research topics on personal finance

Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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Dollars and sense: The case for teaching personal finance

Americans aren’t good at managing their money — and there are signs that the problem is getting worse.

Already saddled with record levels of student debt, young adults today, for example, are even more unlikely to monitor their credit card debt and bank balances. Some people trick themselves into thinking that store refunds or anything less than $5 amount to free money . And too many people pay for online subscriptions they don’t use.

Thanks to the pioneering work of Stanford economist Annamaria Lusardi , numerous studies show how little people know about money. For two decades, Lusardi has been tracking financial literacy rates using three basic questions that she helped design and are now used as a standard measure around the world.

Her latest analysis of how Americans responded to those three questions in 2021 underscores their lack of financial know-how.

Only 53.1 percent of respondents demonstrated an understanding of how inflation works as prices on everything from cereal and cars were spiking. About two-thirds (69.4 percent) knew how to do a simple interest-rate calculation, but only 41.5 percent understood how, when it comes to investment risks, mutual funds are generally safer investments than a single company’s stock.

In all, just 28.5 percent of survey participants answered all three questions correctly, while the rest either got them wrong, or indicated they didn’t know.

The results are especially troubling as methods of managing money have evolved, says Lusardi, a globally recognized expert on personal finance who joined Stanford in September as a senior fellow at the Stanford Institute for Economic Policy Research (SIEPR) and director of the new Initiative for Financial Decision-Making. Workers now shoulder more of their retirement planning; consumers quickly and easily move money using their mobile phones; and investors make increasingly complex decisions.

“The world is changing really fast and we just expect people to have the skills to make financial decisions that have critical lifelong impacts,” says Lusardi, who is also a professor of finance (by courtesy) at the Graduate School of Business (GSB).

High rates of financial illiteracy are also problematic, she says, given today’s heightened economic uncertainty and growing wealth inequality. Respondents who were young, less educated, female, or not employed scored the lowest. Black Americans and Hispanics were also among the least financially literate.

A global pattern of illiteracy

Financial illiteracy, it turns out, is pervasive around the world, according to a newly published global analysis in the Journal of Financial Literacy and Wellbeing . Whether they are in a Nordic country with strong education systems, like Finland, or in a Latin American country, like Peru, which experienced inflation in 1990 upwards of 10,000 percent, most people don’t understand how money works, says Lusardi. And just like in the United States, the least knowledgeable tend to be women, racial minorities, the least-educated, and the unemployed.

Lusardi’s latest U.S. analysis — co-authored with Jialu Streeter , the executive director and a senior research scholar at SIEPR — is part of a special edition of the journal that includes analyses of 16 countries. Each study in the issue is based on the results of the “Big Three” questions that Lusardi and her longtime collaborator, economist Olivia Mitchell of The Wharton School at the University of Pennsylvania, crafted 20 years ago.

In 2011, Lusardi oversaw and contributed to a similar series of country comparisons — which yielded similar results and appeared in the Journal of Pension Economics & Finance .

“Financial illiteracy has been and continues to be a global phenomenon,” says Lusardi, who is one of the founders and inaugural editors of the Journal of Financial Literacy and Wellbeing , published by Cambridge University Press .

Why the ABCs of money matters

Beyond measuring and analyzing financial literacy rates, Lusardi’s extensive research has found how people who understand basic financial concepts are better at managing money. They save more for retirement, make smarter investment decisions, and manage their debts more effectively. Lusardi’s latest study shows that people who are financially literate are more likely to have money on hand to weather at least the early stages of an economic shock like a pandemic.

Lusardi has also shown that people think they know more about personal finance than they actually do, which she says makes them even more vulnerable to poor decision-making.

Stanford’s commitment to improving financial literacy is a key reason Lusardi says she joined The Farm. In addition to the Initiative for Financial Decision-Making — a collaboration between SIEPR, the GSB, and the Department of Economics in the School of Humanities and Sciences — Lusardi continues to serve as academic director of the Global Financial Literacy Excellence Center , which she founded in 2011. Prior to Stanford, Lusardi was the University Professor  of Economics and Accountancy at The George Washington University.

The Big Three as global standard

In Lusardi, Stanford gains a leader in establishing financial literacy as a specialty within the field of economics.

Lusardi’s contributions to the field began in 2004, when The University of Michigan’s closely watched Health and Retirement Study added the so-called Big Three to a module dedicated to financial literacy and retirement planning. Then, in 2009, the financial education arm of the Financial Industry Regulatory Authority, which helps provide oversight of registered securities brokers and brokerage firms, began incorporating the same measures in its triennial survey of roughly 25,000 Americans.

Since then, other organizations, including central banks around the world, have integrated the Big Three into their respective assessments of household finances.

The underlying datasets in these surveys differ, but the results have uniformly shown that most people don’t understand how money, or financial systems broadly, functions, Lusardi says. In the U.S., this remained the case even after the Great Recession of 2008 and 2009 — the most severe economic downturn since the Great Depression — buffeted household finances.

“The continuous surprise is just how low financial literacy is in the United States and around the world,” says Lusardi, whose policy work includes advising the U.S. Treasury, the Organisation for Economic Co-operation and Development, and chairing the Italian Financial Education Committee in charge of designing a national strategy for financial literacy.

Solutions in education

To Lusardi, the answer to financial illiteracy lies in providing people with a basic education on the ABCs of personal finance.

“Developing personal finance skills is as important as learning how to read and write,” says Lusardi, who has been teaching financial literacy to undergraduate and graduate students for more than a decade. In fact, her move to Stanford is rooted in her experience working with SIEPR’s Michael Boskin and John Shoven to organize the first annual Teaching Personal Finance Conference in 2022.

“I’m not talking about expecting people to become Warren Buffet,” she says. “I’m talking about teaching people, especially the young, how to make savvy financial decisions. For first-generation or low-income students, it often means talking about topics they seldom discuss with their parents.”

Even as personal finance education has become somewhat of a cottage industry, results are mixed at best. Instructors, Lusardi says, often lack training and students tend to forget what they learn. In a 2014 journal publication , Lusardi and Mitchell noted that lack of sufficient funding or teacher training in financial education are still an issue; in a follow-up paper published this past fall, however, they said there’s reason for optimism.

More than half of U.S. states, for example, have added personal finance instruction as a high school graduation requirement. Universities, including Stanford, are now offering personal finance courses. Employers, too, are recognizing that financial anxiety hurts employee productivity and are sponsoring personal finance lessons in the workplace.

“Financial literacy education is really accelerating,” Lusardi says. “We’re finally seeing things turn around and, to me, that’s a very positive result.”

This story was updated on Feb. 15, 2024 with the new official name of Stanford's Initiative for Financial Decision-Making. 

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De Gruyter Handbook of Personal Finance

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• Language: English
• Publisher: De Gruyter
• Copyright year: 2022
• Audience: Academic researchers, postgraduate students and professionals interested in Personal Finance.
• Front matter: 23
• Main content: 629
• Illustrations: 16
• Coloured Illustrations: 24
• Keywords: Saving ; Investing ; Asset Management ; Household ; Retirement planning ; Financial protection
• Published: March 7, 2022
• ISBN: 9783110727692
• Published: March 21, 2022
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• Published: October 24, 2023
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The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia

• Original Paper
• Open access
• Published: 18 November 2020
• Volume 42 , pages 351–367, ( 2021 )

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• Irni Johan 1 ,
• Karen Rowlingson   ORCID: orcid.org/0000-0002-3541-6466 2 &
• Lindsey Appleyard 3  

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There is much debate about the impact of personal finance education on financial knowledge, attitudes and behaviour, particularly based on studies in the United Kingdom (UK) and United States of America (US). This paper makes a contribution to this debate, drawing on analysis of a survey of 521 undergraduate students at Bogor Agricultural University (IPB) in Indonesia in 2015. As part of that study, we measured the impact of a 14-week personal finance education course on financial knowledge, attitudes and behaviour. Our findings show that, when controlling for other factors, the personal finance course did, indeed, have a positive and statistically significant impact on financial knowledge. However, there was no statistically significant impact of the course on financial attitudes or behaviour. Our analysis also shows that family financial socialisation was an important driver of financial knowledge, attitudes and behaviour while other drivers of financial behaviour included income, work experience, year/field of study and discussing money with friends. We do not argue here that formal financial education is unimportant but that its role in changing attitudes and behaviour should be considered carefully if this is, indeed, its aim.

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Introduction

Financial capability and education in an increasingly financialised world.

Financialisation and the rapid advances in information technology throughout the world have created a more complex and dynamic financial sector, in terms of both products and systems (Marcolin and Abraham 2006 ). Individuals in low, middle, and high income countries are increasingly engaging with this financialised world and this has made money management more complex generally while also opening people up to new vulnerabilities such as risky financial transactions, misleading information, fraud and so on.

Younger generations today are in a particularly challenging situation. Jiang and Dunn ( 2013 ) revealed that young people had higher levels of debt, spent more money on credit cards, and tended to pay off bills relatively slowly compared to the previous generation at the same stage of life due to stagnating wages, low incomes, and paying off education fees. Furthermore, Jiang and Dunn ( 2013 ) point to easier access to credit and more permissive attitudes to debt as potentially contributing to young people’s financial problems.

University or college students are a particularly interesting group to study in relation to financial capability issues. Starting to live independently, college students face new responsibilities to manage their finances, including budgeting, managing income and expenses, and paying bills. Moreover, in some countries, such as the United States (US), students also have access to student loans to cover their tuition fees (Dwyer et al. 2013 ). Elliot ( 1997 ), Holub ( 2002 ), and Boushey ( 2005 ) showed that the inability to plan-ahead may overwhelm students upon graduation, who may be overwhelmed by a debt burden, caused by their inability to manage student loans and credit cards. A study by Boushey ( 2005 ) revealed that high debt is accumulated when students enter college life, and at a higher rate for those on lower incomes.

Given the challenges facing young people in particular, there is clearly a growing need for support to help them understand and navigate our increasingly complex financial world. College students, in particular, might benefit from support to manage money while at college but also be more prepared for post-college life in terms of understanding financial products and services, and raising awareness of financial risks (Beal and Delpachitra 2003 ). Several studies suggest that support to increase financial knowledge, skills, attitudes, and behaviour (collectively referred to as ‘financial capability’–see Kempson and Collard 2006 ; Atkinson et al. 2006 ) can be provided through education (for example, Shim et al. 2009 ; Sekita 2011 ; Klapper et al. 2013 ; Xiao and O’Neill 2016 ). In addition, a major review carried out on behalf of the U.S. Department of the Treasury ( 2015 ) on behalf of the U.S. Financial Literacy and Education Commission concluded that financial education programmes are effective in bringing about positive change on financial knowledge and expected financial behaviour. However, it was advised that more observations are needed in order to support a deeper understanding about suitable programmes (U.S. Department of the Treasury 2015 ). A study by Peng et al. ( 2007 ) showed that financial education delivered during college contributes positively and significantly to financial knowledge about investment patterns. However, contrary results were recorded by Mandell and Klein ( 2009 ) who did not find any difference in term of financial literacy and behaviour between those who took personal finance classes and those who had not. An experimental study by Cole et al. ( 2009 ) also found that financial education had no significant impact in increasing the use of bank/savings account. The study recorded that financial training only had a modest impact among those with low level of education, while it had no effect among the other groups/general population.

Financial capability can also be increased through non-formal financial socialisation agents, for example parents and peer groups (Gerrans and Heaney 2016 ; Fan and Chatterjee 2018 ). For example, Shim et al. ( 2010 ) argued that schools, workplaces and parents have a role in developing not only financial knowledge but also attitudes, and behaviour. The importance of financial socialisation by parents was reinforced by Johnson and Sherraden ( 2006 ) who encouraged parents to set aside time to discuss money and teach their children how to manage it wisely. As shown by Jorgensen ( 2007 ), those who were subject to financial influence from their parents were more likely to achieve a better score of financial knowledge, attitudes, and behaviour.

It is clear that a number of studies have investigated the impact of financial education on various aspects of financial knowledge, attitudes and behaviour and some of these studies focus on U.S. college students. To our knowledge, there have been limited systematic studies of university students in other countries, including Indonesia.

Financial Capability in Indonesia

With a population of 261 million, Indonesia is the fourth most populous country in the world, after China, India and the US (The Office for National Statistics, Indonesia [Badan Pusat Statistik] [BPS] 2018 ). The demographic profile is young (average 28.6 years in 2016), with about 45 million aged 15–24 (BPS 2016 ). Moreover, Indonesia’s economic performance shows impressive levels of growth (over 5% per year) and the country is ranked as the world’s tenth largest economy based on purchasing power parity and is thus also a G20 member (Setiawan 2015 ; The World Bank 2018 ). However, in terms of the financial sector, there appears to be a gap in the level of financial understanding and skills people have. The 2016 National Survey of Financial Literacy identified that only a third of respondents are classified as financially literate (OJK 2016 ).

Given the growth in GDP per capita for Indonesia, potential demand for financial products and services is projected to increase, meaning that the financial markets will develop further and become more complex e.g., with a growth in peer to peer lending (Financial Services Authority Indonesia (OJK) 2017 ). A student loan programme is also planned to be introduced by the government of Indonesia. Footnote 1 Private financial institutions are also planning to expand in Indonesia e.g., in terms of consumer loans. Therefore, the need for appropriate knowledge and skills is increasingly important (Beal and Delpachitra 2003 ).

Our research aimed to measure the financial capability of Indonesian undergraduates at IPB University (Bogor Agricultural University/IPB). Footnote 2 Financial capability is defined here as a combination of financial knowledge, attitudes, and behaviour as in Kempson et al. ( 2005 ), Atkinson et al. ( 2006 ), Johnson and Sherraden ( 2007 ). This paper focuses on the role of financial education in relation to financial capability.

Theoretical Framework

The theoretical framework used in this study drew on previous studies which have shown that financial education is one of a possible range of drivers of financial capability. In this framework, in addition to the personal finance course, the student’s field of study was included as one of the observed variables. Several studies, such as Beal and Delpachitra ( 2003 ) and Fatoki and Oni ( 2014 ) revealed that business studies students have better financial knowledge, planning, and decision making, than those from non-business backgrounds, since they were exposed to the relevant topics more frequently.

Other possible drivers include level of income, financial socialisation, socio-economic status and work experience. For example, according to consumer socialisation theory, “individuals learn through their interactions with their environment, especially where they spend the most time and where they spent time in the early years of life” (Jorgensen 2007 p.47; see also Moschis and Churchill 1978 ; Gudmunson and Danes 2011 ; Fan and Chatterjee 2018 ).

Thus, financial habits can also be developed by watching how parents handle their financial matters, and how parents discussed money with their children. For example, those whose parents talked with them regularly about financial matters are considered to have higher levels of financial knowledge, positive financial attitudes, and in turn, behave in more financially responsible ways (Van Campen et al. 2010 ). Fan and Chatterjee ( 2018 ), also revealed that financial experience and socialisation, such as by family members, improved financial knowledge and skills. In addition, financial learning can also be gained from work experience. Working enables a person to obtain knowledge about managing money; by learning from experience, they can develop a sense of responsibility and increase their money-management expertise (e.g., Shim et al. 2009 ; Hilgert et al. 2003 ; Lowenstein et al. 2001 ; Sohn et al. 2012 ). Ajzen ( 1991 ) explains that, in general, individuals will have a positive attitude toward a certain behaviour when they believe that it will be associated with something positive, and vice versa.

Studies of financial capability have also noted that financial capability is linked to income and socioeconomic status (Worthington 2006 ; Mandell 2008 ; Loke 2017 ). For example, people who are less financially capable are more likely to have lower levels of education, to be young, female, single, unemployed, or on a lower income. In terms of income, several studies revealed (e.g., Cole et al. 2009 ; Xu and Zia 2012 ; Kempson et al. 2013 ) that those with a higher income are, unsurprisingly, more likely to be able to make ends meet which is one component of financial capability. This group also has more flexibility in allocating their resources and will therefore seek related information in order to achieve the optimum result. Thus, they are both aware and more familiar with financial issues. A noticeable variation could also be seen in terms of gender. It is reported that men tend to score higher than women in terms of financial capability (Chen and Volpe 1998 ; Manton et al. 2006 ; Danes and Haberman 2007 ; Peng et al. 2007 ; Hung et al. 2012 ). Danes and Hira ( 1987 ) showed that male students tended to have more knowledge about insurance and loans, while females were more knowledgeable about financial management in general. A study by Kempson et al. ( 2013 ) explained that women were better at managing money in the short term, but in other areas, such as choosing products and wealth accumulation, men showed higher performance. Meanwhile, contrasting results have been presented in several studies, such as Ramasawmy et al. ( 2013 ) and Ibrahim et al. ( 2009 ) and Shaari et al. ( 2013 ), did not find any difference between men and women in terms of the level of financial literacy.

