Abstract
Several theories including the Theory of Planned Behaviour, Theory of Reasoned Action, the Transtheoretical Model, the Model of Goal-Directed Behaviour and Prospect Theory are evaluated for their applicability in FI. Further, the discussion of the strength and weaknesses associated with these theories suggests unanimity in studying financial behavior, which is essential to this study. Additionally, common thematic discourses across the theories, which may support future research, are also discussed. Finally, the paper identifies the constructs across different theories which contribute to the understanding of FI by promoting the better understanding of psychological and social determinants of financial behavior.
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