Thiago Borges Ramalho|Denis Forte
Financial literacy in Brazil – do knowledge and self-confidence relate with behavior?
Universidade Presbiteriana Mackenzie|Universidade Presbiteriana Mackenzie
purpose people increasingly responsible making sound financial decisions foster financial satisfaction wellbeing magnifies importance financial literacy concept measurement still yet crystallized literature specifically capturing different behavior perceptions moreover distinction based different classifications behavior underconfidence understand relation literacy decision process fill gap paper aims investigate whether financial literacy conceptual model proposed applies similarly every group independently previous selfconfidence perception purpose quality control oecd 2016 data used final sample 1487 brazilian citizens quantitative analysis technique using partial least squares structural equations path modeling differences groups using multigroup analysis applied line general studies analyzing financial literacy usual model group whole financial knowledge construct positively influences selfconfidence together positively affect financial behavior however individuals low financial knowledge low selfconfidence well much little confidence model hold therefore selfconfidence perception influences way financial knowledge used financial decisions addressed financial education training effective