FULL NAME: Praise A Dzenza.

REGISTRATION NUMBER: Ba-mfd-37-16.

A. Research gap and point of departure

1. What research gap have you found? (Explain in a sentence)
While there has been a recent increase in the number of studies which
have documented the importance of financial literacy only a few scholars
have investigated the contribution of media in financial literacy.
2. What type is it? (Contextual, Methodological, Theoretical, Empirical, or
other)? (Choose and explain in a sentence)
Contextual, although the extent of financial literacy/illiteracy is
documented in Malawi, there is a gap in knowledge about the contribution
media has made to financial literacy.
3. How do you know for sure that this is an actual gap? (Explain in a sentence)
Analysis of literature shows that the salience of financial literacy has been
discussed and it has been established that most people are financially
illiterate but studies have not discussed financial literacy in the context of
communication at length: Matita and Chauma (2018) Does financial
literacy influence use of mobile financial services in Malawi? The Journey
to Financial Inclusion in Malawi- What Does the Future Hold? Lusardi and
Mitchell (2013) the Economic Importance of Financial Literacy: Theory
and Evidence. Lusardi 2008. FINANCIAL LITERACY: AN ESSENTIAL TOOL
FOR INFORMED CONSUMER CHOICE? Carlo (2013)"Financial Literacy and
Financial Behavior among Young Adults: Evidence and Implications.
4. What key concepts and relationships have you identified from your gap?
(Explain in a sentence)
Media’s wider coverage in Malawi can be employed to enhance financial
literacy but only when this is intentional, professionally managed and
funded by government and stakeholders.
5. After noting the research gap, where do you situate yourself in the current
discourse? In other words, given what has already been explored, where are you
starting from and what is your specific focus: your point of departure? (Explain
in a sentence)
This is mainly by discussing financial literacy in the context of
broadcasting, most studies including reserve bank of Malawi’s 2014
Financial Literacy and Consumer Protection Household Survey
recommended use of media arguing that it has potential to reach a wider
audience, however seems there has not been much interest from media
scholars yet stakeholders and media houses need research to help them
design relevant programs for audiences.

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 B. Literature review
6. Considering your research gap and point of departure stated above, what
is you research problem? (Explain in a sentence)
Despite the 2014 survey by RBM recommending the media as panacea to
financial illiteracy more than 6years ago there is a gap in knowledge on the
contribution media has made to financial literacy. With an increase in cases
where Malawians are losing money to too good to be true complicated
products flooding the financial market from crypto currencies to Multi-
Level Marketing (MLM) schemes, I am obliged as a media scholar to look at
financial literacy in a communication context and hence this study seeks to
understand the contribution broadcasting has made to setting financial
literacy as a development agenda in Malawi.
7. What arguments can you make to emphasise that your research is
necessary? (Provide 3 arguments that are supported with evidence. Use 1 or
2 sentences for each argument)
Argument 1:
Globally policymakers around the world have expressed deep concern
about widespread gaps in financial knowledge (Lusardi and Mitchell
2013:18. Xu and Zia 2012:16).

Argument 2:
Lusardi (2014:3) claims that just as it is not possible to navigate an
industrialized society without literacy, so it is not possible to fully
participate in today’s world without being financially literate. Financial
literacy especially geared to savings and investments is an important tool
to have for anyone who handles money whether in earning it or just
spending it.

Argument 3:
Gitonga (2015:8) argues that there is immense literature that exists on
the importance and role of financial literacy in ensuring an individual‘s
welfare, however literature on the role media has played in financial
literacy issues is a relatively new field of study.

8. Consider the arguments mentioned in question 7. How will you structure

your argument to make your point? (Explain in a sentence)
I will start from a broad area of financial literacy then narrow it down to
relating financial literacy to media (Public Service Broadcasting).

9. Describe the general organising principle for your literature review. What is the
reasoning behind this structure (Explain in a sentence)

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 Logical sequence, I will start from a broad area by defining financial
literacy, secondly I will demonstrate how financial literacy is important,
and then narrow it down to relating financial literacy to media (Public
Service Broadcasting) in an effort of trying to demonstrate what qualifies
the media to be a vehicle for financial literacy and lastly show how this
research is significant.

10. What type of literature map do you have for your literature review?
Hierarchical? Flowchart or Circular? (Answer with one word)
Hierarchical.

