, L. (2016). Does financial education impact financial behavior, and if so, when? DIW Discussion Paper 1562. https://www.researchgate.net/publication/321071759_Does_Financial_Education_Impact_Financial_Literacy_and_Financial_Behavior_and_If_So_When.

Kalmus, V., Masso, A., & Linno, M. (2015). Kvalitatiivne sisuanalüüs. http://samm.ut.ee/kvalitatiivne-sisuanalyys.

Karaa, I. E., & Kuğu, T. D. (2016). Determining advanced and basic financial literacy relations and overconfidence, and informative social media association of university students in Turkey. Educational Sciences: Theory & Practice, 16(6).

Karlan, D., McConnell, M., Mullainathan, S., & Zinman, J. (2016). Getting to the top of mind: How reminders increase saving. Management Science, 62(12), 3393–3411. https://doi.org/10.1287/mnsc.2015.2296

Kempson, E., Finney, A., & Poppe, C. (2017). Financial well-being. A conceptual model and preliminary analysis. https://www.bristol.ac.uk/media-library/sites/geography/pfrc/pfrc1705-financial-well-being-conceptual-model.pdf.

Kempson, E., & Poppe, C. (2018). Understanding financial well-being and capability. A revised model and comprehensive analysis. https://www.financialcapability.gov.au/files/understanding-financial-well-being-and-capability-a-revised-modeland-comprehensive-analysis.pdf.

Khan, S., & VanWynsberghe, R. (2008). Cultivating the under-mined: Cross-case analysis as knowledge mobilization. Forum qualitative Sozialforschung/forum: Qualitative social research, 9(1).

Kiviat, B., & Morduch, J. (2012). From financial literacy to financial action. http://www.barbarakiviat.com/from_financial_literacy_to_financial_action.pdf.

Kogumispäevik. (2020). Kogumispäeviku Facebooki grupi kirjeldus. https://www.facebook.com/groups/1310707785627509/about/.

Krueger, R. A., & Casey, M. A. (2009). Focus groups: A practical guide for applied research (4th ed.). Thousand Oaks: Sage Publications.

Laherand, M.-L. (2008). Kvalitatiivne uurimisviis. Tallinn: OÜ Infotrükk.

Lepik, K., Harro-Loit, H., Kello, K., Linno, M., Selg, M., & Strömpl, J. (2014). Intervjuu. Sotsiaalse analüüsi meetodite ja metodoloogia andmebaas. http://samm.ut.ee/intervjuu.

Liamputtong, P. (2011). Focus group methodology: Introduction and history. Focus group methodology: Principle and practice, 224. https://doi.org/10.4135/9781473957657

Lin, N. (2002). Social capital: A theory of social structure and action. New York: Cambridge University Press. https://doi.org/10.1017/CBO9780511815447

Loewenstein, G., & O’Donoghue, T. (2006). "We Can Do This the Easy Way or the Hard Way": Negative Emotions, Self-Regulation, and the Law. The University of Chicago Law Review, 73(1), 183–206.

Lukas, M. F. (2020). Financial decision-making and the role of financial technology [Doctoral dissertation, The University of Edinburgh]. https://era.ed.ac.uk/handle/1842/37105.

Lusardi, A. (2015). Financial literacy: Do people know the ABCs of finance? Public Understanding of Science, 24(3), 260–271. https://doi.org/10.1177/0963662514564516

Lusardi, 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

Mandell, L., & Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning Volume, 20(1), 16.

Merriam, S. B., Johnson-Bailey, J., Lee, M. Y., Kee, Y., Ntseane, G., & Muhamad, M. (2001). Power and positionality: Negotiating insider/outsider status within and across cultures. International Journal of Lifelong Education, 20(5), 405–416. https://doi.org/10.1080/02601370120490

Miller, M., Reichelstein, J., Salas, C., & Zia, B., (2015). Can you help someone become financially capable? A meta-analysis of the literature. World Bank Research Observer, 30(2), 220–46. https://doi.org/10.1093/wbro/lkv009

Monticone, C. (2010). How much does wealth matter in the acquisition of financial literacy?. Journal of Consumer Affairs, 44(2), 403–422. https://doi.org/10.1111/j.1745-6606.2010.01175.x

Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch Jr, J. G. (2018). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. Journal of Consumer Research, 45(1), 68–89. https://doi.org/10.1093/jcr/ucx109

OECD. (2001). The well-being of nations: The role of human and social capital. http://www.oecd.org/site/worldforum/33703702.pdf. https://doi.org/10.1787/9789264189515-en

OECD. (2005). Recommendation on principles and good practices for financial education and awareness recommendation of the council. http://www.oecd.org/finance/financial-education/35108560.pdf.

