The role of financial intelligence quotient and financial literacy for paving a path towards financial well-being
Abstract
This study aims to develop an original financial intelligence quotient (FIQ) measurement conceptual model, including guidelines for adequately handling personal finances in four developed areas to serve as benchmarks of financial intelligence. Four hypotheses were raised, one of them consists of four parts. Methods used: a questionnaire to determine how well a person’s financial decisions comply with financial behaviour guidelines, Cronbach’s Alpha coefficient to determine the internal consistency of the scales used in the questionnaire, Spearman correlation coefficient to determine the linear dependence between the variables, a linear regression model was developed to substantiate the hypothesis, the MannWhitney-Wilcoxon rank-sum criterion, the KolmogorovSmirnov test to choose the data distribution according to the normal distribution, descriptive statistics, the Kruskal-Wallis test to support the hypothesis. The results show that an individual’s FIQ influences financial decision-making in essential areas of personal finance management and varies due to education but is not dependent on gender and age. Research limitations: The study focuses only on FI and its impact on the economic well-being of Lithuanian students; the study uses oneyear data; data sets for different age groups were not the same size; and the data was not distributed in groups according to the normal distribution.
Keyword : financial intelligence, financial intelligence quotient (FIQ), financial literacy, financial well-being, financial behaviour, personal finance
How to Cite
Miečinskienė, A., Stankevičienė, J., Jurevičienė, D., Taujanskaitė, K., Danilevičienė, I., & Gudelytė-Žilinskienė, L. (2023). The role of financial intelligence quotient and financial literacy for paving a path towards financial well-being. Journal of Business Economics and Management, 24(5), 901–922. https://doi.org/10.3846/jbem.2023.20648
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chowa, G., & Ansong, D. (2010). Youth and savings in Assets Africa. Children and Youth Services Review, 32(11), 1591–1596. https://doi.org/10.1016/j.childyouth.2010.03.014
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Hernández-Mejía, S., García-Santillán, A., & Moreno-García, E. (2021). Financial literacy and the use of credit cards in Mexico. Journal of International Studies, 14(4), 97–112. https://doi.org/10.14254/2071-8330.2021/14-4/7
Hilgert, M., Hogarth, J., & Beverly, S. (2003). Household financial management: The connection between knowledge and behaviour. Federal Reserve Bulletin, 309–322.
Hogarth, J., & Hilgert, M. (2002). Financial knowledge, experience and learning preferences: Preliminary results from a new survey on financial literacy. Consumer Interest Annual, 48, 1–7.
Kamil, N. S. S. N., Musa, R., & Sahak, S. Z. (2014). Examining the role of Financial Intelligence Quotient (FiQ) in explaining credit card usage behavior: A conceptual framework. Procedia – Social and Behavioral Sciences, 130, 568–576. https://doi.org/10.1016/j.sbspro.2014.04.066
Khan, M. N., Rothwell, D. W., Cherney, K., & Sussman, T. (2017). Understanding the financial knowledge gap: A new dimension of inequality in later life. Journal of Gerontological Social Work, 60 (6–7), 487–503. https://doi.org/10.1080/01634372.2017.1317311
Kočanová, D., Kováč, V., Serzhanov, V., & Buleca, J. (2023). Differences and similarities in patterns of ageing society in the European Union. E&M Economics and Management, 26(1), 45–64. https://doi.org/10.15240/tul/001/2023-1-003
Kodila-Tedika, O., & Asongu, S. A. (2015). The effect of intelligence on financial development: A cross-country comparison. Intelligence, 51, 1–9. https://doi.org/10.1016/j.intell.2015.04.010
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Lusardi, A. M., & Mitchell, O. (2007). Financial literacy and retirement planning: Evidence and implications for financial education. Business Economics, January, 35–44. https://doi.org/10.2145/20070104
Lusardi, A. M. (2008). Increasing the effectiveness of financial education in the workplace. In International Conference on Financial Education. U.S. Department of the Treasury and OECD.
Mikušová, M., Vrdoljak Raguž, I., & Horváthová, P. (2023). Economic and social aspects of three generations’ well-being. Czech study. Economic Research-Ekonomska Istraživanja, 36(1), Article 2106263. https://doi.org/10.1080/1331677X.2022.2106263
Mjeda, T., Vlahinić Lenz, N., & Cerović, L. (2021). The microeconomic approach to food demand modelling: Empirical results for Croatian households. Economic Research-Ekonomska Istraživanja, 34(1), 1079–1093. https://doi.org/10.1080/1331677X.2020.1819850
Mohd, R., Mohamad, S., Nor, N., & Kamaruddin, B. H. (2016). Measuring financial intelligence of Malaysian Gen Y: A preliminary study. World Review of Business Research, 6(2), 157–169.