11. Develop a literature map of the studies on your research problem. Use your
map to show how your proposed study adds to already completed research.
(Copy and paste your map here. You can draw the map in Microsoft word or
draw on paper, take a picture, and paste here).

See Next page

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 Analyzing the contribution of Malawi
Broadcasting television in advancing Financial
Literacy as A Development Agenda in Malawi.

Media and financial Development in

Financial literacy
literacy Malawi

Strategies Evidence and

Approaches Implications
World-bank Carlo (2013) and Youth Well-being
(2014) Kefela(2011) Policy
OECD (2018)
CONSUMER
Importance PROTECTION
OECD (2006) Chirwa and Mvula
LITERACY TARGETING
2014
THE YOUTH AND THE
MEDIA
Theory and
GITONGA .2015.
Evidence Components
Lusardi-and Lee (2010) Poverty Reduction
Mitchell (2014) Strategy
MOFEP (2001)

Financial- ANALYSIS OF THE

Poverty
inclusion DAILY NATION AND
Reduction
Majanga (2016) THE STANDARD
Askar, Ouattara,
NEWSPAPERS Breaking the Cycle
and Zhang (2020)
of Low Growth and
Slow Poverty
Well-being of
Inclusive growth Reduction
retirees
Batsaikhan and World Bank (2018)
Adam, Frimpong,
Demertzis (2018)
Opoku Boadu
(2017).

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Need further study
12. Write 4 paragraphs of a literature review (Maximum 500 words). Reflect
carefully on your notes and on the answer you gave in question 5 regarding
your organising principle and on the arguments given in question 7 before
you begin writing the paragraphs.

Paragraph 1:
Worthington (2005:2) defines financial literacy as the ability to make
informed judgments and to take effective decisions regarding the use and
management of money. Remund (2010) on the other hand defines it as a
measure of understanding key financial concepts. The authors suggest that
a financially literate population is able to make informed decisions and
take appropriate actions on matters affecting their financial wealth and
well-being. This research seeks to understand the role of public service
broadcasting in setting financial literacy as a development agenda. This
literature review has: defined financial literacy, explained the importance
of financial literacy, make a case for using broadcasting in promoting
financial literacy and the significance of the research.

Paragraph 2:
According to (Carlo 2013:8. Lusardi 2008:1. Lusardi and Mitchell 2013:4)
financial markets have become increasingly complex and have proven to
be complex and difficult for financially illiterate investors to master.
Lusardi (2014:3) claims that just as it is not possible to navigate an
industrialized society without literacy, so it is not possible to fully
participate in today’s world without being financially literate. Financial
literacy especially geared to savings and investments is an important tool
to have for anyone who handles money whether in earning it or just
spending it. Globally policymakers around the world have expressed deep
concern about widespread gaps in financial knowledge (Lusardi and
Mitchell 2013:18. Xu and Zia 2012:16). Financial literacy has become as
essential tool for anyone who aspires to succeed in today’s society, make
sound financial decisions, and—ultimately—be a good citizen. Lee
(2010:13) asserts that it is reasonable to argue that financially illiterate
people consciously make decisions that are financially not in their own best
interests and this has long-term consequences. Making Access Possible
(MAP, 2015:28) noted that Low levels of financial literacy make it
challenging for many Malawians to participate in financial markets and
increases the likelihood of miss-selling as customers do not understand the
terms and conditions of products. Improved financial literacy and
capability could stimulate a greater understanding and usage of different
financial products. Michaud (2017:4) since investing in financial literacy is
costly, it is arguably not optimal for everyone .In contrast Dwiastanti
(2015:8) argues financial literacy is a basic need for everyone to avoid
financial problems. Shambare and Rugimbana (2012:16) argue that
financial literacy is important not only to individuals but also to policy
makers and financial institutions.

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Paragraph 3:
According to (Chirwa and Mvula 2014:43, Zia and Berg 2013:12 and
Gitonga 2015:16) Mass media is one of the most powerful tools that can be
employed to ensure that financial literacy is not a reserve of a select few
but rather readily available to the populace since it offers the advantage of
scale. There is considerable evidence on the impact of mass media on
behavior, especially in the areas of health and education. For instance, as
Brazil‘s RedeGlobo television network grew through the 1970s and 1980s,
women began having fewer children, and experienced the same decrease
in fertility as with two extra years of education (La Ferrara, Chong and
Duryea, 2008:12). Similarly, one of the most successful public health
campaigns in Egypt, the central component of which was a soap opera, was
highly successful in improving the use of Oral Rehydration Therapy and
reducing infant mortality rates by 70% (Abdulla, 2004).