OECD. (2014). PISA 2012 results: students and money: financial literacy skills for the 21st Century. http://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-vi.pdf. https://doi.org/10.1787/9789264208094-en

OECD. (2016). International survey of adult financial literacy competencies. http://www.oecd.org/daf/fin/financial-education/OECD-INFE-International-Survey-of-Adult-FInancial-Literacy-Competencies.pdf.

OECD. (2018). Toolkit for measuring financial literacy and financial inclusion. http://www.oecd.org/financial/education/2018-INFE-FinLit-Measurement-Toolkit.pdf.

OECD. (2019). Pensions at a Glance 2019: OECD and G20 Indicators. https://doi.org/10.1787/b6d3dcfc-en.

OECD. (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy. https://www.oecd.org/finance/financial-education/oecd-infe-2020-internationalsurvey-of-adult-financial-literacy.pdf.

Patton, M. Q. (2002). Qualitative research & evaluation methods (3rd ed.). London: Sage.

Peeters, N., Rijk, K., Soetens, B., Storms, B., & Hermans, K. (2018). A systematic literature review to identify successful elements for financial education and counseling in groups. Journal of Consumer Affairs, 52(2), 415–440. https://doi.org/10.1111/joca.12180

Pinjisakikool, T. (2017). The effect of personality traits on households’ financial literacy. Citizenship, Social and Economics Education, 16(1), 39–51. https://doi.org/10.1177/2047173417690005

Putnam, R. D. (2000). Bowling alone: The collapse and revival of American community. New York: Simon and Schuster.

Raacke, J., & Bonds-Raacke, J. (2008). MySpace and Facebook: Applying the uses and gratifications theory to exploring friend-networking sites. Cyberpsychology & Behavior, 11(2), 169–174. https://doi.org/10.1089/cpb.2007.0056

Ramalho, T. B., & Forte, D. (2019). Financial literacy in Brazil – do knowledge and self-confidence relate with behavior? RAUSP Management Journal, 54(1), 77–95. https://doi.org/10.1108/RAUSP-04-2018-0008

Riitsalu, L. (2018). Goals, commitment and peer effects as tools for improving the behavioural outcomes of financial education. Citizenship, Social and Economics Education, 1–22, 17(3), 188–209. https://doi.org/10.1177/2047173418812045

Riitsalu, L. (2019a). Books and biases – the explanation for bounded rationality in managing personal finances. [Doctoral thesis, Estonian Business School]. https://ebs.ee/sites/default/files/Doctoral%20Thesis/Riitsalu%20web.pdf.

Riitsalu, L. (2019b). Tuleviku-minu rahaline heaolu. Kuidas nügida inimesi suurema rahalise heaolu suunas? Arenguseire Keskus. https://www.riigikogu.ee/wpcms/wp-content/uploads/2019/02/Rahaline-heaolu_raport.pdf.

Riitsalu, L., & Uusberg, A. (ilmumas). Optimal mindlessness: RCT evidence for the value of adding choices to an automated investment service. Journal of Behavioral and Experimental Economics.

Riitsalu, L., & van Raaij, W. F. (2020). Self-control, future time perspective and savings – The keys to perceived financial well-being. Think Forward Initiative. https://www.thinkforwardinitiative.com/research/self-control-future-time-perspective-andsavings-the-keys-to-perceived-financial-well-being.

Riitsalu, L., & Põder, K. (2016). A glimpse of the complexity of factors that influence financial literacy. International Journal of Consumer Studies, 40(6), 722–731. https://doi.org/10.1111/ijcs.12291

Rämmer, A. (2014). Valimi moodustamine. Sotsiaalse analüüsi meetodite ja metodoloogia õpibaas. http://samm.ut.ee/valimid.

