The Mechanisms of Consumer Satisfaction With Financial Services Based on Artificial Intelligence : Moderating Effect of Risk Perception

임청 목원대학교 대학원 2024 국내박사

In the financial field of the 21st century, the rise and evolution of artificial intelligence (AI) technology is profoundly changing the traditional financial service model, bringing unprecedented development opportunities and severe challenges for financial institutions and consumers. This study focuses on the application of AI technology in the field of bank financial products, aiming to explore its impact on consumers' cognitive structure, purchase decision and risk perception, and further analyze the regulatory role of risk perception in the consumer decision-making process. Through literature review, questionnaire survey and statistical analysis, this research constructs a comprehensive research framework including AI mechanism, information transparency, financial literacy, satisfaction and risk perception, in order to deeply analyze the mechanism of AI technology on consumer purchasing behavior. The development process of AI technology has experienced a transformation from theoretical conception to mature application, and its application in the financial field has greatly improved the service efficiency, risk management ability, customer experience and personalized service level. However, the integration of AI technology also leads to new risk perception problems, and consumers' doubts about the transparency and reliability of AI decisions may affect their purchasing decisions. The purpose of this study is to reveal how AI technology shapes consumers' cognition, preference and purchase behavior of bank financial products, and analyze the role mechanism of risk perception in this process, and then put forward strategic suggestions to improve consumer satisfaction. The main objective of this study is to explore how Artificial Intelligence (AI) technologies can shape consumer perceptions, propensity and satisfaction with financial products and help financial institutions improve the quality of financial services. In addition, this study aims to provide insights into the key role that risk perception plays in this complex process. With the continued advancement of AI technology, especially its widespread application in the financial sector, the complexity of the consumer decision-making environment has increased dramatically, which makes risk perception and its impact on purchasing behavior particularly important. Specifically, this study attempts to explore how risk perception as a moderating variable affects the strength and direction of AI technology's effect on consumers' purchase intentions and behaviors by analyzing the decision-making process, purchase motivations, and behavioral characteristics of consumers' AI-assisted purchases of financial products, as well as to analyze how different consumer characteristics (e.g., level of knowledge, financial literacy, etc.) interact with risk perception and AI in ways that collectively impact Consumer Satisfaction. The results of the study will provide financial institutions with targeted product design and market strategy recommendations to better meet consumer needs, improve market responsiveness and customer satisfaction, and enhance consumer trust, reduce the negative impact of risk perception, and improve customer experience by optimizing the use of AI technology in financial services. By achieving these research objectives, this study not only enriches our understanding of the application of AI in finance, but also provides empirical evidence and theoretical support for financial product innovation and risk management to better understand how to enhance consumer satisfaction. In this study, we used quantitative research methods, and collected data by using SPSS and AMOS software. The questionnaire design was based on extensive literature review and theoretical model analysis, integrating scales constructed by previous scholars and issuing questionnaires through online channels. After data collection was completed, analytical methods such as descriptive statistical analysis, reliability and validity analysis, regression analysis and structural equation modeling analysis were conducted. The research results show that the AI mechanism has a positive impact on information transparency and financial literacy, and information transparency and financial literacy also have a positive effect on consumer satisfaction. At the same time, risk perception plays a significant role in regulating the relationship between AI mechanisms, information transparency and financial literacy. This study incorporates AI and risk perception into the scope of research, providing a new theoretical perspective for understanding consumers' decision-making process in an AI environment. At the practical level, the results of the study provide financial institutions with strategic guidance for enhancing consumer trust and satisfaction by improving information transparency, enhancing financial literacy education, and optimizing product design. The study suggests that financial institutions should focus on improving information transparency, strengthening consumer education and optimizing customer service, so as to improve consumers' satisfaction with AI financial products. Moreover, a deep understanding of the relationship between consumer characteristics and risk perception is critical for designing more precise marketing strategies. This study not only provides insights for financial institutions on how to use AI technology to improve services and products, but also provides empirical research results on AI in the field of financial consumer behavior. Although this study provides a deep insight into the application of AI technology in finance, there are still some limitations, such as insufficient consideration of sample range, cultural and regional differences, and psychological factors. Future studies can further expand the sample range, introduce more variables, and conduct long-term tracking and cross-cultural comparison studies to enrich and deepen the results of this study. In summary, this study provides an in-depth analysis of the complex impact of the application of AI technology in bank financial products on consumer purchasing behavior, with special emphasis on the key role of risk perception in the consumer decision-making process. By improving financial literacy and optimizing the application of AI technology, financial institutions will be able to better meet consumer needs, enhance market competitiveness, and improve consumer satisfaction. Meanwhile, this study also provides valuable theoretical and practical guidance for the sustainable development of financial technology and the sale of innovative products.

대구지역 고등학생의 금융이해도 연구

곽영일 경북대학교 교육대학원 2013 국내석사

So far, most financial literacy tests were analyzed by the score that students got and there were not many studies on the adequacy of test items or diverse factors that can influence students’ financial literacy. Therefore, the purpose of this study was to evaluate the adequacy of test items in Financial Supervisory Service's financial literacy test by analyzing the test conducted to high school students in Daegu in terms of credibility, percentage of correct answers, and item discrimination. In addition, by analyzing the results from the financial literacy test, studies found diverse factors that affected students' understanding of financial literacy and therefore seek how to apply those findings to the real classroom. Based on the purpose of this study, all national and international literature on financial education was researched. This study tested 928 students from 6 different high schools in Daegu for their financial literacy using the Financial Supervisory Service's financial literacy test. The major findings of this study are as follows. First, Cronbach α coefficient of the financial literacy test was 0.769, so the test was reliable. If Cronbach α coefficient of the test is over 0.7, it is considered reliable; the average score of the financial literacy test was 58.9 points. Second, as for the score of each subarea for the financial literacy, the score of income and expenditure management area was the highest; it was followed by risk management, insurance, financial & decision-making and credit & debt management. The score of savings and investment area ranked the lowest. Third, as for the testing the percentage of correct answers, the item discrimination of item No. 11 (0.149), item No. 10 (0.158) and item No. 3 (0.199) was too low. The item No. 11 was related to interest, the item No. 10 to exchange, and the item No. 3 to insurance. The percentage of correct answers of two items, item No. 11 and No. 10 was also low. The percentage of correct answers of item No. 10 was 27.4% and No. 11 was 32.5% each. However, the percentage of correct answers of item No. 3 was 78.1%, which was too high. Items that had too high or too low a percentage of correct answers could influence negatively on the adequacy of financial literacy, thus these three items needed to be modified. Fourth, when it comes to academic skills in group difference, the difference of the scores between the groups which consisted of high-level students and the low-level students was significantly different. Depending on the economic level of home and the academic background of the head of household, the difference of the scores was significantly different. The difference in schools attended was staggering as well. The score of students who attend a special-purpose high school and regular high schools located in the superior district where students have a high level of education was extremely high. Fifth, as for financial activity, the score of the students who had their own named bank account was higher than that of the students who did not, and the difference was statistically significant. When it comes to pursuit of stability, the score of the students who avoided debt was higher than that of the students who did not, and the difference was statistically significant. According to the results of this study, the adequacy of the Financial Supervisory Service's financial literacy test was efficient, but some questions needed to be modified because a percentage of correct answers and item discrimination. Meanwhile, the understanding of subcategories like credit & debt management and savings & investment was low, so when social studies curriculum is made, these subcategories need to be emphasized. Furthermore, financial literacy was significantly different among groups depending on academic skills, economic level of home, the academic background of the head of household and type of school attended. These results suggested that financial education should be strengthened. Finally, as for the financial attitude of students, the financial literacy was significantly different between students who have a bank account and those who do not. It implied that the effect of financial education should be maximized when it is submerged with diverse real-life practices rather than when it is taught theoretically in the classroom.

