FINANCIAL LITERACY OF FINANCIAL INSTITUTIONS IN BANGLADESH

Keywords: Financial Literacy, Financial Institutions, Bangladesh, Collaborative Efforts, Risk Management.

Abstract

This research delves into the financial literacy landscape of diverse financial institutions in Bangladesh. Using a mixed-methods approach, the study assesses financial literacy levels, identifies influencing factors, and explores collaborative efforts. Quantitative data gathered through surveys from 150 institutions reveal variations in financial literacy, with banks displaying higher scores (M = 75), followed by microfinance institutions (M = 62) and non-bank entities (M = 48). Qualitative interview insights highlight effective collaborative initiatives between institutions, regulators, and educational bodies. The study contributes novelty by presenting a holistic view of financial literacy, its associations, and implications within the sector. Findings resonate with previous research, linking financial literacy to risk management and ethical decision-making. The research underlines the need for tailored training programs and sustained collaborations. Future research could explore evolving regulatory dynamics and technological impacts. This research augments our understanding of financial literacy's importance and potential to enhance the resilience and inclusivity of Bangladesh's financial sector.

JEL Classification Codes: O16 G21, G28, I22.

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Islam, K. M. A. (2017c). An Empirical Research on Fu-Wang Foods Ltd: Industry, Strategy, Accounting, Ratio, Valuation and Proforma Analysis. American Finance & Banking Review, 1(1), 1-11. https://doi.org/10.46281/amfbr.v1i1.79

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Islam, K. M. A. (2017i). An Empirical Research on Shinepukur Holdings Ltd: Strategy, Accounting, Ratio, Sensitivity and Prospective Analysis. Asian Finance & Banking Review, 1(1), 83-92. https://doi.org/10.46281/asfbr.v1i1.1249

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Islam, K. M. A., & Miajee, M. R. K. (2018a). Small and Medium Enterprises (SMEs) Financing in Bangladesh: A Review of Literature. International Journal of Small and Medium Enterprises, 1(1), 11-15. https://doi.org/10.46281/ijsmes.v1i1.62

Islam, K. M. A., & Karim Miajee, M. R. (2018b). Exploring E-Business in SMEs. International Journal of Small and Medium Enterprises, 1(1), 16-18. https://doi.org/10.46281/ijsmes.v1i1.63

Islam, K. M. A., & Barghouthi, O. A. (2018a). To What Extent Do the Investment Programs in the Infrastructure Sector Comply with the Determinants of National Competitive Advantage?. International Journal of Small and Medium Enterprises, 1(1), 6-10. https://doi.org/10.46281/ijsmes.v1i1.61

Islam, K. M. A., & Barghouthi, O. A. (2018b). To What Extent Do the Investment Programs in the Small and Medium Enterprises Sector Comply with the Determinants of National Competitive Advantage?. International Journal of Small and Medium Enterprises, 1(1), 1-5. https://doi.org/10.46281/ijsmes.v1i1.60

Islam, K. M. A., & Bhuiyan, A. B. (2019). The Theoretical Linkages between the Shariah Supervisory Board (SSB) and Stakeholder Theory in the Islamic Financial Institutes: An Empirical Review. International Journal of Accounting & Finance Review, 4(2), 43-49. https://doi.org/10.46281/ijafr.v4i2.436

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Kader, S. A., Zayed, N. M., Khan, S., Islam, K. M. A., & Siddiki, M. N. A. (2019). An Analysis of Socio-Economic Condition of Female Readymade Garments’(RMG) Workers in Dhaka City. The Millennium University Journal, 4(1), 12-20. Retrieved from http://www.themillenniumuniversity.edu.bd/journal/index.php/TMUJ/article/view/26

Islam, K. M. A., Khan, M. A. U., Azhar, S., Ahmed, M. R., Khurram, S., Masood, H., & Farooq, L. (2020). COMPARISON OF IN VITRO ACTIVITY OF COLISTIN WITH CEFTOLOZANE/TAZOBACTAM AGAINST MULTI DRUG RESISTANT PSEUDOMONAS AERUGINOSA “A LAST LINE TREATMENT AGAINST MDR”. American International Journal of Multidisciplinary Scientific Research, 6(3), 1-7. https://doi.org/10.46281/aijmsr.v6i3.823

