Europe demands that its people be culturally and intellectually equipped in the ways that are suitable for their present and future. Only in this way they will be able to live meaningful lives in person and together. Higher education institutions play a key role in developing appropriate strategies as they are responsible for preparing their students for viable development of career and citizenship. Universities and other higher education institutions are increasingly realizing that their movement is a moving target and their leadership in the field of knowledge and understanding development and transfer means a new sensitivity to a society change. They are increasingly consulting their customers. Education inspires societal progress, but at the same time, it must respond with discernment to society by developing appropriate strategies for future study programs.
Graduate studies in human resource management and national security programs prepare students for an independent national budget evaluation (acting as public finance specialists) which requires high qualification. The managers of human resource in the public sector are in charge of public finance expenditure accounting and budget matters in an institution and, besides typical knowledge of the budget, must demonstrate deep knowledge of public finance and the ability to combine human resource management and public expenditure issues.
In order to achieve this goal, the Master study programme in National Security at General Jonas Žemaitis Military Academy of Lithuania (MAL) partially provides the study of specialized subjects in the fields of public finance and budget planning. One of the most important subjects is the national budget which requires from the students a lot of prior knowledge in the field of budgeting and taxation systems.
Estimating that the main purpose of governmental sector’s human resource management could be public finance, it is useful to show students the differences in the approach of national budget operations and tax revenue purposes. The teaching process should be based on accurately selected cases obvious for students. From a didactic point of view, a properly selected case is the one that contains a lot of differences among national, government and municipal budgets and their records in the national legal system.
One of the examples that meets the above criteria is revenues collected from different taxes. Settled income from taxes are one of the most important revenues for the national budget. Moreover, the principles of diversification of government and municipal budgets could be clearly understandable for graduate students.
The paper presents the advantages and disadvantages of choosing different taxes for national, state and municipal budgets concerning tax burden for different groups of society. Furthermore, the purposes of teaching students public budgeting and the principles of taxation are discussed. Amid the many preferences, the most important one could be a pattern that clearly shows different approaches to budget expenditures and tax diversification as an interrelated issue that is the amount of budget expenditures strictly correlating with taxable and non-taxable income in the public finance and depending on the budget legislation. Certainly, the indication of such relations is the essence of public finance budgeting.
Practical applications are constructed from years of practice in teaching public finance, national and municipal budgets. Taxation theories were also indicated by the results of a survey carried out in a group of students studying public finance in the last academic year.
The increase in the investment complications in the current environment has increase the need of the good quality financial advices services. Based on this, the aim of the study is being to investigate the join effect of risk tolerance (RT) and risk perception (RP) on the individual risky asset allocation decision along with the other essential variable in the context of financial advice which is consist of financial literacy and trust. For this purpose, data was collected from the 210 financial advisors of the banking sectors by using a convenient sampling technique which yield a 70% response rate. For analysis, Structural Equation Modeling (SEM) technique was employed. The SEM analysis has shown that trust has positive and significant association with the RP and FL, and FL also has a positive and significant association with the risk tolerance and while insignificant with the RP. In addition, RP and RT also have a positive and significant association with the asset allocation in the banking sector of Indonesia. Based on the findings, current study added a body of literature in the empirical findings which could become a new of area of research in future. The research limitations and future directions are also discussed at the end of the study.
This study was performed to evaluate and examine financial literacy and retirement planning in sector employment in Vietnam in the context of financial safety during lifecycle. In order to collect primary data, a questionnaire was designed and distributed to 257 employees in the public and private sectors in Ho Chi Minh City. The results of descriptive analysis indicated that those who work in the public sector have a higher percentage of correct answers to questions about financial literacy and knowledge of social insurance than that of employees in the private sector. The results of a linear probability model (LPM) and two-stage least squares (2SLS) regression show that financial knowledge and regular saving are significant factors that enhance retirement planning, whereas sector employment is insignificant to retirement planning. These findings should improve the knowledge of financial literacy, pensions and social insurance disseminated through retirement seminars and education programs for workers. More research, however, should be conducted on these topics in Vietnam.
The level of citizens’ financial knowledge has a great impact on financial well-being of individuals and society. In this regard public authorities in many countries initiated a process of development and implementation of National strategies to enhance financial literacy level. The initial step of developing a national strategy is evaluation of current situation. Thus, financial literacy measuring issues are frequently debated in the academic and public environment. The goal of the current research is to develop a measurement instrument to evaluate the level of financial knowledge of Latvian citizens. The present paper reflects the results of the authors’ conducted survey based on the sample of 169 respondents. A set of 12 questions on financial matters was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. Data was processed by means of SPSS, applying such methods, as analysis of means, analysis of frequencies and independent samples t-test. Received results assist to precise the content and wording of questions to be included into the questionnaire for evaluation financial literacy level of Latvian citizens.