Awareness about equity investment among retail investors: a kaleidoscopic view

Purpose - The purpose of this paper is to systematically review the literature published on the various aspects of awareness about equity investment. The paper highlights the major issues and aspects with respect to equity investment awareness. It also aims to raise specific questions for future research. Design/methodology/approach - The study is based on secondary information collected primarily through the review of existing literature. Findings - It is found that the important determinants of equity awareness are demographic, socio-economic and psychological factors. Financial well-being is attributable largely to financial awareness. Growth of the financial market can be credited to equity awareness. Equity awareness enables an investor to make better financial decisions, to appreciate their rights and responsibilities and to understand and manage the risk as an investor. Practical implications - Policy makers can design the equity awareness campaign considering the different demographic and socio-economic factors. While designing such a campaign, the impact and importance of equity awareness should be illustrated, considering their demographic and socio-economic profile. Originality/value - This study is the first one using the literature review method in the area of equity investment awareness, in particular, and financial awareness in general. This paper will be useful to researchers, academicians and those working in the area of equity investment awareness and in their understanding about the various aspects of awareness about equity investment. The paper is first of its kind, hence original in nature.