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Determinates of financial behavior: insights into consumer money attitudes and financial literacy

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  • Tsui-Yii Shih
  • Sheng-Chen Ke

Abstract

As consumer requirements for financial services permeate society, they link various financial institutions more closely together, developing divergent financial products. This research develops a conceptual framework for discussing consumer money attitudes, financial literacy regarding financial decisions, and financial behavior. Study findings suggest that consumers who have retention-planning and achievement-esteem attitudes toward money make high-risk financial decisions; anxiety toward money tends to exist mainly in low-risk investors. Financial literacy affects consumer financial behaviors, and demographic variables play segmentation roles. Theoretical contributions and management implications are provided in the study for related research, education departments and financial firms. Copyright Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Tsui-Yii Shih & Sheng-Chen Ke, 2014. "Determinates of financial behavior: insights into consumer money attitudes and financial literacy," Service Business, Springer;Pan-Pacific Business Association, vol. 8(2), pages 217-238, June.
    • Handle: RePEc:spr:svcbiz:v:8:y:2014:i:2:p:217-238
    DOI: 10.1007/s11628-013-0194-x
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