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Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan

Author

Listed:
  • Nimra Noor
  • Irem Batool
  • Hafiz Muhammad Arshad
  • David McMillan

Abstract

Study examines the role of financial literacy and financial self-efficacy of individuals in explaining their behavior to have financial accounts. Study has used the questionnaire based survey and collected the data responses from 564 adults belonging to Sahiwal division. The binary logistic regression model is utilized to estimate the probability of having financial accounts in relation to individual’s financial literacy and financial self-efficacy level. Estimated results show that individual’s financially literacy level is positively related with individual’s account ownership model among the selected group. While individual’s financial self-efficacy level does not explain any positive significant impact on individual’s account ownership model. Other socio-demographic variables like gender, marital status, education, occupation, and income level are also found to have influential impact on the individuals’ account ownership behavior in Pakistan. Study recommends that financial literacy is pertinent to have equitable financial inclusion in the economy.

Suggested Citation

  • Nimra Noor & Irem Batool & Hafiz Muhammad Arshad & David McMillan, 2020. "Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1806479-180, January.
    • Handle: RePEc:taf:oaefxx:v:8:y:2020:i:1:p:1806479
    DOI: 10.1080/23322039.2020.1806479
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    Cited by:

    1. Naznin Sultana Chaity & Shahriar Bin Kabir & Parul Akhter & Rifat Parveen Bokhari, 2024. "How Financial Literacy Impacts Financial Well-Being: The Influence of Financial and Technical Efficacy," International Journal of Economics and Financial Issues, Econjournals, vol. 14(2), pages 207-217, March.
    2. Naseem Al Rahahleh, 2023. "Determinants of the Financial Capability: The Mediating role of Financial Self-efficacy and Financial Inclusion," International Journal of Economics and Financial Issues, Econjournals, vol. 13(6), pages 15-29, November.
    3. Umer Mushtaq Lone & Suhail Ahmad Bhat, 2024. "Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 122-137, March.

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