대학생 금융이해력 과신과 온라인 신용 사용

마웨이화(馬衛華) 국립순천대학교대학원 2024 국내박사

중국 대학생들이 온라인 금융, 특히 온라인 신용 상품에 접근할 때 자신의 금융이해력이 부족하거나 과신으로 인해 비합리적인 결정을 내 릴 가능성이 높으며, 또한 온라인 대출 기관이 온라인 대출 상품을 홍 보하여 대학생들의 과소비를 유도할 수 있다. 본 연구는 금융이해력, 그리고 금융이해력 과신, 특히 잘못된 본인평가와 잘못된 비교평가의 교호작용이 대학생의 온라인 신용 사용 행위와 어떤 관계가 있는지에 초점을 맞춰 중국 대학생을 대상으로 해서 연구한다. 연구 가설은 금융이해력은 대학생 연체 빈도를 감소시키는 방향으로 작용할 것이고, 잘못된 본인평가와 잘못된 비교평가가 각각 대학생 신 용 사용을 촉진할 것이며, 잘못된 본인평가와 잘못된 비교평가 간에 양의 상관성이 성립한다면 과대평가와 우위평가가 교호적으로 대학생 의 신용 사용을 촉진하리라는 것이다. 이에 대한 실증적 검정에서 종속 변수는 월수입 대비 월 상환금액이 차지하는 비율, 온라인 신용 사 용 빈도와 연체 빈도이며, 설명변수로는 금융이해력 실제 점수, 잘못된 본인평가, 잘못된 비교평가(양적과 질적으로 구분), 교호변수(잘못된 본 인평가*잘못된 비교평가)이다. 그밖에 사회경제학적 및 금융 경험 등을 통제 변수로서 활용한다. 기초 통계 분석, 상관관계 분석, 그리고 다변량 회귀 분석을 진행하 고 분석 결과에서 관찰되는 각 독립변수의 유의성을 확인하고 평가한 다. 분석을 앞서 우선 중국에서의 학교 금융교육 현황과 대학생의 온 라인 신용 사용 실태에 대해서 설명하였다. 중국에서 대학생의 온라인 신용 사용의 문제가 상당히 많은데도 불구하고 학교 금융교육 내용은 비교적 부족하고 체계적이지 못하다는 것, 초·중등학교의 금융교육은 덕육 측면에만 머물러 있다는 것. 그리고 중국의 경제교육과 금융교육 은 중국의 국정, 중국의 발전에 초점을 맞추고 있다는 것을 정리할 수 있었다. 우선 기초 통계를 통해 회귀 분석을 진행할 때 통제변수 증 고등학 교 경제 과목 이수 변수는 ‘들었다’와 ‘안 들었다’로, 투자경험 변수는 ‘있다’와 ‘없다’로, 고등학교 경제 관련 과목 이수 경험 변수는 “들었 다”와 “안 들었다”로, 온라인 신용 사용 시 받는 정신적 스트레스 정 도는 “받지 않는다”, “약간 받는다”와 “비교적 혹은 아주 많이 받는다” 로, 사용하는 온라인 신용 방식 변수는 ‘신용 구매만 사용한다’, ‘신용 대출만 사용한다’와 ‘모두 사용한다’로 크게 분류하여 회귀모형에 투입 하기로 하였다. 상관 분석 결과 온라인 신용 사용자 그룹의 경우 종속변수와 독립변 수 간의 상관 계수가 더 커지거나 전체 관찰 사례에서 찾을 수 없는 유의한 상관관계도 보였다. 따라서 회귀 분석 부분에서 신용 사용 그룹을 대상으로 진행하기로 하였다. 그리고 상관 분석에서 독립변수 간 의 공선성 문제가 없는 것에 대해서 확인하였다. 마지막으로 회귀 분석 부분에서 월 상환 비율은 연속변수이므로 OL S 추정을 진행하였고, 온라인 신용 사용 빈도와 연체 빈도의 경우 순 서형 변수이기 때문에 순서형 로지스틱과 이분형 로지스틱 분석을 진 행하였다. 월 상환 비율에 대한 회귀 분석 결과 양적으로 구해진 잘못 된 비교평가를 투입해 추정한 결과 교호변수는 상환 비율과 유의한 양 의 관계가 있다는 것을 확인할 수 있었다. 이는 가설 3-1, 즉 잘못된 본인평가와 잘못된 비교평가가 교호적으로 대학생의 신용 사용 정도를 증가시킬 것을 지지해 준 것이다. 질적으로 구해진 잘못된 비 교평가를 투입해 회귀 분석을 한 결과 본인의 금융이해력을 강 우위평 가할수록 상환 비율이 높아진다는 것은 가설 2-1(대학생의 잘못된 비 교평가가 대학생의 신용사용 정도를 증가시킬 것)을 지지한 것이다. 금 융이해력이 높을수록 상환 비율이 낮아진다는 것은 금융이해력이 높으 면 대학생의 신용 사용 정도를 감소시키는 방향으로 작용할 것을 실증 적으로 보여주고 있다. 온라인 신용 사용 빈도에 대한 순서형 로지스틱 분석 결과 금융이해 력이 높을수록 온라인 신용 사용 빈도가 높아진다는 결론은 금융이해 력이 높으면 대학생 온라인 신용 사용 빈도를 증가시키는 방향으로 작 용할 것을 보여주고 있다. 그리고 질적으로 구해진 잘못된 비교평가를 투입한 경우 강 우위평가할수록 온라인 신용 사용 빈도가 높아진다는 것은 가설 2-2 중 잘못된 비교평가가 대학생의 온라인 신용 사용 빈도 를 증가시킬 것을 지지하고 있다. 이분형 로지스틱 분석 결과 금융이 해력 실제 점수는 온라인 신용 사용 빈도와 양의 관계를 발견할 수 있 었다. 이는 금융이해력이 높을수록 온라인 신용 사용 빈도가 높아지는 것을 의미하고, 본인의 금융이해력을 우위평가할수록 온라인 신용 사 용 빈도가 낮아지는 것을 뜻한다. 그러나 잘못된 비교평가의 경우 유 의한 결과가 나왔지만 가설 2-2 중 대학생의 잘못된 비교평가가 대학 생의 온라인 신용 사용 빈도를 증가시킬 것을 지지하지 못하고 있다. 연체 빈도에 대한 순서형 로지스틱 분석 결과 금융이해력이 높을수 록 연체 빈도가 낮아지는 것은 가설 1을 지지하고 있다. 질적으로 구 해진 잘못된 비교평가를 투입한 경우 본인의 금융이해력을 과대평가할 수록 연체 빈도가 낮아지는 것은 가설 2-3 중 대학생의 잘못된 본인평 가가 대학생의 연체 빈도를 증가시킬 것을 기각하고, 그리고 강 열위 평가할수록 연체 빈도가 높아지는 것은 가설2-3 중 대학생의 잘못된 비교평가가 각각 대학생의 연체 빈도를 증가시킬 것을 기각한다. 이분 형 로지스틱 분석 결과 금융이해력이 높을수록 연체 빈도가 낮아지는 것은 가설 1을 지지한다. 그리고 질적으로 구해진 잘못된 비교평가를 투입한 경우 본인의 금융이해력을 강 열위평가할수록 연체 빈도가 높 아지는 것은 가설 2-3(대학생의 잘못된 본인평가와 잘못된 비교평가가 각각 대학생의 연체 빈도를 증가시킬 것)을 기각하고 있다. 교호변수의 경우 온라인 신용 사용 빈도와 연체 빈도를 종속변수로 추정한 결과가 모두 통계적으로 유의하지 않아서 현재의 데이터를 가지고 가설 3-2와 3-3을 기각한 것이다. 분석 결과를 근거해서 중국 대학생들의 금융이해력 실태를 밝히고, 금융이해력 과신과 온라인 신용 사용 간의 관계를 파악함으로써 금융 교육에 있어서 나가야 할 방향에 대해서 시사점을 제시한다. 첫째, 중 국은 보다 체계적인 금융교육을 도모하는 것이 시급하다. 이렇기 위해 우선 나라 차원에서 법적 근거나 정책 의거를 출범해야 마땅하다고 본 다. 둘째, 향후 금융이해력을 향상시키려는 노력은 물론 단순한 금융 지식 교육 넘어서, 태도와 인지를 높이는 것도 중요하다. 금융교육이 효과적이려면 단순히 객관적인 지식을 전달하는 데 그치지 않고, 학생의 자신감을 함께 높이는 방식으로 이루어져야 한다. 다만, 재무적 투자와 관련된 교육에서는 과도한 자신감을 유발하지 않 도록 신중을 기해야 한다. Chinese college students are likely to make irrational decisions due to a lack of financial literacy or overconfidence when accessing online financial products, particularly online credit products. Moreover, online lending institutions may encourage college students to overspend by promoting online loan products. This study focuses on the relationship between financial literacy, overconfidence in financial literacy, especially misestimation and misplacement, and the online credit usage behavior of Chinese college students. The research hypotheses are that financial literacy will act to reduce the frequency of student loan defaults, misestimation and misplacement will each promote online credit use among students, and if there is a positive correlation between misestimation and misplacement, misestimation and misplacement will interact to promote online credit usage among students. In the empirical test, the dependent variables are the ratio of monthly repayment to monthly income, the frequency of online credit usage, and the frequency of defaults. The explanatory variables are the actual financial literacy score, misestimation, misplacement (both quantitative and qualitative), and interaction variables (misestimation * misplacement). Additionally, socioeconomic status and financial experience are used as control variables. Descriptive statistical analysis, correlation analysis, and multivariate regression analysis were conducted to identify and evaluate the significance of each independent variable observed in the results. Before the analysis, the current state of financial education in Chinese schools and the online credit usage of college students were explained. Despite the significant problems with online credit usage among college students in China, school financial education is relatively lacking and not systematic. Financial education in primary and secondary schools remains superficial, and China's economic and financial education focuses on national policy and development. For the regression analysis, the control variables include whether the student completed high school economics courses ('taken' vs. 