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Naukhaiz Chaudhry, Waheed Akhter and David Roubaud
''Financial literacy, personality traits and financial wellbeing: A preliminary evidence''
( 2024, Vol. 44 No.1 )
This paper explores how financial literacy and personality traits affect the financial wellbeing of individuals in the emerging economy of Pakistan. Using a structured questionnaire, Data were collected using online survey from 542 participants; 367 of the total responses were validated and analysed using Structural Equation Modeling (SEM). The direct impact of perceived and actual financial literacy on financial wellbeing is positively significant. Credit card behaviour partially mediates the relationship between financial literacy and financial wellbeing. The individuals' social relationships have shown a significantly positive impact on financial wellbeing, while emotional instability shows a significantly negative impact. This study offers insights for researchers, managers and policy makers to understand how financial wellbeing at the micro level can be increased by introducing effective financial literacy and personality training programs.
Keywords: Financial Literacy, Financial Wellbeing, Personality Traits, Credit Card Behaviour
JEL: G1 - General Financial Markets
C1 - Econometric and Statistical Methods: General
Manuscript Received : Oct 12 2022 Manuscript Accepted : Mar 30 2024

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