In addition, year of study is also predicted to affect levels of financial capability due to greater financial experience. Danes and Hira ( 1987 ), Chen and Volpe ( 1998 ), and Shaari et al. ( 2013 ) showed that older students tended to have better scores when it came to knowledge about insurance and loans. The literature discussed shows varied results on the relationship between socio-demographic factors and levels of financial capability. This suggests that further research needs to be conducted. Therefore, in addition to examining the effects of formal financial education and financial capability, this study also examined the impact of (non-formal) financial socialisation and several socio-demographic variables, that is gender, year of study, field of study, and income. The framework of this study is illustrated in Fig.  1 below and our null hypotheses are as follows:

H0 1 : There is no statistically significant difference on financial capability (financial knowledge, attitudes, and behaviour) between those who attended the personal finance course and those who had not attended the course.

H0 2 : Socio-demographic characteristics (gender, income, year/field of study, and work experience) have no impact on financial capability (financial knowledge, attitudes, and behaviour).

H0 3 : Bogor Agricultural University (IPB)’s personal finance course has no impact on financial capability (financial knowledge, attitudes, and behaviour).

H0 4 : Financial socialisation (from family and friends) has no impact on financial capability (financial knowledge, attitudes, and behaviour).

Drivers of Financial Capability

Design of Study, Location, and Time

This study adopted a cross-sectional design and was conducted in IPB (Bogor Agricultural University), Indonesia. Ranked as the third top university in Indonesia, Footnote 3 the typical undergraduate programme at IPB takes four years to complete. In 2006, IPB began offering Personal Finance as both a compulsory module in the Department of Family and Consumer Sciences (IKK) and as an elective course for students from other departments. The course runs over 14 weeks with three hours of contact time each week, covering several topics ranging from the concept of financial management, time value of money, savings, credit/loan, tax, choosing products, risk management, insurance, investment, and retirement planning (see Table 1 ). There are very few universities in Indonesia that provide this type of course which is one of the main reasons why IPB was selected as the location of study. Fieldwork took place between May and September 2015.

Population, Sampling and Response Rate

The population of this study were all IPB undergraduate students, comprising 13,825 students. This study used stratified random sampling, with nine faculty and gender as the strata. Faculty refer to the main administrative groupings for the university, e.g., Faculty of Agriculture, Veterinary Medicine, Mathematics and Natural Science, Economics and Management and so on. According to the Slovin formula (Rivera and Rivera 2007 ), the minimum number of respondents needed was 510 students. In order to sample our respondents, a formal letter was sent to the Rector of IPB in order to obtain permission to conduct the survey and access a list of current students. From that list roughly 1000 participation invitations were sent by email and/or text message. Once someone agreed to participate an interview was then arranged. In cases where someone did not respond to the invitation, a weekly reminder email and/or text was sent. This was done three times. If there was still no response after three attempts, the student was replaced by another student who had also been selected randomly.

A total of 244 students declined to take part in the study, 98 did not respond to any contact, and 29 started the survey but did not complete it and so were not included in the final sample for analysis. The final sample size for analysis was 521 respondents. This is a response rate of 58% (521 out of 892 contacts). We also compared our achieved sample with the population for any particular biases and confirmed that there was no particular response bias (see Johan 2018 ) and hence no need for any sample weighting to correct for response bias.

The detailed characteristics of respondents are displayed in Table 2 . First-year students were included in the survey but are not assigned to particular faculty, as they are completing a general foundation year.

For the data analysis purposes, faculty were then grouped into two categories, that is (1) Economic and Business Major students (from the Faculty of Economics and Management); and (2) Non-Economic Business Majors (other faculty). So, based on the field of study, we have 13% of the sample from Business-economics majors, and the rest were taking non-business economic majors.

Fieldwork Methods

The survey was administered, face-to-face between May until September 2015. Given the large sample size for the face-to-face method, four paid-interviewers were involved in the data collection process. The interviewers were final year undergraduate students who had already had some training in research methods and they all had previous experience as an interviewer in other surveys. One of them was also chosen as the team leader in the field. All of the interviewers were trained for a minimum of 8 h before the data gathering process.

Before the main survey started, a pilot was carried out on other students who shared similar characteristics to the target sample. Besides testing for data quality control, such as question consistency and variation in respondents’ answers, piloting was also done to find out the length of time needed for an interview. Based on the results of the pilot, the average interview duration was recorded as between 30 and 40 min. Some minor changes were made to some questions, including instructions for the interviewer to skip and to filter questions, and the wording of some questions to improve the meaning following translation from English versions.

Interviews were held in the location agreed by the potential respondents, such as a campus cafeteria or canteen, campus hall, in the class after lectures, campus outside space, respondent’s dormitory/home, and so on.

Ethical Considerations

The study received full ethical approval from the Humanities and Social Sciences Ethical Review Committee at the University of Birmingham prior to data collection. Informed consent was obtained from all individual participants included in the study. Data obtained in this study was maintained in accordance to the University’s Code of Practice for Research. The data has been made openly available through the University of Essex (UK) Data Archive. Footnote 4 .

The questionnaire used in this study was based on the UK’s Money Advice Service [MAS] ( 2013 ) questionnaire which, in turn, was based closely on the pioneering study by Kempson et al. (Kempson et al. 2005 ; Kempson and Collard 2006 ). This robust and well-tested questionnaire has been used in many other studies, such as McKay ( 2011 ). In addition, however, we also used two questions from Lusardi and Mitchell’s ( 2005 ) seminal study about compound interest (Q2) and risk diversification (Q4). The full questionnaire from the study (in English) is provided in the supplemental online material. We clearly had to translate the questionnaire into Indonesian and we also very slightly modified a few of the questions to make them more suitable for Indonesian undergraduate students given that these original questionnaires were developed for a general UK/US public survey. For example we used Indonesian currency rather than UK currency, we used an Indonesian version of a bank statement, added ‘Eid’ as an example of big event/national religious holiday, as the majority of Indonesian are Muslim. In this study, to ensure the validity, data in the questionnaire had also been tested using factor analysis (see the supplemental online material). To ensure the internal consistency, Cronbach’s Alpha coefficient was applied to the scale questions relating to attitudes and behaviour (Pallant 2013 ), and the result was broadly acceptable (0.736, 0.610 respectively). The detailed output of the reliability tests can be found in (Johan 2018 , Appendix 17).

As a follow-up to Money Advice Service ( 2013 ), we conceptualised our key dependent variable, financial capability, as having three main dimensions: financial knowledge, attitudes, and behaviour.

In our study, we used financial knowledge to refer to what and how much is known about financial concepts. This was measured using questions focused on knowledge about managing money, inflation, interest rates, diversification, investment, credit cards, choosing financial products and pensions. There was also one question measuring whether respondents knew how to read a bank statement accurately (by asking them to do so and scoring them accordingly).

Moving on to financial attitudes, which refer to what a person feels and believes, and preferences in relation to personal finance matters, we included five sub-dimensions that focused on managing money, managing risk, planning-ahead, choosing products, and staying informed. In this study, 20 statements covering the five sub-dimesions of attitudes were measured using a Likert scale, ranging from 1 (strongly agree) to 5 (strongly disagree).

The third main dimension of financial capability was financial behaviour. This was defined as how people behave in relation to personal finance matters. To measure levels of behaviour, respondents were asked how frequently, if ever, they behaved in particular ways. A Likert scale was employed, on a five-point scale ranging from 1 (always) to 5 (never).

We also based our independent variables on the Money Advice Service ( 2013 ) study where appropriate (e.g., financial socialisation). Where some independent variables had not been used in previous studies (e.g., field of study) we developed these ourselves and then piloted them as mentioned above.

A copy of the full questionnaire, in English, can be found in the supplemental online material. The results presented here do not draw on every question, nevertheless the full questionnaire is shown for information.

Data Analysis Approach

The data obtained was processed using Microsoft Excel and SPSS. Data was inputted manually and then cleaned to check for any errors in data input. Initial descriptive analysis and inferential tests were conducted. The statistical inferential test examined the differences between groups and to determine the factors that influence financial capability.

Summary scores and indexes were then calculated separately for financial knowledge, attitude, and behaviour. For the knowledge questions, each of the correct answers was scored as “1” and the incorrect/others as “0”. As there were only two possibilities for the answer, that is ‘correct’ and ‘incorrect’, therefore in obtaining the score of financial knowledge, this was relatively straightforward as we added up the number of correct answers and transformed this into a scale from 0 to 100.

For the attitude and behaviour questions, we first checked the direction of the agree/disagree scale for each item to ensure unidirectionality. Furthermore, in calculating the scores of attitudes and behaviour, a factor analysis was applied. Factor analysis gives a different weight to each question depending on how well it correlates with the factor. Factor analysis looks at the consistency of questions, or how much different questions seem to be measuring the same thing. A factor analysis of those questions is shown in the supplementary material file. The factor score is a linear combination (a weighted sum) of the observed variables, e.g.:

*Fi = factor, Li = loadings, and Xi = the N variables.

*The “weights” (Li) for the variables (Xi) are based on how much they “load” on the factor.

We then calculated the scores together from all items that made up the subscale or scale. The scores for the knowledge, attitude, and behaviour variables were then transformed so that they had the same range, i.e., 0–100. The overall scores of financial knowledge, attitudes, and behaviour were calculated as the arithmetic mean of the index. The general formula for the transformation index that was used in this study was as follows:

Three models were then constructed to explore the impact of different factors on financial capability (financial knowledge, attitudes, and behaviour) with a multiple linear regression analysis carried out based on this model. The first model was designed to identify the driver for financial knowledge. The dependent variable is the composite score (index) of financial knowledge, while the independent variables are: gender (female and male), year enrolled (first year, and second year and above), whether they attended the personal finance course (yes or no), field of study (economics-business and non-economics-business), work experience (yes or no), discussing money with family (yes or no), discussing money with a friend (yes or no), and income (ratio).

With the same independent variables as applied in the previous model, the second and third model was then constructed, to examine the drivers for financial attitudes and behaviour with the composite score (index) of financial attitudes and behaviour as the dependent variable in each model, respectively. The multiple linear regression model can be defined in the following equation:

Y 1  = Financial knowledge (index).

Y 2  = Financial attitudes (index).

Y 3  = Financial behaviour (index).

X 1  = Gender (1 = male, 0 = female).

X 2 =Year enrolled (1 = year 2 and above; 0 = year 1).

X 3  = Field of study category (1 = Economics-Business major; 0 = non-Economics-Business major).

X 4  = Personal finance category (1 = had taken the course; 0 = had not taken the course).

X 5  = Work experience (1 = had work experience; 0 = no work experience).

X 6  = Discussion of money with family (1 = yes; 0 = never).

X 7  = Discussion of money with friends (1 = yes; 0 = never).

X 8  = Income.

β 1-8  = Regression Coefficient.

α = Constant.

ε =  Error.

The analyses conducted in this study were as follows:

Descriptive analysis, to examine the general statistics of the data.

Mann–Whitney U Test, to examine the differences between two groups: that is between attendance of the personal finance class and each question on financial capability (financial knowledge, attitudes, and behaviour).

Independent sample T-test analysis, to examine the differences between two groups, that is between attendance of personal finance class and financial capability score (financial knowledge, attitudes, and behaviour/ the index score).

Factor score, to obtain the loading factor of financial attitudes and behaviour for the purpose of developing an index score of financial attitudes and behaviour (the scale type answer).

Multiple linear regression analysis, to determine the factors that influence financial capability (financial knowledge, attitudes, and behaviour). Before starting the multiple regression test, various tests were employed, including tests of normality; autocorrelation, multicollinearity; and homescedasticity (Pallant 2013 , p.156–157), and the Open University (n.d)). All tests performed well.

The analysis began by comparing the financial knowledge, attitudes, and behaviour (financial capability) of those who took part in the financial education course with those who did not. We then present the results of a multiple linear regression analysis to consider the impact of the course on the different components of financial capability when taking into account other potential factors.

Financial Knowledge

Table 3 shows the percentage of people correctly answering a number of financial knowledge questions, comparing those who had attended the personal finance course and those who had not. The most difficult question for respondents was a complex question about pension savings (Question 5). Only one in five students (19%) who had not attended the financial education course answered this question correctly. Students who had attended the course were more than twice as likely to answer correctly (42%) but this was still less than half the group. The difference between the two groups was statistically significant. Furthermore, all questions were multiple choice so some people may have guessed the answers correctly without really knowing the answer. There was a similar level of difficulty in relation to a question about single company stocks and stock mutual funds (Question 4). It is likely that undergraduate students have had much less direct engagement with pensions and stock funds, hence the lack of understanding of these issues (though with a statistically significantly higher level of knowledge among those who had taken the course–54% versus 21%). Knowledge of credit card ID theft was also much higher among those who had attended the course than those who had not (66% versus 45% on Questions 8), again statistically significantly so.

If we look at knowledge of issues that perhaps fall more within the experience of the students, we saw statistically significantly higher levels of knowledge about discounted sales (Question 3) but in this case the higher level of knowledge was among students who had not attended the course—though the difference was relatively small (89% versus 80% for those who attended the course).

A summary score for financial knowledge was then calculated as explained above. We also employed the Independent samples t -test to examine the difference between the group based on the general score of financial knowledge (index score). As we can see in Table 4 , the result of independent samples t -test showed significant differences in financial knowledge amongst those who had attended the personal finance course and those who had not, where the p -value was found to be less than 0.05.

This study therefore revealed that respondents who had attended the personal finance course had a statistically significantly higher score on financial knowledge overall than those who did not.

Financial Attitudes

As discussed earlier, financial attitudes were broken down into five sub-dimensions: managing money, managing risk, planning ahead, choosing products, and staying up-to-date (Table 5 ). Within each sub-dimension, respondents were asked the extent to which they agreed or disagreed with various statements. Unlike the questions on financial knowledge, there is not necessarily a “right” answer in terms of attitudes although there are some cultural norms which favour saving over spending and borrowing for example. We make no normative judgement here about which attitudes are “right” or “wrong” but merely report on any differences between those who took the personal finance course and those who did not. Regarding managing money, over 80% of all students agreed that they were very organised when it comes to managing money and there was no statistically significant difference between the two groups on this question. The same was true of the question about whether people saw themselves as savers or spenders. There were no statistically significant differences on these questions. However, there was a slight difference between those who attended the course and those who did not when it came to preferring to buy things on credit rather than wait and save up. Here we saw a statistically significantly higher proportion of those who attended the course disagreeing with this statement. Overall, there were very few differences between the two groups, although perhaps more of an aversion to credit use among those who had attended the course.

In relation to risk management, those who had attended the course showed a higher level of trust in the financial services industry, though levels of trust were generally low across both groups. A statistically significant difference between groups was found on Q5, Q6, and Q8 (Table 5 ). But even so, students were more likely to say that life insurance was not necessary and were also more likely to say that they chose not to take out home insurance.

Both groups exhibited highly positive views around planning ahead with no statistically significant group difference on this aspect of financial attitudes. Meanwhile, on the final two sub-dimensions of financial attitudes (choosing products and staying up-to-date), there was relatively little difference between our two groups in terms of overall levels of agreement. Those who attended the course were more likely to strongly agree with the statements on choosing products than those who had not but there was no statistically significant difference, overall, between our two groups on any of these questions.

There were clearly a large number of questions on attitudes and so to summarise our findings we calculated a mean score (Table 6 ). The highest mean score–that is, highest level of agreement was in choosing products, while the attitudes toward risk and insurance was the lowest (with a statistically significant difference between our two groups on this sub-dimension of attitudes). Familiarity with the issue is a plausible explanation here. We also found that those who had taken the personal finance course were more likely to record higher scores in all domains, as shown by the mean scores. However, the independent t -test analysis showed that there was no statistically significant difference in overall attitudes between those who had attended the personal finance course and those who had not (at the 95% level of confidence).

Financial Behaviour

As discussed earlier, financial behaviour was measured here by asking respondents how often they behaved in certain ways. Table 7 shows that students who had attended the personal finance course were statistically significantly more likely than those who had not to say they had a weekly or monthly budget that they follow (Q8). They were also more likely to say they begin saving well before a big event (Q6) and regularly set money aside for savings (Q9).

