Impact of Financial Knowledge, Financial Attitude and Financial Behaviour on Financial Literacy: Structural Equitation Modeling Approach

Banthia, Dhananjay; Dey, Sanjeeb Kumar

doi:10.13189/ujaf.2022.100133

Cited by 8 publications

(18 citation statements)

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“…(Arora & Chakraborty, 2023; Banthia & Dey, 2022; Bellofatto et al, 2018; Omakhanlen et al, 2021; Prasad et al, 2021)…”

Section: Review Findings (Tccm)mentioning

confidence: 99%

Impact of financial literacy on consumer financial behavior: A systematic review and research agenda using TCCM framework

Negi,

Jaiswal

2024

Int J Consumer Studies

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The primary objective of this study is to investigate the impact of financial literacy on consumer financial behavior through a systematic literature review. While numerous studies have explored this association, there is a lack of a comprehensive analysis that consolidates diverse insights and offers a holistic view. Our study addresses research questions, including the utilization of theoretical frameworks explaining the impact of financial literacy on consumer financial behavior. Also, we explore the diverse contexts encompassing industries, countries, and consumer types, involved in this relationship. We scrutinize the dependent, independent, control, mediating, and moderating variables involved, along with the methodological approaches utilized for assessing the impact. Employing the Theory, Context, Characteristics, and Methodology (TCCM) framework, we systematically analyzed 79 identified papers using the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR‐4‐SLR) protocol. The findings highlight the multifaceted factors shaping individuals' financial decisions and behaviors, shedding light on the complex dynamics prevalent across industries, countries, and consumer segments. Our review offers insights into future research directions, advocating the integration of fresh theories and innovative methodologies to enhance existing knowledge. This study significantly contributes to academic understanding and offers valuable guidance for policymakers, businesses, and educators seeking to enhance financial literacy education and shape positive consumer financial behaviors.

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“…(Arora & Chakraborty, 2023; Banthia & Dey, 2022; Bellofatto et al, 2018; Omakhanlen et al, 2021; Prasad et al, 2021)…”

Section: Review Findings (Tccm)mentioning

confidence: 99%

Impact of financial literacy on consumer financial behavior: A systematic review and research agenda using TCCM framework

Negi,

Jaiswal

2024

Int J Consumer Studies

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“…The way someone manages their finances is thought to improve with more financial knowledge (Arifin et al 2017) 7 . To put it simply, it's the understanding of a financial topic that holds great personal value for the individual, such as budgeting and saving strategies (Banthia & Dey, 2022) 8 .…”

Section: Financial Knowledgementioning

confidence: 99%

An Extensive Analysis of the Precursors and Consequences of Financial Literacy: A Systematic Review

Deepak

2023

Sachetas

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The main objective of this research is to investigate the causes that lead to financial literacy and how they affect people's prosperity and the nation's economic prosperity. This study examines a substantial amount of literature using a diagnostic research technique in order to pinpoint the key factors influencing financial literacy. The complex concept of financial literacy is made up of three parts: financial knowledge, attitude, and behaviour. The findings indicate that, in addition to an individual's gender, age, and academic accomplishments, socioeconomic, family, and cultural factors also have a substantial impact on that person's level of financial competence. The aforementioned factors are crucial in molding a person's understanding of finance, which subsequently impacts their aptitude for handling money and their financial conduct. Ultimately, a strong foundation in financial literacy has led to the ability to provide stability in finances and promote general prosperity. To sum up, it is critical to address the antecedents of financial literacy. Further research opportunities may involve empirical studies to assess the antecedents in different regions and the development of a systematic model for understanding and enhancing financial literacy.

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“…Retirement preparedness has been investigated in the past and was found to be influenced by a myriad of factors such as demographics, financial literacy, financial strain, financial management, retirement attitude, savings behaviour and goal clarity [10,15,16]. [17] maintained that rapid development across countries due to globalisation put more emphasis on financial literacy. This is primarily because financial literacy helps individuals to make informed and effective financial decisions [18], leading to better financial outcomes [17].…”

Section: Malaysian Millennials and Retirement Preparednessmentioning

confidence: 99%

“…[17] maintained that rapid development across countries due to globalisation put more emphasis on financial literacy. This is primarily because financial literacy helps individuals to make informed and effective financial decisions [18], leading to better financial outcomes [17]. Financially literate individuals are expected to understand basic financial concepts such as interest rate, inflation rate, compound interest, risk and return and risk appetite.…”

Section: Malaysian Millennials and Retirement Preparednessmentioning

confidence: 99%

Determinants of Retirement Preparedness: Understanding Malaysian Millennials

Jaafar¹,

Halim²,

Ismail³

2022

ujaf

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Impact of Financial Knowledge, Financial Attitude and Financial Behaviour on Financial Literacy: Structural Equitation Modeling Approach

Cited by 8 publications

References 0 publications

Impact of financial literacy on consumer financial behavior: A systematic review and research agenda using TCCM framework

Impact of financial literacy on consumer financial behavior: A systematic review and research agenda using TCCM framework

An Extensive Analysis of the Precursors and Consequences of Financial Literacy: A Systematic Review

Determinants of Retirement Preparedness: Understanding Malaysian Millennials

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