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The importance of growing a pro-saving financial behaviour with an impact on the well-being of the individual. Achieving financial independence - ideas and tips

Author

Listed:
  • Raluca Simina Bilti

    (Aurel Vlaicu University of Arad)

  • Cristina Maria Sanda

    (Aurel Vlaicu University of Arad)

  • Ioan Grapini

    ("Valahia" University of Targoviste)

  • Flaviu Casian Faur

    ("Valahia" University of Targoviste)

Abstract

Along the last years, it has been increasingly observed that a reduced understanding of a pro-saving financial behaviour, the lack of financial literacy, have led to bad decisions regarding the living of an individual, of a family and finally, by extension, the well-being of a nation. The lack of financial literacy is also confirmed by surveys of various organizations, measuring the awareness of the population about interest, inflation, loans, etc., knowledge that seems to be very poor. People's negative habits have consequences, such as: accumulating debts, ,many times not even realizing how quickly this happens. This article aims to present a theoretical approach and some tips & tricks for saving up and offers some practical solutions.

Suggested Citation

  • Raluca Simina Bilti & Cristina Maria Sanda & Ioan Grapini & Flaviu Casian Faur, 2022. "The importance of growing a pro-saving financial behaviour with an impact on the well-being of the individual. Achieving financial independence - ideas and tips," Technium Social Sciences Journal, Technium Science, vol. 33(1), pages 351-356, July.
    • Handle: RePEc:tec:journl:v:33:y:2022:i:1:p:351-356
    DOI: 10.47577/tssj.v33i1.6872
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    References listed on IDEAS

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    1. Mark Taylor, 2011. "Measuring Financial Capability and its Determinants Using Survey Data," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 102(2), pages 297-314, June.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    3. Canova, Luigina & Rattazzi, Anna Maria Manganelli & Webley, Paul, 2005. "The hierarchical structure of saving motives," Journal of Economic Psychology, Elsevier, vol. 26(1), pages 21-34, February.
    4. Adele Atkinson & Stephen McKay & Sharon Collard & Elaine Kempson, 2007. "Levels of Financial Capability in the UK," Public Money & Management, Taylor & Francis Journals, vol. 27(1), pages 29-36, February.
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    More about this item

    Keywords

    financial literacy; saving up; financial planning; savings;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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