ItemArticle

Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence

Title
Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence
Creator
Ananda S.; Kumar R.P.; Dalwai T.
Description
This research examines the impact of financial literacy on the savings behavior of investors residing in the Gulf Cooperation Council (GCC) region. It also investigates the moderating impact of financial confidence and risk aversion in the relationship between financial literacy and savings behavior. The primary data were collected from 357 respondents through a structured questionnaire using the snowball sampling method. The findings of this study suggest that financial literacy has a positive impact on investors' savings behavior. Further, the study also found that risk aversion significantly moderates the relationship between financial literacy and savings behavior. The three-way interaction between financial literacy, risk aversion, and financial confidence significantly affects the investors savings behavior. The study suggests that policymakers should emphasize training programs for investors on financial literacy, financial confidence, and risk aversion. The Author(s), under exclusive licence to Springer Nature Limited 2024.
Source
Journal of Financial Services Marketing, Vol-29, No. 3, pp. 843-854.
Date
2024-01-01
Publisher
Palgrave Macmillan
Subject
Financial confidence; Financial literacy; GCC; Risk aversion; Savings behavior
Coverage
Ananda S., Research and Innovation Department, College of Banking and Financial Studies, PO Box, Ruwi, Muscat, 3122 PC: 112, Oman; Kumar R.P., School of Business and Management, CHRIST (Deemed to Be University), Bangalore, India; Dalwai T., Nottingham Business School, Nottingham Trent University, Nottingham, United Kingdom
Rights
Restricted Access
Relation
ISSN: 13630539
Format
Online
Language
English
Type
Article

Collection

Articles

Citation

Ananda S.; Kumar R.P.; Dalwai T., “Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 27, 2025, https://archives.christuniversity.in/items/show/12921.

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