Determinants of Financial Literacy: with Special Reference to Consumers in Financial Service Industry

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dc.contributor.author Kumari, D.A.T
dc.date.accessioned 2020-12-31T08:44:55Z
dc.date.available 2020-12-31T08:44:55Z
dc.date.issued 2020-07
dc.identifier.issn 1800-4989
dc.identifier.issn 2719-2598
dc.identifier.uri http://220.247.247.85:8081/handle/123456789/36473
dc.description.abstract The financial literacy is a key dimension which determines the demand of the financial services in the economy. However, most of the previous studies and financial decision makers believe financial literacy in different perspectives. Therefore, it is timely important to identify the main determinants of the financial literacy among potential customers in financial service industry. Accordingly, present study is mainly focused on identifying and verifying the key determinants of the financial literacy in the customer’s point of view in the financial service sector. The study adopted the positivism epistemology and quantitative approach. At the initial phase of the study, the extensive literature review was carried out with the purpose of identifying the determinants of financial literacy. In the second phase, a survey was conducted among 500 potential financial services customers representing nine provinces in Sri Lanka, with the assistance of a researcher administrated questionnaire. The sample was selected based on the multilevel mixed sampling method and the unit of analysis was the head of households in Sri Lanka. Furthermore, a partial least squares structural equation model (PLS-SEM) was employed as the principle data analysis approach, and Smart PLS 3 was employed as the main analytical software. Degree of financial literacy was tested based on 22 items identified by previous researchers and Principle Component Analysis was employed to determine the key factors of financial literacy. The reliability of scales was measured by Cronbach’s Alpha coefficients. The findings revealed that in general, all financial literacy dimensions have significant impact to determine the level of financial literacy. However, when it considers under separate dimensions, financial knowledge is the most significant determinant among the other determinants to determine the level of financial literacy. Therefore, researcher concluded that financial knowledge can be considered as a main determinant of financial literacy among potential customers of financial services in Sri Lanka. And the financial awareness is identified as the least significant determinant. Finally, the researcher provides some suggestions for marketing practitioners of financial service industry and government policy decision makers to develop financial literacy level by promoting financial knowledge for absorbing more consumers towards formal financial system and products of financial services. en_US
dc.language.iso other en_US
dc.publisher Department of Marketing Management, University of Kelaniya, Sri Lanka en_US
dc.relation.ispartofseries Volume. 06;No. 02
dc.subject Financial Awareness en_US
dc.subject Financial Attitude en_US
dc.subject Financial Behavior en_US
dc.subject Financial Knowledge en_US
dc.subject Financial Literacy en_US
dc.subject Financial Skills en_US
dc.title Determinants of Financial Literacy: with Special Reference to Consumers in Financial Service Industry en_US
dc.type Article en_US
dc.identifier.accno 45715 en_US


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