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The Behavioural Aspects of Financial Literacy

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dc.contributor.author Gerth, Florian
dc.contributor.author Lopez, Katia
dc.contributor.author Reddy, Krishna
dc.contributor.author Ramiah, Vikash
dc.contributor.author Wallace, Damien
dc.contributor.author Muschert, Glenn
dc.contributor.author Frino, Alex
dc.contributor.author Jooste, Leonie
dc.date.accessioned 2021-11-04T09:47:50Z
dc.date.available 2021-11-04T09:47:50Z
dc.date.copyright © 2021
dc.date.issued 2021-09
dc.identifier.citation Gerth, F., Lopez, K., Reddy, K., Ramiah, V., Wallace, D., Muschert, G., ... & Jooste, L. (2021). The Behavioural Aspects of Financial Literacy. Journal of Risk and Financial Management, 14(9), 395. https://doi.org/10.3390/jrfm14090395 en_US
dc.identifier.issn 1911-8074
dc.identifier.uri https://doi.org/10.3390/jrfm14090395
dc.identifier.uri http://hdl.handle.net/20.500.12519/464
dc.description This article is not available at CUD collection. The version of scholarly record of this article is published in The Behavioural Aspects of Financial Literacy (2021), available online at: https://doi.org/10.3390/jrfm14090395 en_US
dc.description.abstract In this paper, we investigate the contribution of behavioural characteristics to the financial literacy of UAE residents after controlling for demographic factors. Specifically, we test the relationship between financial literacy and behavioural biases such as representativeness, self-serving, overconfidence, loss aversion, and hindsight bias. Using data collected through survey questionnaires, we apply the methodology developed by the Organization of Economic Co-operation and Development (OECD) to compute financial literacy scores. Our overall results show that all behavioural biases except for overconfidence bias are positively related to financial literacy. Furthermore, some biases exhibit a stronger quantitative relationship with financial literacy than others. For example, hindsight bias displays the strongest link to financial literacy, followed by self-serving bias. The weakest but still statistically significant effect is loss aversion bias. Although biases, in general, have negative connotations, behavioural biases appear to be related to higher levels of financial literacy. © 2021 by the authors. Licensee MDPI, Basel, Switzerland. en_US
dc.language.iso en en_US
dc.publisher Multidisciplinary Digital Publishing Institute (MDPI) en_US
dc.relation Authors Affiliations : Florian Gerth, Faculty of Business, University of Wollongong in Dubai, Dubai P.O. Box 20183, United Arab Emirates ; Katia Lopez, Researchers Sans Frontiers, Dubai P.O. Box 73000, United Arab Emirates ; Krishna Reddy, Postgraduate Business, Faculty of Health, Education, and Environment, Toi Ohomai Institute of Technology, Rotorua 3046, New Zealand ; Vikash Ramiah, Faculty of Business, University of Wollongong in Dubai, Dubai P.O. Box 20183, United Arab Emirates ; Damien Wallace, UniSA Business, University of South Australia, Adelaide 5000, Australia ; Glenn Muschert, Faculty of Humanities and Social Sciences, Khalifa University of Science and Technology, Abu Dhabi P.O. Box 127788, United Arab Emirates ; Alex Frino, Faculty of Business, University of Wollongong in Dubai, Dubai P.O. Box 20183, United Arab Emirates ; Leonie Jooste, Faculty of Management, Canadian University Dubai, Dubai P.O. Box 117781, United Arab Emirates
dc.relation.ispartofseries Journal of Risk and Financial Management;Volume 14, Issue 9
dc.rights Creative Commons Attribution License
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.subject behavioural finance en_US
dc.subject financial literacy en_US
dc.subject representativeness bias en_US
dc.subject self-serving bias en_US
dc.subject overconfidence bias en_US
dc.subject loss aversion bias en_US
dc.subject hindsight bias en_US
dc.title The Behavioural Aspects of Financial Literacy en_US
dc.type Article en_US
dc.rights.holder Copyright : © 2021 by the authors. Licensee MDPI, Basel, Switzerland.


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