Islam, K. M. A., & Bhuiyan, A. B. (2020). DOES SHARIAH SUPERVISORY BOARD CHARACTERISTICS INFLUENCE CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE IN ISLAMIC BANKS PERFORMANCE IN BANGLADESH? : A CONCEPTUAL MODEL. INTERNATIONAL MULTIDISCIPLINARY POSTGRADUATE CONFERENCE 2020 (IMPC20). Retrieved from https://www.researchgate.net/publication/346927582_DOES_SHARIAH_SUPERVISORY_BOARD_CHARACTERISTICS_INFLUENCE_CORPORATE_SOCIAL_RESPONSIBILITY_DISCLOSURE_IN_ISLAMIC_BANKS_PERFORMANCE_IN_BANGLADESH_A_CONCEPTUAL_MODEL

Islam, S., Mamun, A., Islam, K. M. A., Uddin, M. R., & Sultana, T. (2021). ISSUES AND CHALLENGES OF FINANCIAL MANAGEMENT PRACTICES IN ISLAMIC FINANCIAL INSTITUTIONS: EMPIRICAL EVIDENCE FROM BANGLADESH. Indian Journal of Finance and Banking, 5(1), 38-55. https://doi.org/10.46281/ijfb.v5i1.963

ISLAM, K. M. A., & BHUIYAN, A. B. (2021). Determinants of the Effectiveness of Internal Shariah Audit: Evidence from Islamic Banks in Bangladesh. The Journal of Asian Finance, Economics and Business, 8(2), 223–230. https://doi.org/10.13106/JAFEB.2021.VOL8.NO2.0223

Islam, K. M. A., Sadekin, M. S., Rahman, M., Chowdhury, M., & Haque, A. (2021). The impact of Shariah supervisory board and Shariah audit committee on CSR adoption at Islamic banks. Journal of Asian Finance, Economics and Business (JAFEB), 8(3), 479-485.

Ismail, A., Islam, K. M. A., Zohaib, M., Tasaduq, S., & Ismail, M. (2021). THE ROLE OF ETHICAL LEADERSHIP AND WHISTLEBLOWING INTENTIONS: MEDIATING APPARATUS OF MORAL IDENTITY. American International Journal of Humanities, Arts and Social Sciences, 3(1), 20-32. https://doi.org/10.46545/aijhass.v3i1.221

Ismail, M., Islam, K. M. A., Zohaib, M., Hussain, R., Tahir, M. Y., Ijaz, M., & Hassan, Z. (2021). DIGITAL MARKETING 5-GENERATION TECHNOLOGY AND ITS ACCEPTANCE BEHAVIOR. International Journal of Marketing Research Innovation, 5(1), 46-59. https://doi.org/10.46281/ijmri.v5i1.1500

Iqbal, M. M., Islam, K. M. A., Zayed, N. M., Beg, T. H., & Shahi, S. K. (2021). IMPACT OF ARTIFICIAL INTELLIGENCE AND DIGITAL ECONOMY ON INDUSTRIAL REVOLUTION 4: EVIDENCE FROM BANGLADESH. American Finance & Banking Review, 6(1), 42-55. https://doi.org/10.46281/amfbr.v6i1.1489

Inuwa, M., Islam, K. M. A., & Male, I. G. (2022). THE INDIRECT EFFECT OF CUSTOMER RELATIONS ON LEAN SOCIAL FACTORS AND ORGANIZATIONAL READINESS FOR CHANGE AMONGST MANUFACTURING SMES IN NIGERIA: PLS-SEM APPROACH. The Millennium University Journal, 7(1), 8-28.

Islam, K. M. A., Karim, M. M., Islam, S., Haque, S., & Sultana, T. (2022). Exploring the effect of job satisfaction, employee empowerment, and emotional intelligence on bank employee performance: A study on commercial banks in Bangladesh. Banks and Bank Systems, 17(3), 158-166.

Kurawa, J. M., Alhassan, I., Islam, K. A., & Haque, M. S. (2021). OWNERSHIP STRUCTURE AND FINANCIAL REPORTING QUALITY IN LISTED NON-FINANCIAL FIRMS IN NIGERIA. International Journal of Accounting & Finance Review, 9(1), 57-73.

