Challenges in Understanding Western Economic and Financial Concepts from the Perspective of Young Adults with a Post-Soviet Migration Background in Germany—Findings from a Qualitative Interview Study
Abstract
:1. Introduction
2. Conceptual and Theoretical Background
2.1. Economic Knowledge and Financial Knowledge
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- everyday money management (EDM) (includes earning income and buying goods and services, practical example: lemon laws, guarantees, and consumer protection rights),
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- banking (hereafter referred to as financial investing, includes saving and using credit, practical example: choosing among different credit options, credit and debit cards, investment options),
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- insurance (includes protecting and insuring, practical example: choosing among different kinds of insurances according to personal needs and budget).
- RQ 1: What challenges do young adults who have a post-Soviet MB face in understanding financial and economic concepts?
2.2. Family Financial Socialization
- RQ2: How does family financial socialization affect the economic and financial knowledge of young adults who have a post-Soviet MB?
3. Study Design3
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- religion and values of respondents and parents (Glorius 2015),
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- migration-related issues (Erner et al. 2016; Happ and Förster 2017),
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4. Results
4.1. Procedure for Data Analysis
4.2. Descriptive Results
4.3. Qualitative Results
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- Category 1 (deductive): Challenging financial terms and concepts
- Subcategory 1 (inductive): Challenges related to country of origin
- Subcategory 2 (inductive): Challenges related to language
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- Category 2 (deductive): Challenging economic terms and concepts
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- Category 3 (deductive): Influence of family financial socialization
“So the questions with insurances were always the most difficult, because you don’t have so much to do with that in Russia (…) and in Germany, for example, there are these uh compulsory insurances for all of us.”(R1, TAI, Retrospective Part, para. 67)
“So the insurance companies always try or always had as a goal, uh in the case where they have to pay this insurance, they always try not to pay this insurance, to find a reason for it. They say: well it doesn’t apply to the insurance they chose […] okay we promised so and so much money to them, but this is a different case, with the case we have to pay less.”(R1, TAI, Retrospective Part, par. 68–71)
“I have to say I actually don’t think the company pension plan is good because I think we have uh too many, so as our, as our population gets older and older and a lot less people working a lot more people have to cover who just depend on the pension, I think private pension insurance is necessary.”(R2, TAI, item FA20, para. 29)
“You get money from a bank and then you have to pay this money back to the bank and you pay more, precisely because of the interest. That’s more or less the share of the sum that you then pay back over it.”(R7, TAI, Retrospective Part, para. 211)
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- Minimum return, deductible, warranty law, overdraft interest rate:
“Gewähr? Is it Gewähr something like guns and stuff?”(R8, TAI, item FA13, paras. 29–44)12
“for example, if I knew what an overdraft interest rate was, I might have thought about answer choice 2.”(R5, TAI, Retrospective Part, para. 150)
“Um, yes, maybe so. And um… here I also have to say about saving for example, […] that the… the Ukrainians as a nation—but I think this is related to the conditions in which people live—they tend to save money rather than spend a larger sum on something right now.”(R4, PCI, para. 153)
“So we kind of didn’t have anything special in the family like: I have to clean the house now or something to get pocket money, no. I just got it from my parents.”.(R4, PCI, paras. 292–95)
“So with my parents, their whole life was about giving me and my sister a financial security and I don’t know, they actually worked their whole life to make sure that now with my sister we have enough money to study here [Germany].”(R7, PCI, paras. 142–43)
“There were times when these investments were actually quite (…) popular (…) among the population and there were a few companies that you could invest in. These were huge funds and unfortunately (…) you could not trust these people, these funds. (…) unfortunately they lost everything they invested. And there was, so to speak, a case that is very well known so with, with MMM14 for example. But there were also other cases and there still are, but by the fact that now people don’t really trust this advertising anymore.”(R4, PCI, para. 325)
“No, so, the [parents] insure me, I’m already insured somehow, but how? So the, so my mom makes insurance for me on everything, (…) in which case I’m guilty or not, but she said if anything happens, you have insurance, actually insured for everything, that’s why it doesn’t matter what happens to me. Yeah and that’s why she didn’t explain anywhere what exactly is what and so, yeah.”(R8, TAI, Retrospective Part, paras. 136–37)
5. Discussion, Limitations, and Outlook
5.1. Discussion
5.2. Limitations and Outlook
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Main Category | Subcategory |
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Sociodemographic details (Witzel 2012; Haupt 2022). |
