Financial behavior: A bibliometric approach

Over the last two decades the need for a financially literate population has grown in importance. In Australia the introduction of a compulsory superannuation scheme in 1992 signaled to Australians that retirement needs would now need to be self funded rather than relying on government funded social security. Hence in Australia it is imperative that individuals possess both the financial knowledge and capability to make sound financial decisions. The whole issue of financial literacy has been compounded by the fact that consumers are now required to make decisions in relation to an ever increasing range of complex products and services. As a means to navigate through this financial maze, there is a consensus as to the importance and need for individuals to be financially literate. Both the government and the private sector have encouraged the development of financial education programs as an important tool in remedying the current financial literacy deficient reported in the results of all the several ANZ Surveys from 2003 to 2010. The Rudd Labor Government in an effort to centralize initiatives and to improve financial literacy programs transferred responsibility for financial literacy from the Financial Literacy Foundation to the Australian Securities and Investments Commission (ASIC). ASIC has strongly promoted the need to develop confident and informed consumers and investors by providing quality financial education. This focus was recently reiterated in the ASIC Report 229 in March 2011 setting out the strategy for the development and delivery of initiatives to improve financial literacy levels in Australia (ASIC, 2011).This National Financial Literacy Strategy focuses on education through established education and training pathways as the cornerstone of bringing about long-term generational change in financial knowledge, attitudes and behavior (ASIC, 2011). Accordingly the government has emphasized the need for financial literacy education to begin in schools through the use of the State Education Departments mandatory curriculum. In particular this National Strategy has been developed to improve the level of financial literacy among Australian students, with a focus on incorporating financial education through the existing school curriculum beginning in kindergarten and through to year 12 students. The USA through the efforts of the Jump$tart Coalition has possibly contributed to the most comprehensive long term study on students and financial literacy outcomes. The Jump$tart Coalition has been measuring financial literacy among High School Students since 1997 and has become one of the most widely referenced resources in understanding what young people know - and don’t know - about personal finance (Jump$tart Coalition, 2011). In recent reports the coalition has found a declining level of competency in respect of financial literacy despite an increase in emphasis and coverage of financial topics in school curriculums. The reports suggest a lack of motivation and relevance to the student’s current situation may provide a reason for this recent decline.The aim of this research paper is to compare the government’s financial literacy initiatives in schools in Australia to that undertaken in both the USA and to a limited extent in Europe. The paper reports on the outcomes of these programs and suggests possible reasons for their success or failure and discusses the varied approaches used in schools when it comes to financial literacy curriculum. The paper further reviews the results of surveys undertaken evaluating such programs and seeks to comment as to whether there is a measurable improvement in financial knowledge, attitudes and behavior directly related to imbedding financial literacy in school education curriculum.

PurposeThe purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction.Design/methodology/approachData are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions.FindingsFinancial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction.Research limitations/implicationsThe study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education.Practical implicationsThe findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients.Social implicationsPolicy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being.Originality/valueThis study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

This research aims to know the influence of financial education toward financial literacy on Economics Faculty students. In Economics Faculty, Universitas Negeri Semarang, there were 16 of 40 students who had good financial behaviors. It was contradictive because they have taken accounting subject who make them good in financial literacy. The research on financial literacy had the contradiction, especially in the influence of financial education variable on financial literacy. Therefore, this study raised the mediating variables; the consumer knowledge variable and psychological factor variables (motivation, self efficacy). This study was analyzed by two analyses that were descriptive analysis and path inferential analysis. Findings show that students' financial literacy and financial education are in enough categories; whereas, motivation and self-efficacy are in good condition, and students' financial knowledge is in unfavorable category. The results of path analysis show that the variable of financial education does not have any direct influence toward financial literacy, but it has indirect influence through motivation. Then, the variable of financial education also does not have any direct influence toward self-efficacy, and self-efficacy does not influence toward financial literacy and financial knowledge does not have any influence toward financial literacy. Thus; the learning process on Finance should involve three aspects; cognitive, affective, and psychomotor; and it needs the development of learning model on Finance to involve students' activeness in managing their financial activities.