Kader, S. A., Rahman, A. A. A., Meero, A., Islam, K. M. A., Zayed, N. M., Hasan, K. B. M. R. (2021). COVID-19: AFTER EFFECTS OF CORONAVIRUS AND ITS IMPACT ON GLOBAL ECONOMY. Academy of Strategic Management Journal, 20(1). 1-9 Retrieved from https://www.abacademies.org/articles/covid19-after-effects-of-coronavirus-and-its-impact-on-global-economy-11472.html

Kader, S. A., Kulsum, U., Islam, K. M. A., Siddiki, M. N. A., Zayed, N. M., & Raisa, T. S. (2021). Present Situation of the Field Workers in the Development Sector: A Social, Financial and Employment Aspect in Bangladesh. Journal of Southwest Jiaotong University, 56(2). https://doi.org/10.35741/issn.0258-2724.56.2.29

Kabir, M. R., Khan, S., Chowdhury, S., Jahan, S., Islam, K. A., & Zayed, N. M. (2021). Corruption Possibilities in the Climate Financing Sector and Role of the Civil Societies in Bangladesh. Journal of Southwest Jiaotong University, 56(2). https://doi.org/10.35741/issn.0258-2724.56.2.6

Mia, M. M., Zayed, N. M., Islam, K. M. A., Nitsenko, V., Matusevych, T., & Mordous, I. (2022). The Strategy of Factors Influencing Learning Satisfaction Explored by First and Second-Order Structural Equation Modeling (SEM). Inventions, 7(3), 59.

Nahar, S., Meero, A., Rahman, A. A. A., Hasan, K. B. M. R., Islam, K. M. A., Zayed, N. M., Faisal-E-Alam, M. (2021). ANALYSIS ON THE MARKETING STRATEGY AND COMPETITIVE ADVANTAGE OF BANKING INDUSTRY IN BANGLADESH: AN ENTREPRENEURIAL CASE STUDY OF HSBC BANK. Academy of Entrepreneurship Journal, 27(4). 1-7. Retrieved from https://www.abacademies.org/articles/Analysis-on-the-marketing-strategy-and-competitive-advantage-of-banking-industry-1528-2686-27-4-552.pdf

Nayeen, C. J., Islam, K. M. A., Chowdhury, F. N., & Zayed, N. M. (2020). Testing Communicative Language Teaching (CLT) through English for Today (EFT) in Bangladesh: Challenges Faced by Tertiary Students Initially. American International Journal of Education and Linguistics Research, 3(2), 19-27.

Rahman, A. A. A., Meero, A., Zayed, N. M., Islam, K. M. A., Rabban, M. R., Bunagan, V. D. R. (2021). IMPACT OF LEVERAGE RATIOS ON INDICATORS OF FINANCIAL PERFORMANCE: EVIDENCE FROM BAHRAIN. Academy of Strategic Management Journal, 20(3). Retrieved from https://www.abacademies.org/articles/impact-of-leverage-ratios-on-indicators-of-financial-performance--evidence-from-bahrain-11166.html

Rahaman, M. A., Hassan, H. K., Asheq, A. A., & Islam, K. M. A. (2022). The interplay between eWOM information and purchase intention on social media: Through the lens of IAM and TAM theory. PloS one, 17(9), e0272926.

Rahman, A. A. A., Darwish, S., Meero, A., Zayed, N. M., Islam, K. M. A., Raisa, T. S. (2021). EMERGING STRATEGIES AND ECONOMIC IMPACT OF COVID-19: A CASE STUDY OF GULF COOPERATION COUNCIL COUNTRIES (GCC). Academy of Strategic Management Journal, 20(1). 1-10 Retrieved from https://www.abacademies.org/articles/emerging-strategies-and-economic-impact-of-covid19-a-case-study-of-gulf-cooperation-council-countries-gcc-11270.html

Rubi, M. A., Chowdhury, S., Rahman, A. A. A., Meero, A., Zayed, N. M., & Islam, K. A. (2022). Fitting multi-layer feed forward neural network and autoregressive integrated moving average for Dhaka Stock Exchange price predicting. Emerging Science Journal, 6(5), 1046-1061.

Shahriar, M. S., Hasan, K. B. M. R., Hossain, T., Beg, T. H., Islam, K. M. A., & Zayed, N. M. (2021). Financial decision making and forecasting techniques on project evaluation: a planning, development and entrepreneurial perspective. Academy of Entrepreneurship Journal, 27(4), 1-7. Retrieved from https://www.abacademies.org/articles/Financial-decision-making-and-forecasting-techniques-on-project-evaluation-a-planning-development-1528-2686-27-4-553.pdf

Suleiman, Y., Ishola, M. A., Islam, K. A., & Bosede, F. F. (2021). An Assessment of the First Wave of Covid-19 and Need for Strategic Management of Education in Kwara State, Nigeria. The Millennium University Journal, 6(1), 1-10.

