00 PDF

Indian Journal of Fundamental and Applied Life Sciences ISSN: 2231 6345 (Online)
An Open Access, Online International Journal Available at http:// http://www.cibtech.org/sp.ed/jls/2014/01/jls.htm

2014 Vol. 4 (S1) April-June, pp. 1143-1152/Bahonar and Sadrabadi
Research Article
INVESTIGATING THE RELATIONSHIP BETWEEN FINANCIAL
LITERACY AND PROSPERITY, AND THE DETERMINING
ASSOCIATION WITH DEMOGRAPHIC VARIABLES (CASE STUDY:
YAZD COUNTY SCHOOLS TEACHERS)
*Zahra Bahonar1 , Mohammad Mirmohammadi Sadrabadi2
1
Department of Accounting, Ferdows Branch, Islamic Azad University, Ferdows, Iran
2
Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran
*Author for Correspondence
ABSTRACT
The purpose of this paper is to examine the relationship between teachers' financial literacy and
prosperity. In performing this research, the statistical methods have been used including Kolmograph-
Smirnof, Pearson correlation, one-sample mean, variance analysis and two-sample independent tests. The
process of conducting research has started from the beginning of January in 2012 in Yazd County schools
as well as in all education levels and continued for six months. Overall, the results indicated the
inadequacy of teachers' financial literacy in Yazd County. The overall test results regardin g the
measurement of teachers' financial prosperity showed more than 60 % of teachers are well off financially.
The research results also suggest that the age, education, gender, working degree variables are linked to
teachers' financial well-being but the marital status variable is directly related to teachers' financial well-
being. The lack of association between teachers' financial literacy and prosperity was observed in 95%
confidence level.
Keywords: Financial literacy, financial prosperity, life status, teachers, education
INTRODUCTION
Information poverty is always used by the rulers and authorities during human life as a tool that works to
benefit governments and loss public and its adverse consequences can be noted the disorder and
disturbance in the human society (Sobhaninejad et al, 2005). A person who is included literate from
financial information respect, has found the necessity and importance of adequate financial information
for conducting the properly affairs and according to the available information, can provide accurate
assessment and analysis. If each person can acquire adequate information and appropriate financial
literacy related to society and available economic and apply it in his/her life, he/she certainly will achieve
the desired welfare level of the living. It is the only intelligence in activities, which leads to the activities
and gives the value and credibility to performance of the system and sets.
Today's competitive world is concentrated on efficiency and every person is more efficient, will be more
successful. Condition to; benefit from the facilities that the today knowledge and technology make
accessible for human, is further coordination of today's students and tomorrow's citizens with process of
this transformations. To achieve this coordination, being equipped individuals of a growing community
with academic literacy is a necessity (Sobhaninejad et al., 2005). The recent experiences of developing
countries suggest that the increased investment in human resources provides necessary background to
achieve higher economic growth and social welfare (Emadzadeh, 2003). Financial prosperity has been
long a favorite concept for economists, educators, financial advisors and financial planners. In principle,
the financial prosperity is a simple concept of the public happiness or satisfaction from financial status
(Strumpel, 1976). The positive satisfaction from life is related to some adaptive consequences and is
regarded as an important result and potential facilitating for development of other positive characteristics
and behaviors.
Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1143

Research Article
Since welfare level depends on the consumption rate, the household consumption conditions
improvement leads to improving the social welfare level in the whole society. Therefore, every person has
stepped to create his/her family favorable welfare status by acquiring the financial literacy rate in his/her
area of work. Since the topic of financial literacy and personal finance encompasses all social groups and
has significant impact on the financial welfare and social security, and finally the development of the
country. It requires beginning this problem at least from one academic study while raising topic and the
relevant literature in country, this problem being entered field of the academic and professional studies
until by conducting a series of targeted and aimed studies after resolving the problem arising and can be a
suitable model for the development and promotion of financial literacy and ultimately achieve individuals
financial prosperity in the country.
Given the previously mentioned cases; this research deals with evaluating teachers' financial literacy and
prosperity and investigating their association with each other. Conducting this research can provide useful
information about the teachers' financial prosperity rate. The results of this research can contribute to
enhance the performance of education employees in the workplace and their life quality. This research
can be valuable in line with results obtained from it, due to provide useful information in the financial
welfare area for researchers and marketers. In addition, the suggestions provide for further improvement
and effectiveness of the results obtained from it.
THEORETICAL BASICS AND ASSUMPTIONS DEVELOPMENT

