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            <title><![CDATA[Shaping Young Entrepreneurship: The Role of Financial Literacy and Digital Attitudes*]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2026-0001</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This paper investigates the role of financial literacy and digitalization in shaping entrepreneurial attitudes among young individuals. Using nationally representative data from the 2023 Bank of Italy survey on financial literacy and digital skills for individuals aged 18–34, we estimate logit regression models to assess whether higher financial and digital competences are associated with a greater propensity to engage in entrepreneurship. To address potential selection bias and endogeneity concerns, baseline results are complemented by a propensity score matching approach. The findings reveal a strong and positive association between both financial literacy and digitalization and entrepreneurial attitude, with a wide set of socio-demographic control variables included. These results are also confirmed across multiple robustness checks. This study contributes to the literature on entrepreneurship and provides policy-relevant evidence supporting the role of financial and digital education in fostering entrepreneurial potential among younger generations.]]></description>
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            <title><![CDATA[Homework’s Influence on Future Financial Success in the Age of ChatGPT]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2026-0004</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This research study investigates the question of whether completing homework assignments has a direct or indirect impact on future financial success. This is an important question for policymakers, parents, and educators invested in adults’ financial security and the negative impact Artificial Intelligence may have on learning. Understanding the role that homework plays matters because homework is actionable, observable, and beneficial for building productive skills and self-confidence for future achievement. Using data from the 2017 Cornell National Social Survey and the 2015 update of the 1997 National Longitudinal Survey of Youth, we find that homework completion is directly related to future net worth and home ownership. Further analysis shows a strong association between homework completion and educational attainment, which in turn enhances human capital, thereby contributing to future earnings. In a world where students increasingly use ChatGPT for completing homework, and early evidence suggests such tools decrease learning, it is especially important to encourage and support students to take an active role and extend the effort to fully complete their homework assignments on their own if they seek financial security as adults.]]></description>
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            <title><![CDATA[Financial Literacy: The Case for Integrating Defined-Risk Option Strategies into Defined Contribution Plans in the United States]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2026-0005</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Escalating climate change, ongoing disruptions to biogeochemical cycles, and declining biosphere integrity, combined with increasing economic and geopolitical instability, may generate volatile outcomes that expose households to extended market stress. For prudent risk-management reasons, employer-sponsored retirement plans typically limit participants' investment choices to a selected set of mutual funds. However, buy-and-hold retirement investment strategies are inadequate for mitigating such risks and render seemingly prudent measures imprudent given today’s converging structural risks and the heightened probability of extended market stress. This paper proposes supplementing traditional retirement strategy approaches with defined-risk option strategies. Options possess unique features that are not present in stocks. When well-constructed, option overlays can enhance risk-adjusted outcomes by reshaping payoff distributions, managing downside risk, adjusting probability-of-profit profiles, expressing nuanced market expectations, and improving capital efficiency. The objective of this work is to inform the public about conservative option strategies suitable for retirement planning and to recommend risk-based policy reforms to modernize U.S. retirement account regulations and facilitate the use of defined-risk option strategies. To make this work accessible to the general audience, it is intentionally written with minimal technical jargon, except when conciseness and precision are needed.]]></description>
            <category>ARTICLE</category>
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            <title><![CDATA[The Role of Underconfidence in Retirement Planning and Financial Satisfaction in the United States: A Mediation and Multigroup Analysis]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2026-0002</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study investigated the effect of underconfidence in one’s financial capability on individual financial satisfaction among U.S. adults using the 2021 National Financial Capability Study. The findings showed that the association between underconfidence and financial satisfaction was partially mediated by passive retirement planning behaviors. Underconfident individuals were less likely to engage in retirement planning behaviors, and in turn experienced less financial satisfaction. Moreover, men and highly educated individuals reflected more negative consequences from low confidence. These results suggest that financial education focused on both improving financial knowledge and strengthening financial self-efficacy can better support confident engagement in retirement planning, particularly among those who appear financially capable on paper but feel uncertain about their abilities.