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Religion and values of the respondents and their parents (Glorius 2015) |
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Migration-related issues (Erner et al. 2016; Happ and Förster 2017). |
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Media use (Arnold et al. 2018; Schäfer 2022; Schnell 2017). |
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Financial socialization (Danes 1994; Gudmunson and Danes 2011; Cwynar 2022; Glorius 2015). |
|
Number of the Item | Description |
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Item FA5 (EDM) | This item asks about economic developments affecting increases in construction wages. Responses refer to the effect of an increase in loans issued for residential construction, more graduates seeking employment in the construction industry, an increase in interest rates influencing a downturn in the construction industry, and tougher oversight by building inspectors on new construction projects. |
Item FA7 (EDM) | The item refers to the concept of income tax and which of the given answers can reduce the amount of taxable income. The selection of answers ranges from speculative gains and interest to costs for food and donations. |
Item FA20 (Banking) | The question refers to the advantages of a company pension plan compared to a private pension plan. The selection of answers ranges from voluntary payments by the employer, unlimited number of payments by the employer, tax-free pensions, and state-promised minimum returns on occupational pensions. |
Item FA21 (Banking) | The item asks about the banking priorities of someone who is continually in debt. The answers revolve around the lowest bank account fees, the lowest overdraft interest rate, the shortest payment period for debt repayment, and the lowest fee for a replacement card. |
Item FA45 (Insurance) | The item asks about measures taken by insurance companies to encourage policyholders to engage in lower-risk behavior. The answers deal with co-payments in the event of a claim, the elimination of premium refunds, insurance policies without deductibles, and low premiums for insurance. |
Item FA48 (Insurance) | The item asks about the type of insurance that covers self-inflicted damage to one’s car. The selection of answers covers different kinds of insurance. |
Item EA16 | The item asks about which scenario would lead to an increase in gas sales. Increase in crude oil price or petroleum tax, decrease in car prices or decrease in consumer income. |
1 | In this article, a deliberate separation is made between economic knowledge and financial knowledge based on the integrative framework model (Happ 2020). Overlapping statements about the separation of these two concepts sometimes prevail in the literature (Happ 2020; Koh 2016). Similarly, there is inconsistent use of the following terms: education, literacy, knowledge, skills, abilities, and skills (Haupt 2022). In this article focus is on the knowledge components of economic and financial literacy. |
2 | The Federal Statistical Office of Germany identify people as having an MB if they or at least one of their parents was born in a country other than Germany (GFSO 2015). |
3 | The ethical commission and data protection officer of Leipzig University were informed and had no objections. |
4 | A more in-depth description of the question areas can be found in the Appendix A (Table A1). |
5 | Deviating from Lusardi and Mitchell’s (2014) definition of the sensitive financial phase, the lower age limit was raised to 18 in the study. This was accompanied by lower legal requirements than would have been necessary if minors had been interviewed. |
6 | The aim of this paper is not to compare groups with and without a migration background, but rather to identify particular barriers and challenges of one specific group. Therefore, no control group was considered at this point, which is usual for explorative studies in social sciences (see e.g., of different fields Davis et al. 2019; Fiedler and Wohlfarth 2018; Jaeger and Haley 2016; Klingler and Marckmann 2016; Lewthwaite 1996; O’Dea and Stern 2022). |
7 | The subjects should not have started or completed a commercial/administrative vocational training program, should not have taken the Abitur (A-level) at a business secondary school, and should not have started or completed a business degree program, not even as a minor subject. Vocational training in Germany equips learners with professional competencies, experience, skills, abilities, and knowledge. Vocational training in Germany is organized in various ways. There are school-based training programs and training programs with two learning locations: in school and in a company (dual vocational training). In dual vocational training, trainees alternate between the predominant place of learning in the company and school. Trainees receive a training allowance for the entire training period—regardless of whether they are at school or in the company (Cedefop 2020). Due to the acquisition of knowledge of economic and financial matters within commercial-administrative vocational training programs and the associated formal financial socialization experiences, this was defined as an exclusion criterion. |
8 | Two researchers were involved in coding to maintain acceptable intercoder reliability. |
9 | The German Federal Statistical Office defines people with a migration background as described in note 2. This definition does not indicate whether the persons themselves have had migration experiences. People’s own migration experiences are significant socialization processes that have a formative influence on their understanding of economic and financial concepts. In order to highlight this distinction in our sample, the criterion migration experience was surveyed and listed in the table. |
