Article2018

Role of financial risk attitude and financial behavior as mediators in financial satisfaction

96 citations0/0 files storedSouth Asian Journal of Business Studies

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

Purpose The purpose of this paper is to examine the relationships between financial knowledge, socialization and financial satisfaction with financial risk attitude and financial behavior as a mediator after demonetization and introduction of GST. Design/methodology/approach The sample consisted responses of 286 individuals from the city of Allahabad, Uttar Pradesh, India and making financial decisions for the household for at least last two years. The data were analyzed using exploratory factor analysis and mediation regression analysis. Findings All sub-scales used to measure constructs had satisfactory reliabilities and internal consistencies. It was found that financial risk attitude and financial behavior both mediate the relationship between financial socialization and financial satisfaction as well as between financial knowledge and financial satisfaction. Research limitations/implications This research is based upon survey method and voluntary participation. Hence one can question generalization of findings to larger samples. Moreover, the study is limited to a restricted geographical region which could affect the generalization of findings. Practical implications Results provide insights into the antecedents of financial satisfaction of individuals from tier II city of India. Financial planners may utilize this study for enhancement of financial satisfaction of their clients and hence retention of the same. Originality/value A majority of researchers use survey without evaluation validity of instruments in the selected context and sample. This research contributed to the literature and practice by testing validation of constructs of financial satisfaction in India.

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References

1981Evaluating Structural Equation Models with Unobservable Variables and Measurement Error 2011Sources of Method Bias in Social Science Research and Recommendations on How to Control It 1987Perception of Risk 1994The Persuasion Knowledge Model: How People Cope with Persuasion Attempts 2003Calculating, Interpreting, And Reporting Cronbach’s Alpha Reliability Coefficient For Likert-Type Scales 1985The Effects of Product Class Knowledge on Information Search Behavior 1999Consumer Socialization of Children: A Retrospective Look At Twenty‐Five Years of Research 1998An Analysis of Personal Financial Literacy Among College Students

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