Muhamad, S., Kusairi, S., & Zamri, N. (2021). Savings behaviour of bottom income group: Is there any role for financial efficacy and risk preference? Economics and Sociology, 14(2), 56–70. https://doi.org/10.14254/2071-789X.2021/14-2/3
Nițoi, M., Clichici, D., Zeldea, C., Pochea, M., & Ciocîrlan, C. (2022). Financial well-being and financial literacy in Romania: A survey dataset. Data in Brief, 43, Article 108413. https://doi.org/10.1016/j.dib.2022.108413
Novak, M., & Pahor, M. (2017) Using a multilevel modelling approach to explain the influence of economic development on the subjective well-being of individuals. Economic Research-Ekonomska Istraživanja, 30(1), 705–720. https://doi.org/10.1080/1331677X.2017.1311229
Novoa-Hoyos, A., Depoo, L., & Jiménez-Rodríguez, E. (2022). Role of financial literacy and awareness of tax impacts in an emerging economy facing tax reform. Economics and Sociology, 15(1), 222–240. https://doi.org/10.14254/2071-789X.2022/15-1/14
Office of Fair Trading. (2007, April). Financial capability: The Government’s long-term approach: OFT response to HM Treasury consultation.
Omoregie, O. K. (2019). Corporate financial intelligence as a driver of organisational performance: A conceptual and exploratory review. Arabian Journal of Business and Management Review, 8(5), 1–9.
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Salahodjaev, R. (2015). Intelligence and finance. Personality and Individual Differences, 86, 282–286. https://doi.org/10.1016/j.paid.2015.06.017
Saxena, N., & Kadam, M. (2020). Managing of personal finance: Impact of spiritual intelligence and financial literacy. Our Heritage, 68(51), 94–103.
Scanlon, E., & Adams, D. (2009). Do assets affect well‐being? Perceptions of youth in a matched savings program. Journal of Social Service Research, 35(1), 33–46. https://doi.org/10.1080/01488370802477048
Scott, B., & McGoldrick, M. (2018). Financial intelligence and financial investigation: Opportunities and challenges. Journal of Policing, Intelligence and Counter Terrorism, 13(3), 301–315. https://doi.org/10.1080/18335330.2018.1482563
SEB. (2018). Koks finansinis įgūdis jaunajai kartai padėtų svajones paversti tikrove? https://www.seb.lt/infobankas/kasdieniai-finansai/koks-finansinis-igudis-jaunajai-kartai-padetu-svajones-paversti
Social and Enterprise Development Innovations. (2004). Financial capability and poverty (Discussion paper: Policy Research Initiative).
Social and Enterprise Development Innovations. (2005, June 9–10). Why financial capability matters: Synthesis report on Canadians and their money. In A National Symposium on Financial Capability, Ottawa.