10 | There were three questions from each area of the TEL and three questions, each from one area of the TFL: everyday money management, banking, insurance. All eight respondents gave correct answers. |
11 | The questions were asked in German. These questions are subject to copyright and may not be published. The original TEL and TFL are available in English and can be accessed freely on the Internet. The original American items on the TEL or TFL are referred to in brackets (E for an item of TEL and F for an item of TFL, e.g., (item FA3)). A more detailed description of the items can be found in the Appendix A (Table A2). |
12 | In German, the morpheme “Gewähr” in Gewährleistungsrecht is phonetically identical to the German word “Gewehr”—which means pistol. Gewähr is the German translation for warranty, which is a legal regulation designed to protect consumers from deficient products. |
13 | The article refers to the understanding of saving in the sense of “not spending money”. The paper and also the statements of the respondents do not take into account whether the money is safe in the bank or in bank accounts. Respondents indicate that saving is an important way to prepare for potential crises. This is not in the sense of safe money in banks. |
14 | The MMM cooperative, named after the surnames of its three founders Sergei Mavrodi, Vyacheslav Mavrody, and Olga Melnikova, was an investment fund in Russia in the early 1990s that operated as a Ponzi scheme. A lot of money was collected with the promise of excessive returns and the sale of company shares. The money was stolen by the founders and a large number of people in Russia and former Soviet republics lost their money (Tolstikova 1999). |
15 | In this paper, qualitative methods were used to explore barriers to understanding economic and financial concepts among young adults with a post-soviet background in Germany. The knowledge gained can be used to inform pedagogy in many ways, for example to develop learner-oriented educational materials, to design relevant and engaging lessons and assignments, to train teachers effectively, and so on. Although policies and societal implications need to be explored if appropriate changes are to be made to secondary school education, these issues are beyond the scope of this paper and should be addressed in further research. |
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Respondent (R#) | Mother | Father | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Country of Birth | In Germany Since | Mother Tongue | Age | Country of Birth | In Germany Since | Mother Tongue | Country of Birth | In Germany Since | Mother Tongue | |
1 | Russia | 2019 | Russian | 22 | Russia | - | Russian | Russia | - | Russian |
2 | Germany | birth | German | 21 | Belarus | 1999 | Russian | Russia | around 1990 | Russian |
3 | Germany | birth | German | 18 | Kazakhstan | 1995 | Russian | Russia | 1995 | Russian |
4 | Ukraine | 2014 | Ukrainian | 24 | Ukraine | - | Ukrainian | Ukraine | - | Ukrainian |
5 | Russia | 2004 | German | 21 | Kazakhstan | 2004 | Russian | Kazakhstan | 2004 | Russian |
6 | Germany | birth | Azerbaijani | 20 | Azerbaijan | 2000 | Azerbaijani | Azerbaijan | before 2000 | Azerbaijani |
7 | Kyrgyzstan | 2017 | Russian | 21 | Kyrgyzstan | - | Russian | Kyrgyzstan | - | Russian |
8 | Latvia | 2016 | Latvian | 24 | Latvia | - | Russian | Latvia | - | Russian |
TEL/TFL Area | Correct Answers (8 Resp.) | Rate in % | Male (4 Resp.) | Rate in % | Female (4 Resp.) | Rate in % | With ME (4 Resp.) | Rate in % | Without ME (4 Resp.) | Rate in % |
---|---|---|---|---|---|---|---|---|---|---|
TEL | 20 | 83.33 | 11 | 91.67 | 9 | 75.00 | 11 | 91.67 | 9 | 75.00 |
TFL EDM | 14 | 58.33 | 7 | 58.33 | 7 | 58.33 | 7 | 58.33 | 7 | 58.33 |
TFL banking | 14 | 58.33 | 8 | 66.67 | 6 | 50.00 | 8 | 66.67 | 6 | 50.00 |
TFL insurance | 14 | 58.33 | 7 | 58.33 | 7 | 58.33 | 9 | 75.00 | 5 | 41.67 |
Challenging Financial Terms and Concepts | |
---|---|
Content | Financial terms and concepts unknown or unfamiliar to respondents, as they cannot explain them adequately. |
Reason | Cultural- or country-specific differences, lack of equivalent terms or concepts, or language challenges may be reasons for finding the terms and concepts challenging. |
Example of response | “Uh I don’t know exactly what warranty uh right is, but um yeah with that I kind of can’t quite answer the question either” (R2, TAI, para. 23). |
Delimitation | Statements about economic concepts such as competitive market, functions of money or the labor market are assigned to category 2. |
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Heidel, S.; Happ, R. Challenges in Understanding Western Economic and Financial Concepts from the Perspective of Young Adults with a Post-Soviet Migration Background in Germany—Findings from a Qualitative Interview Study. J. Risk Financial Manag. 2023, 16, 165. https://doi.org/10.3390/jrfm16030165
Heidel S, Happ R. Challenges in Understanding Western Economic and Financial Concepts from the Perspective of Young Adults with a Post-Soviet Migration Background in Germany—Findings from a Qualitative Interview Study. Journal of Risk and Financial Management. 2023; 16(3):165. https://doi.org/10.3390/jrfm16030165
Chicago/Turabian StyleHeidel, Sebastian, and Roland Happ. 2023. "Challenges in Understanding Western Economic and Financial Concepts from the Perspective of Young Adults with a Post-Soviet Migration Background in Germany—Findings from a Qualitative Interview Study" Journal of Risk and Financial Management 16, no. 3: 165. https://doi.org/10.3390/jrfm16030165