Implementation of a Financial Program to Help Reserves Meet Needs

ANNOTATED BIBLIOGRAPHY FOR A FINANCIAL PROGRAM 1

Frijns, B. P. M., Gilbert, A., &amp Tourani-Rad, A. (2013). Why dofinancial literacy programmes fail? Applied Finance Letters, 2(1),18-21.

Frijns, Gilbert, and Tourani-Rad (2013) article is important inestablishing how to formulate an effective financial program. Thearticle focuses on financial literacy among people as well asdiscusses why financial programs fail. Frijns et al. (2013) contendthat with increased complexities of financial instruments andmarkets, it is constructive for any government to promote financialliteracy programs among people. Furthermore, the authors assert thatalthough financial programs have proliferated over the years, theirsuccess has remained limited since most programs do not focus onfinancial decision-making during formulations.

The present research endeavors to study the implementation of aneffective financial program that would help reserves meetexpectations and perhaps reduce poverty thus, the article isinherently significant in establishing the main aspects of afinancial program. Furthermore, the article shows that failure tounderstand the correlation between financial decision-makingprocesses and financial literacy leads to failures in the programs,which is an important aspect in understanding how to formulate thedesired financial program.

Fozzard, A., Holmes, M., Klugman, J., &amp Withers, K. (2001).Public spending for poverty reduction.&nbspDraft. PovertyReduction Strategy Program, World Bank, Washington, DC

The article focuses on financial programs through poverty reductionand public finance management. According to the authors, anyfinancial program cannot succeed without planning and management. Inaddition, it is important to make appropriate decisions, especiallyon the instruments and interventions to apply when formulating afinancial program. The article looks at public finance managementglobally and relates its success on financial programs, whichprovides great insight into the development of the current research.Furthermore, the article will offer great insight and lessons fromfinancial programs employed elsewhere as well as show how theprograms worked. Most importantly, the article will show how afinancial management program aligned to public spending can helpreduce poverty. As such, the article will form the main framework forstudying how to reduce poverty through financial programs during theresearch.

Hathaway, I., &amp Khatiwada, S. (2008). Do financial educationprograms work? Federal Reserve Bank ofCleveland, working paper 08-03

The article discusses the effectiveness of financial programs onconsumer financial behaviors thus, evaluates whether financialprograms allow institutions and people to meet needs andexpectations. In its findings, the article argues that a body ofevidence does not exist on the effectiveness or failure of financialeducation programs on consumer behavior, although financial programsif done correctly affect behavior. In this regards, the article isessential in evaluating the main aspects of an effective financialprogram. Furthermore, the article proposes that institutions shouldalways carry out program evaluations before implementing anyfinancial program, which is critical in enhancing the effects of theprogram on behavior.

Kane, E. J. (2015). Unpacking and reorienting the executivesubcultures of megabanks and their regulators.&nbspAvailable atSSRN 2594923.

The article focuses on organizational norms and their inhibitorymechanisms. The article proposes that banks and financialinstitutions should change the organizational cultures that identifytheir profitability and instead cultivate a more consumer-focusedframework. The article establishes how groups in the financial sectorsuch as financial institutions, federal regulators, and advocacyintermediaries should collaborate efficiently to mitigate conflicts.As such, Kane (2015) proposes the application of Schein’s Model ofOrganizational Culture to enhance the financial sector thus, allowinstitutions meet needs and expectations.

It is worth noting that although the article neither proposes afinancial program nor discusses the effectiveness of financialprograms, it discusses the formulation of rules and technologies aswell as proposes a regulatory framework. In this regards, the articlewill help in formulating the research by showing how regulating thefinancial sector influences formulated financial programs as well asallow the country to enhance sustainability. Furthermore, the articlewill help in assessing the various forms of conflicts in financialprograms and the means of reducing the conflicts.

Literacy, F., &amp Education Commission. (2011). Promoting financialsuccess in the United States: National strategy for financialliteracy.&nbspFinancial Literacy and Education Commission.

The article discusses the importance of financial literacy inhelping a nation meet sustainable development agendas. In fact, thearticle shows how the Financial Literacy and Education Commission hashelped in developing a financial strategy for the country as well asallowed to meet various financial successes. In this regards, thearticle will help in showing the importance of a financial program indeveloping sustainability as well as helping a nation meet needs.Furthermore, since the article discusses a working and acomprehensive financial program, it will be important to incultivating the various aspects of an effective financial programduring the research evaluation and execution.

Lyons, A. C., Palmer, L., Jayaratne, K. S., &amp Scherpf, E. (2006).Are we making the grade? A national overview of financial educationand program evaluation.&nbspJournal of Consumer Affairs,&nbsp40(2),208-235.

The article is inherently important in establishing how variousfinancial programs have flourished over the years. However, thearticle also shows how research-measuring effects have failed to keeppace especially due to lack of evaluation capacity, consistentmeasures, and lack of empirical rigor. The authors discuss thechallenges of setting up financial programs as well as provide anoverview of the current situation of financial programs. In thisregards, the article will become essential in formulating theresearch, as it will show how to evaluate financial programs as wellas the institutions or people to target.

Martin, M. (2007). A literature review on the effectiveness offinancial education. Federal Reserve Bank of Richmond, 7(3)

In the article, Martin reviews the present research on the financialliteracy efforts that institutions and societies have employed.Martin also provides results on the implications of new financialprograms especially those aligned to literacy. Despite the articleproviding mostly a developing analysis on financial literacyprograms, it proposes effective processes on enhancing financialbehavior and knowledge. In addition, the article is significant inconstruing the benefits of homeownership, retirement planning, andcredit use. Martin explains the link between financialdecision-making processes at home and financial freedom.

