Financial literacy : an interface between financial information and decision-makers in organisations
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Date
Authors
Gouws, Daan G.
Shuttleworth, C.C.
Journal Title
Journal ISSN
Volume Title
Publisher
College of Economic and Management Sciences, University of South Africa
Abstract
Individuals' decisions and subsequent actions flow from their understanding of the surroundings in which they operate. In order to facilitate economic and financial sustainability, individuals need the cognitive ability to understand financial information in the context of these surroundings. The intellectual construct inferred from this encompassing and complex process is financial literacy. The term 'financial literacy' consists of the words 'financial' and 'literacy', both of which are used to represent a myriad of issues that can easily lose their relevance when used together. This article addresses the interface (or gap) between information (matter) and decision-making (mind). The dualism of financial literacy, matter and mind, is explored by means of a literature review and an empirical survey. From the survey, respondents' perceptions of the financial literacy construct were gleaned. Awareness of financial literacy from the interface perspective promotes a deeper understanding of the concept. Recommendations are made to assist organisations and individuals to overcome financial uncertainties.
Description
Keywords
Financial information, Interface, Financial training
Sustainable Development Goals
Citation
Gouws, DG & Shuttleworth, CC 2009, 'Financial literacy: an interface between financial information and decision-makers in organisations', Southern African Business Review, vol. 13, no. 2, pp. 141-165. [http://www.unisa.ac.za/sabusinessreview]