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[The Impact of Digital Financial Literacy on Consumer Over-Indebtedness: Evidence on Underlying Mechanisms]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2026-0003</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[With the rapid advancement of digitalization, digital financial literacy (DFL) has become increasingly influential in shaping consumer financial behavior. Using data from the 2017 and 2019 China Household Finance Survey and building upon the foundational framework of Lyons and Kass-Hanna (2021), this study adapts and constructs a comprehensive evaluation framework to measure individuals’ digital financial literacy along four dimensions: risk awareness and attitudes, basic financial knowledge, digital financial skills, and digital financial experience. Based on this framework, we empirically examine the impact of digital financial literacy on consumers’ subjective and objective over-indebtedness. Results indicate a significant negative relationship between digital financial literacy and consumer over-indebtedness, suggesting that improvements in digital financial literacy effectively curb excessive credit use. Further mechanism analysis reveals that digital financial literacy mitigates over-indebtedness by promoting financial planning behavior and increasing participation in commercial insurance. Moreover, individuals with lower incomes and those residing in rural areas exhibit lower levels of digital financial literacy. Enhancing digital financial literacy among these groups is therefore of substantial practical importance for preventing and alleviating consumer over indebtedness.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[In Recognition of the Retirement of Professor Hongjoo Jung (in February 2026)]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0012</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[The Evolving Landscape of International Cooperation for Financial Inclusion]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0006</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This paper examines the current state of international cooperation in the area of financial inclusion, highlighting key achievements, the diverse roles of international organizations, recent developments in international cooperation, and the continuing barriers to full inclusion. International cooperation plays a key role in promoting financial inclusion and financial literacy, but a comprehensive description of such efforts is lacking. In addition to describing recent progress, it also describes challenges such as cybersecurity threats, data privacy concerns, and the impact of geopolitical fragmentation. A critical shift in focus is observed within international cooperation, moving beyond mere access to prioritizing meaningful financial health, resilience, and broader development outcomes for individuals and businesses globally.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Determinants of Insurance and Insurer Preferences Among Financial Consumers in ASEAN: Evidence from Myanmar, Vietnam, and Indonesia]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0008</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This study examines the determinants of insurance and insurer preferences among financial consumers in three emerging ASEAN markets—Myanmar, Vietnam, and Indonesia. Using 1,131 survey responses and a multinomial logistic regression framework, we analyze how socioeconomic, demographic, and behavioral factors shape consumers’ choices between social versus private insurance and life versus non-life insurance. The findings reveal significant heterogeneity across the three countries. In Indonesia, income and government trust significantly influence social insurance preference, while trust in private insurers increases the likelihood of choosing private insurance in both Myanmar and Indonesia. Age is a key determinant of social and life insurance preferences in Vietnam. Financial literacy consistently increases preference for life and non-life insurance in Indonesia and for non-life insurance in Myanmar. Education negatively affects life insurance preference in Myanmar, reflecting structural characteristics of early-stage insurance markets. These results highlight that insurance demand in ASEAN is shaped not only by economic capacity but also by country-specific institutional, demographic, and behavioral factors. The study provides actionable implications for policymakers and insurers seeking to expand coverage and strengthen consumer engagement in developing ASEAN markets.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Modernizing Duty of Disclosure in Insurance Law in Vietnam’s Transitioning Economy: The Need for a Policyholder-Centric Approach]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0005</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This article examines the need for a policyholder-centric approach in modernizing Vietnam’s insurance law, focusing on the shift from freedom of contract to a pro-consumer framework, the strengthening of policyholder protections, and lessons from international legal reforms. As Vietnam’s market-based economy expanded in the 2000s, rising consumer awareness and widespread use of standard form contracts highlighted information asymmetries, leading to disputes and unfair claim denials. While the Law on Insurance Business as amended in 2022 incorporates the principle of utmost good faith, it retains outdated provisions that limit consumer protection. Drawing on global trends such as inquiry-based disclosure and proportional remedies, this article identifies key gaps and advocates reforms to enhance transparency, fairness, and trust in Vietnam’s insurance market.