At the same time, however, they were statistically significantly less likely to have run out of money by the end of the month (Q4). While they said they kept track of their money and tried to save, they seemed to struggle to manage on their income more than other students.

These findings confirmed the complex nature of financial capability. People may be stronger on some dimensions of financial capability than others. In addition, there does seem to be a possible contradiction between regularly setting money aside for savings while at the same time spending more money than they had. The findings may demonstrate the existence of social desirability bias on reported behaviour as some participants may have felt that they should be saving and so reported that they were saving even if they saved very little, if at all.

Once again, given the large number of questions measuring behaviour, we summarised the data in Table 8 using the same mean score method as for financial attitudes. Table 8 shows the differences between those who had taken the personal finance course and those who had not, to reveal that those who had attended the course showed statistically different scores with respect to their financial behaviour, with a higher score recorded by those who had taken the course.

Financial Knowledge, Attitudes, and Behaviour: The Effect of Financial Education

The analysis so far suggests that financial education may have some impact on financial capability but there is a chance that those who took the personal finance course were systematically different from those who did not, and these differences may explain the variation in financial capability. The next step for our analysis was therefore to carry out a multiple linear regression analysis, building on our theoretical framework (see Fig.  1 ). This revealed that the key determinants of financial knowledge were: field of study; attendance in the personal finance course; work experience and financial socialisation from family. Indeed, the results showed that field of study and attendance in the personal finance course were the strongest factors that influenced financial knowledge (Table 9 ).

The following model explains the determinants of financial knowledge:

Meanwhile, gender, field of study, work experience, and financial socialisation from family, had an impact on financial attitudes. Female students, Economics and Business majors, those who had work experience, and those who discussed money with family, had higher chances to have more desirable financial attitudes. In line with the analysis shown in Table 6 , analysis with regression showed that there was no statistically significant effect in financial attitudes between those who had and had not attended the course, once other factors were controlled for (Table 9 ). The model for financial attitudes can be summarised by the following equation:

Moreover, in terms of financial behaviour, the regression analysis showed that the drivers of financial behaviour were financial socialisation from family and friends, work experience, field of study, income, and year of study ( p  < 0.05). Furthermore, attendance of the personal finance course was only significant at the level of confidence 90% ( p  < 0.1) (Table 9 ). The regression model of financial behaviour can be expressed by the following equation:

Summary and Discussion of Findings

Main findings.

Our findings suggest that, if we do not control for other factors, those who attend the personal finance course have statistically significantly higher levels of financial knowledge overall than those who do not. They also report different types of financial behaviour. But the attitudes of these two groups, on a range of financial issues, do not differ from each other.

Any differences between our two groups could, however, be accounted for by potential variations in the composition of the two groups. Perhaps those who attended the course, for example, were more likely to be students in economics or business courses and so had a higher level of knowledge before taking the course. And perhaps those who took the course have a higher level of income and so are better able to manage their money (thus reporting different financial behaviours). Our regression analysis therefore draws on existing debates and theory about the factors that influence financial capability. Basically, after controlling for these factors , attendance in the personal finance course still had an impact on financial knowledge but not on financial attitudes or financial behaviour.

In some ways, this is not a surprising finding given that the aim of an education course is to increase knowledge. However, it is often assumed, or even hoped, that personal financial education will change attitudes and behaviours to increase people’s ability to manage money. Indeed, this seems to be the implicit if not explicit purpose of many financial education courses.

While the research suggests that attendance in a personal finance education course is associated with higher levels of knowledge, other factors have an impact, including the year of enrollment, field of study, work experience, and discussion of money with the family. In terms of financial attitudes, field of study, work experience and discussion of money with the family are the key, factors here. A number of factors are also associated with different financial behaviours namely field of study, year of enrollment, work experience, discussion of money with family, discussion of money with friends and income.

Three factors are associated with different levels of financial knowledge, attitudes, and behaviour, including work experience discussion of money with family, and field of study. About four in ten respondents had work experience such as a part-time job or running a small business. In this study, work experience is one of the strong determinant factors, perhaps because workers are learning from the experience of managing money. Indeed, Lowenstein et al. ( 2001 ) stresses the link between personal experience and knowledge/behaviour change. But another important explanation could be that those who have a job have higher incomes and so are better able to manage their money (and so score more highly in terms of financial behaviour) (see also Xiao and O’Neill 2016 ).

It is also interesting to note that families play an important role in developing student’s financial knowledge, attitudes, and especially behaviours. This is in line with the theory of consumer socialisation discussed earlier (Jorgensen 2007 ). This finding also supports the studies by Gerrans and Heaney ( 2016 ) and Clarke et al. ( 2005 ) that found that family discussion of financial goals, value, and money matters improve financial capability. Thus informal learning appears to be even more important perhaps than formal education in relation to financial capability.

The importance of field of study suggests that some people may be more interested in personal finance issues (hence choosing business-economics degree courses) and perhaps also learn about the issues in those courses more than those studying veterinary science for example.

Year of enrollment is significant in relation to financial knowledge and behaviour. This reinforces the point that experience generally is important in increasing knowledge and changing behaviour. People learn through experience in managing incomes, spending, and saving themselves, as much, perhaps, as through a formal education course.

Income is statistically significant when related to financial behaviour. Income appears to affect behaviour as it enables people to save or spend. But it does not appear related to knowledge or attitudes. This finding confirms that the broader economic context of income levels and living standards are also important here. If people are living on poverty level incomes they will not have enough money to manage it effectively and, for example, save. Financial education therefore needs to be underpinned by policies to support people on precarious or low incomes and those experiencing poverty (McKay et al. 2019 ; Rowlingson et al. 2016 ).

Finally, it is interesting that the role of peers became relevant only in relation to behaviour but not knowledge or attitudes. Gender is not related to financial knowledge, or behaviour once controlling for other factors.

Limitations

It is important to bear in mind a number of issues with the design of this study which affect the interpretation of our findings. First, survey data is subject to social desirability bias whereby respondents may wish to give what they consider to be socially desirable answers and this may particularly affect answers to questions on financial attitudes and behaviour for which there are fairly strong cultural norms. Second, even where respondents are not affected by social desirability bias, their answers to behaviour questions may represent some degree of wish-fulfilment rather than actual behaviour. In other words, their actual behaviour may not correlate with their reported behaviour. This limitation is the same for all the major international studies that use surveys to measure financial capability. Studies that measure behaviour more directly are much less common due to the difficulties involved in implementing them though further studies of this type would be welcome.

In relation to measuring the impact of the personal finance education course, a cross-section design cannot definitively provide evidence of causal relationships. A longitudinal, randomised control trial would be the most appropriate method as it can help deal with selection effects and further studies of this type would be welcome.

And, finally in terms of limitations, this is a study seeking to measure the impact of a personal finance education course in one university, in a particular country, at a single point in time (2015) and thus the findings may not be generalized to other samples of college students.

This is the first major study, to our knowledge, to measure financial capability among Indonesian undergraduates, using a highly rigorous face-to-face fieldwork method involving a large sample size, high response rate and a detailed, well-tested questionnaire. The opportunity to compare those who have attended an in-depth personal finance course with those who have not is also a strength of the study and hence the focus of this paper.

The key contribution from our research is to demonstrate that a personal financial education course for undergraduate university students may increase financial knowledge but is less likely to affect financial attitudes or behaviour. Other factors, such as informal learning through socialisation and experience appear to also increase financial knowledge but also affect financial attitudes and behaviour. Income is also important in relation to financial behaviour. So if the goal of policy makers is to promote financial education to change financial behaviour, it is important to provide employment opportunities to change levels of income, and to learn about finances informally and through experience as well as through formal financial education programmes.

Of course, not all young people have the opportunity to engage with financial socialisation (Verhelst and Saskatcehwan 2016 ), work experience, or financial products or services in positive ways. Therefore, consistent with Borden et al. ( 2008 ), for those who lack such experience, financial education can be an important a way to enhance financial knowledge and increase an individual’s capacity to manage their finances. And, indeed, it may be the case that this education eventually helps people manage money better when they do see their incomes increase and/or have the chance to work.

This is a very important conclusion, particularly for Indonesia, with its predominately young population at a time of increasing financialisation. It means that we cannot necessarily expect formal financial education to change financial attitudes and behaviour directly but that it can increase financial knowledge. A question for further research then could be, ‘ what type of financial education should be implemented so it can enhance financial capability more effectively? (Mountain et al. 2020 ).

Given our findings about the importance of experience, our research supports the argument of Johnson and Sherraden ( 2006 ) that well-designed financial education programmes should give individuals the chance to attain practical experience, because learning from experience and practice is important for knowledge retention (MAS 2013). As also suggested by Sohn et al. ( 2012 ), learning is more effective if the students are actively involved, as this enables them to develop a deeper understanding of the content , and develop longer lasting attitudes and behaviour through experience (Sohn et al. 2012 ; Johnson and Sheraden 2007; Joo and Grable 2004 ). Our findings certainly support this and we therefore recommend that personal finance courses are designed to include as much experiential learning as possible.

Furthermore, we recommend that policy needs to recognise the importance of family socialisation in promoting effective financial capability as an antecedent of financial wellbeing. We suggest that schools, universities, and employers could be supported to conduct ongoing financial education programmes to increase financial capability through discussions about financial issues within the home. This would mean that financial education is not just a one-off event but an ongoing process through the lifecourse as people’s needs and financial products change. In this way, adults can keep up to date with the increasingly complex financial system, whilst children and young people can become better prepared to leave home or attend university. Promoting financial education is critical to ensure that citizens understand the nature of financial services and how to make better financial decisions to improve financial wellbeing, alongside raising incomes.

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Acknowledgements

The authors would like to thank LPDP (Indonesian Endowment Fund for Education) for sponsoring the PhD, and the CHASM (Centre on Household Assets and Savings Management), the University of Birmingham, UK, for covering some of the fieldwork costs. We would also like to thank the editors of the journal and the reviewers for their valuable and constructive feedback.

As mentioned above, LPDP sponsored the PhD research and CHASM contributed to some of the fieldwork costs for this study.

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This paper is based on the PhD research by Irni Johan. Karen Rowlingson and Lindsey Appleyard were her supervisors. All authors contributed to the study conception, design and material preparation. Data collection and initial analysis was performed by Irni Johan. The first draft of the manuscript was written by Irni Johan and all authors commented on, and directly edited, previous versions of the manuscript. All authors read and approved the final manuscript.

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Johan, I., Rowlingson, K. & Appleyard, L. The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia. J Fam Econ Iss 42 , 351–367 (2021). https://doi.org/10.1007/s10834-020-09721-9

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Original research

Systematic review of personal finance training for physicians and a proposed curriculum, joel akachukwu igu.

1 Carey Business School, Johns Hopkins University, Baltimore, Maryland, USA

Sammy Zakaria

2 School of Medicine, Johns Hopkins University, Baltimore, Maryland, USA

Yuval D Bar-Or

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All data relevant to the study are included in the article or uploaded as online supplemental information.

Many physicians complete medical school and graduate medical education (GME) burdened by high debt and financial illiteracy. This places them at increased risk for ill-informed financial decisions, which can result in increased stress and anxiety and a lower quality of life. Furthermore, financial concerns impact physicians’ specialty selections and may partly explain the scarcity of primary care practitioners. In response, medical wellness programmes have increasingly sought to offer personal finance education, but there is little guidance on optimal curricula. Our objective is to systematically review the existing literature examining physician financial literacy curricula and to recommend a standardised personal finance curriculum.

This review used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses 2020 checklist to report the results of literature searches in PubMed, ERIC, MedEdPortal, EBSCO, JSTOR and Google Scholar. Three researchers used predetermined inclusion and exclusion criteria to select articles, including a focus on financial concepts applicable in the USA. Selected articles published between 2000 and 2022 were assessed using the BEME strength of findings tool, and further assessed using modified Côté-Turgeon and Kirkpatrick model qualitative analyses tools.

49 articles met all inclusion criteria. Ten specifically described personal finance literacy curricula for medical students or GME trainees, with varied criteria for selecting instructors, topics and outcomes. All studies reported that audiences were ill prepared for making financial decisions but strongly desired financial literacy education. Qualitative analysis revealed Strength of Findings summary scores ranging from 2 to 4, while applicable Kirkpatrick Model scores were all 3 or greater. Based on these findings, a 14-module personal finance curriculum is proposed by the researchers, along with learning objectives.

Interpretation

Although medical students and GME trainees value financial literacy, few publications report the impact of actual curricula. These efforts vary in depth, breadth and measured impact. Future research should focus on development of valid testing instruments specifically for physicians, content standardisation, selection of credible instructors and delivery formats.

STRENGTHS AND LIMITATIONS OF THIS STUDY

• This systematic review is the first study that comprehensively assesses the literature on personal finance literacy.
• This article uses three key frameworks to assess all relevant articles in an effort to ensure objectivity and reduce bias.
• Few studies report on physician personal finance literacy curricula.
• Most studies are based on small sample sizes and many of the surveys have not been validated.
• Assessed articles are limited to publications in English that address physicians and medical students in the USA.

Introduction

A lack of personal finance literacy makes financial decision-making difficult among medical trainees and practitioners. 1–14 As a result, medical students, trainees and early career physicians may not make optimal choices regarding budgeting, saving, investing, insurance and other financial decisions, which are particularly important during a time when finances are especially constrained by high debt. 4–7 10–13 15–22 Therefore, these groups can experience increased stress and anxiety and a lower quality of life. 10 14 18 20 21 23–25 Furthermore, financial stress and medical student loans may influence medical student subspecialty choice and exacerbate subspecialty disparities among new residents. 26 Accordingly, the UME and graduate medical education (GME) communities have recommended financial literacy training to reduce debt-related anxiety, 10 27 28 decrease burnout, 10 11 14 29–31 and improve physician wellness. 10 12 14 32 33 In addition, medical students and trainees recognise the lack of personal finance knowledge and want a greater emphasis on the development of financial skills during their training. 1 9 10 18 24 34–36

However, UME and GME institutions are not mandated by accrediting organisations (such as the Accreditation Council for GME or the Liaison Committee on Medical Education) to provide personal finance literacy training. 9 12 37 Few programmes offer structured courses in personal finance because some institutions have not accepted that the content is necessary. In addition, there is a lack of standardised curricula, qualified unbiased instructors and time and resources for teaching sessions. 10 25 32 35 Because of these limitations, many institutions invited or allowed credentialled financial industry professionals, such as financial advisors, brokers and insurance agents, to lead finance education trainings on campus. 25 38 Since many of these invitees also sell financial products and services to participants, 14 23 32 38 39 many medical students and trainees distrust these educational attempts. 14 32 38 39 In contrast, trainees prefer expert and unbiased sources to address their unmet financial training needs, resulting in a recent rise in the number of peer-reviewed publications addressing objective and impactful personal finance literacy.

This article systematically reviews the published literature examining physician financial literacy curricula and proposes a personal finance curriculum that can be adopted or modified to address the personal finance needs of medical trainees and practitioners. Both the proposed curriculum and the systematic review focus on studies that detail the needs of trainees, the execution of a personal finance curriculum and the impact of these curricula.

We used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 Checklist to guide the reporting of this qualitative systematic review, which assessed and collected all the literature on physician personal financial literacy programmes for medical students or physician trainees in the USA. All articles meeting our inclusion criteria were subjected to qualitative analysis, and the subset of articles that reported the implementation of financial literacy curricula were analysed further using a BEME-guided Strength of Findings approach, 40 41 a modified Côté-Turgeon tool, 42 and the Kirkpatrick Model for curricular assessment. 43

PRISMA guided publication selection

We identified all published literature on personal financial literacy training programmes for physicians and trainees in the USA from 2000 to 2022. We generated a list of keywords associated with medical students, trainees, medical personnel, financial literacy and education ( online supplemental table A1 ). Our detailed search strategy is outlined in the accompanying online supplemental file 2 titled ‘Search Strategy.’ Search terms included: “curriculum,” “debt,” “doctor,” “financial decision,” “financial literacy,” “financial management,” “financial planning,” “undergraduate medical education”, “graduate medical education,” “medical personnel,” “medical staff,” “personal finance,” and “physician,” We applied available Medical Subject Headings terms corresponding to these search terms, and initiated article searches using Boolean operators. We searched multiple databases including PubMed, ERIC, MedEdPortal, EBSCO, JSTOR, EMBASE and Cochrane Central. For all articles, we found using the above search strategy, we used a snowball approach to identify more relevant articles in each article’s reference section by reviewing every reference in each article for additional articles that fit our inclusion criteria, until saturation was achieved. This search spanned all UME and GME training programmes with available publications.