'not taken'), investment experience ('has' vs. 'does not have'), experience in high school economics-related courses ('taken' vs. 'not taken'), and the degree of psychological stress when using online credit ('none', 'some', 'considerable' or 'a lot'). The online credit usage method is categorized as 'only credit purchase', 'only credit loan', and 'both'. Correlation analysis results showed that the correlation coefficients between dependent and independent variables were larger for the online credit user group or showed significant correlations not found in the overall sample. Thus, the regression analysis was conducted targeting the online credit user group. The correlation analysis confirmed no multicollinearity problems among independent variables. In the final regression analysis, the monthly repayment ratio, a continuous variable, was estimated using OLS. For online credit usage frequency and default frequency, which are ordinal variables, ordinal logistic and binary logistic analyses were conducted. Regression analysis on the monthly repayment ratio showed that the interaction variable, when incorrect comparative assessment (quantitatively obtained) was included, had a significant positive relationship with the repayment ratio at p<0.001. This supports hypothesis 3-1, which posits that misestimation and misplacement interactively increase online credit usage among the group with low financial literacy. Regression analysis using qualitative misplacement showed that the more one overestimates their financial literacy, the higher the repayment ratio, supporting hypothesis 2-1 that misplacement increases online credit usage among college students. Higher financial literacy leading to a lower repayment ratio empirically shows that higher financial literacy reduces online credit usage among students. Ordinal logistic analysis on online credit usage frequency concluded that higher financial literacy increases online credit usage frequency, showing that higher financial literacy promotes online credit usage among students. With qualitative misplacement included, a stronger misplacement correlated with higher online credit usage frequency, supporting hypothesis 2-2 that misplacement increases online credit usage frequency among college students. Binary logistic analysis found a positive relationship between actual financial literacy scores and online credit usage frequency, indicating that higher financial literacy increases online credit usage frequency, while overestimating one’s financial literacy correlates with lower online credit usage frequency. However, significant results for misplacement did not support hypothesis 2-2 regarding misplacement increasing online credit usage frequency. Ordinal logistic analysis on default frequency showed that higher financial literacy reduces default frequency, supporting hypothesis 1. When qualitative misplacement was included, overestimating one’s financial literacy correlated with lower default frequency, rejecting hypothesis 2-3 that incorrect self-assessment increases default frequency. Strong misplacement correlated with higher default frequency, rejecting hypothesis 2-3 that misplacement increases default frequency. Binary logistic analysis supported hypothesis 1 that higher financial literacy reduces default frequency. Qualitative misplacement showed that stronger misplacement increased default frequency, rejecting hypothesis 2-3 regarding misestimation and misplacement increasing default frequency. The interaction variable's results, with online credit usage frequency and default frequency as dependent variables, were not statistically significant, rejecting hypotheses 3-2 and 3-3 with the current data. Based on the analysis results, the study reveals the state of financial literacy among Chinese college students and identifies the relationship between overconfidence in financial literacy and online credit usage, offering insights into the future direction of financial education. Firstly, systematic financial education in China is urgently needed, starting with legal and policy foundations at the national level. Secondly, efforts to improve financial literacy should go beyond basic financial knowledge to enhance attitudes and cognition. For financial education to be effective, it should not merely convey objective knowledge but also aim to boost students' confidence. However, when it comes to education related to financial investments, care must be taken to avoid fostering excessive confidence.

