Knowee
Questions
Features
Study Tools

What is financial experience? 

Research Question

What is financial experience? 
🧐 Not the exact question you are looking for?Go ask a question

Academic Insights

Financial experience encompasses the practical knowledge and skills acquired through direct involvement in financial activities, which significantly influence financial decision-making and behavior.

Key Insights

  • Practical Knowledge and Skills:

    • Financial experience involves learning-by-doing, where individuals gain practical knowledge through direct involvement in financial activities .
    • This experience helps individuals cope with risk and uncertainty in financial markets .
  • Impact on Financial Decision-Making:

    • Individuals with financial experience tend to make better financial decisions, as they possess more experience-based knowledge and exhibit less negative emotions about financial decisions .
    • Financial experience can reduce information asymmetry and promote external financing, particularly in the context of SMEs .
  • Role in Financial Reporting and Business Performance:

    • Financial experience is crucial for accurate financial reporting and effective resource management, which in turn impacts business performance .
    • The quality of financial reporting is significantly influenced by the financial experience of the individuals involved .

Conclusion

Financial experience is a critical factor in effective financial decision-making, risk management, and accurate financial reporting. It enhances practical knowledge and skills, reduces information asymmetry, and positively impacts business performance.

2

Knowledge, Experience, and Financial Decision-Making

1 citations | The Routledge Handbook of Financial Geography | G. Clark | 2020Cite
4

Age differences in financial decision making: T he benefits of more experience and less negative emotions

61 citations | Journal of Behavioral Decision Making | Wiebke Eberhardtet | 2018Cite
6

Assessment of the Causes of Business Process Failure at Authorised Financial Service Providers in South Africa and Implementation of Strategy Results

2 citations | International Journal of Scientific and Research Publications | Dr Thabo Msimango | 2023Cite
7

The Importance of Financial Experience for First-Time Homeowners

Household Finance eJournal | Taylor A. Begleyet | 2019Cite
8

The Governance of Risk Management: The Importance of Directors’ Independence and Financial Knowledge

14 citations | Microeconomics: Search; Learning; Information Costs & Specific Knowledge; Expectation & Speculation eJournal | G. Dionneet | 2018Cite
10

Experience in Generating Non-Financial Reports in Enterprises

2 citations | Accounting. Analysis. Auditing | E. Moiseeva | 2020Cite
12

Measuring The Contribution Of Financial Literacy In Building The Competitive Advantage Of MSMEs In Indonesia : Systematic Literature Review (SLR)

3 citations | Brilliant International Journal Of Management And Tourism | Amelia Suganggaet | 2023Cite
15

The Influence of Financial Attitude, Experience and Risk Perception on Stock Investment Decision Making in Jakarta

Journal of Economics, Finance And Management Studies | I. G. Adiputraet | 2024Cite
16

DEVELOPMENT OF DIGITAL FINANCIAL ASSETS: FOREIGN EXPERIENCE

2 citations | EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA | E. Karaninaet | 2023Cite
17

The experience of financial toxicity among advanced melanoma patients treated with immunotherapy

20 citations | Journal of Psychosocial Oncology | Bridgette Thomet | 2020Cite
18

THE ADVANCED EXPERIENCE IN THE ORGANIZATION OF THE COMBINED SYSTEMS OF THE STATE FINANCIAL CONTROL AND ITS IMPORTANCE FOR UKRAINE

3 citations | Financial and credit activity: problems of theory and practice | О. Voronkovaet | 2021Cite
19

A review of the limitations of financial failure prediction research

7 citations | Revista de Contabilidad | E. Laitinenet | 2023Cite
21

The Changing Network of Financial Market Linkages: The Asian Experience

60 citations | International Finance eJournal | Biplob Chowdhuryet | 2018Cite
23

Unlocking clients: The importance of relationships in the financial advisory industry

14 citations | Consumer Financial Fraud eJournal | Umit G. Gurunet | 2020Cite
28

A narrative review of the experience and decision‐making for children on home mechanical ventilation

15 citations | Journal of Paediatrics and Child Health | Mayukh Rahmanet | 2021Cite

Related Questions

  • How can I gain financial experience?
  • What are the benefits of financial experience?
  • What jobs require financial experience?
  • How does financial experience impact career growth?
  • What skills are developed through financial experience?

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.