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Do Financial Literacy and Capability Always Matter? Determinants and Consequences of Financial Literacy and Capability and Their Application to Tokelau

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Dissertation(820.24 KB)

Date

2023

Authors

Supervisor

Dodd, Olga
Gilbert, Aaron

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Degree name

Master of Business

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Publisher

Auckland University of Technology

Abstract

Financial literacy is recognised as essential in navigating complex financial issues and making informed financial decisions. While extensive research has been conducted on financial literacy globally, there are no studies on small developing island nations in the Pacific region, particularly those with limited financial infrastructure. This dissertation aims to address this gap by exploring the importance and relevance of financial literacy and capability within the context of Tokelau, a small Pacific Island nation. The study utilises a scoping review methodology to examine the determinants of financial literacy and capability and their impact on financial decision-making. The findings from the existing literature suggest that factors such as age, gender, education, income, and cultural influences influence financial literacy levels. Moreover, financial literacy and capability are associated with positive financial behaviours and outcomes, while low levels of financial literacy can lead to poor financial decision-making and negative consequences. The unique characteristics of Tokelau, including limited access to financial services and a subsistence-based economy, however, may influence the relevance and applicability of financial literacy and capability concepts. The study concludes that while financial literacy remains important for basic financial management skills, the need for complex financial knowledge and investment strategies may be diminished in the Tokelauan context. The findings contribute to the literature by offering insights into the role and implications of financial literacy and capability for financial decision-making in a small developing island nation, Tokelau.

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http://hdl.handle.net/10292/16606

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Masters Dissertations