10 papers analyzed
These studies suggest that financial behavior is influenced by self-esteem, financial knowledge, self-control, cultural differences, cognitive and emotional biases, and various theoretical models, impacting financial well-being, decision-making, and financial inclusion.
Financial behavior encompasses the actions and decisions individuals and organizations make regarding the management of their financial resources. This includes spending, saving, investing, and borrowing. Understanding the factors that influence financial behavior is crucial for improving financial well-being and making informed financial decisions.
Psychological Traits and Financial Behavior:
Financial Knowledge:
Behavioral Theories:
Financial Behavior and Well-being:
Cultural and Socioeconomic Factors:
Financial behavior is a complex interplay of psychological traits, financial knowledge, cultural background, and socioeconomic factors. Self-esteem and self-control are significant predictors of positive financial behavior. Financial knowledge, while important, is not sufficient on its own to drive responsible financial behavior. Behavioral theories provide valuable frameworks for understanding these behaviors, which are crucial for improving financial well-being. Cultural and socioeconomic contexts further shape how individuals manage their finances, highlighting the need for tailored financial education and policies.
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