Supplementary data

All included article information was compiled in a Microsoft Excel (Microsoft Corporation, Redmond, Washington, USA) spreadsheet. Article acquisition was performed by all three coauthors with the help of an informationist, and full text analysis was performed independently by all authors.

Inclusion and exclusion criteria

The included articles satisfied the following requirements:

• English language articles.
• Published between 1 January 2000 and 8 March 2022.
• Described curriculum or curricula.
• Targeted UME or GME participants.

Since the included articles used a variety of words to describe financial literacy topics, we categorised them using more general terms. For example, ‘financial planning’ referred to general financial literacy content; ‘retirement accounts’ was included in the ‘retirement planning’ topic; ‘education debt,’ ‘credit cards,’ ‘home purchase,’ and ‘home mortgages’ were all categorised into the ‘debt’ topic; and ‘salary and benefits’ was included in ‘contract negotiation.’

Articles that were excluded did not fit our inclusion criteria or displayed the following characteristics:

• Articles authored by financial industry professionals, such as financial advisors, insurance agents, brokers or financial consultants, all of whom could have an inherent financial interest in encouraging the sale of financial instruments and thus harbour potential conflicts of interest.
• Articles whose authors appear to receive significant compensation from the financial services industry, which we determined through review of author disclosures and personal websites.
• Articles that addressed retired physicians.
• Articles that focused primarily on debt, a topic which has been well discussed in other articles. 17 20 44–53

BEME findings, Modified Côté-Turgeon Tool and Kirkpatrick Model

Descriptive statistics were employed for all included articles. Studies that implemented financial literacy curricula were assessed qualitatively using a BEME-guided Strength of Findings approach per BEME Guides 10 and 13 40 41 and graded from 1 to 5, with 1 indicating the lowest score with the least significant findings and 5 indicating the highest score with the most significant findings. 40 The subset of articles that covered personal finance literacy curricula were further assessed using the Kirkpatrick Model, which examined the reactions, learning, behaviour and results for each curriculum 43 ; and a modified Côté-Turgeon tool, which critically assessed multiple characteristics for each qualitative medical education article using 12 items on an evaluative grid. 42

The Kirkpatrick Model assessed each of four levels of curriculum impact (reaction, learning, behaviour and results) on a 1–5 point scale, with 1 representing the least favourable outcome and 5 indicating the most favourable impact: level 1 reaction—measured participant reaction to personal finance training (eg, satisfaction). Level 2 learning—measured participant understanding of personal finance training (eg, change in attitude, increase in knowledge or skills). Level 3 behaviour—measured whether participants used what they learnt (eg, change in behaviours). Level 4 results—measured whether the personal finance training material had a positive impact on participants’ work and personal environments/organisations, for example, a hospital, private practice or household.

Modifications to the Côté-Turgeon tool involved splitting item 7, ‘Data analysis is credible,’ into three fields: triangulation, referring to whether researchers used multiple methods or data sources to support findings 54 ; internal validity and external validity. Additional fields assessed the depth and breadth of curricula. Breadth considered the number of financial literacy topics covered while depth reflected the total time allocated for the number of addressed topics.

All 12 items and three subdivisions of item 7 in the modified Côté-Turgeon tool were independently ranked by each author on a scale of 1–5, with one being ‘poor,’ three being ‘neutral,’ and five being ‘excellent.’ Strength of Findings scores were determined, with grade 1 indicating non-significant findings and grade 5 signifying unequivocal results. For all assessment scores, inter-rater reliability was maintained by standardising tool assessments prior to use. Reconciliation was performed if authors deviated by more than one point on any rating by discussions and score revisions. For each criterion, scores were averaged following reconciliation. Of note, one of the papers was authored by two of the authors (YDB-O and SZ). 38 This study was reviewed last, to help the authors anchor scores based on similar criteria as the other studies. To avoid conformity bias, the independent author (JI) provided rankings results first for all papers assessed.

Patient and public involvement

Not applicable. No patients and no members of the public were involved in the study.

As shown in figure 1 , the initial search yielded 207 publications and of these, 158 were excluded. Articles were excluded because they focused on private practice management or business finance, 49 had a primary focus on student debt, 17 focused on nurses, pharmacists, chiropractors or non-US physicians, 30 were authored or coauthored by financial advisors, bankers or others with potential conflicts of interest, 12 primarily addressed moonlighting, 8 referred only tangentially to finance but focused on medical curricula, 8 were only abstracts or posters, 4 or addressed the needs of retired physicians. 2 The remaining 49 articles included 10 peer-reviewed reports of financial literacy curricula ( table 1 ), 21 reports of cross-sectional surveys and 18 opinion pieces ( online supplemental table A2 ).

Characteristics and qualitative assessments of studies offering curricula

GME, graduate medical education.

PRISMA protocol literature search results. PRISMA, Preferred Reporting Items for Systematic Reviews and Meta-Analyses.

Grading key

Strength of Findings determined per BEME guides 10 and 13. 40 41

Grade 1: No clear conclusions can be drawn. Not significant.

Grade 2: Results ambiguous, but there appears to be a trend.

Grade 3: Conclusions can probably be based on the results.

Grade 4: Results are clear and very likely to be true.

Grade 5: Results are unequivocal.

Kirkpatrick Model categories were assessed on a 1–5 point scale, with 1 representing the least favourable outcome and five the most favourable impact. Dash indicates inability to assess.

Level 1 reaction: participant reaction to the training (eg, satisfaction).

Level 2 learning: participant understanding of the training (eg, change in attitude, increase in knowledge or skills).

Level 3 behaviour: participant utilisation of learning (eg, change in behaviours)

Level 4 results: impact on participants’ work and personal environments/organisations, for example, a hospital, private practice or household.

Most of the 49 included articles focused on GME trainees in a variety of specialty areas, although some addressed UME needs. All 49 articles (100%) reported that participants were ill prepared to make financial decisions and 42 articles (86%) recommended that UME or GME institutions provide financial literacy education for their medical students and trainees.

As shown in table 2 , each of these articles addressed general financial planning principles and/or a variable number of finance topics, such as debt/liabilities, savings/assets, investing, budgeting, money basics (eg, time-value of money, discounting and compounding), contract negotiation, selecting and interacting with financial advisors, children’s college savings plans, insurance (life, disability, property and casualty), retirement planning, estate planning and taxes. The number of topics discussed in each article varied, with two articles addressing only general financial planning, 35 39 while seven covered 10 or more topics. 9 10 22 25 38 55 56 The most covered topic was debt (90%), followed by retirement planning (78%), budgeting (67%) and investing (65%). Children’s college planning (10%), money basics (16%), contract negotiation (18%) and estate planning (18%) were the least popular.

Financial literacy topics included in prior curricula or in prior surveys/commentaries

Ten studies discussed financial literacy curricula. Table 1 summarises the study characteristics, key findings, BEME Strength of Findings and Kirkpatrick Model scores. For the Strength of Findings summary scores, two articles were graded a 2, 57 58 three articles received a 3 2 11 32 and the remaining five articles received a 4. 10 13 30 33 38 online supplemental table A3 lists the reconciled scores for each criterion of the modified Côté-Turgeon assessment tool as well as the total score for each study. Bar-Or 38 and Ng 33 tied for the top score. The number of conflicts requiring reconciliation varied: Dhaliwal: 1 conflict 30 ; Boehnke, Walsh and Ng: 2 conflicts each 2 11 33 ; Bar-Or: 3 conflicts 38 ; Shappell 4: conflicts 13 ; Mizell: 5 conflicts 32 ; Liebzeit: 7 conflicts 57 ; Grewal: 7 conflicts 10 and Meleca: 10 conflicts. 58 In general, individual scores ranged from 2 to 5, and were higher for components assessing research question definition, study objectives and participant selection. Most studies had lower scores for components assessing validity and generalisability.

We were unable to assign criterion 14, ‘Depth of curriculum,’ scores to the two online curricula papers 10 13 as we could not quantify the amount of time spent by participants on each curriculum component. Criterion 9, ‘The quotations make it easier to understand the results,’ disadvantaged the four papers which did not include participant quotes. 11 13 33 58 If we ignore these two criteria, Ng 2022 33 is the highest scoring paper. Exclusion of our breadth and depth measures also results in Ng 2022 33 scoring highest.

For the Kirkpatrick Model grades, all applicable scores were 3 or greater, with all studies reporting favourable participant reactions to personal finance literacy education (Reaction). 2 10 11 13 30 32 33 38 57 58 Most studies also reported increased knowledge (Learning), 2 10 11 13 32 57 58 with two studies demonstrating increased retention of knowledge in the following months. 2 58 One of these studies found that self-assessed learning overestimated actual learning as assessed by objective quiz results. 32 Finally, two studies showed an increased utilisation of knowledge (Behaviour). 13 30 33 38 However, no study revealed the impact of the curricula on participant organisations, employers or households (Results).

The 10 curricula studies covered multiple topics, with 1 study particularly focused on retirement plans. 30 Curriculum content selection varied across the studies. For example, one study identified topics through review of the general academic literature supplemented with topics specific to GME trainees. 2 In another study, an expert financial literacy educator collated a topic list, which was then modified based on participant feedback. 38 Four studies appeared to rely on author consensus to determine content. 10 11 13 30 One indicated that ‘non-commercial curricular content’ was developed with the expertise of an institutional financial advisor. 33 The remaining three studies heavily relied on participant input. 32 57 58 One of these studies found that holding sessions during protected time slots helped to increase attendance. 32

Instructor selection also varied. Four studies used faculty members with a personal interest in finance but with unclear levels of expertise. 2 11 30 57 One of those studies was led by the medical school’s associate director of financial aid and scholarships. 57 Two used business professors. 10 38 One of those was an academician with specific expertise in the field of physician personal finance. 38 Another involved ‘content experts with graduate-level expertise in their fields.’ 10 One study involved a physician who owns a personal finance website and funding from the Council of Residency Directors in Emergency Medicine. 13 The three remaining studies used a combination of faculty and credentialed financial-services professionals. 32 33 58

Two of the 10 studies were primarily offered asynchronously online. 10 13 The others were all primarily delivered in-person.

Despite the importance attributed to personal finance literacy training by medical students and GME trainees, we found only 10 publications describing actual curricula. All 10 curricula were highly regarded by attendees, and most studies reported increased financial knowledge and beneficial effects on financial decision-making or well-being. While only four of the 10 studies assessed postintervention financial decision-making, there were tangible effects on retirement account choices and subjective improvements in financial decision-making. However, none of the 10 studies assessed unequivocal and lasting long-term impacts. Also, most studies had issues with validation and generalisability, differences in instructor selection and variations in curriculum selection, all of which are discussed in more detail below. Finally, there may have been conflicts of interest, including in our inclusion/exclusion criteria, as well as within the papers themselves, particularly in selecting instructors.

Validation and generalisability

To our knowledge, none of the studies used truly validated preintervention or postintervention surveys and knowledge tests, although one study partially addressed validation. 13 Due to lack of validation, some questions measuring participant knowledge and attitudes could have been unclear or overestimated learning. In fact, one of the studies compared self-assessments with tests of financial concepts and found a significant discrepancy between the two. 32 Reliable assessment of long-term knowledge was also uncertain, because the three studies that reported long-term outcomes lacked controls. 2 30 33

Also, the reviewed studies may not have had generalisable results. Most publications were single-institution studies or involved trainees from one specialty. For example, one study focused on California-specific retirement plans, which are unlikely to be relevant for residents in other states. Further, most studies had relatively small sample sizes and only four had more than 100 participants, 10 11 33 57 which also constrained the significance of results.

Instructor selection

Studies varied in selecting instructors, with most relying on physician instructors affiliated with the target audience (eg, faculty, residency programme directors or advisors). One study recommended using credentialled financial industry professionals as a cost-saving measure. 32 Another used a financial advisor to develop and present ‘noncommercial curricular content.’ 33 However, reliance on these types of professionals, such as insurance agents, brokers and financial advisors, is problematic. Although they are a cheaper resource willing to volunteer their time, they have an inherent interest in selling and marketing financial products and are therefore distrusted by participants. 8 10 14 18 23 32 38 39 Even with some oversight mitigating overt commercial agendas, there is a possibility that content and/or presentation will be biased. This spotlights a key dilemma for UME and GME programmes: delivering a low-cost curriculum utilising industry professionals versus expending more resources to secure instructors who have no conflicts. The choice is further complicated by the relative scarcity of unbiased, expert instructors. Local business schools may be a good source of instructors, but likely in limited numbers since more business faculty examine the financial services profession from a corporate perspective rather than from the perspective of consumers. One feasible method for instructor recruitment is the ‘train-the-trainer’ model, in which interested physicians learn the material from qualified, unbiased sources and then use that knowledge to deliver curricula at their home institutions. An alternative is to mandate financial literacy education in every programme and develop future expert faculty from earlier generations of programme participants. 25

Curriculum content

Curriculum content selection varied across studies, with some emphasising participant input, 32 58 and others with topics selected by instructors or provided by external sources. Regardless of the method of topic selection, most studies covered debt management, investing, insurance and retirement planning. In contrast, fewer addressed children’s college planning, contract negotiation or estate planning. The latter topics may reflect a relative lack of interest by medical students and trainees. For example, contract negotiation is only applicable to trainees who are poised to take their first full-time jobs. Similarly, children’s college planning and estate planning are less relevant for younger trainees, who are less likely to have families or assets requiring protection. Nonetheless, more comprehensive financial literacy curricula included these topics, since financial needs can quickly change due to life events. Therefore, our proposed curriculum ( online supplemental table A4 ) provides a comprehensive standardised programme to prepare undergraduate medical students and trainees for important financial decisions.

Conflicts of interest

As noted in our inclusion and exclusion criteria, we rejected papers authored by finance industry professionals as well as those whose authors accept payment from the financial services industry. We acknowledge a potential conflict in paper selection as one of our authors (YDB-O) is paid to teach personal finance topics (fewer than 6 days a year) to healthcare professionals and has written books on the subject.

A significant conflict applies in instructor selection for teaching personal finance in UME and GME programmes, as acknowledged by several curriculum papers discussing potential instructor bias by finance industry professionals. 10 32 33 38

Development of curriculum

Since there are strong benefits for comprehensive, standardised financial literacy curricula for physicians, we compiled a sample curriculum encompassing all the financial themes identified in this review. The recommended curriculum and objectives are described in online supplemental table A4 . The curriculum topics are all derived from the studies summarised in table 2 , and are also considered core subjects in a standard personal financial planning textbook. 59

This model curriculum may be delivered over the course of a semester or in a more concentrated fashion. If there are time constraints, the topics labelled as optional may be dropped. Of note, the curricula may be delivered in-person or virtually as recommended by Shappell et al , 8 and as executed by Shappell et al 13 and Grewal and Sweeney. 10 Virtual content can be delivered either synchronously or asynchronously. The latter may be particularly advantageous due to common scheduling challenges faced by medical students and trainees. Based on prior studies, we hypothesise that the comprehensive curriculum will improve Kirkpatrick model 43 Learning scores, and an exclusion of potentially biased instructors will likely lead to better Behaviour scores. Ultimately, there will also be improved Results scores.

Limitations

This review highlights several challenges, including a paucity of validated measures to evaluate curricula and the lack of higher-level Kirkpatrick (Results) scores. In addition, it was difficult to compare the relative merits of the 10 studies due to varied depths of reporting, especially for the two brief reports. 2 57 Furthermore, participants varied from medical students to residents and fellows and spanned many specialties. Consequently, the resulting curricula were heterogeneous, shaped by a variety of scheduling challenges, time constraints and objectives. Also, we were unable to assess the quality or accuracy of the content offered to participants. We could not observe the researchers in action, so our Côté-Turgeon and Kirkpatrick Model assessments are based only on what we were able to glean from the written word.

We did not review popular bloggers who are active in this space. Their participation may be considered positive in providing relevant content, but it must be noted that some of them receive money from the financial services industry, raising concerns regarding their objectivity.

Finally, our review may have excluded relevant articles by limiting our attention to physicians and medical trainees, even though dentists, nurses and pharmacists, to name a few professions, have similar personal finance concerns. We assessed only articles written in the English language and omitted articles from outside the USA, which may have useful recommendations, including two high-quality Canadian studies. 31 60 Although some terminology and accounting rules differ across national jurisdictions, concepts such as financial planning, saving, investing, budgeting, taxation, retirement planning, insurance coverage, estate planning and dealing with financial advisors are important for professionals worldwide.

Future research

Further research is critical to determine the most effective modes of instruction and assessment. Quantifying knowledge retention is particularly important because the value of financial literacy interventions dissipates over time. 61 Also, rigorous longitudinal studies are needed to quantify the impact of financial literacy curricula on decision-making and wellness; and to explore whether alternative instructional modalities, such as webinars or asynchronous online presentations, are more effective than traditional in-person instruction. Identification of effective alternative delivery methods is especially important because novel modalities could help overcome scheduling challenges. Further study should also assess the impact of personal finance training for medical students on choice of specialty, and in particular selection of primary care careers.

Conclusions

Our study is the first review of existing research on personal finance literacy for medical students and physician trainees. It is also the first study that proposes a curriculum guided by extensive review of published curricula. Our review confirms strong interest in financial literacy among medical students and physician trainees in a variety of specialties and highlights the importance of financial decision-making as a necessary personal skill. Further research is needed to quantitatively examine longitudinal outcomes, including changes in quality and quantity of actual financial decisions, and impact on physician wellness. Our proposed curriculum, covering all major personal finance topics, may provide the opportunity to investigate these areas through impact evaluation.

Supplementary Material

Acknowledgments.

The authors wish to thank informationist Christine Caufield-Noll for her assistance with the initial article search strategy.

Contributors: JAI participated in conception and design, acquisition of data, analysis and interpretation of data and critical manuscript revision. SZ participated in conception and design, acquisition of data, analysis and interpretation of data, and critical manuscript revision. YDB-O participated in conception and design, acquisition of data, analysis and interpretation of data, and critical manuscript revision. All authors approved the final manuscript. YDB-O is responsible for the overall content as the guarantor.

Funding: The authors have not declared a specific grant for this research from any funding agency in the public, commercial or not-for-profit sectors.

Competing interests: JAI and SZ report no conflicts of interest. YDB-O reports that he owns and operates the physician financial literacy site pillarsofwealth.com, has written books on financial literacy, and is occasionally paid to teach financial literacy. His book sales and compensation for teaching physician personal finance account for less than 3% of his annual income. His book content is also freely available on his website. He does not receive money from the financial services industry.

Patient and public involvement: Patients and/or the public were not involved in the design, or conduct, or reporting, or dissemination plans of this research.

Provenance and peer review: Not commissioned; externally peer reviewed.

Supplemental material: This content has been supplied by the author(s). It has not been vetted by BMJ Publishing Group Limited (BMJ) and may not have been peer-reviewed. Any opinions or recommendations discussed are solely those of the author(s) and are not endorsed by BMJ. BMJ disclaims all liability and responsibility arising from any reliance placed on the content. Where the content includes any translated material, BMJ does not warrant the accuracy and reliability of the translations (including but not limited to local regulations, clinical guidelines, terminology, drug names and drug dosages), and is not responsible for any error and/or omissions arising from translation and adaptation or otherwise.

Data availability statement

Ethics statements, patient consent for publication.

Not applicable.

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Have you ever found yourself angling for the perfect finance topic, only to be caught in the net of confusion? Well, reel in your worries, because this blog is your golden fish! We've curated 250 distinct finance research topics tailored to any taste. 

Need a nudge in the right direction? Or maybe you're after a whole new financial perspective? Whatever it is, our research paper writing service has got you covered. Dive into this assortment of finance research paper topics and choose an idea that speaks to you.

What Are Finance Research Topics?

finance is all about how money works – how it's made, how it's managed, and how it's spent. It essentially oversees the process of allocating resources and assets over time. This domain is fundamental for the smooth functioning of economies, businesses, and personal lives.

With this in mind, financial research topics are the subjects that explore how finances are managed. These subjects can range from anything from figuring out how Bitcoin affects the stock market to examining how a country's economy recovers after a recession.

Features of Good Finance Research Paper Topics

Now that you understand what a finance domain is all about, let’s discuss what makes finance research paper topics worthwhile. Before you pick any topic, make sure it fills the boxes of these requirements:

• Contemporary relevance Your topic should be connected to current issues or trends in finance.
• Focused scope Your topic should be specific enough to allow a deep analysis. For example, rather than exploring "Global finance," you might examine "The impact of cryptocurrency on global finance."
• Data accessibility Ensure you can find enough information about your topic to base your research on.
• Fresh perspective There are many aspects that have already been covered by other scholars. Make sure your topic offers fresh insights or explores a matter from a new angle.
• Personal engagement If you're excited about your study, that's a good sign you've picked a winning topic.

How to Choose a Finance Research Paper Topic?

Choosing a finance research topic idea is like going on a treasure hunt. But don’t be afraid. Our online essay writer team has  shared guidelines to help you find that 'X' marks the spot!

• Explore possible directions Read articles, watch videos, listen to podcasts. As you search for topics, jot down interesting ideas that capture your attention.
• Prioritize your interests Reflect on what really interests you. You might be fascinated by investment strategies or passionate about sustainable finance.
• Uncover the gaps Look for questions that are yet unanswered or try to recognize unique angles.
• Check for information Now, you need to ensure you have enough equipment and credible sources to work with.
• Take a leap Once you've done all your groundwork, go ahead and pick a theme that resonates with your goals.

Now that you have a clue how to spot decent finance research topic ideas, let’s move one to the actual list of suggestions.

Finance Research Topics List

Get ready to navigate through our collection of finance research paper topic ideas! We've mapped out these suggestions to explore. Each of these topics can be further divided into subtopics for a more in-depth analysis.

• Cryptocurrency's impact on traditional banking.
• Sustainable investment practices and implications.
• Unveiling the role of artificial intelligence in market predictions.
• Microloans and their role in alleviating poverty.
• Behavioral finance: Understanding investor psychology.
• Making a case for teaching money management in schools.
• The rise of fintech startups: Disruption or evolution?
• Entering the era of digital wallets: What's next?
• Exploring the balance between profit and social responsibility in impact investing.
• Success of crowdfunding campaigns.
• Securing our online vaults: The importance of cybersecurity in banking.
• Strategies for recovery after an economic downturn.
• Central banks and their contribution to economic stability.
• Blockchain technology: A new era of transaction processing.
• Robo-advisors in investment management.

Interesting Finance Research Topics

Fasten your seatbelts, scholars! We're about to take off on another round of academic adventure with interesting finance topics. With these ideas at hand, you are sure to find a captivating topic for your financial project.

• How does pandemic affect the global economy?
• Cryptocurrency: A bubble or new standard?
• Influence of artificial intelligence on credit scoring systems.
• Evolution and significance of green bonds.
• Correlation between investor psychology and stock market volatility.
• Impact of educational initiatives on personal money management.
• Fintech startups and traditional banking: Rivals or collaborators?
• Mobile wallets: Balancing convenience and security.
• Is social responsibility becoming a decisive factor in investment choices?
• Success factors in crowdfunding campaigns.
• Prioritizing cybersecurity in the age of digital transactions.
• Strategic approaches to post-recession recovery.
• What role do central banks play in navigating economic turbulence?
• Applications of blockchain beyond cryptocurrency.
• Automated advisors and their impact on investment management.

Easy Finance Research Topics

Finance can be a tough nut to crack. But worry not, we've sifted through the complexities to bring you easy finance research papers topics. They'll help you find the right direction without overwhelming you. Are you ready to take the plunge?

• Understanding credit scores: What makes them rise and fall?
• Basics of personal budgeting.
• An overview of stock market investing.
• The rise and implications of mobile banking.
• Microloans and their impact on small businesses.
• Cryptocurrency: Hype or a game-changer?
• Retirement planning: A critical component of personal finance.
• What are financial regulations?
• A closer look at online payment systems.
• How does crowdfunding work?
• Ethics in finance.
• Emergency fund creation: Its significance in financial planning.
• Tax planning: Exploring strategies and impacts on personal wealth.
• Exploring e-commerce business models.
• Insurance policies and their role in financial risk management.

Great Finance Research Paper Topics

The finance world is a goldmine of great research avenues waiting to be explored. Below we've collected fantastic research topics in finance to inspire your work. Now, all you need to do is take your pick and start investigating.

• Exploring mergers and acquisitions in global corporations.
• Is venture capital a catalyst for startup success?
• Public fiscal policy across nations.
• Insider trading: Unethical advantage or strategic insight?
• Unpacking the intricacies of derivatives and risk management.
• How digital transformation is reshaping banking services.
• Harnessing mathematics for modeling in quantitative disciplines.
• Investigating corporate social responsibility in multinational institutions.
• Unraveling the role of AI in fraud prevention.
• Are microcredit initiatives a key to broader financial inclusion?
• Psychology that drives economic decisions.
• How do credit rating agencies influence market dynamics?
• Ripple effects of inflation on investment portfolios.
• What role does forensic accounting play in unveiling fraud?
• Balance between debt and equity in capital structuring.

Popular Finance Research Topics

Are you wondering what's trending in the world of finance? Consider these popular financial topics to write about and choose one for your project. Don't forget to check if your professor has additional guidelines before you get started! If you have unique requirements and want to obtain a top-quality work tailored to your needs, consider  buying research papers from our experts.

• Machine learning in credit risk modeling: A new frontier?
• Can businesses strike a balance between sustainability and profit?
• Peer-to-peer lending: Revolutionizing or destabilizing finance?
• Microfinancing in developing nations: An analysis of success factors.
• The growth of ESG (Environmental, Social, and Governance) investing.
• Global economic impact of sovereign debt crises.
• How are trends in corporate governance shaping businesses?
• Impact of globalization on investment strategies.
• Examining the rise and implications of neobanks.
• Fiscal policy responses to climate change: A global overview.
• Role of behavioral biases in investment decision-making.
• Economic fallout of pandemics: A case study of COVID-19
• Evaluating the ethics of high-frequency trading.
• Internet of Things (IoT) and its implications for financial services.
• Impact of FinTech innovations on traditional banking.

Current Research Topics in Finance

Keeping pace with the latest trends is crucial in research, and finance is no exception. We've therefore rounded up current finance topics for a research paper, designed to resonate with the here and now.

• Central Bank Digital Currencies (CBDCs): A new era in finance?
• Sustainable finance: Navigating the path to greener economies.
• Tech giants entering financial services: Disruption or evolution?
• Exploring the implications of Brexit on global trade and finance.
• Regulation of fintech in the era of digital currencies.
• Influence of geopolitical conflicts on global fiscal markets.
• Influence of political stability on stock market performance.
• Data privacy in financial market.
• Implications of quantum computing for financial cryptography.
• Ethical implications of AI in finance.
• Effects of trade wars on currency markets.
• COVID-19 and the shift towards a cashless society.
• Evaluating the stability of cryptocurrency markets.
• Impact of remote work trends on global economies.
• Leveraging big data for predictive analysis in finance.

>> Read more: Economics Research Paper Topics

Best Finance Research Topics

When it comes to research, not all topics are created equal. To bring out your best, we've curated a selection of the finest finance research topic list. These topics offer a blend of depth, relevance, and originality.

• Financial implications of demographic shifts in developed economies.
• Challenges of regulating emerging financial technologies.
• Big data and its transformative role in credit risk management.
• Comparative analysis of traditional banks and digital-only banks.
• The rise of ethical investing: Fad or future of finance?
• Financial resilience in the face of global crises.
• Space economy: Financial prospects and challenges.
• Financing strategies for small to medium enterprises in emerging markets.
• Impact of policy changes on financial planning strategies.
• Rise of smart contracts.
• Global economic impacts of aging populations.
• Assessing the financial viability of renewable energy projects.
• Influence of machine learning on investment portfolio management.
• The future of cash: An outdated concept or an enduring necessity?
• Financial implications of autonomous vehicles.

Unique Financial Research Topics

Originality is the currency of academic research, and in finance, it's no different. To help you make your mark, we've compiled a list of truly unique finance paper topics. These topics were selected for their potential to bring fresh perspectives.

• Finance in promoting circular economies.
• Emerging finance strategies for carbon capture and storage.
• Leveraging data analytics to predict market crashes.
• Role of financial regulation in preventing tech monopolies.
• Financing deep-sea exploration: Opportunities and challenges.
• How are finance and agri-tech interrelated?
• The cost of data breaches.
• How do artificial intelligence laws affect fintech?
• Exploring financial strategies for preserving biodiversity.
• Fiscal strategies for promoting urban farming.
• What role does financial policy play in addressing income inequality?
• Financial modeling in the age of quantum computing.
• Use of predictive analytics in insurance underwriting.
• Role of finance in achieving zero-waste economies.
• Financial dynamics of eSports.

Finance Research Topic Ideas for Presentation

Creating a lasting presentation can be a challenge, but it doesn’t have to be. We’ve gathered some of the most interesting financial topics that you can use for your next classroom or workplace presentation.

• Tales of Wall Street: Lessons from the biggest fiscal scandals.
• Economic meltdowns: Causes and lessons learned.
• Gender disparity in wealth accumulation..
• Sustainability and finance: The role of green investments.
• Economic indicators: Predicting financial trends.
• Power of budgeting: Key to financial success.
• Venture capital's role in fostering innovation.
• Microfinance's impact on poverty reduction.
• Forensic accounting.
• Wealth disparity: Analyzing the growing economic divide.
• Inflation and interest: A balancing act.
• Pension crisis in different countries.
• Understanding financial derivatives: Beyond the basics.
• Implications of tax evasion: A global perspective.
• Impact of electronic payment systems on consumer behavior.

Finance Research Paper Topic Ideas for Students

Below we've handpicked a compilation of the best finance research paper topics perfect for budding scholars. To tailor to your academic level, we've meticulously sorted these themes, ensuring they resonate with your knowledge and challenge your critical thinking skills. Whether you're an undergraduate or a postgraduate seeking finance topics to write about, we've got you covered.

Finance Research Topics for College Students

College students majoring in finance should demonstrate solid critical analysis and problem-solving skills. Unlike high school, college provides a platform to delve deeper into complex issues and challenge existing theories. Finance projects for students in college should push beyond surface-level knowledge. With these requirements in mind, we've assembled a set of finance related research paper topics tailored to college students.

• Algorithmic trading: A boon or a bane?
• Financial literacy and student loan debt: Is there a connection?
• Does social media influence stock market trends?
• Effect of corporate scandals on stock prices.
• Role of financial planning in achieving life goals.
• Micro-financing in developing economies.
• Sustainable investing: A look into its effectiveness.
• Role of finance in promoting social entrepreneurship.
• Impact of fiscal policy changes on small businesses.
• Exploring the world of impact investing.
• Personal finance: Comparing self-taught vs. formally educated approaches.
• A comparative study of banking systems across the globe.
• Financial planning: Analysis of gender-specific approaches.
• Impact of economic sanctions on financial markets.
• The dynamics of stock market bubbles.

Finance Research Paper Topics for University Students

University students should exhibit a higher degree of critical thinking and research, as compared to college students. Projects conducted at university level should be ambitious and focused on making an impact in the field of finance. To support your endeavors, we've provided a list of financial research topics for university students.

• Financial management in non-profit organizations.
• How do cultural factors influence investment decisions?
• What significance does microfinancing have in women's empowerment?
• Financial aftermath of natural disasters.
• How do exchange rates affect the tourism industry?
• Financial implications of deepfake technology.
• Challenges and opportunities of financial decentralization.
• Dissecting the financial fallout of global pandemics.
• Strategies in the age of the sharing economy.
• A comparative analysis of Eastern and Western investment philosophies.
• Investigating the correlation between economic freedom and prosperity.
• Role of finance in curbing wildlife trafficking.
• Finance strategies to combat global water scarcity.
• Economic resilience: Lessons from small island nations.
• Analyzing fiscal challenges in the healthcare industry.

Finance Research Paper Topics for MBA

MBA students must showcase a deep understanding of finance principles and an aptitude for critical thinking. To ensure you stay ahead in the game, we've compiled a list of MBA finance topics for a paper to research.

• Role of finance in the transition to clean energy.
• Impact of intergenerational wealth transfer on the global economy.
• Fiscal planning in global corporations.
• Leadership and its impact on financial decision-making.
• Role of finance in driving corporate digital transformation.
• Venture capital investment strategies in emerging markets.
• Implications of corporate restructuring.
• Financial strategies for fostering corporate diversity and inclusion.
• The future of finance in a post-fossil fuel world.
• Risk management strategies in the era of FinTech disruption.
• Developing fiscal strategies for business resilience post-pandemic.
• How does extended reality (XR) impact the business world?
• Effective pension fund management.
• The use of blockchain technology in tracking funds and resources.
• How do venture capitalists assess start-up risks?

Finance Research Topics by Subject

Finance is a vast field with many branches under its umbrella. To make it easier to browse through these research topic ideas for finance, we've organized them according to subject matter. Take a look at the following themes and find a fitting idea!

International Finance Research Paper Topics

The monetary landscape is constantly expanding. To keep up with these changes, many universities are now offering majors in international finance. For those interested in exploring the field on a global scale, here are some relevant international finance research topics.

• Macroeconomic policies across different countries.
• What role does foreign direct investment play in global economies?
• Implications of capital flows on exchange rates.
• Impact of international monetary systems on global financial stability.
• Challenges and opportunities in cross-border investments.
• Trade deficits and their effect on financial markets.
• What is the role of financial institutions in global development?
• Effects of currency manipulation.
• Political and economic risks of investing abroad.
• What impact do tariffs have on international finance?
• Exploring the potential of Islamic Banking as an alternative system.
• International taxation systems.
• Financial education in promoting economic growth in developing countries.
• Trade agreements in facilitating economic integration.
• Foreign exchange risk management strategies.

Public Finance Research Topics

Public finance is a field of study that explores the use and redistribution of resources in the public sector. Below we prepared public finance topics to talk about.

• Public-private partnership in infrastructure development.
• Taxation policies for financial inclusion and reduced income inequality.
• Public debt and economic growth: Evidence from developing countries.
• Successful municipal bond issuance.
• Public finance reforms: Enhancing transparency and accountability.
• Public expenditure efficiency in achieving economic development goals.
• Government spending in education and long-term economic growth.
• Corruption's impact on public finance management.
• Fiscal austerity measures.
• Key factors influencing sovereign credit ratings.
• Budget deficits in developed countries.
• Comparing public and private pension systems.
• Alternative revenue sources for governments.
• The impact of international aid on developing countries.
• Charity tax incentives and their effect on donations.

Corporate Finance Research Topics

Corporate finance is an important area of study that covers a variety of topics related to corporate investments, financial management, and stock market analysis. If you are unsure where to begin, look through these research topics in corporate finance.

• Ethical investing's impact on company monetary strategies.
• Fiscal management in achieving gender pay equality in firms.
• Assessing 'greenwashing' in corporations from a monetary perspective.
• Tax policy implications on business fiscal decisions.
• Optimizing financial resources in multidivisional organizations.
• Investment in cybersecurity: An essential aspect of business economics.
• Transparency in corporate fiscal activities in the digital age.
• Economic recessions and counteracting business monetary strategies.
• How automation and AI transform company monetary management?
• Corporate social responsibility's influence on fiscal strategies.
• Short-term versus long-term financial planning in businesses.
• Effects of international trade agreements on company monetary policies.
• Mitigating supply chain risks through smart fiscal management.
• Implications of corporate rebranding.
• Inflation's effects on budgeting and forecasting in corporations.

Business Finance Research Topics

Business finance is a field of study that examines the allocation of capital within an organization. This subject involves understanding all aspects of financial management, from budgeting to risk assessment. Here are some business finance research topics you can explore.

• Assessing financial health of startups: Metrics that matter.
• Role of venture capitalists in boosting business growth.
• Challenges of monetary management in family-owned businesses.
• How effective is crowdfunding for startup financing?
• Strategies for risk mitigation in retail business.
• Artificial intelligence in business budgeting and forecasting.
• Credit management in small to medium enterprises (SMEs).
• Profitability analysis in manufacturing businesses.
• Fiscal planning in business expansion.
• Effects of global economic changes on business budget management.
• Influence of e-commerce on financial strategies of retail businesses.
• Corporate governance: A comparative analysis.
• Private equity investment strategies.
• Shareholder activism in today’s markets.
• Portfolio management strategies for institutional investors.

>> Read more: Business Research Paper Topics

Personal Finance Research Topics

Personal finance focuses on understanding and managing your money to achieve financial security. Research in this area covers a wide array of aspects, from budgeting and saving to investment decisions and retirement planning. Here are some ideas for personal finance research topics:

• Psychology of spending: Are we programmed to save or spend?
• Retirement planning: How early is too early?
• Impact of financial education on money management habits.
• Role of technology in individual budgeting and saving.
• Is debt an inevitable part of our life?
• Investing for the future: Stocks vs real estate.
• Healthcare costs and their impact on individual economic stability.
• Millennials and money.
• How does inflation impact our day-to-day budgeting?
• Role of emergency funds in financial security.
• Economic recessions on retirement planning.
• Estate planning and wealth transfer.
• Credit scores: Their significance in personal economic health.
• Role of government policies in shaping individual investment strategies.
• Balancing personal spending and saving.

Healthcare Finance Research Paper Topics

Healthcare finance is a specialized field of study that focuses on the financial management of healthcare organizations. It requires an understanding of both financial and healthcare-specific topics, such as reimbursement policies, budgeting and forecasting models, and population health management. Here are some research paper topics related to healthcare finance.

• Budgeting challenges in public health institutions.
• Role of telehealth in reducing healthcare costs.
• Financing strategies for rare diseases treatments.
• Impact of the aging population on healthcare expenditures.
• Population health management and its monetary burdens.
• Impact of COVID-19 on the financial stability of healthcare systems.
• Value-based care: Monetary rewards or challenges?
• Analyzing the costs of electronic health records implementation.
• Cost-effectiveness of preventive care: An exploration.
• Reimbursement policies and their effect on medical practices.
• Influence of pharmaceutical pricing on healthcare costs.
• Out-of-pocket costs: Barrier to healthcare access?
• Role of financial management in healthcare mergers and acquisitions.
• Medical bankruptcy: An unspoken reality?
• Forecasting models for healthcare expenditures: A comparative study.

>> View more: Health Research Topics

Bottom Line on Finance Research Papers Topics

Hopefully, this list of finance research paper topics has given you some great ideas for your next project. Remember, the best way to make sure you write a good finance paper is to start with an interesting and informative topic. If you need any help with the writing process, don’t hesitate to contact our college paper writers .

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200 Unique Finance Research Topics to Impress Your Professor

In the ever-evolving landscape of finance, the quest for an exceptional research topic becomes the cornerstone of academic distinction. Are you looking for an interesting research topic that will help your finance paper stand out? You’re in luck, as we have curated a comprehensive list of 200 unparalleled topics for you to come up with an impressive idea for your assignment. While a professional  Custom writing service  the research topic on finance that we will present here will get you started on your own. Let’s dive in!

Table of Contents

Unique Finance Research Topics for You to Score Big

As we have tried our best to serve you with unique topics, choosing a research topic from these lists will help you unleash your financial prowess. Let’s get to reading the first one: 

Top Finance Research Topics or Finance Report Topics

• Merger and acquisition: an analytical study of the benefits and obstacles.
• Capital asset valuation model: possible solutions to some deficiencies.
• The impact of commodity market manipulation on future trading.
• Continuous time models: a comparative analysis of their application in various financial environments.
• How speculation undermines the stability of banking in national markets.
• Branding: its effect on consumer behavior
• Regulation of Investments of Pension Funds and Insurance Companies
• Strategic Asset Allocation for the International Reserves of the Central Bank
• Budget Independence of the Central Bank
• Financial in the Department
• Financing of the Livestock Sector in the USA and the Trust as an Alternative
• Implications of the Retirement and Pension
• Financing of Agroindustry
• Oligopolistic practices in the marking of the interest rate in the Banking System
• Non-Traditional Financing Mechanisms applicable to SMEs
• Design a cost accounting proposal for Telecommunications Companies
• Impact of the implementation of the electronic payment system
• Contribution of Microcredit to economic development through Public Banking
• Electronic Money in the process of Financial Inclusion in some countries
• Mitigation of Risks assumed by the Central Banks
• Strategic planning in the field of financial crime

The finance research paper topics we mentioned above will help you sort things out for your assignments.

Corporate Finance Research Titles

Embark on a captivating journey into corporate finance with our meticulously curated research topics . We know interesting finance topics are hard to find but today is your lucky day. Our professional essay writers will assist you to choose finance topics to write about. So, here you go: Here you go:

• Using interest rate bootstrapping to price corporate debt analysis.
• Corporate Organizations: The Impact of Independent Audits on Accountability and Transparency.
• Stock Buybacks: A Critical Look at How Companies Can Buy Back at Optimum Prices.
• Mergers and Acquisitions: Reasons Companies Overpay for Bad Acquisitions.
• Corporate Finance: Ethical Concerns and Possible Solutions
• Constraints for potential participation in tourism
• Economics and business management
• Systematic Review, Analysis, and Evaluation of Research in Corporate Finance
• Corporate governance: improving their performance.
• Valuation of the Wall Street Stock Exchange Companies
• Valuation of Companies In San Andreas
• Valuation of Companies In San Francisco
• Valuation of Companies In Las Angeles
• Valuation of Companies In New York
• Valuation of Companies In Mexico
• Bioeconomy and sustainable development goals
• Social networks and financial restrictions
• Balanced scorecard of an IT consulting company
• Proposal to improve the process of preparing and managing investment projects
• Design a strategic growth plan for the company
• Bank concentration, institutional investors and financial restrictions
• Realities and challenges: internal communications at an American Company
• How does the development of institutional investors affect the volatility of growth?
• Early entrepreneurship and financial development: a global approach
• Analysis and resolution of methodologies to estimate the share price
• Design of a management control system
• New organizational culture in the States
• Using the discounted cash flow method
• Design of an innovation management system
• Business plan for an information technology company
• Management of high-net-worth clients
• Investor behavior in multinational companies
• Redesign the formulation process and management control

These Financial and History research paper topics allows students to create unique and captivating content for their assignments. Students can start a good research in finance topics after reading our expert’s list.

Healthcare Finance Topics

Navigate the intersection of healthcare and finance with our compelling array of research topics. Here you go with the list of amazing financial research topics:

• The impact of healthcare reimbursement models on patient outcomes.
• Cost-effectiveness analysis of pharmaceutical interventions.
• Financial implications of value-based healthcare delivery.
• The role of health insurance in reducing healthcare disparities.
• Financial challenges and opportunities in telemedicine adoption.
• Financing strategies for healthcare infrastructure development.
• The economics of healthcare technology innovation.
• Analyzing the financial sustainability of public healthcare systems.
• The impact of healthcare mergers and acquisitions on costs and quality.
• Financing long-term care services for an aging population.
• Financial implications of healthcare fraud and abuse.
• Evaluating the financial viability of healthcare startups.
• The economics of healthcare workforce planning and staffing.
• Financial incentives for healthcare providers to adopt evidence-based practices.
• The role of health savings accounts (HSAs) in healthcare financing.
• Financing strategies for addressing mental health and addiction treatment.
• The economics of healthcare quality improvement initiatives.
• Analyzing the financial impact of healthcare policy reforms.
• The role of healthcare finance in supporting global health initiatives.
• Financial challenges and solutions in managing healthcare costs for chronic diseases.

Our experts have presented the best research topics in finance and healthcare for you. Students may choose the one that suits their abilities.

Business Finance Research Topics

Explore the full potential of business finance by choosing a topic for research from our carefully picked list. Here you go:

• Application of trade finance: its importance for the business sector.
• Business Modernization: Roles of Trade Finance in Business Modernization.
• Feasibility of the Implementation of a quinoa processing plant for export in the company
• Validation of the theory of return on investment in the commercial management of logistics companies
• Financial consulting unit for the implementation of information systems
• Internal control financial system
• Proposal to improve the works trust supervision process in a technical-financial consulting company
• Short-term financial planning and profitability case: Pacific Savings and Credit Cooperative
• Business plan for the launch of a financial products
• Strengthening the strategy toward value creation
• Impact of operational risk management on regulatory capital and the global capital ratio of microfinance entities
• The discounted cash flow and the real options method in the valuation of a company in the mass consumption sector
• Estimation of financial solvency to assess the risk of bankruptcy
• Participation associations are an effective tool for seeking financing
• Analysis and design of a process architecture for a small mining
• Analysis of the ROI in the commercial management of department stores
• Analysis of the evolution of the value of the industrial sector through the model of the net present value of growth options
• The impact of capital budgeting techniques on investment decisions.
• Financial risk management strategies in multinational corporations.
• The role of financial derivatives in hedging against market volatility.
• Analyzing the effectiveness of corporate governance mechanisms in mitigating agency problems.
• Financial implications of mergers and acquisitions on shareholder value.
• The relationship between corporate social responsibility and financial performance.
• The impact of corporate taxation on firm profitability and investment decisions.

Our finance topics for research business and marketing are handpicked by our experts and it allows you to bypass the lengthy processes.

International Financial Research Paper Topics

Uncover the complexities of global finance with these great research topics.

• Interaction of the USA financial system with international financial markets
• Repercussions on economic theory and policy
• The financial crisis of 2008-2011. Causes, spread, and consequences
• Effects of external shocks on the United States economy
• The economic problems in the nineties
• The debt crisis and emerging markets
• The Big Short Crises: Causes and Impact
• Crypto-currency crashes
• Exchange collapses and balance of payments crises
• First, second, and third-generation economic crisis models
• Financial crises in emerging countries
• Financial deregulation and capital flows.
• Long-term evolution, Relationship with the exchange rate regime.
• Relationship between financial flows and FDI, short and long-term.
• Push and pull factors and determinants of capital flows
• External financial markets. Eurocurrencies and Euromarkets
• The North American market
• Oil market and independency with international financial affairs
• The forward exchange markets
• Taxonomy and operation of international financial markets
• Models of external restriction and growth
• Real exchange rate and growth.
• Exchange policy in developing countries.
• Real effects of exchange rate policy.
• Currency substitution and dollarization
• Relationship between the euro and the dollar
• SME: credibility and external commitment policies as a form of stabilization
• Consequences of global monetary conditions on international prices
• Economic integration and financial integration in Europe
• The role of international reserves in the different stages of the international monetary system
• Evolution from the European Monetary System (EMS) to the single currency
• Analysis of costs and benefits
• International macroeconomic cycles and their transmission.
• Economic interdependence and coordination of monetary and exchange policies
• The strategic approach and the theory of games in the global economy
• International liquidity generation mechanisms
• The international monetary system
• The flotation bands. Theory and evidence.
• Crawling peg. Theory and evidence.
• Exchange rate administered. Theory and evidence.
• Inflation Targeting. Theory and evidence.
• Volatility and exchange rate regime
• Stabilization plans based on the exchange rate
• Costs and benefits of macroeconomic efficiency and macroeconomic flexibility
• Effects of fiscal and monetary policy.
• Nominal volatility and absolute volatility.
• The efficiency of the asset market and the premium for risk: Different ways to cover risks

Personal Financial Topics for Research

Check out our list of hand-picked personal finance topics:

• Paying debts, as well as savings and investment
• The balance between the present and the future
• How to improve personal finances
• Create a spending plan
• Salary, unemployment benefit, pension.
• Personal finance applications for mobile
• Net profit on your investments
• Plan a reduction of expenses
• Personal finance books
• Investing in Stock Exchange
• Investment in Cryptocurrencies
• Research interest rates on loans, credit cards, and similar investment instruments.
• SMEs and businesses
• Discussing the Importance of Financial protection
• Creation of capital and assets
• Financial instruments – What Do We Need to Know About Them?
• Inflation and loss of purchasing power
• Evaluation of possible saving methods with a limited budget.
• The effect of rising interest rates and inflation on personal finance.
• Define your financial goals and create a budget
• The US banks that no longer want more money from their customers
• GameStop: Amateur Investors Taking on Wall Street

Hopefully, this blog post has allowed you to explore the different aspects of finance. So get creative and choose a topic that speaks to you. When delving into how to write an 8-page paper , these carefully curated lists covering topics from corporate finance to personal finance provide all the necessary guidance and resources.

What are the main topics of finance?

The main topics for finance research include:

• Financial Markets and Instruments
• Corporate Finance
• Financial Institutions and Banking
• Investments
• Personal Finance
• Financial Planning and Risk Management
• International Finance

How can I choose a unique finance research topic?

Are there any finance research topics that have real-world applications, how can i make my finance research topic stand out.

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TIGHT FINANCE

15 Personal Finance Topics You Should Master In 2024

Last updated on February 26th, 2024 at 07:25 pm

In this post, you’re going to uncover 15 different personal finance topics and dozens of subtopics.

Personal finance management is important when it comes to money. Because we need to face it daily. 

From credit cards to shopping to paying off debt and earning money all revolves around personal finance. Knowing it can help you make a fortune and cut out extra costs.

So 15 major topics are the most important. 

Let’s dive into the details and learn more.

15 Personal Finance Topics You Should Master

Below financial topics below range from debt to investment and savings. As well as retirement, insurance, and money management. 

Let’s explore them one by one:

The first and foremost topic here is debt . 

Debt is any amount you owe to any other lender. It comes with an interest rate which you need to pay with the principal amount over time. The common types of debt include credit card debt, mortgage debt, student loans, and personal loans.

But this doesn’t end here. There are multiple related terminologies and types you should know. 

Let’s explain them briefly.

1. Revolving debt and Non-Revolving debt

Debt falls into two main categories. One is called revolving debt which means it revolves around a cycle. You borrow it, pay it, and then again borrow it. The most common type of revolving debt is a credit card loan. You borrow, pay, and then again borrow.

The second major type is called non-revolving or installment debt. Here you only borrow for a single purpose not frequently and then pay it in installments over time. For example, mortgage debt, student loans, and personal loans.

2. Secured debt and Unsecured debt

The revolving and non-revolving debt fall further into secured and unsecured debt. 

A secured debt has security, a guarantee, or any other type of collateral. If the borrower isn’t able to repay the loan then the lender seizes the collateral to recover the loan. Collateral can be a house, property, land, gold, bank account, or any other.

While unsecured debts are given to borrowers with no collateral. There is no security, that’s why interest rates are also higher. They’re normally given based on how much credit score a borrower has. The higher the credit score is, the more money he/she can borrow and get lower interest rates with less effort.

These loans are further categorized into multiple types depending on their purpose. Here are 8 of the most common types:

3. Student loan

These loans are borrowed by students to complete their education. Students that are undergraduate and want to take professional education. This also includes amounts borrowed by parents to meet their child’s educational needs. 

Student loans are further categorized into two main categories:

• Federal student loans
• Private student loans 

Federal student loans are given by the US Department of Education through their approved services. These loans have lower rates and other perks and benefits like forgiveness, refinance, forbearance, and zero interest for a specific period. They are further subdivided into:

• Direct subsidized loans
• Direct unsubsidized loans
• Direct PLUS loans 

While private student loans are borrowed from outside private banks, and lending institutions. They have higher interests with few benefits.

4. Personal loans

A personal loan is borrowed to spend on a variety of needs. There is no specific purpose. You can spend on any need you have. For example, weddings, debt consolidation, vacations, personal expenses, buying a car, etc.

It is a type of installment loan like a mortgage or car loan. So it falls into non-revolving debt. 

Personal loans are unsecured loans. Unsecured options have a higher risk for lenders so they charge higher interest. Also, your credit report and credit score both matter a lot.

5. Home equity loan

In a home equity loan, you borrow money against your ownership of the home. 

For example, you purchased a $100k mortgage to purchase a home and you’ve paid out $30,000. This means you’ve $30,000 worth of ownership in your house. You get to another lender and take a $20,000 loan against this ownership. It is also called a subprime mortgage. 

That is the reason why there is a lower interest rate on home equity loans. Usually, it is used for consolidating debt like credit card loans.

6. Home equity line of credit

HELOC isn’t different from HEL but with one exception it is a revolving debt. You can take it again and again while your existing balance goes down. 

It is money you borrow against your ownership in a home-like home equity loan. And as you pay it down then you can again borrow it as you do with credit cards.

It is secured and that’s why it has a lower interest rate.

7. Credit card loan

Here you have a credit card from a specific lender like a normal debit ATM card. You use it for daily purchases and shopping. The bank pays for that purchase. And you need to pay it back with an interest rate. 

Credit cards are a flexible way to pay off your needs but have higher interest rates. So before going for one, you should first compare lenders based on the interest rate and other terms. 

They fall into different other categories like reward credit cards, cashback credit cards, and balance transfer credit cards. 

Credit card loans are unsecured and have a higher interest rate. Which makes it difficult to pay back the loan.

8. Mortgage loan

Mortgage debt refers to the loan you take to buy a house and then repay it in installments. It has a non-revolving debt and you pay it including principal and interest over a longer period. Its terms can be 10 years, 20 years, or even 30 years longer. 

Mortgage comes in big debt amounts and therefore you pay a huge interest depending on the period. The interest rates are lower because the house is placed as collateral. 

9. Payday loan

Payday loans are short-term personal loans that you pay on the next pay date. This can be done by giving electronic access to banks to automatically take that amount or handing over a check so they can withdraw the loan amount.

Now you’ve learned the types of debt but what to do to get out of debt? So for that purpose, you need to get enough knowledge on the following topics: 

10. How to pay off debt?

This includes different strategies and tactics to pay off debt faster and easier. Whether it is a credit card debt, mortgage, student loan, personal loan, or any other. In these tactics, you also need to be aware of debt repayment methods to pay debt faster. If you want to learn how to pay off debt faster here is the post.

11. Know interest, minimum payment, terms, fees, and total balance

If you’re going to take debt or have an existing one then knowing these terms is important. So here is a quick overview:

• Interest is an amount you pay for using borrowed money. The percentage rate is called the interest rate.
• Minimum payments are the least amount you’re required to pay each month to the lender. It starts from as little as $50 depending on the amount.
• Total balance means the principal and interest you’re required to pay to the lender.
• Fees include any loan origination fees or penalties for late payments.

Knowing all of this helps you have a record of how much debt expense you incurred. And how to pay it off.

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2. Credit score

A credit score represents your trustworthiness regarding your behavior for debt responsibility. Shows how responsibly you paid off your debt. It matters greatly in unsecured loans.

A credit score is important because lenders judge your creditworthiness and risk using the credit score. It is mentioned in your credit report which is a database of your current debt accounts, payment history, and credit score rating.

If your credit score is not good you need to face difficulty in obtaining credit cards and low-interest loans. Lenders ignore your requests to take loans.

Here is what you need to know regarding credit score:

• What it is? What are the credit ranges and how is it calculated?
• How to get a credit report and check your credit report for any mistakes?
• How to increase your credit score?
• Problems and drawbacks related to a bad credit score. 

Getting hands-on with all of the above information is a surefire way to educate yourself regarding credit reports and credit scores. This will help you stay higher in credit ranges like the FICO score and Vantage score.

Like earning money, saving is also important. That’s why it is an unavoidable area of personal finance. You may need money in an emergency, for vacation, or any other expense so instead of just relying on debt savings can help you. 

So you need to learn how to cut out different expenses to save more money. These tactics include how to save money on food, groceries, utility bills, gas, electricity, and college. You also get to know different money-saving challenges, charts, and apps that make your job easier. 

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4. Retirement

All of us need to retire one day. But after retirement, our monetary needs are attached to us the same way as before. This makes retirement the most important chapter of personal finance. 

In this personal finance topic, you learn how to save and invest money to comfortably retire. Here you get to know different plans and procedures to invest money and how to meet your required goal as fast as possible.

Here are different retirement plans you should know about: 

401K plans are given by the employer to employees and contribute a matching amount which provides a free money benefit to employees. 

Here a portion of the employee income before tax is deducted from a paycheck and deposited into your retirement account. It is not available to everyone but is available to some nonprofit organizations, public service organizations, self-employed ministers, and cooperative hospital services in the United States.

3. Traditional IRA

In the plan, you can invest money from pre-tax income into your IRA retirement account and the investment grows tax-deferred until you withdraw it. Tax-deferred means you don’t pay the tax until you take out gains.

4. Roth IRA

In a Roth IRA plan, you invest money after-tax deduction and when you withdraw that money then you don’t need to pay tax on it. But you need to fulfill certain conditions.

5. Solo 401K

If you’re a business owner with no employees then you can contribute to a retirement plan called Solo 401K. But you can combine your spouse as well for this benefit.

6. Spousal IRA

It is a retirement account that allows a working spouse to contribute to an IRA account as a nonworking spouse. Simply put the working spouse contributes to a nonworking spouse’s retirement account.

7. Rollover IRA

It is a retirement plan which allows you to move funds from your 401k account into your IRA account. There are no penalties or tax deductions for doing this.

It allows an employer to contribute money to retirement accounts for himself and his employees. All sizes of businesses can use this opportunity. Allows the contribution of up to 25% of the income and has no initial or operating cost.

The other types of retirement accounts and plans you should study include: 

• Traditional pensions
• The Federal Thrift Savings Plan
• Cash Balance plans
• Cash-value life insurance plans
• Nonqualified deferred compensations plan (NQDC)

Knowing information about these plans and procedures is a surefire way to increase your knowledge about retirement investments. It also allows you to choose the best option for yourself.

5. Investment

Investment means using your money in such a way that it increases. This means it generates a return over time and boosts your wealth. 

So if you want to earn a passive income and build wealth then investment is the only option. That’s why you need to have deep knowledge regarding investment topics. The most common ones include:

1. Asset allocation

It means how to allocate or distribute your money among different types of assets. It is also called a portfolio. Simply you invest in different assets or the same assets of different companies to lower your risk.

For how much time you’re going to invest? There are two types. One is called short-term investments that are less than a year and the second is long-term up to 5 years 10 years or 20 years even perpetual.

It is also called return on investment or ROI. It means how much dollars you earn on your investment. Return can be negative or positive. But a solid way to determine when you’ll achieve your end goal.

4. Risk management

Here you’ll learn how to minimize your risk. Mitigation of risk is an important element of a successful investment strategy and earning positive returns. You must get a deep understanding and learn the techniques regarding risk management.

5. Financial assets 

Then comes financial assets where you need to learn about different types of financial assets. This includes stocks, bonds, CDs, T-bills, investment accounts, and derivatives. This helps you better decide on which ones to choose for investment.

6. Investment opportunities

Finding profitable options to put your money into work is a great way to build your wealth. Opportunities range from real estate, the construction industry, health companies, the stock market, the bonds market, commodities markets, mutual funds, etc. But you need to get enough understanding to find the best ones that fit your goal.

So if you put strong hands on these topics you can easily achieve your end goal. And earn better and bigger returns.

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Banking is another major one among personal finance topics. The reason is we all need to interact with banks and accounts. They provide us with different financial services and also protect our money. 

So let’s uncover the subtopics under banking you should learn about:

1. Current account

This account has a higher number of allowed transactions as compared with others. Its facility is normally given to business owners with large transactions. They can withdraw money at any time without notice. In Islamic countries, the current account is referred to as an interest-free account.

2. Checking account

These accounts help you deposit and withdraw money. They are normal accounts you use for depositing salary, wage, or any other income source. You can withdraw money through ATMs, checks, and electronic debits. It is also called a demand account or transactional account.

3. Savings account

This account is a normal interest-generating account in which you deposit cash for daily use. It earns a lower interest rate as compared with high-yield savings accounts. The features are also limited like the number of transactions, debit card facility, cheque, and overdrawn.

4. Regular savings accounts

Here you make a fixed deposit each month to this account and the bank gives you a higher return on that amount. The yield is higher as compared with ordinary savings accounts.

5. Certificate of deposit account

In this account, you make a fixed deposit of a lump sum amount for a specific period. During that, you don’t withdraw your money. The financial institution gives you a higher return as compared with the money market and savings accounts. Certificates of deposits are a safe investment strategy to earn more return.

6. Cash management account

This account provides combined features and functions of other accounts like checking, saving, and investment accounts. You get a combined overview of cash in one place and don’t need to make separate bank accounts for each function.

7. High-yield savings account

As the name suggests, it is a high-interest paying savings account. A High Yield Savings account pays 10 to 25 times more interest than a normal savings account. And it is a safe way to generate higher returns.

8. Money market account

These accounts work similarly to savings accounts but with some checking account features. You get to check and debit card options for withdrawal. However, there is a limitation on withdrawals and purchases. 

9. Specialty savings account

Designed for specific persons or events not for meeting your bigger financial goals. The most common types include: 

• Christmas Club savings account
• 529 college savings account
• HSAs or health savings accounts
• Home down the payment savings account
• Student  savings account
• Children’s savings account
• Custodial savings account

Other than these banking personal finance topics you can study different banking procedures and policies regarding loans and accounts. So that you don’t face any trouble in the future and make better decisions.

7. Budgeting

Budgeting is another financial topic you should understand and implement. It helps you analyze how much you’re earning and where it is going. You get a clear picture of your expenses and easily cut down on extra ones. 

Here are some budgeting topics you can learn about: 

1. Traditional budget

A very common type of budgeting the majority of people use. You list down your income sources and sum them up, then you list down your expenses and sum up, and find the difference between income and expenses.

You get a clear view of income and spending by finding the difference. If the “income minus spending” is positive this means you’ve money left for savings. Otherwise, you either need to cut back expenses or earn more money.

2. Zero-based budget

In this budget, your income minus expenses goes to zero. Here you assign every dollar of your income a certain job to do. It can be savings, investing, insurance, or achieving seasonal goals. So you need to start each new month’s budget from zero.

3. 50/30/20 rule 

It is a simple rule that makes budgeting easier. You divide your after-tax income into three categories. One is called need which is most important, then want, and then saving or paying off debt. 

According to this rule, you spend 50% of your after-tax income on needs, 30% on wants, and 20% on savings or to pay the debt.

4. 70/20/10 rule

This rule is similar to the above but with one exception which is a percentage of allocation. Here you spend 70% on needs plus wants, 20% on saving, and 10% on charity and/or paying off debt.

5. Cash-only budget

It is a budgeting method where you spend with cash on all expenses. No credit card or debit card. 

6. Spending first budgeting

In this budgeting method, you prioritize your expenses over savings. Simply you first spend your disposable income on expenses then what is left goes to savings or investing. This budgeting method is good if expenses are less than income.

7. Envelope method

Using this method you keep an envelope for each expense and put cash in it. When the cash in that envelope wipes out in spending then you’re done. You don’t spend further on that particular expense. You can simply stick these envelopes on a wall and write the names of each important expense on it. Then start spending on each expense according to need.

The money needed to cover the expense can be determined by taking the last 3 months’ average of each expense. This gives you an idea of the actual amount you need to cover it.

8. Saving the First budget

This method is also called as pay-yourself-first method. You prioritize savings over expenses. The money first goes into a savings account. What is left? Is spent on paying off debt, and other important household and personal expenses.

9. Other budgeting methods

• The no budget
• Anti budget 
• Spending ceiling

10. Budgeting apps and software

After budgeting methods come the tools and software for budgeting which make your job a lot easier. They help you track and analyze your finances from a 30,000-foot view.

You can get your hands on them. Here is a list of some easy tools: 

• You Need A Budget (YNAB)
• Every dollar
• Personal capital

All of these tools are amazing and you can easily learn them through YouTube video tutorials. They make a lot of your work on automation and save time.

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If you earn money you are liable to pay tax. And it’s our responsibility to pay taxes. But tax is an important part of personal finance. Because you pay a major portion of your income into taxes. 

You don’t need to be a tax professional who knows every bit of information and code. But at least you should know how much tax expense you pay this year. Along with that how to save money using different loopholes and benefits. 

Whether you need to file federal tax or state tax. And how many deductions you can get.

If you have limited time then you can hire a tax professional to do this for you. But knowing yourself can save you hundreds of dollars. 

There are different tax software like TurboTax, Quickbooks, Taxact, Taxpayer, etc. They make your job a lot easier. 

9. Insurance

It is compulsory to protect your assets from unwanted risk.

Many types of risks and threats can damage your assets. For example, fire, theft, accident, illness, and any other. Which can ruin your and your family’s financial life. So before any mishap occurs you should take protective steps. 

So here comes the need for insurance. 

There are different types of insurance which you need to choose according to your requirements. Here are some common types of insurance:

• Life Insurance
• Car Insurance
• House Insurance
• Health Insurance
• Travel Insurance
• Mobile Insurance 
• Cycle Insurance
• Bite-size Insurance

Other things to know are the insurance costs of different companies and policies. Paying attention to that can help you get more out of your insurance policy.

10. Net worth

It is an important factor that determines how much money you have. Networth is simply equal to total assets minus total liabilities. In other words, you subtract debt from your assets, and the remaining value is called your net worth.

Determining your net worth helps you know your financial position. This will help you make better financial choices and know the exact goals you want to achieve. 

Also, learn the strategies and tactics to increase it over time. So that you build wealth and get financial freedom.

11. Homeownership

Home is the biggest investment for Americans. And the government is continuously working to provide homes to middle and lower-class families. That’s why important in all personal finance topics. 

