Financial Illiteracy

1st Rank:

Understanding Consumer Financial Behavior

Financial IlliteracyW. Fred van Raaij is a well-known professor who has dealt in particular with the connection between psychology and economics. He has taught at various universities, including the University of Illinois at Urbana-Champaign USA (1976-1977) and the Rotterdam School of Management (RSM) of Erasmus University (1993-2000). Since 2000 he has been professor of economic psychology at Tilburg University. In this reference book he correctly states that there are more and more financial illiterates. But how deep is this grievance? Banks, insurance companies, financial institutions and even the government all depend on the level of awareness of the consumer about financial matters. Unfortunately, more and more people have no idea about budget planning, financial products, or planning financial matters in general. It is very important for these institutes to know why consumers act like they do. How do people deal with finances and what kind of financial behavior are the norm? With this book W. Fred van Raaij tries to find psychological explanations for the behavior and the decisions of the consumers. A very exciting journey on 304 pages with valuable content. This book deals with financial illiteracy and is primarily aimed at employees and academics in the fields of marketing, finance and politics.

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2nd Rank:

Financial Illiteracy in America

Financial IlliteracyEric Weiss is very familiar with financial illiteracy, as he is a Certified Financial Planner and teaches „Introduction to Finance“ at a large university. For this reason he is best qualified to write on the subject of financial illiteracy. In his book he relates the topic primarily to America, but his findings also allow conclusions to be drawn about other nations. What is this book specifically about? The author describes the common financial problems in the USA. He attributes this to financial illiteracy. There are several examples of this: For example, when interest rates were very low, many consumers took out mortgages at a floating rate. In addition, the credit card debt of many citizens continues to rise, although a simple consumer credit would be much cheaper. At the same time, fewer and fewer people are taking advantage of the opportunity to pay retirement contributions. The author sees one of the reasons for these problems in the parents‘ homes, because quite a few parents themselves have no knowledge of financial topics or have even gained valuable experience with the topic of finance. With this book, Eric Weiss wants to change that. He gives tips on how to use financial services intelligently, whether you really need a lot of insurance and how to invest profitably. The target group of this book are especially young people who want to build up long-term financial security. This book is only 133 pages long, but you will not be disappointed. As it stands, it’s all about quality, not quantity. For this reason, the book „Financial Illiteracy in America“ ​​can be clearly recommended for purchase at this point.

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3rd Rank:

What Financial Illiteracy Cost me

Financial IlliteracySurin Niryam is the author of this 17-page book. He shows you where financial illiteracy can lead. He himself struggled with a lack of financial knowledge and describes the mistakes he made at a young age. If he had the knowledge of today, he would be rich now. It particularly appeals to readers who are currently studying or are still studying. But even readers who are already working should get some interesting information with this book. Which investments are sensible and which investments promise a high return? When should you start investing and what mistakes can you make? With the purchase of this book you are taking the first step towards financial security. It’s an interesting road to wealth. You don’t have to earn as much as you might think right now. You can make a difference even with a small salary. If you want to learn more, then you should buy Surin Niryam’s book and use the tips described as soon as possible.

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Financial Illiteracy

Financial literacy is a concept that assumes that every consumer can be put in a position to learn financial knowledge. Financial illiteracy, on the other hand, is a condition in which the consumer has little or no knowledge of finances. Often there is a lack of understanding of the financial relationships between the common financial products. In addition, there is rarely any experience with the many different products offered by banks and insurance companies. These include capital investments, taking out loans, taking out insurance or payment transactions in general. Many people do not understand how finances work and the economic context. This fact may also be due to the fact that many people do not have the time or inclination to deal with the complicated topics of the financial world. It is noticeable that the financial illteracy continues to decrease with increasing income and level of education. So it is primarily consumers from lower-income and less well-educated classes who are affected. A good way to combat financial illiteracy would be to include the topic of finance in school lessons. This would protect every single consumer in the long term, prevent poverty and prevent over-indebtedness. If you are interested in this topic, you should take a look at the books presented. These give an interesting insight into the world of financial illiteracy.