IDEAS home Printed from https://ideas.repec.org/a/vrs/ijomae/v57y2021i2p138-150n4.html
   My bibliography  Save this article

Perception of sources of private wealth. A qualitative study of perceptive schemes of Western and Eastern Bloc students

Author

Listed:
  • Pietrzak Joanna

    (Faculty of Economics, University of Gdańsk, Sopot, Poland)

Abstract

Over the recent years, money has become one of the most compelling topics in modern societies. Consequently, financial literacy turns out to be an indispensable ability in today’s complex reality. Numerous studies reveal that the level of financial literacy is dependent on the socio-economic context in which the financial experience is formed. Against this background, this study aims to verify how the specific socio-economic context affects the perception of students with regard to the main sources of private wealth in the Western and Eastern Bloc countries. The research problem focuses on the following question: Do students’ perceptions precisely reflect the economic reality in their countries? Data from 115 essays written by students from Poland, Austria, Russia, The Netherlands, Germany, Sweden, and Ukraine were analyzed using directed qualitative content analysis. A structured matrix of four predetermined sources of wealth – CEO compensation, financial trading, entrepreneurship, and inheritance – was developed and subsequently compared with students’ observations. As a result, two conceptual models were developed presenting differences in the perceptive schemes of Western and Eastern Bloc students. Then the perceptions were compared with empirical data from the Forbes list of billionaires. This paper provides an example of how essays written by students can become a source of empirical research. Its added value lies in showing the usefulness of directed qualitative content analysis in socio-economic studies.