The extent and rate of the capital markets participants' population density is different in the human
geography of the world. This difference is significant particularly between developed and developing
countries. Statistics announced from different countries capital markets about the transactions measure
and the shareholders number of those markets have confirmed this topic that greater attention to the
middle and low-income classes education of community as well as residential areas habitants far from the
exchange centers while thrive trade in the stock market, has caused the creation of new business for
residents of those areas. If the liquidity and its growth is located in the generation and value creation
pathway, not only the problems resulted from the investment are resolved, but it will cause to leap
towards development.
Financial Literacy
The different definitions exist about financial literacy and personal finance in the available literature and
articles. The financial literacy includes the ability to balance bank account, budgeting, saving for the
future and learning necessary strategies to manage debt.
A person is deemed to be financially literate that able to manage his/her personal finance in changing
society and life which for this, he/she should acquire necessary perceptions and develop his/her skills in
this area able to perceive personal financial decisions impacts on himself/herself, others and the
environment. Financial literacy and family financial issues planning, is a general deterrence strategy,
which can help to reduce the socia l and psychological pressures and increase family welfare (Titus et al,
1989). Economic stresses (in other words, economic hardship, financial or economic pressure) may be the
result of not being able to meet financial needs, uncertainty from the income resource, job instability
and/or being insufficient income to meet the requirements. One of the factors affecting individuals'
financial literacy is their gender and age. According to the study conducted Lusardi et al, financial
knowledge and science among American the young is lower than older people (Lusardi et al, 2010) are.
Therefore, it can be raised:
H1: Teachers are financially literate.
H2: There is a relationship between demographic characteristics with teachers' financial literacy.
H2a: There is a relationship between financial literacy and teachers' gender.
H2b: There is a relationship between financial literacy and teachers' status marital.
H2c: There is a relationship between financial literacy and teachers' age.
Research Article
H2d: There is a relationship between financial literacy and teachers' education level.
H2e: There is a relationship between financial literacy and teachers' working degree.
Financial Prosperity
An important part of the financial prosperity is satisfaction from the life different aspects. One of these
aspects is the person financial status. The evaluation program content, knowledge level, timing and how
to delivery, all show aspects of financial education programs the effectiveness which has been designed to
change financial behavior. Previously mentioned programs should have the ability that demonstrates
academic and financial behaviors conducive to reducing financial problems and enhancing financial well-
being. Examples of improved financial conditions, including an increase in assets, reduce debt, increase in
net worth and following for financial successful retirement (Al-Tamimi, 2006).
Perhaps, the most comprehensive definition is presented by Gold Smith (2000). From Gold's view, the
financial prosperity is sufficiency amount of and economic security of the individual or family that
protects individual against the everyday financial risks such as redundancy, illness, bankruptcy, poverty
and misery in retirement time. This concept is often used as a measure of the life quality and each
individual defines his/her financial prosperity components (Margaret, 2004). Prosperity is a state of
financial health, happiness and without financial concern, based on a subjective recognition from her/his
financial status. Financial reputation is similar to this, except that contains both the objective and
subjective criteria. In contrast, financial literacy evaluates a person's ability to understand economic basic.
It is just as confidence to discuss about finances issues, knowledge from risk and skill in managing
finance and achieving financial resources (Titus et al, 1989). Considering these cases, hypotheses can be
tested following:
H3: Teachers are well off financially.
H4: There is a relationship between demographic characteristics with teachers' financial prosperity.
H4a: There is a relationship between teachers' gender and financial prosperity.
H4b: There is a relationship between teachers' marital status and financial prosperity.
H4c: There is a relationship between teachers' age and financial prosper ity.
H4d: There is a relationship between teachers' education level and financial prosperity.
H4e: There is a relationship between teachers' working degree and financial prosperity.
Education necessity
UNESCO (2008) knows education as communities' development key and path, which people enables to
realize the capabilities and increase control over decisions affecting them. UNESCO International
Commission believes that lifelong earnings and participation in the learning community is of the key
factors to meet the challenges of a rapidly changing world. The previously mentioned Commission
underlines on the learning aspects namely, learning to know, learning to do and learning to live with each
other. If the production and consumption have social benefit and cost and these benefit and cost are not