Suryanto, D., Gideon, H., & Dewi, M. K. (2018). Developing children’s financial quotient (FQ) through the ‘Tangga Uang’ educational game. In The 2nd International Conference on Vocational Higher Education (ICVHE) 2017, “The Importance on Advancing Vocational Education to Meet Contemporary Labor Demands”. KnE Social Sciences (pp. 1170–1182). https://doi.org/10.18502/kss.v3i11.2838
Tsouli, D. (2022). Financial inclusion, poverty, and income inequality: Evidence from European Countries. Ekonomika, 101(1), 37–61. https://doi.org/10.15388/Ekon.2022.101.1.3
Van Praag, B. M., Frijters, P., & Ferrer-i-Carbonell, A. (2003). The anatomy of subjective well-being. Journal of Economic Behavior & Organization, 51(1), 29–49. https://doi.org/10.1016/S0167-2681(02)00140-3
Wang, Q., & Hu, X. (2018). Research on the path of financial quotient education in China’s application-oriented undergraduate colleges and universities. Educational Sciences: Theory & Practice, 18(5), 224–282. https://doi.org/10.12738/estp.2018.5.126
Wosczyk, P. (2020). Wellbeing programs from the perspective of age: What should attract our attention? “Age power” test results. Human Resource Management/Zarzadzanie Zasobami Ludzkimi, 2(133), 131–143. https://doi.org/10.5604/01.3001.0014.0758
Xiao, Y., Zhang, Y., Wen, C., He, Q., & Xia, X. (2022). Does digital financial inclusion narrow the urban-rural income gap? Evidence from prefecture-level cities in China. Transformations in Business & Economics, 21
Xue, R., Gepp, A., O’Neill, T. J., Stern, S., & Vanstone, B. J. (2020). Financial well‐being amongst elderly Australians: The role of consumption patterns and financial literacy. Accounting & Finance, 60(4), 4361–4386. https://doi.org/10.1111/acfi.12545
Yang, J., & Liu, X. (2022). The role of sustainable development goals, financial knowledge and investment strategies on the organizational profitability: Moderating impact of government support. Economic Research-Ekonomska Istraživanja, 36(1), 1570–1591. https://doi.org/10.1080/1331677X.2022.2090405
Zhaoyi, X., & Xinyu, Ch. (2017). The impact of financial intelligence on commercial banking from the perspective of transaction cost. Advances in Social Science, Education and Humanities Research, 119, 725–729.
Artavanis, N., & Karra, S. (2020). Financial literacy and student debt. The European Journal of Finance, 26(4–5), 382–401. https://doi.org/10.1080/1351847X.2019.1711435
Barrafrem, K., Tinghög, G., & Västfjäll, D. (2021). Trust in the government increases financial well-being and general well-being during COVID-19. Journal of Behavioral and Experimental Finance, 31, Article 100514. https://doi.org/10.1016/j.jbef.2021.100514
Berman, K., Knight, J., & Case, J. (2006). Financial intelligence: A manager’s guide to knowing what the numbers really mean. Harvard Business School Press.
Bernheim, B. D., Garrett, D. M., & Maki, D. (1997). Education and saving: The long-term effects of high school financial curriculum mandates (NBER working paper, 6085). https://doi.org/10.3386/w6085
Blekaitis, L. (2019). Lietuvoje finansiškai išprususių žmonių – vos 15 proc. Kauno diena. https://kauno.diena.lt/naujienos/verslas/ekonomika/lietuvoje-finansiskai-isprususiu-zmoniu-vos-15-proc-904104
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
Bucher-Koenen, T., Alessie, R. J., Lusardi, A., & Van Rooij, M. (2021). Fearless woman: Financial literacy and stock market participation (No. w28723). National Bureau of Economic Research. https://doi.org/10.3386/w28723
Çera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2021a). Improving financial capability: The mediating role of financial behaviour. Economic Research-Ekonomska Istraživanja, 34(1), 1265–1282. https://doi.org/10.1080/1331677X.2020.1820362
Çera, G., Khan, K. A., Rowland, Z., & Ribeiro, H. N. R. (2021b). Financial advice, literacy, inclusion and risk tolerance: The moderating effect of uncertainty avoidance. E&M Economics and Management, 24(4), 105–123. https://doi.org/10.15240/tul/001/2021-4-007
Chowa, G., & Ansong, D. (2010). Youth and savings in Assets Africa. Children and Youth Services Review, 32(11), 1591–1596. https://doi.org/10.1016/j.childyouth.2010.03.014
Činauskaitė-Cetiner, J. (2011). Namų ūkių finansinės gerovės kūrimo prielaidos Lietuvoje. Human Resources: The Main Factor of Regional Development, 4, 16–24.
Crotti, R., Pal, K. K., Ratcheva, V., & Zahidi, S. (2021). The global gender gap report 2021. World Economic Forum.
Fauziyah, A., & Ruhayati, S. A. (2016). Developing students’ financial literacy and financial behaviour by students’ emotional quotient in Proceedings of the 2016. In Global Conference on Business, Management and Entrepreneurship (pp. 65–69). https://doi.org/10.2991/gcbme-16.2016.10
Gerrans, P. (2021). Undergraduate student financial education interventions: Medium-term evidence of retention, decay, and confidence in financial literacy. Pacific-Basin Finance Journal, 67, Article 101552. https://doi.org/10.1016/j.pacfin.2021.101552
Gouider, A. (2022). Impact of economic freedom on youth unemployment in the Gulf cooperation council countries. Montenegrin Journal of Economics, 18(3), 67–75. https://doi.org/10.14254/1800-5845/2022.18-3.5
Hafer, R. W. (2016). Cross-country evidence on the link between IQ and financial development. Intelligence, 55, 7–13. https://doi.org/10.1016/j.intell.2015.12.008
Halimatussakdiyah, S. M., & Sudarma, K. (2019). Influence of lifestyle and financial literacy to consumptive behavior through self-control of Unisnu FEB College Students. Jepara. Journal of Economic Education, 8(1), 75–80.