Suggested Citation

  • Pietrzak Joanna, 2021. "Perception of sources of private wealth. A qualitative study of perceptive schemes of Western and Eastern Bloc students," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 57(2), pages 138-150, June.
    • Handle: RePEc:vrs:ijomae:v:57:y:2021:i:2:p:138-150:n:4
    DOI: 10.2478/ijme-2021-0008
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/ijme-2021-0008
    Download Restriction: no
    File URL: https://libkey.io/10.2478/ijme-2021-0008?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ahuvia, Aaron, 2008. "If money doesn't make us happy, why do we act as if it does?," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 491-507, August.
    2. Josh Bivens & Lawrence Mishel, 2013. "The Pay of Corporate Executives and Financial Professionals as Evidence of Rents in Top 1 Percent Incomes," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 57-78, Summer.
    3. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    4. Bubolz, Margaret M., 2001. "Family as source, user, and builder of social capital," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(2), pages 129-131, March.
    5. Laura Feiveson, 2018. "How Does Intergenerational Wealth Transmission Affect Wealth Concentration?," FEDS Notes 2018-06-01, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kamer Karakurum-Ozdemir & Melike Kokkizil & Gokce Uysal, 2019. "Financial Literacy in Developing Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 325-353, May.
    2. Jean–Luc Arregle & Bat Batjargal & Michael A. Hitt & Justin W. Webb & Toyah Miller & Anne S. Tsui, 2015. "Family Ties in Entrepreneurs’ Social Networks and New Venture Growth," Entrepreneurship Theory and Practice, , vol. 39(2), pages 313-344, March.
    3. Sergio Longobardi & Margherita Maria Pagliuca & Andrea Regoli, 2018. "Can problem-solving attitudes explain the gender gap in financial literacy? Evidence from Italian students’ data," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(4), pages 1677-1705, July.
    4. repec:pra:mprapa:40678 is not listed on IDEAS
    5. Muhammad Waqas & Alishba Hania & Farzan Yahya & Iqra Malik, 2023. "Enhancing Cybersecurity: The Crucial Role of Self-Regulation, Information Processing, and Financial Knowledge in Combating Phishing Attacks," SAGE Open, , vol. 13(4), pages 21582440231, December.
    6. Alfonso Arellano & Noelia Camara & David Tuesta, 2014. "El efecto de la autoconfianza en el conocimiento financiero," Working Papers 1427, BBVA Bank, Economic Research Department.
    7. Lim, Thien Sang & Mail, Rasid & Abd Karim, Mohd Rahimie & Ahmad Baharul Ulum, Zatul Karamah & Jaidi, Junainah & Noordin, Raman, 2018. "A serial mediation model of financial knowledge on the intention to invest: The central role of risk perception and attitude," Journal of Behavioral and Experimental Finance, Elsevier, vol. 20(C), pages 74-79.
    8. Andrienko, Yuri & Apps, Patricia & Rees, Ray, 2014. "Optimal Taxation, Inequality and Top Incomes," IZA Discussion Papers 8275, Institute of Labor Economics (IZA).
    9. Vincenzo Carrieri & Francesco Principe & Michele Raitano, 2018. "What makes you ‘super-rich’? New evidence from an analysis of football players’ wages," Oxford Economic Papers, Oxford University Press, vol. 70(4), pages 950-973.
    10. Enrico Sergio Levrero & Giacomo Sbrenna, 2022. "Some Factors Affecting US Capital Profitability over the Last Decades," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 77-101, December.
    11. Liselot Hudders & Mario Pandelaere, 2012. "The Silver Lining of Materialism: The Impact of Luxury Consumption on Subjective Well-Being," Journal of Happiness Studies, Springer, vol. 13(3), pages 411-437, June.
    12. Gangwar, Rachna & Singh, Ritvik, 2018. "Analyzing Factors Affecting Financial Literacy and its Impact on Investment Behavior among Adults in India," MPRA Paper 89452, University Library of Munich, Germany.
    13. Mhd Akbar Hasibuan & Marwanti, 2019. "The Importance of Personal Financial Management Awareness at the Padang Lawas Student Family Association in Yogyakarta, Indonesia," Journal of Scientific Reports, IJSAB International, vol. 1(1), pages 44-50.
    14. Sarah Burkinshaw & Yaz Terajima & Carolyn A. Wilkins, 2022. "Income Inequality in Canada," Discussion Papers 2022-16, Bank of Canada.
    15. Nicholas Bloom & Scott Ohlmacher & Cristina Tello-Trillo & Melanie Wallskog, 2021. "Pay, Productivity and Management," Working Papers 21-31, Center for Economic Studies, U.S. Census Bureau.
    16. Seth D. Zimmerman, 2019. "Elite Colleges and Upward Mobility to Top Jobs and Top Incomes," American Economic Review, American Economic Association, vol. 109(1), pages 1-47, January.
    17. Choi, Dayeon & Seo, Yuri & Septianto, Felix & Ko, Eunju, 2022. "Luxury customization and self-authenticity: Implications for consumer wellbeing," Journal of Business Research, Elsevier, vol. 141(C), pages 243-252.
    18. Sangeeta Arora & Kanika Marwaha, 2013. "Financial Literacy Level and Awareness Regarding Stock Market," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 38(3), pages 241-253, August.
    19. Isilda Mara & Michael Landesmann, 2013. "Do I stay because I am happy or am I happy because I stay? Life satisfaction in migration, and the decision to stay permanently, return and out-migrate," Norface Discussion Paper Series 2013008, Norface Research Programme on Migration, Department of Economics, University College London.
    20. C. Andrew Lafond & Bruce Leauby, 2014. "Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course," International Journal of Business and Social Research, LAR Center Press, vol. 4(5), pages 12-24, May.
    21. Michael Böhm & Daniel Metzger & Per Strömberg, 2022. "“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium," ECONtribute Discussion Papers Series 147, University of Bonn and University of Cologne, Germany.

    More about this item

    Keywords

    wealth; income; financial literacy; socio-economic differences; directed qualitative content analysis;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • F6 - International Economics - - Economic Impacts of Globalization
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J7 - Labor and Demographic Economics - - Labor Discrimination

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ijomae:v:57:y:2021:i:2:p:138-150:n:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sgh.waw.pl/kgs/en .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.