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

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Abstract

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.

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  1. Research and Innovation Department, College of Banking and Financial Studies, PO Box, 3122 PC: 112, Ruwi, Muscat, Sultanate of Oman

    S. Ananda

  2. School of Business and Management, CHRIST (Deemed to Be University), Bangalore, India

    Raghavendra Prasanna Kumar

  3. Nottingham Business School, Nottingham Trent University, Nottingham, United Kingdom

    Tamanna Dalwai

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Ananda, S., Kumar, R.P. & Dalwai, T. Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence. J Financ Serv Mark (2024). https://doi.org/10.1057/s41264-023-00265-1

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