Role of Financial Education, Capital Markets and Digital Finance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 30 September 2025 | Viewed by 977

Special Issue Editors


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Guest Editor
Department of Economics and Finance, The Business School, RMIT Vietnam, 702 Nguyen Van Linh, District 7, Ho Chi Minh City 700000, Vietnam
Interests: development economics; international trade and finance; financial economics; investment analysis
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Guest Editor
Department of Global Business & Economics, Changwon National University, Changwon 51-140, Republic of Korea
Interests: economic growth; tourism economics; public economics; environmental economics
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Guest Editor
School of Industrial Engineering, Iran University of Science and Technology, Tehran 1684613114, Iran
Interests: decision making units; data envelopment analysis; DEA model

Special Issue Information

Dear Colleagues,

In this Special Issue, we invite the practitioners, policy analysts and academics of financial risk management to share their analysis and perspectives of the role of financial education, capital markets and digital finance shaping the investment landscape.

The need for and use of relevant and suitable financial theories and models to derive well-informed investment decisions has become ever more important, especially considering the role of financial technology and digital finance. Noting the developments in financial assets and financial technology, the role of financial literacy and financial education becomes critical for sound financial decisions and risk management. At a macro level, the role of savings, debt management and wealth accumulation requires efficient operation of capital markets and the financial system. However, poor financial risk management strategies can contribute to economic inefficiency, increased financial fragility, greater social inequality and higher public spending at the societal level. Considering these issues through the lens of financial education, regulatory measures and supportive infrastructure are essential for enhancing individual financial well-being and ensuring broader economic stability. Subsequently, in this Special Issue, we also welcome rigorous analysis and debates on how recent developments in digital finance are shaping and influencing financial markets and financial education.

Additionally, the Special Issue welcomes studies which appreciate that capital market development may differ across countries and continents, especially in terms of the adoption and use of financial tools and technology to drive financial activities. Hence, in this Special Issue, we also invite studies that investigate the development of and linkages between financial operations, financial education and financial technology. Studies can be focused on specific region(s), or a specific country with outcomes that can be related or extended to other countries.

The aim of this Special Issue is to contribute to the literature on financial education, capital markets, financial risk management, financial technology and digital finance. We welcome studies following either quantitative/theoretical or qualitative approaches, with specific policy implications and/or clear recommendations that could potentially shape or impact the financial and risk management landscape of a region, country or beyond.

Dr. Ronald Ravinesh Kumar
Prof. Dr. Peter J. Stauvermann
Dr. Emran Mohammadi
Guest Editors

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Keywords

  • financial and capital market development
  • financial education, financial literacy, education and curriculum design
  • financial technology and digital finance
  • sustainability of financial sector operations
  • financial risk management analysis
  • financial mathematics and theoretical analysis
  • quantitative and qualitative methods of finance

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Published Papers (1 paper)

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Research

18 pages, 1378 KiB  
Article
What Do Children with Above-Average Abilities Understand About Financial Literacy?
by Eulália Santos, Fernando Oliveira Tavares and Cátia Maurício
J. Risk Financial Manag. 2025, 18(5), 254; https://doi.org/10.3390/jrfm18050254 - 7 May 2025
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Abstract
Metaphors help to simplify complex concepts, making them more accessible and understandable for children. Children can build a more concrete understanding of these concepts by associating abstract financial ideas with familiar situations or objects. The present study aims to explore what children with [...] Read more.
Metaphors help to simplify complex concepts, making them more accessible and understandable for children. Children can build a more concrete understanding of these concepts by associating abstract financial ideas with familiar situations or objects. The present study aims to explore what children with above-average abilities understand by financial literacy, using words and images as tools of expression. During a workshop, 22 children with above-average abilities participated in two tasks, one individual and one group task. The results showed that “save” (90.9%), “money” (63.9%), “invest” (59.1%), and “bank” (54.5%) are the words most strongly associated with the concept of financial literacy among the children. Regarding images, money (M = 1.77), a clock or calendar (M = 2.50), a pig (M = 2.75), and a house (M = 2.84) were identified as the most representative symbols of financial literacy for this group of children. In the group task, children perceive financial literacy mainly as managing and using money to satisfy needs and desires. The results can inform educators about the need to adapt educational materials to match children’s level of understanding better, promoting more effective and accessible financial education. Full article
(This article belongs to the Special Issue Role of Financial Education, Capital Markets and Digital Finance)
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