regarded by the producer or consumer, the governments interfere in the production and consumption of
these goods and services to limit social costs and use better from social benefits for public.
Education, including services is that its production and consumption have social benefits. When
individual studies, not only benefits himself/herself from proficiency and ability gains, but also society
profits from her/his capabilities created. Therefore, society should contr ibute as its share as in the
education investments. Estimating the education social return using conventional methods cannot be
estimated all the education social benefits and costs. In this ways, the education social costs are more
important (Emadzadeh, 2003). Scientists' research about the bank-centered and market-oriented economic
efficiency has led to different results. A group believes market-oriented economies perform better and
have a better performance and other group knows successful economy based on capital market-oriented,
as well. Recent studies of some scientists show that regardless of the banks-centered or market-oriented
economy, what causes economic development, is adequacy of financial services supply in the community
Research Article
from which the most important of these services, providing education services and information to the
community (Soltani-Nejad, 2008). So, it can be raised this assumption in the relationship between
financial prosperity and education:
H5: Teachers' financial literacy has a direct connection with their financial well-being.
RESEARCH HISTORY
Kim and Garman examined the relationship between financial concern, financial prosperity, financial
behaviors and health. In this study, researchers have collected data from among individuals referring to
financial counseling agencies in two states of America in the years 2000 and 2003 and using a fifty-
seven-question questionnaire. The results of this research indicated that individual characteristics (age and
income) and financial advice affect on individuals financial behaviors. Personal characteristics, the past
financial concerns and financial advice affect on individuals present financial concerns. In addition,
individual characteristics, past financial behaviors, past financial worries and financial advice affect on
the financial well-being. Individuals' health is affected by personal characteristics, financial behaviors,
financial concerns, financial prosperity and financial advice (Kim and Garman, 2003). In evaluation area
of students' financial literacy, Chen and Valp show that the university system subgroups, education level
and number of years of work experience varies significantly based on the level of financial literacy.
Without the work of M.A. students, students in lower class grades and those who have little work
experience, have lower levels of financial literacy.
In addition, women have far fewer illiterate than men and international students are also less intelligent
than Americans citizens in this area (Chen and Volpe, 1998). In other research, Volpe et al agreed about
that the online investors should have higher knowledge than conventional investors in success in stock
markets. Their study results showed that the level of financial changes with education, experience, age,
income and gender. Women especially had financial literacy much less than men and older participants
performed better than younger participants did. In addition, online merchants had higher knowledge than
others (Volpe et al, 2002) did.
Joe and Gobble results show that education level, financial knowledge, risk tolerance, financial ability,
behaviors and financial pressure (stress) extent have direct effects on financial satisfaction. In particular,
high levels of financial knowledge and financial capability to strengthen the financial behaviors lead to
high levels of financial satisfaction (Joe and Gobble, 2004). Peng et al stated in investigating personal
finance educations impact introduced in high school and university, saving and investment knowledge
that respondents investment knowledge degree mean was 5.6 from 10 that indicated respondents
approximately answered correctly to half of questions. Investment knowledge degree of individuals, who
had participated in personal finance education classes in college, was more than others, in all models
studied, a significant relationship between the personal finance education and investment knowledge was
observed (peng et al, 2007).
Henley and Dvorakin research while measuring financial literacy given sample, the relationship between
financial literacy to demographic variables and individual's understanding level from the retirement plans
and documentary benefits showed the participants of this study have good knowledge about the
mechanism of the program but financial literacy sufficient have not to differentiate between the
investment various options. Additionally, the findings of this study concluded that individuals'
participation in pension schemes will lead to an increased level of financial literacy (Hanley and Dvorak,
2010). Tamimi and Kalli s' research results in investigating investors financial literacy rate of in financial
markets, showed that individuals' financial literacy is below the required level, individuals' financial
literacy extent is affected by income rate, education level, their activity area.
People with higher income and education level have further financial literacy and people who invest in
the fields of banking and stock market, are financially literate than are others (Tamimi and Kalli, 2009).
Yetmar and Murphy in research as personal finance planning approaches; graduate students were
examined at two universities of America in financial plan preparation area. 33 % of participants stated