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Determinants of Insurance Trust: The Relative Influence of Firm Characteristics, Salesperson Attributes, and Consumer Trust Orientation in Korea and China]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0009</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This study investigates the determinants of trust in insurance companies and its behavioral consequences by integrating individual trust disposition, salesperson-related attributes, and firm-level characteristics. Using survey data collected from 905 respondents in Korea (n=249) and China (n=656), we employed exploratory factor analysis followed by stepwise regression to identify the primary drivers of insurance trust and subsequent behavioral intentions. It is the first to examine how trust in insurance relationships is shaped by both consumer characteristics (subjects) and insurer/salesperson characteristics (objects). Specifically, we ask whether distrust toward an insurer is more attributable to consumer dispositions or to insurer-related attributes. Results show that insurer-side characteristics—particularly salesperson attributes—play a more decisive role in shaping insurance trust. When consumer behavioral outcomes were examined, overall trust emerged as the strongest predictor of contract renewal intention, whereas recommendation intention was more strongly associated with relational factors linked to salesperson behavior. The study contributes to the trust literature by demonstrating the dynamic, multi-layered nature of trust in insurance relationships and offers actionable implications for trust-based relationship management in insurance markets.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Analyzing the Effectiveness of Financial Consumer Protection Acts: A Comparison of Korea, the United Kingdom, and Japan]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0007</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[Financial Consumer Protection Acts represent a crucial legal framework aimed at addressing the increasing complexity of financial markets and the growing number of damages incurred by financial consumers. Following the United Kingdom’s initial enactment of such legislation, similar frameworks were adopted in East Asian economies, including Japan and South Korea, contributing to the development of their consumer financial protections. Nevertheless, the effectiveness of these laws remains a subject of debate. This study employs gap analysis and big data analysis to compare the effectiveness of the Financial Consumer Protection Act in Korea, Japan, and the United Kingdom. The findings reveal variations in effectiveness across countries and suggest several policy implications.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[An Event Study on Stock Market Reactions to Media Disclosures of FinTech Investments: The Case of Korea]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0011</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[As FinTech adoption by financial institutions accelerates, the capital-market effects of these technological investments remain incompletely understood. While prior studies typically examine FinTech as a single homogeneous category, technological heterogeneity—across artificial intelligence, blockchain, big data, and the Internet of Things—and industry-specific contexts may produce differentiated stock-price reactions. This study investigates whether media disclosures of FinTech investments by Korean financial institutions generate statistically significant abnormal returns and cumulative abnormal returns, and whether these reactions differ systematically by industry (insurance, securities, banking) and technology type. Using 451 FinTech-related disclosure events from 2016–2020, we apply simple market-model event-study procedures together with two-way analysis of variance. The results show that FinTech investment disclosures produce heterogeneous signaling effects across industries and technologies. Importantly, results confirm significant industry-technology interaction effects, indicating that each technology’s value and risk are interpreted differently across industry contexts. A notable methodological contribution is the explicit treatment of imbalanced event counts, which affects statistical power in certain subsamples. Robustness diagnostics confirm that the heterogeneity patterns are not statistical artifacts but reflect technology-specific and industry-specific valuation dynamics. This study provides new evidence on how financial markets interpret FinTech innovation, offering insights for investors, regulators, and financial institutions.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[An Empirical Study on the Determinants of Insurance Literacy among Korean College Students]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0010</link>
