The Correlation between Financial Literacy and Personal Saving Behavior in Vietnam

Nguyễn Tường Vân · Minh Duc Doan

37 citations0/0 files storedAsian Economic and Financial Review

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Financial Literacy, Pension, Retirement Analysis Microfinance and Financial Inclusion Financial Literacy and Behavior

Abstract

This study investigated factors impacting personal saving behavior in Vietnam. By using 692 respondents from a 63-province survey, the binary regression results showed that financial literacy, finance major, married status, financial attitudes, and advanced financial behavior were factors positively and significantly influencing individual saving behavior while gender, student, and basic financial behavior were factors negatively and significantly impacting saving behavior. It highlighted the result that, women had a higher probability of saving than men. The implications for financial education in Vietnam from the policy makers as well as personal perspective are also discussed.

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References

2014The Economic Importance of Financial Literacy: Theory and Evidence 2007Financial Literacy and Stock Market Participation 2013Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data 2010Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 2008Planning and Financial Literacy: How Do Women Fare?1998Gender Differences in the Allocation of Assets in Retirement Savings Plans 2010Cognitive Ability and Portfolio Choice

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