Paragraph 4:
Matita and Chauma (2018) research results concluded that financial
literacy positively influence use of mobile financial transactions and this
important for my research because it is agreeing with Xu and Zia (2012:21)
claim that lack of awareness of financial products and institutions is a
major barrier to the take-up of financial products in Malawi. Majanga
(2016:8) points out that financial literacy level in Malawi are at 55% and
we can deduce that 99% of this number is the 50% above the poverty line,
this has serious implication on people below the poverty line and Malawi’s
development, poverty reduction, financial inclusion etc. making my
research on the topic relevant. Similarly Gitonga’s (2015) research which
analyzed financial literacy targeting the youth and the media in Kenya will
help navigate my research. However I don’t agree with Gitonga’s choice of
using two newspapers considering that illiteracy levels in most African
countries are high and very few people can afford newspapers. Gitonga
(2015:8) argues that there is immense literature that exists on the
importance and role of financial literacy in ensuring an individual‘s
welfare, however literature on the role media has played in financial
literacy issues is a relatively new field of study .Research on Medias
‘current coverage of financial literacy issues in Malawi is critical as it will
enable media houses understand how to structure messages that will have
impact. One of the media main functions is to educate; in essence media
should be proactively involved in the financial literacy campaigns as one of
its roles in society. Most of the studies on financial literacy have been
conducted in the developed countries (World Bank et al., 2009) and as such
this research is critical for the media and policy makers to know exactly up
to what extent the media has contributed to financial literacy in the country
and what measures need to be taken to further enhance this role.

6
13. Give examples from your paragraphs above: where you cite, compare,
contrast, and critique and synthesize the literature you have read. (Copy
and paste 1 or 2 sentences)
a. Cite
Worthington (2005:2) defines financial literacy as the ability to
make informed judgments and to take effective decisions regarding
the use and management of money.
b. Compare
Worthington (2005:2) defines financial literacy as the ability to
make informed judgments and to take effective decisions regarding
the use and management of money. Remund (2010) on the other
hand defines it as a measure of understanding key financial
concepts. The authors suggest that a financially literate population
is able to make informed decisions and take appropriate actions on
matters affecting their financial wealth and well-being.
c. Contrast
Michaud (2017:4) since investing in financial literacy is costly, it is
arguably not optimal for everyone .In contrast Dwiastanti (2015:8)
argues financial literacy is a basic need for everyone to avoid
financial problems.
d. Critique
However I don’t agree with Gitonga’s choice of using newspapers
for her study considering that illiteracy levels in most African
countries are high and very few people can afford newspapers.
e. Synthesize
According to (Carlo 2013:8. Lusardi 2008:1. Lusardi and Mitchell
2013:4) financial markets have become increasingly complex and
have proven to be complex and difficult for financially illiterate
investors to master.

14. Does your literature review do the following? (Copy and paste a sentence or
2 from your literature review)
f. Ensures that you are not "reinventing the wheel".
Most of the studies on financial literacy have been conducted in the
developed countries (World Bank et al., 2009) and as such this
research is critical for the media and policy makers in Malawi.
Gitonga (2015:8) argues that there is immense literature that exists
on the importance and role of financial literacy in ensuring an
individual‘s welfare, however literature on the role media has
played in financial literacy issues is a relatively new field of study.
g. Gives credit to those who have laid the groundwork for your research.
Gitonga’s (2015) research which analyzed financial literacy

