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Cultura Financeira dos Investidores e Diversificação das Carteiras

  • Victor Mendes
  • Margarida Abreu

This paper studies the factors that determine the financial literacy level of the Portuguese individual investors and explores the relation between financial literacy and financial behavior, particularly portfolio diversification. Our results suggest that the average financial literacy level of Portuguese individual investors is low: two in three investors reveal an insufficient level of financial knowledge. We also find that the investor with a high literacy level is a married man, about 44 years old, living in the coast or in the Oporto region, and is an independent worker. Moreover, our results show that the level of financial literacy has a strong impact on portfolio diversification behavior, in different ways. In fact, academic degree, specific financial culture, and information sources are relevant variables for the explanation of individual financial decisions.

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File URL: http://pascal.iseg.utl.pt/~depeco/wp/wp102006.pdf
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Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2006/10.

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Date of creation: 2006
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Handle: RePEc:ise:isegwp:wp102006
Contact details of provider: Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

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