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Collaborative Finance and Its Hurdles to Overcome

Collaborative Finance and Its Hurdles to Overcome

Elisabet Ruiz-Dotras, Krystyna Mitręga-Niestrój
Copyright: © 2021 |Pages: 25
ISBN13: 9781799880493|ISBN10: 1799880494|EISBN13: 9781799881018
DOI: 10.4018/978-1-7998-8049-3.ch025
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MLA

Ruiz-Dotras, Elisabet, and Krystyna Mitręga-Niestrój. "Collaborative Finance and Its Hurdles to Overcome." Research Anthology on Personal Finance and Improving Financial Literacy, edited by Information Resources Management Association, IGI Global, 2021, pp. 457-481. https://doi.org/10.4018/978-1-7998-8049-3.ch025

APA

Ruiz-Dotras, E. & Mitręga-Niestrój, K. (2021). Collaborative Finance and Its Hurdles to Overcome. In I. Management Association (Ed.), Research Anthology on Personal Finance and Improving Financial Literacy (pp. 457-481). IGI Global. https://doi.org/10.4018/978-1-7998-8049-3.ch025

Chicago

Ruiz-Dotras, Elisabet, and Krystyna Mitręga-Niestrój. "Collaborative Finance and Its Hurdles to Overcome." In Research Anthology on Personal Finance and Improving Financial Literacy, edited by Information Resources Management Association, 457-481. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-8049-3.ch025

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Abstract

Using survey data from an online Spanish university, real and perceived financial literacy levels, social interactions and personal trust with the social network are measured as key elements for collaborative finance development. This is the first study regarding the factors that may affect the use of collaborative finance. Results show levels of financial literacy are quiet low as in prior studies and individuals consider that the bank manager, friends, and parents can manage financial issues better than them, with the last two peers being those who most trust to discuss financial issues. The findings also provide information about how little individuals trust online networks when it comes to financial matters. Besides, respondents interact moderately with their social network missing the benefits of peer-to-peer learning. Overall, lack of financial literacy, low social interaction, and personal trust may be affecting the short use of collaborative financial services.

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