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            <pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[As consumers increasingly assume greater responsibility and risk in choosing diverse and complex insurance products, the importance of insurance literacy is growing. While existing research has focused on the relationship between financial competency and financial knowledge, attitudes, behavior, and financial consumer protection, research on the impact and structure of financial education precursors to financial literacy is scarce, particularly in the area of insurance. This study developed and analyzed a survey of approximately 900 undergraduate students majoring in insurance studies at universities in Korea to examine the factors that determine the relative effectiveness of risk management and insurance education. The study examined relationships between faculty and students, and between the environment and faculty, and analyzed the influence of teaching behaviors on subcategories of educational effectiveness including students’ attitude, knowledge, and behavior. Results confirmed that student characteristics, faculty characteristics, and characteristics of the educational environment impact the effectiveness of risk management and insurance education. Specific findings demonstrate the importance of teaching behaviors and educational environments that promote students’ efficacy and motivation as key factors in enhancing educational effectiveness in risk management and insurance.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[A Behavioral-Pattern Driven Framework for Research on Financial Consumer Protection]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0002</link>
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            <pubDate>Mon, 30 Jun 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This study attempts to advance the argument that targeting specific behavioral patterns serves as a value-adding complement to the rule- and principle-based consumer protection policies in financial markets. To that end, two particular optimization frameworks are specified to elaborate a set of suboptimal behavioral patterns that one can expect from demand- and supply-sides of the financial service sector: (1) a two-period (working age vs. retirement) intertemporal utility maximization framework for financial consumers; and (2) a profit (or net operating income per-period) maximization framework for financial intermediaries. Based on the models specified, a set of behavioral patterns to be tamed is identified and elaborated, and the research and policy agenda to nudge the consumers as well as the intermediaries to improve each behavioral pattern are discussed.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Responses of Insurers and Financial Consumers after COVID-19 in Asia - Focusing on Japan, China, and South Korea]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0003</link>
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            <pubDate>Mon, 30 Jun 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[COVID-19 is recognized to be the most impactful pandemic crisis on social customs, policy-making, and economic activities in the modern history of humankind. The insurance industry especially, both life insurance and general insurance, was highly impacted by COVID-19. In this paper, we examined government responses to COVID-19, changes in the social environment and consumer behavior since COVID-19, and new waves among insurance sales, insurance products and insurance consumers in Japan, China, and South Korea. In respect to changes in insurance distribution channels, as the risk of infection increased, the selling of insurance products via non-face-to-face distribution channels has been increasing in all three countries. Changes in insurance products in all three countries show product changes such as the development of new special COVID-19 products. Also, since COVID-19, there have been two notable factors that have had a high impact on insurance consumers in the three countries – income inequality and the digital divide.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Analysis of Customer Harassment: Trends and Issues in Japanese Insurance Practice]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0004</link>
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            <pubDate>Mon, 30 Jun 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[This article addresses the growing problem of customer harassment in Japan’s insurance industry, with a particular focus on the life insurance sector. “Customer harassment” – a uniquely Japanese term - refers to abusive behavior by customers toward service workers, such as verbal abuse, threats, and unreasonable demands. The issue has become a pressing concern due to its harmful impact on employee well-being and workplace environments. The article stresses the importance of acknowledging customer harassment as a systemic issue and implementing strong protective measures. Such harassment undermines employees’ physical, mental, and social health, diminishes professional standards, and threatens long-term employment stability. Proactive responses are essential for maintaining trust between customers and employees, ensuring service quality, and preserving the credibility of the insurance sector. Recommended strategies include the adoption of clear internal policies, employee education, and the establishment of industry-wide standards. Shared data and best practices across companies can result in more effective responses than isolated efforts. However, lasting change requires more than private sector initiatives. Government action—especially through legislation and enforcement—is critical. Ultimately, the article calls for coordinated efforts by insurers, regulators, policymakers, and consumers to build a safer, more respectful service environment that supports both employee welfare and customer satisfaction.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Beyond Financial Inclusion: Reshaping the Regulatory Landscape for Virtual Banks]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2025-0001</link>