부모로부터의 독립, 자기통제, 금융거래경험이 대학생 소비자 재무관리역량에 미치는 영향

김아영 성균관대학교 2014 국내석사

This study aims to analyze how undergraduate students’ financial literacy levels differ according to socio-demographics, independence from parents, self-control, and financial experience variables and how these variables affect their financial literacy. We refer a set of measurement tool on Financial Literacy from OECD, and modified it for Korean undergraduate students. With the measure, the current financial literacy for Korean undergraduate student consumers is evaluated using 330 cases of data sets. An ANOVA, a T-test and a hierarchical multiple regression analysis was carried out with socio-demographics, independence from parents, self-control, and financial experience as independent variables in order to understand factors that affect undergraduate students’ financial literacy and examines their relative influences. The following findings of the study were made: First, 330 undergraduate students’ financial literacy were evaluated with the modified tools. Their financial literacy levels were measured by dividing areas of knowledge, attitudes, and behavior. Among three areas, knowledge area was 6.72 out of 11 points, attitude area 3.48 out of 9 points, and behavior area was 5.00 out of 10 points. As with the results of previous studies of the overall financial literacy was low, and we found that the score of attitude area was especially low. It means that we have to focus on the attitude area in order to improve their financial literacy levels. Secondly, We examined each area of financial literacy according to socio-demographic characteristics in detail. The result of investigating the effect of socio-demographic factors on financial literacy of Korean undergraduate student showed that major had an effect on knowledge area, that their parents’ monthly income had an effect on attitude area. Students who major in business & economy department had high score in knowledge area, and parents of students with high monthly income was higher score in attitude area. Consequently, we have to consider their socio-demographic characteristics when we draw up measures for improving their financial literacy. Third, we examined effect relationships between socio-demographics, economic and psychological independence from parents, self-control levels, financial experience, and undergraduate students’ financial literacy levels. We found that financial experience variables had the greatest effect on all three areas in financial literacy. We examined that which socio-demographic characteristics and variables had a major influence on undergraduate students’ financial literacy levels through this study. And, We concluded consumer education plans considered socio-demographic characteristics, economic independence from parents, level of self-control, financial experience are needed to improve of undergraduate students’ financial levels. In this study, there has an academic significance that we used an internationally conducted scale from OECD financial literacy researches in domestic consumer research for the first time. However, We need a more reliable scale to measure consumers’ financial literacy levels. These results of this study are expected to provide guidance for policy-makers and consumer educators in order to enhance undergraduate students’ financial literacy levels and their financial welfare. 복잡하고 다양화된 현대 금융사회에서 소비자가 현명한 금융 의사결정을 할 수 있는 능력을 기르는 것은 매우 중요해졌다. 특히 평균수명 연장으로 고령화 사회에 진입함으로서 전 생애주기에 걸친 효율적인 자원관리를 하는 재무 설계가 더욱 중요해진 것은 명백한 사실이다. 더불어 이는 보다 더 이른 시기에 행해지는 것이 더욱 효과적이다. 따라서 본 연구에서는 이러한 점에 주목하여 사회생활로의 진출과 경제활동의 본격화가 시작되는 직전 단계인 대학생들을 대상으로 소비자 재무관리역량을 측정해 보고자하며, 사회·인구학적 특성과 함께 어떠한 변수들이 이들의 재무관리역량에 영향을 미칠지에 대해서 파악하고자 한다. 이에 본 연구는 OECD에서 2012년에 14개 회원국을 대상으로 실시한 Financial Literacy 측정연구의 측정도구를 바탕으로 국내 4년제 대학생들의 재무관리역량을 측정하여 그 수준을 살펴보았다. 또한, 대학생 재무관리역량에 영향을 미치는 것으로 예상되는 부모로부터의 경제적 및 심리적 독립과 자기통제 성향 수준, 금융거래 경험 변수들이 유의한 영향을 미치는지를 검증하였다. 국내 4년제 대학생들을 대상으로 하는 재무관리역량 척도를 구성하기 위해 기존에 OECD에서 연구개발한 척도를 번역하고 국내 실정과 문화에 맞게 수정하여 재구성하였다. 이를 통해 얻어진 척도로 국내 4년제 대학생 남녀 330명을 대상으로 온라인 설문조사를 실시하였으며, 대학생의 재무관리역량을 진단하고, 영향요인을 규명하기 위하여 SPSS 18.0 프로그램을 사용하여 기술통계 분석, 상관분석, T-검증 및 일원분산분석, 위계적 중회귀분석을 실시하였다. 본 연구의 결과 및 결론은 다음과 같다. 대학생들의 재무관리역량을 세 가지 구성요소인 지식역량, 태도역량, 행동역량으로 나누어 측정해본 결과, 지식영역 점수는 11점 만점에 6.72점, 태도영역 점수가 9점 만점에 3.48점, 행동영역 점수가 10점 만점에 5.00점으로 나타났다. 선행연구의 결과와 마찬가지로 전반적으로 재무관리역량이 저조한 편이며 특히 태도역량이 낮은 편인 것으로 확인되었다. 이는 대학생들의 재무관리역량을 증진시키기 위해서는 태도영역의 역량에 보다 초점을 맞춰야 한다는 것을 의미한다. 둘째, 사회·인구학적 특성에 따른 재무관리역량 각 영역을 세부적으로 살펴보았다. 그 결과, 지식역량에는 전공이, 태도역량에는 부모님의 월평균 소득에 따른 차이가 유의한 것으로 나타났지만, 행동역량에는 사회·인구학적 변수 중 어떠한 것도 유의한 차이를 나타내지 않았다. 전공이 상경계열일 경우 지식역량이 높은 것으로 나타났으며, 부모님의 월평균 소득이 높을수록 태도역량이 더 높아지는 것을 의미하였다. 따라서 이들의 재무관리능력 향상 방안 마련 시 소비자들의 이러한 사회·인구학적 특성을 고려해야 한다. 셋째, 부모로부터 경제적·심리적 독립과 자기통제 성향 수준, 금융거래 경험과 대학생의 소비자 재무관리역량 간의 영향 관계를 살펴보기 위해 분석한 결과, 금융거래 경험이 재무관리역량 지식, 태도, 행동역량 모두에 가장 큰 영향을 미치는 변수로 밝혀졌다. 지식영역에는 금융거래 경험과 전공, 태도영역에는 금융거래 경험과, 자기통제 수준, 경제적 독립성 중에서도 특별지출 본인부담비율, 부모님의 월평균소득과 거주 형태가 영향을 미치는 변수로 확인되었고, 행동영역 점수에는 금융거래 경험, 경제적 독립성 중 특별지출 본인부담비율, 성별, 자기통제 수준이 유의한 영향을 미치는 것으로 확인되었다. 본 연구 결과를 통해 대학생들의 재무관리역량에 어떤 사회·인구학적 특성들과 변수들이 중요한 영향을 미치는지 규명할 수 있었으며, 대학생의 재무관리역량 향상을 위해 사회·인구학적 특성과 경제적 독립성, 자기통제 성향의 수준, 금융거래 경험을 함께 고려한 소비자교육 방안 마련이 필요하다는 결론을 도출할 수 있었다. 본 연구는 OECD에서 국제적으로 시행한 Financial Literacy 측정연구에서 사용한 척도를 토대로 처음으로 국내 소비자들을 대상으로 하는 연구를 진행하였다는 데 학술적 의의가 있지만, 더욱 신뢰도 높은 척도로의 수정 노력이 요구되는 바이다. 대학생의 재무관리역량에 대한 본 연구의 결과물은 향후 이들을 대상으로 하는 재무 및 금융 교육을 실시하고, 재무복지 증진을 위한 정책을 수립하는데 방향을 제시해 줄 수 있을 것으로 기대된다. 본 연구의 궁극적인 목적이 소비자의 재무복지 향상인 만큼 후속연구에서는 조사대상자의 범위를 더욱 넓히고, 다양한 관련 변인들을 다루어 재무관리역량에 대한 연구들이 더욱 활발해지길 바란다.