Research Article
that they have necessary the knowledge and skill necessary to prepare a personal financial plan. More
than 86% of the sample individuals felt financial planning is important and almost80% of them were
interested in this program. Only 33.5 % of participants declared they have prepared a comprehensive
program of personal finance writing for themselves (Murphy and Yetmar, 2010). Kindle in students'
perceptions investigation area from financial literacy showed respondents generally evaluated the impact
of financial literacy on eleven problems from fifteen problems raised in questionnaire, middle and on two
problems, low. However, they were realized considerable the impact of financial literacy on two problems
of work loss and poverty (Kindle, 2010).
In a research, Lusardi et al investigated factors related to financial literacy among American youth. They
showed that social factors, family factors, family financial status, parents' academic education level has
been impressive in individual's literacy level. Accordingly, individuals who have parents having academic
education level, possesses higher financial literacy, men and individuals with further age higher financial
literacy (Lusardi, 2010). Cude about investigating factors affecting the financial literacy of Individuals
stated that individuals with higher financial literacy are more successful in their business and personal
life. Also financial worries about the future are less and these individuals have more saving and long-term
investment and by long-term vision, better future for themselves are triggered (Cude, 2010).
Neil and colleagues by examining the relationship of financial activities, financial well-being and research
health, stated that people with higher income and financial well-being have less financial stress. They also
have a higher incentive for financial activities such as speculation and investment (Neill et al, 2005).
Malone and colleagues in a study examined of welfare financial prosperity status among American
women. The research results showed that women with non-traditional families have more financial
worries. Furthermore, women who newly have formed a family, have more financial worry. Women, who
are older, have less financial worry (Malone et al, 2010).
METHODOLOGY
This present research method is in terms of the applicable target and descriptive execute strategy using the
survey tool. After analyzing the data, the present research is considered of correlation type. Spatial scope
of this study include schools at all educational levels (elementary, guidance school and high school) of
Yazd County and the statistical population studied also contain all teachers working in of Yazd County
schools.
The statistical sample randomly was selected and used Cochran's formula for determining the sample size.
To provide data in discussing investigation of theoretical basics and literature was used library method
that for this purpose, published books in the personal finance field as well as the articles related to
financial literacy topic available in journals and internet credible sites was studied and investigated and in
field area, a standard questionnaire was distributed among teachers of Yazd County.
In preparing the financial welfare questionnaire, standard questionnaire Hygynzvastoon Roberts (2010)
has been used. The financial literacy is independent variable in the present research and has includes three
indexes:
1. Acquisition of income, saving and investment,
2. Expense and loan and
3. Insurance and pension.
Demographic variables also is independence variable and include five features (gender, marital status,
age, educational level and working degree). Financial welfare has been the dependent variable in this
study and includes indicators buying behavior and individual perception about his financial future.
In order to evaluate teachers' financial welfare, welfare per person has been calculated than five. It is so
that individuals with higher degree from 3 have financial welfare and higher sample mean than 3 presents
professor public welfare. In order to check the storied, the questionnaire was given a few professors and
their corrective feedbacks were considered in the final design. The reliability of the questionnaire was

