Lisa Farrell|Timothy D. Fry|Leonora Risse
The significance of financial self-efficacy in explaining women’s personal finance behaviour
RMIT University|RMIT University|RMIT University
much policy attention placed enhancing individuals financial knowledge literacy chiefly financial education programs however managing ones personal finances takes financial knowledge literacy individual also needs sense selfassuredness selfbelief capabilities personal attribute known within psychology literature selfefficacy paper examines significance individuals financial selfefficacy explaining personal finance behaviour application psychometric instrument using 2013 survey australian women financial selfefficacy emerges one strongest predictors type number financial products woman holds specifically analysis reveals women higher financial selfefficacy greater selfassuredness financial management capacities likely hold investment savings products less likely hold debtrelated products even alongside important factors education financial risk preferences age household income explanatory power financial selfefficacy found significant 1 critical level moreover significance financial selfefficacy independently identified financial literacy factors bears important implications development policies aiming improve financial outcomes