A Qualitative Analysis of Students’ Experience Using Student Loans and Financial Literacy at a Community College

Jia, Leslie Anne University of Nevada, Reno ProQuest Dissertations 2020 해외박사(DDOD)

The research paper examines what students believe and understand about student loans and financial literacy at a local community college. Participants were interviewed using structured and semi-structured questions about student loans and financial literacy. Baxter Magolda’s Theory of Self-Authorship was used to analyze the results for this study. Analyzing the results, traditional college-aged students found the in-person loan entrance counseling beneficial. However first-time loan borrowers had a different experience compared to continuing students who were previous loan borrowers on how and what kind of knowledge that was retained on student loans. Students in the research study did not know the meaning of financial literacy, and when students were asked to describe what kind of financial literacy information they received, students defined financial literacy based on their financial priorities and what specific financial literacy information was valuable to them. Students also had similar responses on what kind of financial literacy information they would like to receive which reflected student’s personal financial status and what financial topics were important to them. Finally, students in the research study displayed various financial behaviors. Some students acknowledged that they needed to change their financial behavior, lacked financial understanding such as loan terminology, displayed proactive financial behaviors, and shared their experiences with other loans specifically car loans which affected students in how they managed their student loans.

Making a Way Out of No Way: An Antideficit Approach to Financial Literacy

Harris, Daniel ProQuest Dissertations & Theses University of Cali 2021 해외박사(DDOD)

Student loan debt in the United States exceeds $1.5 trillion. The enormity of student loan debt has received extensive media attention, with reports presenting the sheer mass of student loan debt as a national crisis. Borrowing patterns among undergraduates indicate that this is a pronounced issue among Black students who are more likely to finance college with loans. Existing research purports that deficits believed to be intrinsic to Black students and their families are to blame for the disparate borrowing patterns along racial lines. This view is incomplete and focuses too narrowly on perceived deficits based on a white, middle-class notion of financial literacy. The purpose of this study was to provide a more complete view of financial literacy through the lens of 12 Black undergraduate students.Using Critical Race Theory and an antideficit achievement framework results from this study suggest systematic and structural inequality contribute to divergent types of financial literacies along racial lines. Although different from their racial counterparts, the financial literacy of the Black participants interviewed in this study did not contribute to their indebtedness. On the contrary, using a unique set of financial literacies, study participants navigated the economic demands of higher education designed for their demise and downfall. Participants found jobs, scholarships, and other ways to supplement their financial circumstances reflecting their ability to offset the costs of undergrad. Navigating these costs is not always obvious for students. Higher education institutions should help to make the process of affording college more attainable for a diverse student body. One size fits all approaches ignore the unique needs of Black undergraduate students. Supports should provide the historical context of personal finances and practical resources for implementing money strategies for the specific college-going experience of Black undergraduate students. Recommendations from this study suggest students, families, and institutions can disrupt deficit-based paradigms of financial literacy and implement better financial literacy supports sensitive to the individual and group needs of degree-seekers.

Filipinos' Degree of Awareness about Investment in Relation to their Financial Goals

HERNANDEZ JENNY ANNE 아주대학교 2022 국내석사

In this digital age where information is accessible, numerous people are still illiterate on the process of investment, its risks, and returns. This is arguably one of the major problems for most developing countries, especially the Philippines. This paper aims to address the factors that affect financial decisions negatively and look for the hole in achieving one's financial goals and improving retirement preparedness. This paper discussed several types of Investment Platforms such as Property Investment, Variable Universal Life Insurance, Mutual Funds, Real Estate, and other financial investments. The data was collected from 211 respondents, 131 from Local Filipino Workers (LFW), and 80 Overseas Filipino Workers (OFW) from the United Arab Emirates ages 20 - 60 years old. Using this data, this paper proved that the degree of awareness Filipinos have on investing, regardless of the country they are residing in, is between low and very low due to lack of financial literacy. We found out that this does not only affect their budget allocation, but also their investment decision. This paper revealed that even if OFW are earning much more than LFW, inadequate income is their given major reason for not investing. Therefore, we concluded that lack of financial literacy affects the budgeting behavior and investment decision of an individual. Hence, it is recommended to improve financial literacy to achieve financial goals and improve retirement preparedness.