Research Article
also calculated using Cronbach's alpha test, so that the alpha coefficient for the financial well-being
questionnaire has been obtained equal to 0.707.
RESULTS ANALYSIS AND HYPOTHESES TEST

To investigate first main hypothesis was used independent one-sample mean comparison test. In this test,
participants' financial literacy score mean is calculated based on the number 100 and has been compared
with the number 60. Table 1 shows the test results.
Table 1: T-test results of an independent sample of first main hypothesis

financial literacy: Test value = 60
Confidence level: 95%
sig df t
up bottom
-8.37 -13.71 0.000 191 -8.162
According to the statistic t (-8.162) and the p (0.000) that is less than 5 %, the null hypothesis is rejected
at the 95% significance level, namely, the average financial literacy has been not equal to 60 , considering
the average financial literacy (48.96) which is smaller than 60, is resulted teachers are not financially
literate. In table 2, the financial literacy test results have been presented separately in three given levels.
Table 2: T-test results of an independent sample at three levels (savings, borrowing and spending,
insurance and pension)
Test value = 60
Saving Borrowing and spending Insurance and pension
-8.456 -9.578 1.414 t
191 191 191 df
0.000 0.000 0.159 sig
-13.77604 -15.53385 2.70833 Average difference
confidence level: 95%
-16.9895 -18.7329 -1.0704
(bottom)
confidence level: 95%
-10.5626 -12.3348 -6.4871
(up)
Using t-test for an independent sample in the saving first part case: According to the statistic t (-8.456)
and the p (0.000) that has been less than 0.05, the null hypothesis is rejected at the 95% significance level,
namely, the average saving literacy is not equal to 60, according to the average saving literacy (46.22)
that has been smaller than 60, teachers have been educated in terms of savings.
In the second part case of the borrowing and spending, according to the statistic t (-9.578) and the p
(0.000) that has been less than 0.05, the null hypothesis is rejected at 95 % confidence level, namely, the
average borrowing and spending literacy is not equal to 60, according to the average borrowing and
spending literacy (44.47) that has been smaller than 60, is resulted teachers have been not literate in terms
of borrowing and spending. Additionally in the third part case of the insurance and pension, according to
the statistic t (1.414) and the value of p (0.159) that has been less than 0.05, the null hypothesis is not
rejected in the 95% confidence level, namely, the average insurance and pension is equal to 60, according
to the average insurance and pension literacy (62.71) that has been greater than 60, is resulted teachers
have been literate in terms of insurance and pensions.
The relationship between teachers' financial literacy and demographic variables; have been examined in
the second main hypothesis in 5 sub-hypotheses formats. In these hypotheses, two independent samples t-
Research Article
test have been used to examine the relationship between teachers' financial literacy, gender and marital
status.
In addition, in order to examine the relationship between teachers' financial literacy with age, education
level and working degree has been used the homogeneity test and ANOVA. In variance homogeneity test
has been used from Levine's statistic and p-value and in one-way ANOVA from statistic F and
significance level of 95%. Table 3 shows a summary of the results obtained from testing these sub-
hypotheses.
Table 3: Summary of sub-hypotheses testing results in investigating the relationship between

financial literacy and demographic characteristics
Result Description Hypothesis
There is a relationship between financial literacy
Confirmation Sub-hypothesis 1-2
and teachers' gender.
There is a relationship between teachers' marital
Rejection Sub-hypothesis 2-2
status and financial literacy.
and teachers' age.
and teachers' education level.
and teachers' working degree.
To test the Third main hypothesis, financial prosperity has been measured in the range of five-point Likert
and score for each individual has been compared with the number 3. Using t-test for an independent
sample, existence of the average financial well-being equity to value 3. Table 4 shows the results of t-test.
According to the statistic t (1.744) and the value of p (0.083) that is not less than 0.05, the null hypothesis
is not rejected at the 95% significance level. Namely, average financial prosperity is equal to 3 that
considering he average 3, shows teachers are financially well-being.
Table 4: Results of an independent sample t-test

financial literacy: Test value = 3
Confidence level: 95%
sig df t Average difference
up bottom
-0.0777 -0.0043 0.083 186 -1.744 0.03644
The relationship between financial literacy and demographic characteristics of the teachers has been
investigated versus the five sub-hypotheses in the fourth main hypothesis. Table 5 shows a summary from
test the results of these hypotheses. Consistent with the fifth original hypothesis in study the relationship
between literacy and financial prosperity teachers has been used Pearson's correlation coefficient. In
Table 6, considering the correlation coefficient (-0.056) and the p (0.446) which is greater than 0.05, the
null hypothesis is not rejected. It can be said that in 95% confidence level between financial literacy and
financial well-being of teachers, there is no significant relationship. Thus, t he hypothesis is rejected at the
95% significance level.