In the modern world money and all issues connected with financial wellbeing take an extremely important place. The relevance of the research topic is explained by the fact that nowadays it is necessary the regular monitoring of the mood and needs of citizens and tracking the dynamic of demand for certain financial products, identifying errors and misunderstanding that citizens face when making financial decisions. The Georgian consumer is unique and his financial behaviour has an expressed national, cultural and geographical specificity. The financial culture, literacy and experience of our population are just starting to take shape. This research aims to deepen regional studies concerning various factors of financial literacy (financial skills, financial behaviour, values, style of money management, financial knowledge), in particular, to study the level of financial education of students and young people. In the article, we studied the influence of financial literacy factors on the financial behaviour of pupils and students, using the synthesis and analysis of various scientific approaches, questionnaires and statistic processing methods, concerning the research problem. A financial education center was established at Akaki Tsereteli State University for the first time in the region, based on the analyses and the data obtained as a result of marketing research. Based on the centre, various measures have already been implemented in terms of improving the financial literacy of students and pupils. The main goal of the centre for the future will be the promotion of the culture of financial education of students and pupils within the available resources. Keywords: financial knowledge, financial culture, financial behavior, financial skills, financial institutions, financial education, financial competence, values.

This study explores how financial literacy, financial education, and self-control affect investment motivation and financial behavior among women aged 18 and above in Medan, Indonesia. A total of 270 participants responded to a structured questionnaire, distributed three times from February to June 2024, covering five key areas: financial behavior, investment motivation, financial literacy, financial education, and self-control. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) for analysis, the findings reveal that both financial literacy and education significantly enhance investment motivation and financial behavior. Higher education levels correlate with better financial literacy, resulting in more strategic investment decisions. Although many respondents allocate a significant portion of their income to monthly expenses, those with higher financial literacy manage their finances more effectively. However, the study finds no significant impact of self-control on investment motivation and financial behavior, possibly due to the respondents' younger age and lower income. This research underscores the importance of financial literacy and education in shaping financial behavior.

This study measures relationship among financial literacy, attitude and behaviour. Financial literacy has two attributes, i.e. financial knowledge and skill. Financial attitude is a way of thinking, belief and perception of individuals on personal finance. Financial behaviour is an act of using financial resources for financial independence and well-being. Therefore, measuring the relationship among financial literacy, attitude and behaviour is an important research priority. The study explores the relationship and some factors that contribute to financial behaviours. Using the framework of the theory of planned behaviour, this study interprets its findings. The theory asserts that human behaviours are affected by knowledge and attitude. In this study, a survey was conducted among 393 small borrowers to collect data on financial literacy, attitude and behaviours from four districts of Nepal. Kruskal-Wallis and Chi-Square tests were used to measure the relationships among the variables. The study finds that financial literacy and attitude have significant relationships with the financial behaviours of small borrowers. However, several other factors also affect the behaviours. The study concludes that proper financial education is necessary to change financial literacy and attitude to contribute to small borrowers' financial behaviours. Similarly, the study implies that the government, central bank, and financial service providers are responsible for providing proper and basic financial education to improve financial literacy and thereby change financial behaviours.

Advancements in financial system and technology, enlarged individual responsibility for financial decisions, and rapid information expansion, have fundamentally transformed women's need to be functionally literate and financially capable, especially after the COVID-19 pandemic. The personality also has long term implications on financial well-being. The aim of the paper is to study the dominating role of financial attitude, financial awareness & skills, and financial behaviour on financial competence and the moderating role of personality on financial knowledge, financial behaviour, financial attitude, and financial capability. Multi stage stratified random sampling has been used to collect data from 530 urban working women in both the Public and Private sectors, self-employed professionals, and entrepreneurs. Smart-PLS is used by applying Structure Equation Modelling (SEM) to study the moderating role of personality on financial attitude, behaviour, knowledge, and capability. Further the Chi-square test and Tukey test and Kruskal Wallis Test are used to test the hypothesis. The study found that Financial Knowledge of working women with gold personalities influences their financial capability (Beta, 0.578) the most, While, Financial Behaviour is the primary influencer having green (Beta, 0.396) & blue (Beta, 0.638) personalities. Working women having Green Personality are found to be superior with respect to Financial Behaviour, Financial Capability and Financial Knowledge. It is also observed that working women having blue personality characteristics, have comparatively better financial attitude.