Savenye, W. C., & Robinson, R. S. (1996). Qualitative research issues and methods: An introduction for educational technologists. Handbook of Research for Educational Communications and Technology, 39, 1171–1195.

Shephard, D., Contreras, J. M., Mueris, J., Kaat, A., Bailey, S., Custers, A., & Spencer, N. (2017). Beyond financial literacy: The psychological dimensions of financial capability Think Forward Initiative. https://www.thinkforwardinitiative.com/research/the-psychological-dimensions-of-financial-capability.

Statistikaamet. (2019). Internetti kasutatakse üha enam ostlemiseks. Vaadatud 03.10.2019 aadressil https://www.stat.ee/internetti-kasutatakse-uha-enam-ostlemiseks.

Stephen, S. A. K. (2014). Like it! Using Facebook groups to enhance learning in finance. Journal of Learning in Higher Education, 10(2), 55–63.

Sunstein, C. R. (2020). Behavioral science and public policy (1st ed.). Cambridge University Press.

Zhang, Y., Tang, L. S. T., & Leung, L. (2011). Gratifications, collective self-esteem, online emotional openness, and traitlike communication apprehension as predictors of Facebook uses. Cyberpsychology, Behavior, and Social Networking, 14(12), 733–739. https://doi.org/10.1089/cyber.2010.0042

Terry, D. J., Hogg, M. A., & White, K. M. (1999). The theory of planned behaviour: Self‐identity, social identity and group norms. British Journal of Social Psychology, 38(3), 225–244. https://doi.org/10.1348/014466699164149

Thaler, R. H. (2018). Väärkäitumine. Käitumisökonoomika tagamaad. Tallinn: Äripäev.

Thaler, R. H., & Sunstein, C. R. (2018). Nügimine. Viis toetada valikuid, mis viivad tervise, jõukuse ja õnneni. Tallinn: Tänapäev.

Turu-uuringute AS. (2019). Eesti elanike finantskirjaoskuse ehk rahatarkuse uuring. https://www.rahandusministeerium.ee/sites/default/files/eesti_elanike_finantskirjaoskuse_aruanne_loplik_november_2019_.pdf.

Unluer, S. (2012). Being an insider researcher while conducting case study research. Qualitative Report, 17, 58.

U.S. Financial Literacy and Education Commission. (2007). Taking ownership of the future: the national strategy for financial literacy. https://www.scribd.com/document/1319041/US-Treasury-2007-StrategyRevisions.

Valenzuela, S., Park, N., & Kee, K. F. (2009). Is there social capital in a social network site?: Facebook use and college students’ life satisfaction, trust, and participation. Journal of Computer-mediated Communication, 14(4), 875–901. https://doi.org/10.1111/j.1083-6101.2009.01474.x

Van Garderen, M. (2018). A social nudge towards saving more? ING Economic and Financial Analysis. https://think.ing.com/articles/a-social-nudge-towards-savingmore/.

Van Rooij, M., Lusardi, A., & Alessie, R. (2011) Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006

Vlaev, I., Chater, N., & Stewart, N. (2007). Relativistic financial decisions: Context effects on retirement saving and investment risk preferences. Judgment and Decision Making, 2(5), 292.

Vlaev, I., & Elliott, A. (2017). Defining and influencing financial capability. In R. Ranyard (Ed.), Economic Psychology (pp. 187–205). John Wiley & Sons, Ltd. https://doi.org/10.1002/9781118926352.ch12.

Way, W. L., Wong, N., & Gibbons, D. (2011). Online talk about money: An investigation of interactions around personal finance in social media. Madison, WI: Center for Financial Security, 11–14.

Öztürk, E. (2015). Facebook as a new community of inquiry environment: An investigation in terms of academic achievement and motivation. Journal of Baltic Science Education, 14(1), 20.

Published

2021-11-01

How to Cite

Voomets, K., Riitsalu, L., & Siibak, A. (2021). Improving financial literacy via social media: the case of Kogumispäevik. Eesti Haridusteaduste Ajakiri. Estonian Journal of Education, 9(2), 127–154. https://doi.org/10.12697/eha.2021.9.2.06

Issue

Section

Articles