Florian Gerth|Katia López|Krishna Reddy|Vikash Ramiah|Damien Wallace|Glenn W. Muschert|Alex Frino|Leonie Jooste
The Behavioural Aspects of Financial Literacy
University of Wollongong in Dubai|Toi Ohomai Institute of Technology|University of Wollongong in Dubai|University of South Australia|Khalifa University of Science and Technology|University of Wollongong in Dubai|Canadian University of Dubai
paper investigate contribution behavioural characteristics financial literacy uae residents controlling demographic factors specifically test relationship financial literacy behavioural biases representativeness selfserving overconfidence loss aversion hindsight bias using data collected survey questionnaires apply methodology developed organization economic cooperation development oecd compute financial literacy scores overall results show behavioural biases except overconfidence bias positively related financial literacy furthermore biases exhibit stronger quantitative relationship financial literacy others example hindsight bias displays strongest link financial literacy followed selfserving bias weakest still statistically significant effect loss aversion bias although biases general negative connotations behavioural biases appear related higher levels financial literacy