While financial literacy is a plausible determinant of mental health, there are relatively few studies exploring the relationship between financial literacy and mental health, and the existing literature focuses on a single construct of financial literacy in high-income settings. Our study addresses this by investigating whether there is an association between financial knowledge, attitudes, and behaviours and mental health in Chinese adults. We use data from the China Family Panel Studies, a nationally representative longitudinal survey. Mental health is measured using the Kessler Psychological Distress Scale (K6) and financial literacy is assessed using a unique module on financial literacy covering financial knowledge, financial attitudes and financial behaviours. We found that overall financial literacy and two of its dimensions (financial attitudes and financial behaviours) are always positively associated with mental health. A positive association between basic financial knowledge and mental health is also apparent but is mediated by households' finances. Our results are robust to using different outcome variables and estimation methods. Finally, we found that compared with their counterparts without debt, indebted respondents show a stronger sensitivity of mental health to basic financial knowledge, as well as a significant association between advanced financial knowledge and mental health, which persist when we control for households' finances. Our findings suggest that investments in financial education might significantly benefit mental health in Chinese adults. This is especially the case among indebted adults.

Developing countries, such as Malaysia, are in need of working women to help to improve the country's economy. Thus, it is of immense need for our economy to take into consideration the fact that where and how working women are spending or investing their funds. For appropriate utilization of funds, working women need to be financially literate. Financial literacy is the convergence of financial, credit and debt management and the knowledge that is necessary to make financially responsible decisions. This paper is conducted to assess the correlation between financial literacy and its component namely financial education, financial attitude, financial behavior and financial knowledge. Data processing of this study using a Pearson correlation coefficient and the sample size of 35 respondents which is working women in Universiti Utara Malaysia. A part from Pearson correlation coefficient, include descriptive statistics of frequency counts and percentages as a methid of data analysis employed in this study. The data are quantitatively analyzed through statistical software namely, Statistical Packages for Social Science (SPSS) version 25.0. The result indicates that financial literacy does not have a significant relationship with financial knowledge. However financial education, financial attitude and financial behavior together have a significant relationship with financial literacy.

Due to South Africa’s high unemployment rate and large uneducated population, consumers’ low savings levels and high debt levels are of concern. Previous South African research in the domain of financial behaviour focused only on the population’s debt and savings behaviour and the statistics thereof. There is little research on identifying solutions to poor debt and savings behaviour, as well as improvements in financial literacy and behaviour. As it is essential to improve consumers’ financial literacy, increase their financial inclusion and change their financial behaviour to their financial benefit, it is important to investigate the relationships between these financial aspects. This exploratory study investigates aspects relating to financial literacy, financial inclusion and financial behaviour, specifically among black consumers in Nelson Mandela Bay. A total of 335 black consumers were respondents in an empirical investigation. The main results showed that saving and responsible spending behaviours can be improved as consumers’ financial knowledge and inclusion increase. Based on the results, the article presents conclusions and recommendations regarding the financial education necessary to improve aspects relating to financial literacy, financial inclusion and financial behaviour.

Financial literacy is a combination of awareness, knowledge, abilities, attitudes, and behaviors needed to make financial decisions. This study aims to find a behavioral model of financial literacy. This study uses a survey method with a quantitative approach. Respondents involved homemakers in Maros Regency, South Sulawesi, to fill out the questionnaire provided. Path Analysis was used to analyze the data SPSS and Winistep are used as tools in analyzing the data. Specifically, the data analysis used in this study used Structural Equation Modeling (SEM) data analysis techniques. Statistically, the value of the sample covariance matrix must not differ significantly from the population covariance matrix value. Financial Literacy Attitudes had a direct effect on Financial Literacy Behavior. Basic Knowledge of Financial Literacy had a direct effect on Financial Literacy Behavior. Financial literacy behavior is determined by financial literacy attitudes and basic financial literacy knowledge. Therefore, financial literacy knowledge and attitudes need to be improved to improve financial literacy behavior among homemakers. Financial Literacy Attitudes contribute the most to financial literacy factors. financial attitudes that have a more significant influence on financial knowledge in financial management practices.