Hernández-Mejía, S., García-Santillán, A., & Moreno-García, E. (2021). Financial literacy and the use of credit cards in Mexico. Journal of International Studies, 14(4), 97–112. https://doi.org/10.14254/2071-8330.2021/14-4/7
Hilgert, M., Hogarth, J., & Beverly, S. (2003). Household financial management: The connection between knowledge and behaviour. Federal Reserve Bulletin, 309–322.
Hogarth, J., & Hilgert, M. (2002). Financial knowledge, experience and learning preferences: Preliminary results from a new survey on financial literacy. Consumer Interest Annual, 48, 1–7.
Kamil, N. S. S. N., Musa, R., & Sahak, S. Z. (2014). Examining the role of Financial Intelligence Quotient (FiQ) in explaining credit card usage behavior: A conceptual framework. Procedia – Social and Behavioral Sciences, 130, 568–576. https://doi.org/10.1016/j.sbspro.2014.04.066
Khan, M. N., Rothwell, D. W., Cherney, K., & Sussman, T. (2017). Understanding the financial knowledge gap: A new dimension of inequality in later life. Journal of Gerontological Social Work, 60 (6–7), 487–503. https://doi.org/10.1080/01634372.2017.1317311
Kočanová, D., Kováč, V., Serzhanov, V., & Buleca, J. (2023). Differences and similarities in patterns of ageing society in the European Union. E&M Economics and Management, 26(1), 45–64. https://doi.org/10.15240/tul/001/2023-1-003
Kodila-Tedika, O., & Asongu, S. A. (2015). The effect of intelligence on financial development: A cross-country comparison. Intelligence, 51, 1–9. https://doi.org/10.1016/j.intell.2015.04.010
Kumar, P., Pillai, R., Kumar, N., & Tabash, M. I. (2023). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review, 23(1), 169–183. https://doi.org/10.1016/j.bir.2022.09.012
Lusardi, A. M., & Mitchell, O. (2007). Financial literacy and retirement planning: Evidence and implications for financial education. Business Economics, January, 35–44. https://doi.org/10.2145/20070104
Lusardi, A. M. (2008). Increasing the effectiveness of financial education in the workplace. In International Conference on Financial Education. U.S. Department of the Treasury and OECD.
Mikušová, M., Vrdoljak Raguž, I., & Horváthová, P. (2023). Economic and social aspects of three generations’ well-being. Czech study. Economic Research-Ekonomska Istraživanja, 36(1), Article 2106263. https://doi.org/10.1080/1331677X.2022.2106263
Mjeda, T., Vlahinić Lenz, N., & Cerović, L. (2021). The microeconomic approach to food demand modelling: Empirical results for Croatian households. Economic Research-Ekonomska Istraživanja, 34(1), 1079–1093. https://doi.org/10.1080/1331677X.2020.1819850
Mohd, R., Mohamad, S., Nor, N., & Kamaruddin, B. H. (2016). Measuring financial intelligence of Malaysian Gen Y: A preliminary study. World Review of Business Research, 6(2), 157–169.
Muhamad, S., Kusairi, S., & Zamri, N. (2021). Savings behaviour of bottom income group: Is there any role for financial efficacy and risk preference? Economics and Sociology, 14(2), 56–70. https://doi.org/10.14254/2071-789X.2021/14-2/3
Nițoi, M., Clichici, D., Zeldea, C., Pochea, M., & Ciocîrlan, C. (2022). Financial well-being and financial literacy in Romania: A survey dataset. Data in Brief, 43, Article 108413. https://doi.org/10.1016/j.dib.2022.108413
Novak, M., & Pahor, M. (2017) Using a multilevel modelling approach to explain the influence of economic development on the subjective well-being of individuals. Economic Research-Ekonomska Istraživanja, 30(1), 705–720. https://doi.org/10.1080/1331677X.2017.1311229
Novoa-Hoyos, A., Depoo, L., & Jiménez-Rodríguez, E. (2022). Role of financial literacy and awareness of tax impacts in an emerging economy facing tax reform. Economics and Sociology, 15(1), 222–240. https://doi.org/10.14254/2071-789X.2022/15-1/14
Office of Fair Trading. (2007, April). Financial capability: The Government’s long-term approach: OFT response to HM Treasury consultation.