Research Article
Table 5: A summary from the sub-hypotheses test results in study relationship between financial
prosperity and demographic characteristics
Result Description Hypothesis
There is a relationship between financial
prosperity and teachers' gender.
There is a relationship between teachers'
marital status and financial prosperity.
prosperity and teachers' age.
prosperity and teachers' education level.
prosperity and teachers' working degree.
Table (6): The third main hypothesis correlation table

Financial prosperity
-0.056 Pearson correlation coefficient Financial literacy
0.446 Significance level sig
187 Number
DISCUSSION, CONCLUSIONS AND RECOMMENDATIONS

General conclusion is presented about hypothesis test done in this section. The first hypothesis examined
the adequacy of the proposed teachers' financial literacy and the minimum adequate score of 60 was
considered in the test implementation for financial literacy.
According to the statistical tests, the overall average teachers' financial literacy of Yazd County was
48.96. Overall, the results obtained from applying statistical method indicated the inadequacy of financial
literacy teachers that is consistent with results of Moeenoddin (2011), Dahmardeh (2011), Yousefi (2011)
and El-Tamimi (2006).
Partial tests results also showed that this problem has been evident in saving, borrowing and spending
levels but in the field of teachers' insurance and pensions, their financial literacy sufficiency have been
reported. The results also showed in study the relationship between demographic characteristics, gender
variable has an impact on the level of financial literacy.
Working degree variable has also been an impact on financial literacy level. Education level also affect
the level of financial literacy that this finding is consistent with results of Dahmardeh (2011) , Chen and
Valp (1998), Joe and Grable (2004), Al Tamimi (2006 ), Cude (2010) and Dvrok and Henley (2010).
According to teachers' monthly income table, despite of over 42% teachers have been income between
500 to 750,000 tomans and only less than 3% of them have been income between 1-1.50 million tomans,
however, due to lack of individual's proper perception from the financial well-being by using tests
conducted, more than 60 % of teachers have been had financial prosperity. One of reasons could be the
lack of proper training in the financial field. Education and necessity doing it, it is the notion that its
necessity now is obvious to everyone. In today's world, education is no longer seen as a cost, but an
investment type. An important part of the financial well-being is satisfaction with different aspects of life,
one of the aspects is one's financial status.
So far, researchers have proposed a number of factors in the sense of life satisfaction among which these
factors, the family has been had the most important role in a sense of satisfaction in life. Family has the
unique communication system, which is separate from the friendship and work relations.
The relationship between spouses has great value so that more than 80% individuals' divorced remarriage.
As observed in this research, only factor which affects individuals' financial prosperity, is marital status