Financial literacy is the convergence of financial, credit and debt management and the knowledge that is necessary to make financially responsible decisions. This paper is conducted to assess the correlation between financial literacy and its component (financial education, financial attitude, financial behavior and financial knowledge). Data processing of this study using a pearson correlation with the number of samples 35 respondents. The data are quantitatively analyzed through Statistical Packages for Social Science (SPSS). According to the findings, financial literacy does not have a significant relationship with financial knowledge, however financial education, financial attitude and financial behavior together have a significant relationship with financial literacy. For appropriate utilization of funds, working women need to be financially literate.

The holistic training of healthcare professionals as a strategy to build the healthcare system has received considerable attention. As part of training a holistic workforce, it is expected the healthcare professionals be component in management and governance. Financial literacy is low globally and impacts financial decision-making and business management. Despite high levels of education, medical professionals elsewhere in the world have low financial literacy. Financial literacy levels in South African healthcare professionals are unknown. This study investigated the degree of and contributors to financial literacy in South African healthcare professionals. A validated financial literacy questionnaire was completed by 473 healthcare professionals, of whom 130 owned private practices. Financial literacy scores were determined as a composite score based on financial knowledge, financial behaviour and financial attitudes. The independent contribution of demographic factors to financial literacy were determined in multivariate linear regression analysis. Financial literacy in healthcare professionals was relatively high (73%). Of the total cohort 24%, 27% and 63% did not reach acceptable scores for financial knowledge, behaviour, and attitudes, respectively. Sex, medical specialty and being in private healthcare predicted financial knowledge scores. Higher income and self-rated financial knowledge were associated with financial literacy. In business owners, business-specific financial literacy was low (51%), and not associated with general financial literacy (r=-0.11, p=0.40). Education in economics and finance predicted business-related financial literacy scores (p=0.02). Financial attitudes that favour the short term may impact financial decision-making in healthcare professionals in managing small businesses and state healthcare facilities. Current approaches in health professions education may impact the success of the healthcare system in South Africa.

Consumer financial capability can be defined variously by different researchers. In this study, financial capability is assumed to have three components, financial knowledge, financial behavior, and financial skills. This study examines relative contributions of financial capability components to financial wellbeing among vulnerable consumers. With data from the National Financial Wellbeing Survey commissioned by the Consumer Financial Protection Bureau (CFPB), results show that among financial capability components, financial behavior contributes the most to financial wellbeing of the whole sample, followed by financial skill and financial knowledge. In addition, group differences surface when subsamples in terms of age, poverty status, confidence, and fraud victim status are examined. Results suggest that for low‐income consumers, encouraging them to engage in desirable financial behaviors is more important than teaching them financial knowledge and skills. Findings have implications for financial educators, practitioners, and policymakers to help them recognize the proper financial education or program to be delivered based on consumer vulnerability and components of financial capability.

Financial literacy is a multicomponent construct comprising financial knowledge, attitude, behaviors, and well-being. Financial literacy in young people helps them to achieve financial independence and escape from intergenerational poverty. Recent assessments, however, reveal that youth financial literacy is unsatisfactory. Financial education should be provided for students during secondary school as a natural context in which to establish young people’s financial literacy. Empirical evidence from randomized experiments studying the impact of financial education on secondary school students, however, is limited. To address this research gap, we performed a randomized experiment with 270 Form-3 (U.S. equivalent Grade 9) secondary school students in Hong Kong. Structural equation modeling (SEM) results demonstrated that objective financial knowledge, financial attitudinal variables, and financial well-being variables could converge into the latent construct of financial literacy, while all financial behavioral variables converged into another latent construct of financial behavior; of note, the two latent constructs were not significantly correlated. SEM results also revealed that our financial education program significantly improved financial literacy, but did not have a significant effect on financial behavior in the short term. These findings contribute to existing financial literacy research by facilitating more accurate measurement and detailing the near-term effects of financial interventions at the adolescent stage in young people.