Omoregie, O. K. (2019). Corporate financial intelligence as a driver of organisational performance: A conceptual and exploratory review. Arabian Journal of Business and Management Review, 8(5), 1–9.
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Salahodjaev, R. (2015). Intelligence and finance. Personality and Individual Differences, 86, 282–286. https://doi.org/10.1016/j.paid.2015.06.017
Saxena, N., & Kadam, M. (2020). Managing of personal finance: Impact of spiritual intelligence and financial literacy. Our Heritage, 68(51), 94–103.
Scanlon, E., & Adams, D. (2009). Do assets affect well‐being? Perceptions of youth in a matched savings program. Journal of Social Service Research, 35(1), 33–46. https://doi.org/10.1080/01488370802477048
Scott, B., & McGoldrick, M. (2018). Financial intelligence and financial investigation: Opportunities and challenges. Journal of Policing, Intelligence and Counter Terrorism, 13(3), 301–315. https://doi.org/10.1080/18335330.2018.1482563
SEB. (2018). Koks finansinis įgūdis jaunajai kartai padėtų svajones paversti tikrove? https://www.seb.lt/infobankas/kasdieniai-finansai/koks-finansinis-igudis-jaunajai-kartai-padetu-svajones-paversti
Social and Enterprise Development Innovations. (2004). Financial capability and poverty (Discussion paper: Policy Research Initiative).
Social and Enterprise Development Innovations. (2005, June 9–10). Why financial capability matters: Synthesis report on Canadians and their money. In A National Symposium on Financial Capability, Ottawa.
Suryanto, D., Gideon, H., & Dewi, M. K. (2018). Developing children’s financial quotient (FQ) through the ‘Tangga Uang’ educational game. In The 2nd International Conference on Vocational Higher Education (ICVHE) 2017, “The Importance on Advancing Vocational Education to Meet Contemporary Labor Demands”. KnE Social Sciences (pp. 1170–1182). https://doi.org/10.18502/kss.v3i11.2838
Tsouli, D. (2022). Financial inclusion, poverty, and income inequality: Evidence from European Countries. Ekonomika, 101(1), 37–61. https://doi.org/10.15388/Ekon.2022.101.1.3
Van Praag, B. M., Frijters, P., & Ferrer-i-Carbonell, A. (2003). The anatomy of subjective well-being. Journal of Economic Behavior & Organization, 51(1), 29–49. https://doi.org/10.1016/S0167-2681(02)00140-3
Wang, Q., & Hu, X. (2018). Research on the path of financial quotient education in China’s application-oriented undergraduate colleges and universities. Educational Sciences: Theory & Practice, 18(5), 224–282. https://doi.org/10.12738/estp.2018.5.126
Wosczyk, P. (2020). Wellbeing programs from the perspective of age: What should attract our attention? “Age power” test results. Human Resource Management/Zarzadzanie Zasobami Ludzkimi, 2(133), 131–143. https://doi.org/10.5604/01.3001.0014.0758
Xiao, Y., Zhang, Y., Wen, C., He, Q., & Xia, X. (2022). Does digital financial inclusion narrow the urban-rural income gap? Evidence from prefecture-level cities in China. Transformations in Business & Economics, 21
Xue, R., Gepp, A., O’Neill, T. J., Stern, S., & Vanstone, B. J. (2020). Financial well‐being amongst elderly Australians: The role of consumption patterns and financial literacy. Accounting & Finance, 60(4), 4361–4386. https://doi.org/10.1111/acfi.12545
Yang, J., & Liu, X. (2022). The role of sustainable development goals, financial knowledge and investment strategies on the organizational profitability: Moderating impact of government support. Economic Research-Ekonomska Istraživanja, 36(1), 1570–1591. https://doi.org/10.1080/1331677X.2022.2090405
Zhaoyi, X., & Xinyu, Ch. (2017). The impact of financial intelligence on commercial banking from the perspective of transaction cost. Advances in Social Science, Education and Humanities Research, 119, 725–729.