Column in het Tijdschrift voor het Economisch Onderwijs. De column gaat over de beslissingen die worden genomen op grond van een bepaald kader of denkraam.
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Ook voor banken zijn er regels en toezichthouders, maar als er ingegrepen moet worden, schieten de mandaten tekort. Dat verschijnsel is van alle tijden. Banken worden er niet bescheidener van.
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Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.
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Lenen en kopen op afbetaling wordt vaak te makkelijk gemaakt. Willem Landman schetst in deze column een aantal voorbeelden over hoe mensen met geld (kunnen) omgaan. Een aantal studenten gaat als ‘financieel adviseur’ op stage in de zogenaamde krachtwijken om buurtbewoners van financieel advies te voorzien. Daarnaast werken zij ook aan een aantal onderzoeksvragen.
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The purpose of this study is to analyze the relationship between sustainable performance and risk management, whereby sustainability (innovation), interdisciplinarity and leadership give new insights into the traditional perspectives on performance and risk management in the field of accounting and finance.
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Efforts to create age-friendly cities progressively intersect with goals for environmental sustainability. The older people’s beliefs, behaviours and financial aspects regarding environmental sustainability in their lives are an understudied topic and not well understood. Therefore, a representative survey was conducted using the psychometrically sound and comprehensive SustainABLE-16 Questionnaire. A total of 388 respondents, who were community-dwelling older people in The Hague, filled out the survey completely. Overall, the mean scores on the SustainABLE-16 for finance- and environment-driven pro-environmental behaviours, beliefs and the financial position among older people were positive for all districts of The Hague. Using the outcomes of the survey, a total of six unique typologies were identified through a two-step process combining hierarchical and k-means cluster analyses. These six typologies are 1 the staunch non-believers, 2 the finance-driven non-believers, 3 the everyday individuals, 4 belief-driven people with limited financial resources, 5 believing non-responders, 6 the affluent and engaging people. These six typologies each require different approaches from policymakers. Sustainabilityrelated policies should ideally focus on groups with high scores for pro-environmental behaviours but who have shortcomings in knowledge how to improve one’s everyday lifestyle and groups who lack the necessary financial means to live a more sustainable life.
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Financial constraints and risk taking are two well-established determinants of firm performance, however, no research analyzes how these variables are connected in the context of a high risk environment. Using data from microfinance clients in Tanzania, we derive a novel financial constraints measure and incorporate a psychometric risk taking scale. Results confirm the importance of access to finance and risk attitudes for business development. Also, we provide preliminary evidence for an interaction between financial constraints and risk taking. Financial constraints “throw sand in the wheels” and protect risk taking entrepreneurs from the negative impact of risk taking on microenterprise performance.
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Increasing students’ motivation in higher education by designing a specific curriculum has always been a challenging but very complex process. The Department of Business, Finance and Marketing (BFM) of The Hague University of Applied Sciences (THUAS) initiated a redesign of the curricula with the major goals of increasing flexibility of learning opportunities and offering students a more motivating, inspiring and richer diversity of learning experiences. In the literature of learning in higher education this has often been labeled as ‘offering extracurricular learning opportunities’. The redesign of the curriculum implies that the new one will result in an enhancement of the flexibility of the curriculum, by offering learning opportunities beyond the borders of specific programs like marketing, finance or entrepreneurship and retail management. The richness and diversity should create flexible platforms, offering students the possibility to enrich their career choices to design their own personalised career path, hopefully maximizing the possibilities for their talent development. However, very little is known about the relationship between the students’ satisfaction with extracurricular learning opportunities, aiming at the personalisation of students’ career choices, and their motivation. In this chapter we describe our research into this relationship between student motivation and learning environments. Designing a network curriculum by increasing the possibility of extracurricular learning opportunities in higher education could have a positive impact on students’ motivation when it is combined with activities to increase goal students’ commitment. This depends on teachers’ qualities to communicate the valence and instrumentality of the learning possibilities offered for the prospective work environment. This is a complex issue however. Teachers from different educational programs, even in the same domain, have a different orientation on existing learning opportunities within one specific program. Excellent coaching skills by tutors are important. These coaching skills are necessary to support students in the process of envisioning extracurricular learning opportunities when important career choices have to be made.
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Artificial Intelligence (AI) offers organizations unprecedented opportunities. However, one of the risks of using AI is that its outcomes and inner workings are not intelligible. In industries where trust is critical, such as healthcare and finance, explainable AI (XAI) is a necessity. However, the implementation of XAI is not straightforward, as it requires addressing both technical and social aspects. Previous studies on XAI primarily focused on either technical or social aspects and lacked a practical perspective. This study aims to empirically examine the XAI related aspects faced by developers, users, and managers of AI systems during the development process of the AI system. To this end, a multiple case study was conducted in two Dutch financial services companies using four use cases. Our findings reveal a wide range of aspects that must be considered during XAI implementation, which we grouped and integrated into a conceptual model. This model helps practitioners to make informed decisions when developing XAI. We argue that the diversity of aspects to consider necessitates an XAI “by design” approach, especially in high-risk use cases in industries where the stakes are high such as finance, public services, and healthcare. As such, the conceptual model offers a taxonomy for method engineering of XAI related methods, techniques, and tools.
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Introduction: The contemporary scientific literature indicates that numeracy is a multifaceted concept. The ongoing societal and technological transformations underscore the imperative to re-evaluate the attributes characterizing a numerate individual and the strategic initiatives that policymakers should devise and implement to ensure that individuals are not marginalized from participation in public and private domains due to their lack of numeracy proficiency. Numerous empirical investigations on numeracy consistently affirm its pivotal role in enabling individuals to engage autonomously across diverse contexts within their daily lives. However, numeracy’s fundamental role has often been neglected in our societies. The present study scrutinizes the overarching challenges associated with numeracy, particularly emphasizing the challenges regarding healthcare, finance, and the critical utilization and interpretation of data awareness. Methods: A two-phase research framework was adopted to address this inquiry. A comprehensive literature review was conducted to discern the prevalent challenges regarding numeracy awareness. Subsequently, two illustrative case studies were undertaken in Slovenia and Spain to contrast and deliberate upon the insights derived from the literature review. Qualitative research methods were employed to engage in a nuanced exploration of the gathered data. Results: This empirical analysis deduced guidelines aimed at enhancing awareness and ameliorating some of these challenges. Discussion and Conclusion: We conclude that making visible the awareness that adults already have about numeracy in aspects of their lives, such as finance, health, or the use and critical interpretation of data, can give policymakers and curriculum developers clues to design effective numeracy programs to address the multifaceted challenges confronting contemporary society, both in the immediate and foreseeable future.
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