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            <pubDate>Mon, 30 Jun 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[The digitalisation of banking services, driven by smartphone access and limited physical presence, has transformed bank-customer interactions but introduced challenges, such as a reliance on third-party devices and external software contracts. Based on findings from focus groups held in Hong Kong (2021–2022), this paper identifies three critical gaps: (i) the absence of a personal touch, (ii) inadequate digital dispute resolution channels, and (iii) insufficient regulatory intervention. These gaps hinder digital adoption and undermine the role of banks as public utilities. The study calls for a global alignment of regulatory frameworks, advocating for a technology-centric approach to ensure effective governance and safeguard the integrity of virtual-only banking platforms.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[What does numeracy add? Exploring financial literacy, numeracy and other skills amongst low-income adults in Canada and the UK]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2024-0007</link>
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            <pubDate>Fri, 04 Apr 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[There has been surprisingly little research about the role of numeracy in adult financial literacy, and the few existing studies available lead to contradictory findings. This paper takes a qualitative approach to explore the extent to which low-income adults in high-income economies use financial literacy and numeracy in their financial lives. Financial literacy is assessed in terms of three domains -- ‘keeping track’; ‘making ends meet’ and ‘staying informed’ -- via semi-structured interviews and background information on participants. Participants are also categorised into three groups based on discussion about their numeracy: ‘formally capable’, ‘informally capable’, and ‘uncomfortable’. Some participants exhibit elements of financial literacy but little or numeracy. There is no evidence that numeracy is essential, but having a variety of skills to draw on, potentially including numeracy, appears to be beneficial for low-income adults. The research contributes to the literature in two ways. It provides deeper understanding of the role of numeracy and also identifies two additional skillsets which appear to benefit low-income adults: digital skills and the ability to communicate clearly and advocate for oneself.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Towards Better Data for Better Development Outcomes: A “lean” DFL survey tool to measure digital and financial literacy globally*]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2024-0008</link>
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            <pubDate>Fri, 04 Apr 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[The rapid development and increasing reach of digital platforms for financial products and services provides great potential for better mechanisms for those considered “left behind” in a changing world to access and use new tools for economic development. However, a lack of current data on digital and digital financial knowledge and competencies, particularly in the Pacific region, means that developing targeted data-based interventions can be difficult. To fill the data gap, the United Nations Capital Development Fund (UNCDF) and Tebbutt Research implemented a lean digital and financial literacy survey (DFL survey) in six Pacific countries and Timor-Leste in 2022 and 2023, which resulted in findings that provide a baseline as well as information to be used by policy makers, development practitioners and financial service providers to better target low-income and underserved clients.]]></description>
            <category>ARTICLE</category>
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            <title><![CDATA[Using Defaults to Enhance Adoption of Lifetime Income in Defined Contribution Plans]]></title>
            <link>https://reference-global.com/article/10.2478/irfc-2024-0006</link>
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            <pubDate>Fri, 04 Apr 2025 00:00:00 GMT</pubDate>
            <description><![CDATA[Most 401(k) participants accumulate wealth for retirement in qualified default investment alternatives (QDIAs) such as target date funds that are designed to provide a life cycle appropriate mix of stocks and bonds for accumulation. Shifting a portion of savings to an annuity would allow retirees to spend more each year by delegating longevity risk to an insurer. The 2019 SECURE Act increases protections to plan sponsors who incorporate annuities into a QDIA, but adoption has been surprisingly slow resulting in low rates of lifetime income protection among employees. We review barriers to adoption with the defined contribution (DC) system including liquidity requirements, product design, and the need for active election of an annuity. We suggest three solutions to reduce these barriers. Defaults that include an annuity option are currently designed to require an active choice to receive lifetime income at retirement by participants. Evidence from other countries and participant surveys suggest that a high percentage would select some allocation to an annuity. Second, product innovation that allows participants access to liquidity with an automatic lifetime income benefit may be easier to implement than full annuitization. Care should be taken to design a product that is unlikely to be misused by less knowledgeable participants. Third, a regulatory entity that oversees commutation among insurers offering annuities within DC plans can reduce risks related to liquidity and the transfer of income liabilities to lower-rated insurance companies.]]></description>
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