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    Determinants and Impacts of Financial Literacy in Cambodia and Viet Nam

    Morgan, Peter J.; Trinh, Long Q. | June 2017
    Abstract
    Financial literacy is gaining increasing importance as a policy objective in many countries. However, internationally comparable information on financial literacy is still scarce. The OECD/INFE survey of adult financial literacy is a standardized survey instrument, but so far has mainly been implemented in higher-income countries outside of Asia. Our paper extends the literature by conducting the survey in two relatively low-income Asian economies—Cambodia and Viet Nam—and analyzing the determinants of financial literacy and the effects of financial literacy on other behaviors. Generally our study corroborates the findings of studies of other countries, but uncovers some differences as well. The overall scores of financial literacy in Cambodia (11.5) and Viet Nam (12.0) are at the low end of the range seen in a sample of 30 countries that have implemented the OECD/INFE survey, but they can be considered normal or even high in view of the relatively low levels of per capita income in those two countries. The main determinants of financial literacy are found to be educational level, income, age, and occupational status. Both financial literacy and general education levels are found to be positively and significantly related to savings behavior and financial inclusion, and these results hold even when correcting for possible endogeneity of financial literacy, except for financial literacy in the case of formal savings products in Viet Nam.
    Citation
    Morgan, Peter J.; Trinh, Long Q.. 2017. Determinants and Impacts of Financial Literacy in Cambodia and Viet Nam. © Asian Development Bank Institute. http://hdl.handle.net/11540/7180.
    Keywords
    Taxation
    Public Accounting
    National Budget
    Municipal Bonds
    Local Government
    Local Taxes
    International Monetary Relations
    International Financial Market
    International Banking
    Central Banks
    Business Financing
    Capital Resources
    Budgetary Policy
    Capital Needs
    Corporate Divestiture
    Capital Instruments
    Pension Funds
    Insurance Companies
    Banks
    Portfolio Management
    Fiscal Administration
    Economics of Education
    Development Banks
    Scaling-Up And Evaluation
    Results-Based Monitoring And Evaluation
    Public Policy Evaluation
    Impact Evaluation
    Performance Evaluation
    Urban Development Finance
    Trade Finance
    Small Business Finance
    Rural Finance
    Roundtable on International Trade and Finance
    Regional Development Finance
    Public Service Finance
    Public Finance
    Project Finance
    Private Finance
    Nonbank Financing
    Non-Bank Financial Institutions
    Municipal Finance
    Local Government Finance
    Local Currency Financing
    Limited Resource Financing
    International Financial Institutions
    Infrastructure Financing
    Industrial Finance
    Government Financial Institutions
    Government Finance
    Financing of Infrastructure
    Financial Sector Development
    Financial Regulation
    Economic evaluation
    Ecomnomic Forcast
    Resources evaluation
    Input output analysis
    Cost benefit analysis
    Foreign and Domestic Financing
    Use tax
    Taxing power
    State of taxation
    Tax-sales
    Tax revenue estimating
    Tax planning
    Spendings tax
    Special assessments
    Tax administration and procedure
    Sales tax
    Real property and taxation
    Progressive taxation
    Effect of taxation on land use
    Effect of taxation on labor supply
    Intergovernmental tax relations
    Inheritance and transfer tax
    Energy tax
    Risk assessment
    Economic policy
    Economic forecasting
    Cost effectiveness
    Participatory monitoring and evaluation
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    Citable URI
    http://hdl.handle.net/11540/7180
    Metadata
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    Author
    Morgan, Peter J.
    Trinh, Long Q.
    Theme
    Finance
    Evaluation
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise