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Financial Literacy and Rational Health Behavior: Implications for Sustainable Healthcare...
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Financial Literacy and Rational Health Behavior: Implications for Sustainable Healthcare Provisions during the COVID-19 Pandemic and Beyond

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Health, Well-Being and Sustainability".

Deadline for manuscript submissions: closed (30 September 2023) | Viewed by 6026

Special Issue Editors

Prof. Dr. Yoshihiko Kadoya

E-Mail Website
Guest Editor
School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashihiroshima, Hiroshima 739-8525, Japan
Interests: health economics; household finance; public policy
Dr. Mostafa Saidur Rahim Khan

E-Mail Website
Guest Editor
School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashihiroshima, Hiroshima 739-8525, Japan
Interests: financial literacy; behavioral finance and economics; household investment behaviors

Special Issue Information

Dear Colleagues,

Health behavior is an important aspect that shapes the health conditions and well-being of the individual. It also has implications for the overall healthcare provision of a country. Rational health behavior can be observed as an investment in health capital that provides long-term benefits in the form of increased productivity. Financial literacy, which measures people’s investment and money management capabilities, has been found to influence economic and social behavior such as savings, investment, wealth creation, retirement savings, and others. Few studies have made efforts to observe the role of financial literacy as a rational decision-making instrument in influencing positive health behaviors. We believe that financial literacy and health-related behaviors such as exercise, smoking, gambling, and others are important because they show us how a rational decision-making ability could be extended to better health management. However, the existing literature only provides limited evidence regarding the role of financial literacy in positive health behavior, as previous studies were conducted using data from only a handful of countries. We understand that social structure, culture, and individual differences influence health behavior because of the variations in shared values and social norms. Thus, further evidence is needed regarding the influence of financial literacy on positive health behavior, possibly from countries with different cultural backgrounds. This area of research has immense implications for the development of a sustainable health system in a country.

Rational health behavior has important implications for the ongoing COVID-19 pandemic, too. Health safety measures, such as wearing masks, washing hands, physical distancing, and others, are aspects of rational health behavior. In several countries, it has been found that people are weary towards the maintenance of these safety measures. Thus, in turn, the promotion of positive health behavior by developing rational decision-making abilities will help contain the spread of the virus, too. 

The current Special Issue, entitled “Financial literacy and rational health behavior: Implications for sustainable healthcare provisions during the COVID-19 pandemic and beyond”, invites contributions from authors worldwide regarding any topic that advances our understanding of how financial literacy, as a rational decision-making instrument, influences health behavior. We particularly invite contributions regarding health behaviors during the COVID-19 pandemic. However, we will also consider other areas of health economics that have relevance to rational health decisions, impatience, impulsivity, hyperbolic discounting/delayed discounting, and others. We look forward to your contributions.

Prof. Dr. Yoshihiko Kadoya
Dr. Mostafa Saidur Rahim Khan
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial literacy
  • health literacy, health economics, health behavior
  • smoking behavior
  • gambling behavior
  • exercise behavior
  • alcohol consumption behavior
  • health check-up behavior
  • screening behavior
  • BMI
  • COVID-19 pandemic

Published Papers (3 papers)

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Research

16 pages, 264 KiB  
Article
Financial Conditions and Borrowing Behavior of University Students during the COVID-19 Pandemic: Evidence from Bangladesh
by Naheed Rabbani
Sustainability 2023, 15(19), 14123; https://doi.org/10.3390/su151914123 - 24 Sep 2023
Viewed by 1443
Abstract
The COVID-19 pandemic presented significant challenges to university students. This study explores the financial conditions and borrowing behavior of university students during the pandemic in Bangladesh. The study used a sample of 840 students from major public universities in Bangladesh and applied bivariate [...] Read more.
The COVID-19 pandemic presented significant challenges to university students. This study explores the financial conditions and borrowing behavior of university students during the pandemic in Bangladesh. The study used a sample of 840 students from major public universities in Bangladesh and applied bivariate analyses and mean comparison tests. The findings reveal that a substantial portion of the students experienced job loss and financial problems during the pandemic. Approximately 50% of the students had substantial loan burdens, 16.31% borrowed from formal institutions, and 39.17% borrowed multiple times. Furthermore, about 20% perceived borrowing costs as high, and most struggled to make regular installment payments. Analyzing the subgroups, women leaned more on family support for income, while men had independent income sources. Job loss affected a greater percentage of females than males. Females also borrowed more from formal sources, while more males perceived borrowing costs as negligible. In terms of urban and rural comparisons, rural students relied more on family support, while urban students had independent income sources. Financially literate students encountered more job loss and financial trouble and borrowed more from informal and low-cost sources compared to their less financially literate counterparts. The study suggests grants, subsidies, and reduced educational expenses for students who faced job loss, financial trouble, and burdensome debt. Full article
(This article belongs to the Special Issue Financial Literacy and Rational Health Behavior: Implications for Sustainable Healthcare Provisions during the COVID-19 Pandemic and Beyond)
14 pages, 283 KiB  
Article
Financial Literacy and Impulsivity: Evidence from Japan
by Takuya Katauke, Sayaka Fukuda, Mostafa Saidur Rahim Khan and Yoshihiko Kadoya
Sustainability 2023, 15(9), 7267; https://doi.org/10.3390/su15097267 - 27 Apr 2023
Cited by 4 | Viewed by 2256
Abstract
The existing literature considers financial literacy to be a proxy for rational decision-making instruments. Although there is empirical evidence on the impact of financial literacy on improving rational decision-making ability, it is not yet known whether financial literacy reduces irrational decisions. Impulsive decisions [...] Read more.
The existing literature considers financial literacy to be a proxy for rational decision-making instruments. Although there is empirical evidence on the impact of financial literacy on improving rational decision-making ability, it is not yet known whether financial literacy reduces irrational decisions. Impulsive decisions are a form of irrationality where people prefer smaller but earlier rewards over larger but delayed rewards. Thus, impulsive decisions lead to suboptimal decisions in terms of utility gain. This study investigated whether financial literacy reduces impulsivity in financial and economic decisions. We use data from the Preference Parameter Study (PPS) of Osaka University. We measure hyperbolic discounting as a proxy for impulsive decision making. To control for the endogeneity bias between financial literacy and hyperbolic discounting, we use childhood experiences of talking about finances with parents as an instrumental variable. Our probit regression results show that financial literacy is negatively associated with hyperbolic discounting, after controlling for endogeneity bias. Furthermore, we observed that the effect was significant among respondents aged over 40 and among female respondents. Our results suggest that authorities should consider using financial literacy as an alternative policy intervention to change impulsivity preferences. Full article
(This article belongs to the Special Issue Financial Literacy and Rational Health Behavior: Implications for Sustainable Healthcare Provisions during the COVID-19 Pandemic and Beyond)
17 pages, 306 KiB  
Article
Pandemic Fatigue in Japan: Factors Affecting the Declining COVID-19 Preventive Measures
by Abdul-Salam Sulemana, Sumeet Lal, Trinh Xuan Thi Nguyen, Mostafa Saidur Rahim Khan and Yoshihiko Kadoya
Sustainability 2023, 15(7), 6220; https://doi.org/10.3390/su15076220 - 4 Apr 2023
Cited by 3 | Viewed by 1828
Abstract
Pandemic fatigue has threatened the efforts to contain the coronavirus disease 2019 (COVID-19) worldwide; thus, government-mandated preventive measures have declined. The Japanese government has implemented several methods to address COVID-19′s spread, including hand hygiene, mask requirements, and social distancing. This study is the [...] Read more.
Pandemic fatigue has threatened the efforts to contain the coronavirus disease 2019 (COVID-19) worldwide; thus, government-mandated preventive measures have declined. The Japanese government has implemented several methods to address COVID-19′s spread, including hand hygiene, mask requirements, and social distancing. This study is the first to examine the socioeconomic factors affecting Japan’s decline in COVID-19 prevention measures. It utilized the Preference Parameters Study of the Osaka University Institute of Social and Economic Research data of the 2021 and 2022 waves. With approximately 1580 observations, we detected a 10%, 4%, and 13% decline in hand hygiene practice, mask-wearing, and social distancing, respectively, between January 2021 and January 2022. Men were more likely to dislike the hand hygiene practice and mask-wearing and were also more reluctant to maintain social distancing. Moreover, financially satisfied individuals were positively associated with a decrease in the hand hygiene practice, while those with greater assets were more likely to dislike maintaining social distancing. People who exercised regularly were less likely to abandon the hand hygiene practices. Our results highlighted the significance of selective prevention programs targeting specific groups to promote compliance and lead to more effective pandemic management and less fatigue or discontentment. Full article
(This article belongs to the Special Issue Financial Literacy and Rational Health Behavior: Implications for Sustainable Healthcare Provisions during the COVID-19 Pandemic and Beyond)
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