Investigating the Effect of the Individual Trait of Financial Self-Efficacy on Women's Financial Literacy, Financial Attitudes, and Financial Behavior
Volume 7, Issue 3, Autumn 2025, Pages 63-75
https://doi.org/10.22034/jwir.2025.2065975.1014
Akram Taftiyan, Mahsa Kaffashpour yazdi, zahra ghanizadeh
Abstract Women's financial literacy is a key factor in household well-being and in the financial socialization of children. However, research shows that women's financial literacy levels are generally lower than those of men. One possible explanation lies in individual psychological traits such as financial self-efficacy. Accordingly, the present study aims to investigate the effect of financial self-efficacy on women's financial literacy. The statistical population consists of all women in Yazd province in the year 2024, and based on the recommended formula for structural equation modeling, a sample of 383 individuals was selected. Data on individual characteristics were collected using standardized questionnaires assessing women's interest in financial resources and available information, fear of financial matters, and strong emotional dependencies on money and investment. For measuring financial literacy, a standardized financial literacy questionnaire covering three dimensions—financial knowledge, financial attitude, and financial behavior—was used. The research hypotheses were tested using the structural equation modeling approach via Smart PLS software. The results indicate that financial self-efficacy has a significant and direct effect on financial knowledge, financial attitude, and financial behavior. Therefore, to improve women’s financial literacy, it is essential to not only provide financial education but also focus on developing such individual traits.