7
 targeting the youth and the media in Kenya will help navigate my
research.
h. Demonstrates your knowledge of the research problem.
Majanga (2016:8) points out that financial literacy level in Malawi
are at 55% and we can deduce that 99% of this number is the 50%
above the poverty line, this has serious implications on people
below the poverty line and on Malawi’s development, poverty
reduction, financial inclusion etc.
i. Demonstrates your understanding of the theoretical and research issues
related to your research question.
Globally policymakers around the world have expressed deep
concern about widespread gaps in financial knowledge (Lusardi
and Mitchell 2013:18. Xu and Zia 2012:16).
j. Shows your ability to critically evaluate relevant literature information.
According to (Carlo 2013:8. Lusardi 2008:1. Lusardi and Mitchell
2013:4) financial markets have become increasingly complex and
have proven to be complex and difficult for financially illiterate
investors to master.
k. Indicates your ability to integrate and synthesize the existing literature.
Recent literature is claiming that Mass media is a powerful tool
that can be employed to ensure that financial literacy is not a
reserve of a select few but rather readily available to the populace
since it offers the advantage of scale(Chirwa and Mvula 2014:43,
Zia and Berg 2013:12 and Gitonga 2015:16).
l. Provides new theoretical insights or develops a new model as the
conceptual framework for your research.
This research is critical for the media and policy makers to know
exactly up to what extent the media has contributed to financial
literacy in the country and what measures need to be taken to
further enhance this role.
m. Convinces your reader that your proposed research will make a
significant and substantial contribution to the literature.
Research on Medias ‘current coverage of financial literacy issues in
Malawi is critical as it will enable media houses understand how to
structure messages that will have impact and this research is also
critical for the media and policy makers to know exactly up to what
extent the media has contributed to financial literacy in the country
and what measures need to be taken to further enhance this role.

8
REFERENCE
Dwiastanti, A .2015.Financial Literacy as the Foundation for Individual Financial
Behavior. Journal of Education and Practice. www.iiste.org

GITONGA, L.2015.Financial Literacy Targeting the Youth and the Media in Kenya.
An Analysis of the Daily Nation and the Standard Newspapers. School Of Journalism
and Mass Communication, University Of Nairobi.

Lusardi, A .2014.Financial Literacy: Do People Know the ABCs of Finance? The

George Washington University School of Business and NBER.

Majanga, B.2016. The Journey to Financial Inclusion in Malawi- What Does the
Future Hold? International Journal of Economics and Financial Research.

Making Access Possible (MAP). 2015. National Strategy for Financial Inclusion 2015–
2020: Creating a pervasive infrastructure through partnerships to enhance the quality
and depth of financial inclusion in Malawi.

Michaud, P.2017. The value of financial literacy and financial education for workers.
IZA World of Labor .wol.iza.org

World Bank.2018.Malawi Systematic Country Diagnostic: Breaking the Cycle of Low

Growth and Slow Poverty Reduction. Report No. 132785

Malawi, Ministry of Finance and Economic Planning. 2001. Malawi Poverty Reduction
Strategy Paper, Lilongwe: MOFEP, draft, October.

OECD D .2018. “Youth Well-being Policy Review of Malawi”, EU-OECD Youth

Inclusion Project, Paris.

Lusardi, A and Mitchell, S 2014. The Economic Importance of Financial Literacy:

Theory and Evidence. Journal of Economic Literature.
http://dx.doi.org/10.1257/jel.52.1.5

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Kefela, G.2011.Implications of financial literacy in developing countries. African
Journal of Business Management. http://www.academicjournals.org/AJBM

Shambare, R. and R. Rugimbana .2012. Financial Literacy among the educated: An

exploratory study of selected University Students in South Africa, Feature Article No.
581, Wiley Periodicals.

World bank.2014.Financial Education Programs and Strategies Approaches and

Available Resources.www.worldbank.com

(OECD).2006. The Importance of Financial Education. Policy Brief.

Mohammed, A. Frimpong,S, Boadu ,O. 2017.Financial literacy and financial planning:

Implications on for financial well-being of retirees.
http://www.academicpublishingplatforms.com

Lee, N .2010.Financial literacy and financial literacy education: What might be the
components of an effective financial literacy curriculum? Department of Lifelong and
Comparative Education .Faculty of Policy and Society Institute of Education.
University of London.

Worthington, A. 2005.Debt as a Source of Financial Stress in Australian Households,

International Journal of Consumer Studies.
Remund, D. 2010.Financial Literacy Explicated: The Case for a Clearer Definition.
International Journal of Consumer Studies.
Xu, L, & Bilal Z. 2012. Financial Literacy around the World: An Overview of the
Evidence with Practical Suggestions for the Way Forward.” World Bank Policy
Research Working Paper No. 6107.

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