The Role of Marketing Tools in the Improvement of Consumers Financial Literacy

Sergejs Paramonovs; Ksenija Ijevleva

doi:10.1515/eb-2015-0006

The Role of Marketing Tools in the Improvement of Consumers Financial Literacy

Authors

Sergejs Paramonovs University of Latvia
Ksenija Ijevleva University of Latvia

DOI:

https://doi.org/10.1515/eb-2015-0006

Keywords:

Social marketing, consumer financial literacy, home loan market

Abstract

The aim of the paper is to explore the contribution of different types of marketing communication in consumer financial literacy formation from a three component perspective. As a method a survey among the target audience of home loans was used. The authors have focused on consumer financial knowledge, financial behaviour and financial attitude that constitute financial literacy in home loan market. As a result of empirical analysis the authors have found that the biggest contribution to formation of consumers financial literacy (within all three components) have educational web sites of government authorities, official web sites of banks, consultations with bank specialists, school curriculum subjects and opinions of friends, relatives and acquaintances.

References

Altman, M. (2012). Implications of behavioural economics for financial literacy and public policy. The Journal of Socio-Economics, 41, 77-690. http://dx.doi.org/10.1016/j.socec.2012.06.002

American Institute of Certified Public Accountants, 2008. Financial literacy: Knowing what you need to know to achieve your financial goals. Available http://www.in.gov/gpcpd/files/Financial_Literacy_-_Large_Print.pdf, Retrieved 17.09.2013

Andreasen, A. R. (2002). Marketing social marketing in the social change marketplace. Journal of Public Policy and Marketing, 21 (1), 3-13. http://dx.doi.org/10.1509/jppm.21.1.3.17602

Atkinson, A., & Messy, F. (2012). Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing. http://dx.doi.org/10.1787/5k9csfs90fr4-en

Cole, S., Sampson, T., & Zia, B. (2011). Prices or knowledge? What drives demand for financial services in emerging markets? Journal of Finance, 66 (6), 1933-1967. http://dx.doi.org/10.1111/j.1540-6261.2011.01696.x

Collins, J. M. (2013). The impacts of mandatory financial education: Evidence from a randomized field study. Journal of Economic Behavior & Organization, 95, 146-158. http://dx.doi.org/10.1016/j.jebo.2012.08.011

Dolnicar, S., Laesser, C., & Matus, K. (2009). Online Versus Paper: Format Effects in Tourism Surveys. Journal of Travel Research, 47, 295-316. http://dx.doi.org/10.1177/0047287508326506

Greenlaw, C., & Brown-Welty, S. (2009). A Comparison of Web-Based and Paper- Based Survey Methods: Testing Assumptions of Survey Mode and Response Cost. Evaluation Review, 33, 464-480. http://dx.doi.org/10.1177/0193841X09340214

Ijevleva, K. (2014). Latvian Consumers' Financial Literacy in Home Loan Market in Marketing Context. University of Latvia, Doctoral Thesis, 251 p.

Klínský, P., & Chromá, D. (2009). Finanční gramotnost-úlohy a metodika. Praha, Czechia: Národní ústav odborného vzdělávání. Národní strategie finančního vzdělávání

Kotler, P., Keller, K. L. (2011), Marketing Management, (14th ed.). Prentice Hall, 816 p.

Kotler, P., & Zaltman, G. (1971). Social marketing: An approach to planned social change. Journal of Marketing, 35 (3), 3-12. http://dx.doi.org/10.2307/1249783

Latvian population's financial literacy strategy 2014-2020 Available http://www.fktk.lv/texts_files/0_Strategijas_makets_final.pdf Retrieved 24.02.2014.

Lo Prete A. (2013). Economic literacy, inequality, and financial development. Economics Letters, 118, 74-76. http://dx.doi.org/10.1016/j.econlet.2012.09.029

Meiera, S., & Sprenger, D. C. (2012). Discounting financial literacy: Time preferences and participation in financial education programs. Journal of Economic Behavior & Organization, 73, 50-57.

Morris, Z. S., & Clarkson, P. J. (2009). Does social marketing provide a framework for changing healthcare practice? Health Policy, 91 (2), 135-141. http://dx.doi.org/10.1016/j.healthpol.2008.11.009

OECD (2009). The OECD project on financial education. OECD Publishing.

Praude, V., & Šalkovska, J. (2005-2006). Mārketinga komunikācijas. Rīga: Vaidelote, 488 p.

Robertson, K., & Davidson, J. (2013). Gender-role stereotypes in integrated social marketing communication: Influence on attitudes towards the ad. Australasian Marketing Journal, 21, 168-175. http://dx.doi.org/10.1016/j.ausmj.2013.05.001

Schonlau, M., Asch, B., & Du, C. (2003). Web Surveys as Part of a Mixed- Mode Strategy for Populations That Cannot Be Contacted by E-mail. Social Science Computer Review, 21, 218-222. http://dx.doi.org/10.1177/0894439303021002007

SEDI, Environmental Scan of Financial Capability Products and Services in Canada, (Toronto: SEDI, 2006)

Van Rooij, M.C.J., Lusardi, A., & Alessie Rob, J.M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32, 593-608. http://dx.doi.org/10.1016/j.joep.2011.02.004

Worthington, A. C. (2006). Predicting financial literacy in Australia, Faculty of Commerce, University of Wollongong, Wollongong.