The article is important in understanding the contexts and processesof financial programs especially those aligned with literacyprograms hence, it will be essential in formulating the differentaspects of the research. In addition, the article will be significantin advancing the research, as it will provide the common mistakespeople make when making financial decision-making, especially amonglow and middle-income populations. In fact, since the researchproposes an effective financial program for reserves, the articlewill help in suggesting education efforts as the main aspect of anyfinancial programs.

McCormick, M. H. (2009). The effectiveness of youth financialeducation: A review of the literature.&nbspJournal of FinancialCounseling and Planning,&nbsp20(1).

Due to the current financial complexities such as financial marketsand instruments, it is important to cultivate financial programs thatensure the public especially the youth obtain the required financialknowledge. As such, the article provides some lessons on the benefitsof financial programs as well as proposes several financialmanagement processes that people can undertake to meet expectationsand needs. The article suggests that if a country implements aneffective and comprehensive financial program, it is difficult toexperience bankruptcy, drastic declines in savings, recessions, andrapid price spikes. As such, the article is important, as it willshow how a financial program can help in undertaking financialsuccess. In addition, the article will help in understanding how toimplement an effective and a working financial program.

Theodos, B., Simms, M., Treskon, M., Stacy, C., Brash, R., Emam, D.,… &amp Collazos, J. (2015). An Evaluation of the Impacts andImplementation Approaches of Financial Coaching Programs. UrbanInstitute

Theodos et al. (2015) provide a coach-client financial model as aneffective financial program to improve financial outcomes. Theauthors offer findings from an RCT (Randomized Control Trial) of twofinancial processes they find effective and which serve the low andmiddle-income populations. It is worth noting that the article givesa comprehensive analysis of the program as well as provides theimplementation, uptake, and impact in a concise and effective manner.The implications of the programs are important for governmentinstitutions in understanding the significance of coaching,counseling, literacy, financial clinics, and persistence in meetingneeds and improving financial outcomes.

The article is essential in preparing for the research as well asproposing the best approaches to financial freedom of the low andmiddle-income populations. In fact, institutions such as the FederalReserve Bank can use the program models discussed in the article toprovide contexts for people to meet needs and expectations. Inaddition, the article discusses two main financial coaching programs:Branches and Financial Clinic, which public institutions can drawlessons from to enhance financial stability, tax plans, and savingsfor the public.

Von Braun, J., &amp Torero, M. (2009). Implementing physical andvirtual food reserves to protect the poor and prevent market failure.In grain reserves and the food price crisis: Selected writingsfrom 2008-2012. Institute for Agriculture and Trade Policy,25-30.

Von Braun and Torero (2009) mostly focus on food reserves tosafeguard the poor and inhibit market failures, yet, they provide acomprehensive background on financial programs and the way theyaffect food prices and reserves. The focus on food reserves andprices, as well as market failures, is significant, as it provides acorrelation between financial programs and demand or supply forgoods. As such, the writers propose the modification of thearchitecture of international financial markets to address theimplications of price spikes on the livelihoods of the poor.

Although the article does not mention a specific financial program,it provides instances of modifying the contemporary programs toensure that international markets meet needs and expectations.Furthermore, the article calls for a virtual and institutionalizedfinancial design, which is important in limiting speculations andregulating markets thus, the article is important to developing theresearch.

References

Frijns, B. P. M., Gilbert, A., &amp Tourani-Rad, A. (2013). Why dofinancial literacy programmes fail? Applied Finance Letters, 2(1),18-21.

Fozzard, A., Holmes, M., Klugman, J., &amp Withers, K. (2001).Public spending for poverty reduction.&nbspDraft. PovertyReduction Strategy Program, World Bank, Washington, DC

Hathaway, I., &amp Khatiwada, S. (2008). Do financial educationprograms work? Federal Reserve Bank ofCleveland, working paper 08-03

Kane, E. J. (2015). Unpacking and reorienting the executivesubcultures of megabanks and their regulators.&nbspAvailable atSSRN 2594923.

Literacy, F., &amp Education Commission. (2011). Promoting financialsuccess in the United States: National strategy for financialliteracy.&nbspFinancial Literacy and Education Commission.

Lyons, A. C., Palmer, L., Jayaratne, K. S., &amp Scherpf, E. (2006).Are we making the grade? A national overview of financial educationand program evaluation.&nbspJournal of Consumer Affairs,&nbsp40(2),208-235.

Martin, M. (2007). A literature review on the effectiveness offinancial education. Federal Reserve Bank of Richmond, 7(3)

McCormick, M. H. (2009). The effectiveness of youth financialeducation: A review of the literature.&nbspJournal of FinancialCounseling and Planning,&nbsp20(1).

Theodos, B., Simms, M., Treskon, M., Stacy, C., Brash, R., Emam, D.,… &amp Collazos, J. (2015). An Evaluation of the Impacts andImplementation Approaches of Financial Coaching Programs. UrbanInstitute.

Von Braun, J., &amp Torero, M. (2009). Implementing physical andvirtual food reserves to protect the poor and prevent market failure.In grain reserves and the food price crisis: Selected writingsfrom 2008-2012. Institute for Agriculture and Trade Policy,25-30.