Research Article
that is also one of the life satisfaction feeling factors. In the end, it can be said that the only marital status
variable has affected individuals' financial prosperity that has been adapted with the findings of Margarat
(2004). But the variables of age, education, gender and working degree have unaffected level of financial
prosperity that the variable of age with findings of Margaret (2004), Kim et al (2003), Malone et al (2010)
have not matched.
Three main hypotheses about the relationship between financial literacy and well-being of teachers is
discussed that was analyzed using correlation coefficient. In confidence level of 95 % was observed in the
absence of an association between financial literacy and financial well-being.
Since the teachers' financial literacy level has been very low and less than usual limit and because of the
importance this topic in individuals' personal and social life, it is proposed Education organization would
hold financial literacy education classes in inservice courses format as part of its mission towards
improve this deficiency.
According to the women working in education are less financially literate than men and due to unmatched
role of this group in shaping the social group of the next generation, the need is felt that in this respect,
the measures by the government to increase their financial literacy level to be considered.
REFERENCES
Al-Tamimi, H., 2006. Factors influencing individual investor behavior: an empirical study of the UAE
financial markets. The Business Review., 5(20): 225-32.
Chen, H. and Volpe, R., 1998. An analysis of personal financial literacy among college students.
Financial Services Review., 7(2): 107-28.
Cude, B.J., 2010. Financial literacy. The journal of consumer affairs., 44(2).
Emadzadeh, M., 2003. The importance of investing in women's education, Journal of Women Research.,
1(7): 115-140.
Hanley, H. and Dvorak, T., 2010. Financial literacy and the design of retirement plans. The Journalof
socio-economics, pp. 645-652.
Joo, S. and Grable, J., 2004. An exploratory framework of the determinants of financial satisfaction.
journal of family and economic., 25(1).
Kim, J and Garman, E. T., 2003. Financial Stress and Absenteeism: An Empirically Derived Research
Model. Financial Counseling and Planning., 14(1).
Kindle, P., 2010. Student Perceptions of Financial Literacy: Relevance to Practice. Journal Service
Research., 36: 470-487.
Lusardi, A. Mitceli, O.S. and Curto, V. 2010. Financial literacy among the young. The journal of
consumer affairs., 44(2).
Malone, K., Susan D. S., Jan Wilson and Peter F. K., 2010. Perceptions of financial well-being among
american women in diverse families. J Fam Econ., 31: 6381.
Margaret, V., 2004. Financial well-being and the need for employer-sponsored financial literacy
education as reported by employees of texas public reserch university. Educational human resorce
development.
Murphy, D. and Yetmar, S., 2010. Personal financial planning attitudes: apreliminary study of graduate
students. Management Research Review., 33(8): 811-817.
Neill Barbara, Jing Jian Xiao, Benoit Sorhaindo, and E. T., 2005. Financially distressed consumers:
Their financial practices, financial well-being, and health, financial counseling and planning., 16(1).
Peng., 2007. The impact of personal financee ducation delivered in high School and college courses.
Journal Fam Econ., (28): 265-284.
Strumpel, B., 1976. Economic means for human needs:social indicators of well-being and discontent.
Ann Ar boor. mi: university of Michigan.

Research Article
Sobhani Nejad, M., Hossein Zadeh, S and Mohammadi, R., 2005. Promoting information literacy
using ICT in achieving Progressive Education, Third International Conference on Information and
Knowledge Technology, Available ON: www.ensani.irensani.ir
Soltani nejad, H., 2007. Iranian investor education, purposes and Efficiency, First Provincial Congress
(Shiraz): Education management companies in Tehran Stock Exchange.
Tamimi, Hussein A. H. and Kalli, A. B., 2009. Financial literacy and investment decisions of UAE
investors. The Journal of Risk Finance., 10(5).
Titus, p., m, fanslow, A.M., and Hira, T.K., 1989. Net worth and financial satisfaction as a function of
household money managers competencies. Economics Research journal., 17(4): 309-318.
Volpe, R., Kotel, J. and Chen, H., 2002. A survey of investment literacy among online investors.
Financial Counseling and Planning., 13(1): 1-13.

00 PDF

Uploaded by

Copyright:

Available Formats

00 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

00 PDF

Uploaded by

Copyright:

Available Formats

Indian Journal of Fundamental and Applied Life Sciences ISSN: 2231 6345 (Online)

An Open Access, Online International Journal Available at http:// http://www.cibtech.org/sp.ed/jls/2014/01/jls.htm

Keywords: Financial literacy, financial prosperity, life status, teachers, education

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1143

THEORETICAL BASICS AND ASSUMPTIONS DEVELOPMENT

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1146

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1147

RESULTS ANALYSIS AND HYPOTHESES TEST

Table 1: T-test results of an independent sample of first main hypothesis

Table 3: Summary of sub-hypotheses testing results in investigating the relationship between

Table 4: Results of an independent sample t-test

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1149

Table (6): The third main hypothesis correlation table

DISCUSSION, CONCLUSIONS AND RECOMMENDATIONS

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1150

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1151

Copyright 2014 | Centre for Info Bio Technology (CIBTech) 1152

You might also like