Opportunities to increase financial well-being by investing in environmental, social and governance with respect to improving financial literacy under covid-19 : The case of Latvia

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dc.contributor.authorMavlutova, Inese
dc.contributor.authorFomins, Andris
dc.contributor.authorSpilbergs, Aivars
dc.contributor.authorAtstaja, Dzintra
dc.contributor.authorBrizga, Janis
dc.date.accessioned2022-01-17T09:25:01Z
dc.date.available2022-01-17T09:25:01Z
dc.date.issued2022-01-01
dc.descriptionFunding Information: Funding: The paper was funded by the Latvian Council of Science, the project “The Impact of COVID-19 on Sustainable Consumption Behaviors and Circular Economy (Nr. lzp-2020/2-0317)”. Publisher Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland.
dc.description.abstractThe latest studies reveal that the COVID-19 pandemic has pushed investors in developed economies to focus more on the value attached to environmental and social responsibilities. Unfortunately, socially responsible investment and compliance with environmental, social and governance criteria are not given enough priority in Latvia at present. The purpose of the study is to investigate how the COVID-19 pandemic has influenced the willingness of Latvians to invest in assets that meet environmental, social and governance (ESG) criteria and factors influencing investors’ choice based on their financial literacy. Different views on sustainable investments, socially responsible investments and the relevance of environmental, social and governance criteria from private investors’ perspectives were analyzed to identify factors influencing investment decisions in favour of sustainable investments. Quantitative analysis was carried out to reveal the regularities between financial literacy, the willingness to invest to meet the ESG criteria and the level of education and income of the Latvian population, as well as their savings/investment experience. Such statistical methods as descriptive statistics and hypothesis testing were applied to perform an analysis of the results. The authors’ findings include the importance of sustainable investing to Latvian society, changes of attitude towards ESG investing in different private investors’ groups under the COVID-19 crisis, and the effects of these changes on the financial well-being of the population and, on the basis of these findings, have come to the conclusion that the willingness to invest in the assets that follow environmental, social and governance criteria depends on the level of education, savings/investment experience and income level.en
dc.description.statusPeer reviewed
dc.format.extent1452638
dc.identifier.citationMavlutova, I, Fomins, A, Spilbergs, A, Atstaja, D & Brizga, J 2022, 'Opportunities to increase financial well-being by investing in environmental, social and governance with respect to improving financial literacy under covid-19 : The case of Latvia', Sustainability (Switzerland), vol. 14, no. 1, 339. https://doi.org/10.3390/su14010339
dc.identifier.doi10.3390/su14010339
dc.identifier.issn2071-1050
dc.identifier.urihttps://dspace.rsu.lv/jspui/handle/123456789/7205
dc.identifier.urlhttp://www.scopus.com/inward/record.url?scp=85121977621&partnerID=8YFLogxK
dc.language.isoeng
dc.relation.ispartofSustainability (Switzerland)
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectEnvironmental social and governance (ESG)
dc.subjectFinancial literacy
dc.subjectFinancial well-being
dc.subjectSocially responsible investment (SRI)
dc.subjectSustainable investment (SI)
dc.subject5.2 Economy and Business
dc.subject5.9 Other social sciences
dc.subject2.7 Environmental engineering
dc.subject1.1. Scientific article indexed in Web of Science and/or Scopus database
dc.subjectGeography, Planning and Development
dc.subjectRenewable Energy, Sustainability and the Environment
dc.subjectEnvironmental Science (miscellaneous)
dc.subjectEnergy Engineering and Power Technology
dc.subjectManagement, Monitoring, Policy and Law
dc.subjectSDG 7 - Affordable and Clean Energy
dc.titleOpportunities to increase financial well-being by investing in environmental, social and governance with respect to improving financial literacy under covid-19 : The case of Latviaen
dc.type/dk/atira/pure/researchoutput/researchoutputtypes/contributiontojournal/article

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