SHAHRIAR, M. S., ISLAM, K. M. A., ZAYED, N. M., HASAN, K. B. M. R., & RAISA, T. S. (2021). The Impact of COVID-19 on Bangladesh’s Economy: A Focus on Graduate Employability. The Journal of Asian Finance, Economics and Business, 8(3), 1395–1403. https://doi.org/10.13106/JAFEB.2021.VOL8.NO3.1395

Shayery, A. J., Zayed, N. M., Islam, K. M. A., Hossain, M. F., Nitsenko, V. S., & Imran, M. A. (2022). THE IMPACT OF INTERNATIONALIZATION TO IMPROVE AND ENSURE QUALITY EDUCATION: A CASE STUDY OF DAFFODIL INTERNATIONAL UNIVERSITY (BANGLADESH). Natsional'nyi Hirnychyi Universytet. Naukovyi Visnyk, (6), 160-169.

Tayo-Ladega, O., Abdullahi, T. M., & Islam, K. M. A. (2021). FACTORS MILITATING AGAINST PUBLIC HEALTH FINANCING IN NIGERIA: AN EMPIRICAL REVIEW. American International Journal of Multidisciplinary Scientific Research, 7(2), 1-10. https://doi.org/10.46281/aijmsr.v7i2.1073

Zayed, N. M., Edeh, F. O., Darwish, S., Islam, K. A., Kryshtal, H., Nitsenko, V., & Stanislavyk, O. (2022). Human Resource Skill Adjustment in Service Sector: Predicting Dynamic Capability in Post COVID-19 Work Environment. Journal of Risk and Financial Management, 15(9), 402.

Zohaib, M., Islam, K. M. A., Tahir, M. Y., Hussain, R., Zaineb, A., Ismail, M., & Ismail, A. (2021). THE INNOVATIVE FINANCIAL PRODUCT DEVELOPMENT WITH ITS FUNCTIONAL PERFORMANCE. American International Journal of Economics and Finance Research, 3(1), 1-15. https://doi.org/10.46545/aijefr.v3i1.326

Zofishan, M., Islam, K. M. A., & Ghazal, F. (2021). MACHINE LEARNING BASED CLOUD MUSIC APPLICATION WITH FACIAL RECOGNITION USING ANDROID STUDIO (MUSYNC). American International Journal of Sciences and Engineering Research, 4(1), 36–52. https://doi.org/10.46545/aijser.v4i1.213

Zayed, N. M., Islam, K. M. A., Shahi, S. K., Rahman, M. S., & Raisa, T. S. (2021). AN ANALYSIS ON THE EFFECTS OF CORONAVIRUS (COVID-19) ON THE FINANCIAL MANAGEMENT OF MULTINATIONAL CORPORATIONS. Australian Finance & Banking Review, 5(1), 43-53. https://doi.org/10.46281/afbr.v5i1.1015

Zayed, N. M .Z., Meero, A., Rahman, A. A. A., Islam, K. M. A., Shahiduzzaman Khan Shahi, Shama Tasnim. (2021). Demand and Supply-Side Analysis of Dhaka Based Online Business during the COVID-19 Pandemic: Evidence from Bangladesh. Journal of Southwest Jiaotong University, 56(3). https://doi.org/10.35741/issn.0258-2724.56.3.47

Zayed, N. M., Mohamed, I. S., Islam, K. M. A., Perevozova, I., Nitsenko, V., & Morozova, O. (2022). Factors Influencing the Financial Situation and Management of Small and Medium Enterprises. Journal of Risk and Financial Management, 15(12), 554.

Zayed, N. M., Rashid, M. M., Darwish, S., Faisal-E-Alam, M., Nitsenko, V., & Islam, K. M. A. (2022). The Power of Compensation System (CS) on Employee Satisfaction (ES): The Mediating Role of Employee Motivation (EM). Economies, 10(11), 290.

Zayed, N. M., Edeh, F. O., Islam, K. M. A., Nitsenko, V., Polova, O., & Khaietska, O. (2022). Utilization of Knowledge Management as Business Resilience Strategy for Microentrepreneurs in Post-COVID-19 Economy. Sustainability, 14(23), 15789.

Zayed, N. M., Edeh, F. O., Islam, K. M. A., Nitsenko, V., Dubovyk, T., & Doroshuk, H. (2022). An Investigation into the Effect of Knowledge Management on Employee Retention in the Telecom Sector. Administrative Sciences, 12(4), 138.
Published
2022-12-31
How to Cite
Jakaria, S. A. (2022). FINANCIAL LITERACY OF FINANCIAL INSTITUTIONS IN BANGLADESH. Australian Finance & Banking Review, 6(1), 1-11. https://doi.org/10.46281/afbr.v6i1.2078
Section
Original Articles/Short Communications