행화인지 기반 2DVE 아바타 트레이싱의 학습 효과 : 대출상환방식 시각화의 사례

김민혁 연세대학교 대학원 2024 국내석사

본 연구에서는 낮은 평균임금/신용등급/금융 문해력으로 인해 타 연령대에 비해 불리한 조건으로 신용대출을 받는 한국 20대 인구의 금융 문해력 제고에 도움을 주고자 공공디자인에 해당하지만, 사용자를 오도할 수 있는 현 제1금융권의 가계대출 상품 설명서에 수록된 대출 상환방식 간 차이를 설명하는 그래프를 개선하고 그 효과를 측정하는 실험을 진행하였다. 온라인 설문조사로 진행된 실험은 국내 대학 재학/졸업 학력의 20대 남녀 280명을 대상으로 •대출 경험/관련 금융지식 측정하여 교육이 필요한 영역을 조사하고(연구 질문 1), •실제 대출을 받는 맥락에서 필요한 정보항목과 이를 보여주기 적합한 시각화 유형을 조사하고(연구 질문 4), •현 대출 상환방식 그래프의 디자인(대조조건)을 개선하되, (a) 정보량과 관련하여 정확성 측면에서개선된 상환방식별 원리금 비교(comparison by type, “방식별 그래프”) 그래프와 충분성이 개선된 월별 원리금 비교(comparison by month, “월별 그래프”) 그래프를 제작하고, (b) 이를 각각 Short 조건(방식별 그래프), Long 조건(방식별 그래프 + 월별 그래프)로 구분하였다. 이후 (c) 학습방식 측면에서 2DVE 플랫폼 ZEP 상에서 눈으로만 정보를 읽는 목독(reading)과 키보드 방향키로 아바타를 조작하여 이동거리/방향으로 원리금의 증감을 형태와 패턴으로 체감하는 트레이싱(tracing) 방식으로 구현하여, (d) 정보량(Short/Long)×학습방식(트레이싱/목독)을 조합한 실험조건 4종을 제작하였다. 이후 피험자들을 대조조건, 4종의 실험조건 중 1가지를 각각 학습한 후 이해도 문항과 설명력/흥미로움/몰입감 측면에서 선호도 문항에 답변하였다(연구 질문 2/3/5). 그 결과, 금융지식 수준 측정 객관식 9문항의 평균 정답률은 37.5%, 평균 득점은 3.38의 낮은 수준이며, 특히 신용대출 경험에 따른 지식수준 차이는 없었고(연구 질문 1), 현 그래프와 실험조건 4종—정보량(Short/Long)×학습방식(트레이싱/목독)—간 학습효과를 비교한 결과, 정보 정확성 개선에 따른 이해도 비교(연구 질문 2, H1)에서는 실험조건 4종 모두 대조조건(Con) 보다 유의하게 이해도가 제고되었고, 특히 정보량이 많은 Long 조건에서 이해도 제고 효과가 더 크게 나타났다. 학습방식 간 비교(연구 질문 3, H2)에서는 정보량이 Short인 조건(E1–E3) 간에서만 트레이싱(E1)의 득점이 목독(E3) 보다 유의하게 높아 트레이싱의 부분적 학습효과가 관찰되었다. 학습방식 간 선호도 비교(연구 질문 3, H3) 결과, Short 조건의 피험자들은 항목별로는 설명력/흥미로움 항목에서 트레이싱을, Long 그룹은 몰입감에서는 목독, 흥미로움에서는 트레이싱을 뚜렷이 선호하였으나, 3가지 선호도 항목의 조합별 분석 결과, Short 그룹에서는 TTT(모두 트레이싱 선호) 조합의 선호 비율이 유의하게 높았고 설명력–몰입감, 설명력–흥미로움 간의 상관관계가 관찰되어 학습방식으로서 트레이싱에 대한 뚜렷한 긍정 의견이 관찰되었으나, Long 그룹에서는 Short 그룹에 비해 유의한 차이로 다양한 조합이 관찰되었고, 항목 간 상관관계 또한 낮아서 트레이싱 학습방식에 대해 긍정–부정 의견이 혼재하였음을 알 수 있다. 시각화 유형(표/그래프)과 금액표기 유무의 선호도 조사(연구 질문 4, H4) 결과, 피험자들이 실제 대출맥락에서 가장 필요한 정보는 •상환방식 개념의 이해, •총이자액의 비교, •대출자의 월수입과 월별 상환금의 비교이며, 이 정보를 전달하기 적합한 시각화 유형으로는 모두 금액 정보가 표기되었으면서도 동시에 원리금의 증감의 직관적 비교가 가능한 그래프유형이 선호되었다. 끝으로, 2DVE 아바타 트레이싱의 매체적 특성(연구 질문 5)은 모양과 거리에 따른 체감, 시각적 기억력과 주의집중력 제고, 능동적 학습에서 비롯된 높은 몰입감이 긍정 요인으로, 아바타가 지정된 경로만 이동이 가능해 조작 난이도가 높은 복잡한 형태를 트레이싱할 때는 트레이싱 행위 자체의 인지부담이 높다는 특성, 또 이동속도를 조절하지 못하여 일정 수준 이상의 시간 소요가 불가피한 점이 부정적 요인으로 보고되었다. 본 연구는 선행연구와 달리 2DVE 플랫폼상에서 키보드 방향키로 조작하는 아바타 트레이싱의 학습 효과를 관찰하였고, 학습자료를 2가지 정보량(Short/Long)과 2가지 형태(방식별, 월별 그래프)로 제시하여 트레이싱 학습효과의 새로운 영향요인으로 관찰하였다는 점과 실험환경인 2DVE의 매체적 특성과 정보의 게시/학습 과정에서 기존 스크린 미디어과 비교하였을 때의 장단점에 대해 파악하였다는 점에 의의가 있지만, 2DVE 아바타 트레이싱의 효과가 2가지 그래프 형태의 정보량 조합으로만 실험되어 학습효과와 시각화 형태, 개념 난이도, 정보량 간의 관계를 체계적으로 관찰하지 못하였고, 선행연구에서 밝혀진 학습효과의 영향요인 중 하나인 학습자의 인지부담을 독립변수로 고려하지 못하였다는 점, 또 본 연구에서 관찰된 뷰 포트의 이동 등 트레이싱의 단점이 후속연구에서는 2DVE 환경이 기술적/매체적으로 개선되었으므로 더 이상 관찰되지 않을 것이라는 한계가 있다. 따라서 후속 연구에서는 2DVE 아바타 트레이싱의 학습효과에 정보 시각화의 형태, 정보의 양, 정보의 개념적 난이도를 보다 상세한 실험조건으로 하여 학습자의 내재적/외재적 인지부담의 변화를 관찰하는 추가 연구가 필요함을 제언하고, 또 2DVE 아바타 트레이싱 학습 콘텐츠를 기획하려면 학습자료의 시각적 디자인과 관련하여 •학습자료의 크기(scale), •트레이싱하는 형태의 구조적 특성을 반영한 경로 디자인, •주의분리 효과(split-attention effect)를 고려한 텍스트의 경로상 배치, •트레이싱 속도의 조절 및 건너뛰기 기능의 고려가 필요하다고 결론 내렸다. Koreans in their 20s often take out credit loans at unfavorable conditions compared to other age groups due to their low average wages/credit ratings/financial literacy. Aiming to improve their financial literacy, this study conducted an experiment by redesigning the current loan repayment schedule type graph (printed on the South Korean prime banking household loan brochure) which is supposed to enlighten the public but instead misleading readers, and by building a learning environment where the participants learn by avatar tracing on a 2-Dimensional Virtual Environment(2DVE) platform. The current loan repayment schedule type graph was redesigned (a) with improved accuracy(the Type graph) and improved information sufficiency(the Month graph); and (b) I created two graphs of different lengths, Short(the Type graph only) and Long(the Type graph and Month graph combined). These improved graphs were then (c) implemented on a 2DVE platform ZEP to allow participants for testing them in either by reading or by 2DVE avatar tracing where participants follow the graphs with arrow key-controlled avatars, so consequently (d) I created four experimental conditions combining 2 levels of information length(Short/Long) and another 2 levels of learning method(Tracing/Reading). An online survey to measure the effectiveness of the alternative graph design and learning-by-tracing was conducted with 280 participants in their 20s who are either graduated/enrolled in the university. The survey aimed •to investigate the participants’ loan experiences and the level of their loan-related financial literacy to identify areas of improvement(RQ 1), • to find out what information items they need in the context of choosing the loan