It is not just buying a house but more than that. It involves several steps and procedures to help you buy a home. 

Here is what you should know under the homeownership area:

• Checking your affordability
• Finding the perfect home
• Home Registration and transfer
• Applying for a loan to purchase it
• Seeing bargains to benefit more
• Preparing for downpayment 
• Determining maintenance costs
• Calculating the taxes

And a lot more which you can learn from Google. 

Other Personal Finance topics

The above topics are important but they are linked to even more important issues which highly impact your financial success and failure. Here are four other issues that you should hold on to for building your financial future:

• Money management
• Accounting basics
• Making money

I’ll expand on this list later. Now I’m just listing them down to give you a chance to learn and explore these topics.

Now you’re clear about the above 15 personal finance topics. Let’s take a quick look:

• Credit Score
• Homeownership
• Money Management
• Accounting Basics
• Making Money

I hope you find this post helpful and has enough value.

If any important financial topic is missing from the above list, you can mention that in the comments below.

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Top 140 Finance Research Paper Topics

Why finance topics? The search for interesting finance topics is a constant one. Of course, this is understandable because knowledge of hot topics in finance puts you ahead of the game. Students or researchers who major in business will, at one point or the other in their careers, make presentations, and submit research papers, essays,or help with dissertation or projects. With the headache of writing these papers aside, the challenge of picking finance topics always looms around. We have, therefore, carried out extensive research to present you with these 30 finance topics that will make your paper worth reading! When in doubt, this list of finance topics will surely come in handy to shed some light on that darkness!

Finding Excellent Topics in Finance

We offer you 30 researchable topics in finance. But why should we only catch fish for you if we can teach you how to fish too? The need to find unique topics in finance is on the increase. Here are some excellent tips that will help you choose appropriate finance topics:

• Find out unanswered questions from previous research works or develop on areas that require additional study.
• Read several theses to form ideas.
• Check economics topics . They may be more general but you can narrow down some of them.
• Search online for related topics that are unique, or make them unique to suit your purpose.
• Discuss your chosen topic with other students or people who have experience writing dissertations asking for their input.

Research Topics In Finance

In financial research, unique topics are pivotal to the overall success of the study. The reason for this is simple. Now put yourself in the shoes of professors who have read hundreds of theses and essays. They already know common topics that students like to write or work on. A hot research topic in finance will surely catch the attention of your professor and will likely earn you better grades. Writing finance research papers becomes much easier when you have superb finance research topics.

Here is a finance research topics list that will spark people’s interest in your research work and make your finance research paper worth reading! Ready for these research topics in finance? Read on!

• Merger and Acquisition: An Analytical Study of the Benefits and Set-backs.
• Capital Asset Pricing Model: Possible Solutions to its Inadequacies.
• Global Financial Crisis: A Critical Study of the Role of Auditors and Stakeholders.
• The Impact of Manipulating the Commodity Market on Future Commerce.
• Continuous-time Models: An exhaustive Comparative Analysis of its Application in Divers financial Environments.
• How Speculations Undermine the Stability of Banking in Asian Markets.
• Branding: Its Effect on Consumer Behavior.
• An effective strategy for managing inventory and controlling your budget.
• An analytical report on the various investments in tax-saving products.
• Using a systematic investment strategy to build stability for retail investments.
• How income tax is planned and implemented in India’s economy.
• A detailed analysis of how the Indian banking system operates.
• How does multi-level marketing work in different economies around the world?
• A detailed report on electronic payment and how it can be improved.
• A case study regarding senior citizen investment portfolios.
• Are there potential risks and rewards when comparing savings to investments?
• Is ratio analysis an effective component of financial statement analysis?
• How the Indian economy functions with its current banking operations.

Finance Research Topics For MBA

Here are some great finance research topics you can use toward your MBA. It’s sure to intrigue your professor and get you to look at finance from a different perspective.

• Investment analysis of a company of your choice.
• A detailed report on working capital management.
• Financial plans and considerations for saving taxes and salaried employees.
• A detailed analysis of the cost and costing models of the company of your choice.
• The awareness of investments in financial assets and equity trading preference with financial intermediaries.
• The perspective of investors and their involvement with life insurance investments.
• A detailed analysis of the perception of mutual fund investors.
• The comparative study between UIL and the traditional products.
• A detailed report on how the ABC company manages cash.

Corporate Risk Management Topics

These are some key topics you can use relating to corporate risk management.

• A detailed report on the fundamentals of corporate risk management.
• The analytical concepts relating to effective corporate and financial management within a company.
• How does corporate risk management affect the financial market and its products?
• What are risk models and how are they evaluated?
• How is market risk effectively measured and managed in today’s economy?
• How can a company be vigilant of potential credit risks they can face?
• What are the differences between operational and integrated risks in the corporate world?
• Is liquidity an effective strategy to lower financial risk to a company?
• How risk management can connect with and benefit investment management.
• The current issues that are affecting the modern marketplace and the financial risks they bring.

Healthcare Finance Research Topics

These are some key topics you can use relating to healthcare finance research.

• Is it better for the government to pay for an individual’s healthcare?
• The origins of healthcare finance.
• An analysis of Canada and their healthcare finance system.
• Is healthcare financing a right or a privilege?
• The changing policies of healthcare in the U.S.
• Can healthcare be improved in first-world countries?
• Can the healthcare system be improved or remade?
• How much influence does the government have on healthcare in a country?
• The impact of growing global health spending.
• Is free healthcare achievable worldwide?

Corporate Finance Topics

Corporate finance deals with processes such as financing, structuring of capital, and making investment decisions. It seeks to maximize shareholder value by implementing diverse strategies in long and short-term financial planning.

Corporate finance research topics broadly cover areas like tools for risk management, trend research in advanced finance, physical and electronic techniques in securities markets, research trends in advance finance, investment analysis, and management of government debt. The following corporate finance topics will surely minimize any risk of mistakes!

• Using the Bootstrapped Interest Rates to Price Corporate Debt Capital Market Instruments.
• Corporate Organizations: The Impact of Audit Independence on Accountability and Transparency.
• Buybacks: A Critical Analysis of how Firms can Buy Back at Optimal Prices.
• Merge and Acquisitions: Reasons why Firms still Overpay for bad Acquisitions.
• Corporate Finance: Ethical Concerns and Possible Solutions.
• Understanding the investment patterns relative to smaller and medium-capitalization businesses.
• A detailed analysis of the different streams of investment relating to mutual funds.
• Equity investors and how they manage their portfolios and perception of potential risks.
• How does investor preference operate in the commodity market in Karvy Stock Broking Limited?
• An analysis of the performance of mutual funds in the public and private sectors.
• Understanding how Videcon manages its working capital.
• The Visa Port trust and how it conducts ratio analysis.
• How the gold monetization scheme has affected the Indian economy and banking operations.
• How does SWIFT work and what are the potential risks and rewards?
• A detailed analysis of the FMC and SEBI merger.

Business Finance Topics

Every decision made in a business has financial implications. It is, therefore, essential that business people have a fundamental understanding of finance. To show your knowledge, you must be able to write articles on finance topics in areas such as financial analysis, valuation, management, etc. Here are some juicy business finance topics!

• Application of Business Finance: Its importance to the Business Sector.
• The Importance of Business Finance in the Establishment of Business Enterprises.
• Modernization of Business: Roles of Business Finance in Business Modernization.
• A detailed study on providing financial aid to self-help groups and projects.
• Is tax an effective incentive for selling life insurance to the public?
• Understanding how the performance of mutual funds can change within the private and public sectors.
• Is there a preference for different investment options from financial classes?
• A detailed analysis of retail investors and their preferences and choices.
• A study on investors and their perspective on investing in private insurance companies.
• How analyzing financial statements can assess a business’s performance.
• Increasing the accountability of corporate entities.
• Ethical concerns connected to business finance and how they can be managed.
• The level of tax paid by small to medium businesses.

International Finance Topics

As the world is now a global village, business transactions occur all around the world. No more are we limited to local trade, and this is why the study of international is essential and relevant. Here are some international finance topics that will suit your research purpose!

• Stock Exchange: How Important are the Functions of a Bank Office?
• Global Economic Crises: Possible Precautions to prevent Global Financial crisis.
• Bond Rating: the Effect of Changes on the Price of Stocks.
• How the Banking Industry can Decrease the Impact of Financial Crisis.
• Is it possible for a country to budget funds for healthcare for the homeless?
• The negative impact of private healthcare payments on impoverished communities.
• What sectors in healthcare require more funding at the moment?
• The dilemma of unequal access to adequate healthcare in third world countries.
• Can cancer treatment be more inexpensive to the public?
• The problem with the high pricing of medication in the U.S.
• Is there a better way to establish healthcare financing in the U.S?
• What are the benefits of healthcare finance systems in Canada and the UK?
• How can third-world countries improve their healthcare systems without hurting their economy?
• Is financing research a priority in healthcare and medicine?
• Does free healthcare hurt the tax system of a country?
• Why is free and privatized healthcare present in different economies?
• How does government funding affect healthcare finance systems?
• How do patient management systems work?
• Where does affordable healthcare financing fit in growing economies?
• The economic impact of COVID-19 in various countries.
• The healthcare policies of the Serbian government.

Finance Research Paper Ideas

Writing a research paper requires an independent investigation of a chosen subject and the analysis of the remarkable outcomes of that research. A finance researcher will, therefore, need to have enough finance research paper topics from which to choose at his fingertip. Carefully selecting a finance thesis topic out of the many finance research papers topics will require some skill. Here are some exciting finance paper topics!

• Behavioral Finance versus Traditional Finance: Differences and Similarities.
• Budgetary Controls: The Impact of this Control on Organizational performance.
• Electronic Banking: The Effect of e-Banking on Consumer Satisfaction.
• Credit and Bad Debts: Novel Techniques of management in commercial Banks.
• Loan Default: A Critical Assessment of the Impact of Loan Defaults on the Profitability of Banks.
• A detailed analysis of the best risk management methods used in the manufacturing industry.
• Identifying and measuring financial risks in a derivative marketplace.
• Exploring the potential risks that can occur in the banking sector and how they can be avoided.
• The risks that online transactions bring.
• What are the methods used to ensure quantitive risk management is achieved?
• A better understanding of policy evaluation and asset management.
• What makes traditional finance so different from behavioral?
• The significance of budgetary control in a corporate organization.
• How do loans benefit the profitability of banks?
• How do commercial banks assist their clients that are in bad debt?
• The various considerations we need to be aware of before making investment decisions.

Personal Finance Topics

Personal finance covers the aspects of managing your money, including saving and investing. It comprises aspects such as investments, retirement planning, budgeting, estate planning, mortgages, banking, tax, and insurance. Researching in this area will surely be of direct impact on the quality of living. Here are some great personal finance topics that are eager to have you work on them!

• Evaluation of Possible Methods of Saving while on a Budget.
• The Effect of Increase in Interest Rate and Inflation on Personal Finance.
• Benefits of Working from Home to both Employers and Employees.
• Will dental services be considered an essential medical service soon?
• Is affordable or free healthcare a right that everyone should be entitled to?
• The best ways to save money while on a tight budget.
• What happens to personal finance when inflation and interest rates rise?
• The financial benefits of working from home.
• Does innovations in personal finance act as an incentive for households to take risks?
• A detailed analysis of credit scores.
• The importance of credit and vehicle loans.
• A detailed analysis of employee benefits and what should be considered.
• The effect of tax on making certain financial decisions.
• The best ways to manage your credit.
• The difficulties that come with mobile banking.

Finance Topics For Presentation

Sometimes, you may need to present a topic in a seminar. The idea is that you can whet the appetite of your audience with the highlights of your subject matter. Choosing these finance seminar topics requires a slightly different approach in that you must be thoroughly familiar with that topic before giving the presentation. Interesting and easy-to-grasp finance topics are, therefore, necessary for presentations. Here are some topic examples that fit perfectly into this category.

• Analysis of the Year-over-Year Trend.
• Maximizing Pension Using Life Insurance.
• The Architecture of the Global Financial System.
• Non-communicable diseases and the burden they have on economies.
• Is there a connection between a country’s population and its healthcare budget?
• The spending capability of medical innovations in a third-world economy.
• The long-term effects of healthcare finance systems in the U.S.
• A detailed analysis of pharmaceutical marketing in eastern Europe.
• Understanding the reduction in medical expenses in Greece.
• Private payment for healthcare in Bulgaria.
• A complete change in healthcare policy worldwide. Is it necessary?
• The significance of electronic banking on the public.
• The evolution of banking and its operations.

So here we are! Surely, with this essay on finance topics that you have read, you’ll need only a few minutes to decide your topic and plunge into proper research! If you need professional help, don’t hesitate to contact our economics thesis writers .

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Bias Busters: Motivations under the microscope

Despite their best intentions, executives fall prey to cognitive and organizational biases that get in the way of good decision making. In this series, we highlight some of them and offer a few effective ways to address them.

Our topic this time?

Motivations under the microscope

The dilemma.

The CFO at a chemical company is launching a new resource allocation process. Under it, the finance and strategy teams would no longer review requests business unit by business unit. Instead, they would consider proposals in the aggregate, rank them, and funnel resources to the most promising opportunities. It’s a nimbler way to manage resources, the CFO tells senior management—“and, really, the only way we can continue to keep up with the market.” Leaders in the life sciences and advanced-materials businesses are on board with the plan. They can easily point to strong sales growth and recent product innovations to support their resource requests. But other leaders are balking. The head of petrochemicals tells the CFO, “We’re not growing as fast or as much as everyone else, but the revenue from our polymers keeps the lights on around here. Under this new plan, our proposals are never going to get a fair shot.” They and some of the other business unit leaders have already started appealing to the finance and strategy teams for process exceptions, which would essentially defeat the purpose of the new approach.

How can the CFO make the new resource allocation plan work for everyone?

Bias Busters Collection

The research.

The CFO needs to recognize the dynamic at play here, which is a form of the collective action problem—a bias that has vexed business, social science, and political leaders since the dawn of organizations. 1 Todd Sandler, “Collective action: Fifty years later,” Public Choice , September 2015, Volume 164, Number 3/4. It reflects situations in which individuals or teams would be better off in the long term by cooperating with others but fail to do so because of conflicting interests, prompting tensions to rise. The dynamic has also been described as the principal–agent problem, where an agent (an individual or group) acts on behalf of a principal (another individual or group), and if their motivations aren’t in sync, outcomes for both may be suboptimal. 2 Michael C. Jensen and William H. Meckling, “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics , October 1976, Volume 3, Number 4. In the case of the chemical company, business unit leaders are being asked to cooperate with a new process that would have them “compete” with colleagues for access to limited corporate resources. The motivation here is for the different teams to act in their own best interests, which may lead to decreased growth and value to shareholders over time.

How to put your money where your strategy is

One way to counter the collective action problem is for the CFO and executive-leadership team to draw what we call a motivation map. The map could be a literal outline, captured in a spreadsheet or slideshow, or a one-time discussion. Either way, it’s a tool that the CFO and executive-leadership team can use to better understand how business unit leaders would be affected by the new allocation process. Through the mapping exercise, they would first take inventory of each leader’s primary motivations and priorities, looking at factors such as financial incentives, personal goals, and professional status. They could then consider how the status quo supports those motivations and priorities and plan for how to appeal to business unit leaders in a way that would help shift their thinking in a different direction.

In the case of the chemical company, such an exercise could be particularly useful for bringing the head of petrochemicals into the fold. For instance, the CFO and team could ask, “Is this leader’s compensation tied to the size of the business unit’s P&L? Are they currently in a position of influence within the organization—and looking for more?” Based on the answers, the CFO and team could tailor their messaging on the process change accordingly. For instance, if loss of status is a concern, they might offer the petrochemicals head an advisory role on the new resource allocation board. If compensation is the issue, the CFO and team can help redefine financial incentives to reflect the change in the company’s approach to resource management. A formalized mapping exercise can give the CFO and team more information than surface-level statements might.

It can be hard to convince individuals and teams to let go of long-established processes, rituals, and rewards. A motivation map can help senior management determine how best to bring together leaders with different priorities and perspectives, align their incentives, and ultimately move everyone toward a better, more productive place.

Eileen Kelly Rinaudo is McKinsey’s global director of advancing women executives and is based in McKinsey’s New York office, Tim Koller is a partner in the Denver office, and Derek Schatz is a consultant in the Chicago office.

This article was edited by Roberta Fusaro, an editorial director based in the Waltham, Massachusetts, office.

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