repayment schedule type and which visualization type(graph or table) they prefer in presenting the items(RQ 4), •to compare the learning effectiveness and preference of the four alternative graphs(experimental conditions) in comparison to the current loan repayment schedule type graph(control condition). The participants all tried the control condition first then they were randomly assigned to one of the four experimental conditions; they responded to comprehension questions after each session, and reported their preferred learning method in regards to the understandability, immersiveness, and interestingness(RQ 2, 3 and 5). The results showed that the average correct response rate for the nine multiple-choice questions assessing financial literacy was 37.5%, with an average score of 3.38, indicating the participants’ low financial literacy; no significant difference was found between the experienced/inexperienced participants in taking loans(RQ 1). A comparison of the learning effects between the control condition and the four experimental conditions—information quantity(Short/Long) × learning method(Tracing/Reading)—showed that all four experimental conditions significantly improved the participants’ comprehension scores compared to the control condition(RQ 2, H1). Notably, the Long condition had a greater effect. A comparison of learning methods(RQ 3, H2) showed that only in the Short condition(E1–E3) did Tracing(E1) score significantly higher than Reading(E3), indicating a limited learning effect from Tracing. Additionally, a comparison of preferred learning methods(RQ 3, H3) revealed that in the Short condition, participants highly preferred Tracing for its understandability and interestingness, while in the Long condition, they highly preferred Reading for immersiveness and Tracing for interestingness. However, analyzing the combinations of the three preference items(understandability, immersiveness, and interestingness) showed that the frequency of TTT(all Tracing preferred) combination is significantly higher in the Short group while correlations between understandability–immersiveness, understandability–interestingness were observed, indicating a clear preference for Tracing as a learning method. In contrast, the Long group displayed a significantly more diverse combination of responses with weak correlations between the items, reflecting their mixed opinions on the Tracing learning method. The participants also preferred a labeled graph that can intuitively display the three most critical pieces of information in the context of choosing loan repayment schedule types: the differences between types, the total interest per type, and how the borrower's monthly income compares with his/her monthly repayments(RQ 4, H4). Finally, the media characteristics of 2DVE avatar tracing(RQ 5) were identified as follows. Its strengths include that it allows for physically perceiving shapes and distances, enhancing the reader’s visual attention, and deep engagement coming from proactive learning. Weaknesses, however, were reported: the cognitive load of tracing complex shapes due to the avatar's limited movement along predefined paths, and the inability to control movement speed, which inevitably required a significantly longer learning time. The study, however, has several limitations. The learning effects of 2DVE avatar tracing were only tested with four experimental conditions, preventing a systematic observation of the relationship between learning effects, visualization forms, conceptual difficulty, and information quantity. It also did not consider cognitive load, a known influencing factor on learning effects from previous research, as an independent variable. Furthermore, the observed disadvantages of tracing, such as viewport movement, may not be applicable in future as 2DVE environments rapidly undergo technological and media improvements. So the findings from this study suggest that, to develop an effective 2DVE avatar tracing based lesson, you need to know how the learner’s intrinsic and extrinsic cognitive loads change according to the structural characteristics of the shapes along with the conceptual difficulty of the information visualized in the shapes. Additionally, when planning 2DVE avatar tracing tracing based lessons, you should consider the following aspects of visual design: the scale of the visual materials, the path design reflecting the structural characteristics of the shapes being traced, the placement of text along the paths considering the split-attention effect, and the inclusion of features such as learner-controlled tracing speed and skippable tracing segments.

가치투자의 수행성과 대중투자문화의 형성

오승민 연세대학교 대학원 2015 국내석사

본 연구는 한국에서 1990년대 후반 이후 등장한 ‘대중투자’ 문화를 주식투자라는 금융적 실천을 중심으로 분석하였다. 구체적으로 대중적인 주식투자 전략의 하나인 ‘가치투자’가 개인투자자들에 의해 해석되고 활용되는 구체적인 과정에 대한 분석을 통해, 한국 사회에서 ‘투자’라는 금융적 실천이 갖는 사회적·문화적 함의를 밝히는 것을 목적으로 한다. 가치투자는 재무제표와 사업보고서와 같은 자료를 토대로 기업의 가치를 분석하고 계산하여, 이러한 가치를 기준으로 주식을 거래하는 투자 전략이다. 하지만 가치투자는 단순히 주식투자를 매개하는 금융지식에 불과한 것이 아니라 ‘가치투자자’라는 투자자 주체를 생산하는 핵심적인 계기이기도 하다. 가치투자는 투자와 투자자에 대한 합리적이고 도덕적인 표상을 생산하며 투자자들의 실천과 인식을 변화시키고, 더 나아가 이들의 생애기획에도 영향을 미친다는 점에서 수행적 효과를 발휘한다. 연구자는 ‘가치투자의 수행성’을 구체적으로 검토하기 위해서 ‘잃지 않는 투자’와 ‘배우는 투자’를 지향하는 가치투자 전문 교육기관인 ‘A 투자교육연구소’에서 개설한 가치투자 강좌를 참여관찰하였고, 수강생들을 중심으로 심층면접을 수행하였다. 가치투자는 1997년 경제위기 이후 구조조정을 통한 기업의 재무구조 개선과 2000년대 초반 주식시장에서의 가치주 등장을 배경으로 개인투자자들의 주목을 받기 시작하였다. 가치투자는 1990년대 후반 이후 벤저민 그레이엄과 워렌 버핏과 같은 가치투자의 상징적 인물들의 투자 방식을 충실하게 해석하고 한국적 맥락으로 번역하는 소수의 ‘매개자’에 의해 대중적으로 확산되었다. ‘A 투자교육연구소’ 역시 이러한 매개자 그룹 중 하나로, 개인투자자를 대상으로 한 가치투자 교육을 통해 가치투자를 전파하는 데 일조한다. 투자자들은 반복되는 주식투자에서 실패를 경험하거나 기대만큼의 수익을 기록하지 못하면서, 가치투자를 통해 주식투자를 체계적으로 접근하는 방식을 학습하기를 원하고, 이를 통해 더 이상 주식투자에서 실패하지 않을 것이라고 기대한다. ‘버핏 교실’은 가치투자에 대한 특정한 지식을 생산하고, 이를 구체적인 테크닉의 형태로 재가공하여 수강생들에게 제공하고 있는 교육 프로그램으로, 합리적이고 건전한 투자를 실천하는 현명한 투자자라는 윤리적인 주체를 적극적으로 생산하고자 한다. 또한 가치투자는 투자자들이 주식투자를 정당한 사회적 실천으로 의미화하는데 있어서 핵심적인 개념과 논리를 제공한다. 가치투자자들은 돈의 논리가 지배하는 자본주의 하에서 경제적 자유를 열망한다. 경제적 자유를 획득하기 위한 유력한 방식이었던 직장생활은 한국 사회의 신자유주의적 전환 이후 노동 환경의 불안정성으로 인해 더 이상 매력적인 선택이 아니게 되었고, 이들이 자연스럽게 눈을 돌리게 되는 것이 재테크이다. 그리고 주식투자를 통해 자산을 관리하고 증식하려는 투자자들은 가치투자를 통해 지속적이고 안정적인 수익을 기록할 수 있을 것이라고 기대한다. 평생직장이라는 개념이 사라진 자리에 ‘평생직장으로서의 주식투자’라는 상상이 등장하는데, 가치투자는 이러한 상상을 구체적으로 실현할 수 있는 가능성을 생산한다. 이 연구는 한국 사회의 신자유주의적 전환 이후 일상화된 경제적 불안정에 ‘재테크’라는 사적인 자산관리의 전략으로 대응하는 투자자들의 인식, 윤리 그리고 실천을 이해하려고 시도하였다. 대중투자문화는 다양한 금융적 수단, 재테크 지식과 정보를 통해 돈이 스스로 일하게끔 하라고 요청하면서, 일상을 돈을 만들어내기 위한 열망으로 가득 채운다. 그리고 돈을 현명하게 투자하고, 사려 깊게 예측하며, 전략적으로 자산을 배치하면 성공할 수 있다는 환상을 만들어낸다. 가치투자는 주식투자를 통한 부의 획득이 가능할 것이라고 기대하는 가치투자자들을 지속적으로 생산함으로써, 대중투자문화를 재생산하는 핵심적인 계기이다. This research analyzes the so-called “popular investing culture”, which has emerged since the late 1990s, focusing on the financial practices of the stock investment. In other words, this research, analyzing the concrete processes of the interpretations and exploitations of “value investing” - one of the strategies of the popular investing culture ? by individual investors, has an object of elucidating the socio-cultural implications of the financial practices of the “stock investment” in Korean Society. Value investing is an investing strategy which trades stocks in accordance with some values produced by calculating and analyzing a value of a company on the basis of financial statements and business reports. However, value investing is not a simple finance knowledge which mediates the practices of the stock investment, but it is also the essential points which produce investing subjects called “value investor”. Value investing displays performative effects in that it produces rational and moral representations about the investment and the investor, and transforms the recognition and practice of the investors, and furthermore, has an influence on the life-plans of the investors. In the view of the concrete examination of the “performativity of the investor”, this research - 115 - participates and observes some courses of value investing organized by “A research center for education of investment” - this research center aims at “no-losing investment” and “enlightening investment” - , and carries out some in-depth interviews with some students of this course. Value investing was starting to get a lot of attention of individual investors after the economic crisis of 1997. It was because after the economic crisis of 1997, financial structures of some companies were improved by the restructurings, and in this situation, value stock recorded stable profits. In that time, value investing was popularly introduced and propagated by a few of “mediators” who accurately interpreted - and translated in the context of Korean society - the investment strategies of the emblematic figures of value investing, for example Benjamin Graham and Warren Buffett. “A resarch center for education of investment” was also one of the mediating groups, and until now it performs a role of introducing and propagating value investing by the education of value investing for individual investors. Individual investors, who repetitively fail in investment or cannot obtain profits expected, learn the ways of performing the stock investment systematically by value investment, and after these learnings, they expect that no more they would not fail in the stock investment. “Buffett Class” produces the particular knowledge of value investing. “Buffett Class” reformulates this knowledge as some forms of specific techniques and provides these techniques in education programs, thereby “Buffett Class” enthusiastically aims to produce the ethical subject as a smart investor who practices rational and sound investments. Value investing purveys the essential concepts and logics for signifying the stock investment as a justifiable social practice. Value investors aspire to obtain economic freedom in the capitalism which is predominated by the logics of money. After the neoliberal turn - 116 - of Korean society, the employment, which was the only and prime way to obtain economic freedom, is now out of the charming choice alternatives because of the destabilization of the labor. Consequently, individuals pay much attention at financial technique. And individual investors who want to administer and increase their assets by stock investment, expect to obtain continuous and stable profits by value investing. In the vanished place of the notion of the life-time workplace, the imagination of the “stock investment as a life-time job” emerges, and value investing plays an essential role as a concrete strategy and life-plain for embodying this imagination. This research tries to understand the knowledge, the ethics and the practices of the investors who counter-act and defend for themselves with a private strategy of asset-running financial technique in the face of the prevailing economic destabilization after the neoliberal turn of Korean society. The popular investing culture, through a variety of financial techniques, financial knowledge and information, ordering money to work or operate of itself, fills everyday life of the people with aspirations for making more money. And this culture creates some fantasies in which the investors who invest smartly, predict reflexively, and arrange their assets strategically can succeed in the investment. Value investing is an essential moment which reproduces the popular investing culture by producing value investors who expect that they can make more money through the stock investments.

Financial Stress Among Black Americans: Examining the Role of Financial Literacy

Mathis, Keithen, II ProQuest Dissertations & Theses Florida Agricultur 2022 해외박사(DDOD)

In this cross-sectional study, the relationship between financial literacy and financial stress was examined and financial literacy measures were validated with a population of Black Americans in Florida. Research supports that Black Americans disproportionately experience financial stress. Investigating the role of financial literacy may help to better identify the underlying issues of financial stress in the Black community. In this study, a survey was administered to 261 individuals who identified as a Black, Florida resident, between the ages of 18 and 64. The survey consisted of several previous scales and additional measures that have not been previously validated for this population. The main dependent variable was financial stress, and the independent variables of financial literacy were operationalized as comprising three dimensions: financial education, financial practices, and financial behavior. The results revealed that all three dimensions of financial literacy (financial behavior, financial practices, and financial education) individually and financial literacy as a construct all negatively correlated with financial stress. There was also a significant positive correlation between financial behavior, financial practices, and financial education. The financial literacy instrument was tested using a Confirmatory Factor Analysis (CFA) to determine the validity and model fit of the instrument’s three scales (financial behavior, financial education, and financial practice). The CFA suggested removing the financial behavior scale.As the study highlights, financial literacy is linked to financial stress. As financial stress continues to negatively impact Black Americans, it is vital to understand financial stress-related issues for Black Americans in Florida. The results of this study help to enhance financial stress and financial literacy research and lead to the pinpointing of underlying factors that are essential to improving the delivery of financial stress interventions and financial literacy programs for Black Americans.