Liu Siming, Gao Leifu, Latif Khalid, Dar Ayesha Anees, Zia-Ur-Rehman Muhammad, Baig Sajjad Ahmad
Institute for Optimization and Decision Analytics, Liaoning Technical University, Fuxin, China.
Department of Commerce, Government College University, Faisalabad, Pakistan.
Front Psychol. 2021 Nov 11;12:742118. doi: 10.3389/fpsyg.2021.742118. eCollection 2021.
The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomenon, including self-control, optimism, herding, and loss aversion with a perspective of the digital economy. To test the proposed hypothesis, the primary data collection method was used. A structured questionnaire was designed to collect data from 102 individual households through the convenience sampling technique. SmartPLS was used to analyze collected data. This study found the negative impact of self-control, optimism, and herding on financial inclusion. In contrast, loss aversion contributes to the uplift of financial inclusion in Pakistan. Similarly, financial literacy proved to have a decreasing effect on financial inclusion because of religious concerns. The moderation effect of financial literacy was also significantly positive except for loss aversion. The behavioral phenomenon proved to have a significant impact on financial inclusion. This research shows that individual households who do not use developed technological services and products from formal financial inclusion can overcome the behavioral biases that hinder them from making informed financial decisions. This research work will significantly help households use financial services to improve their standard of living and overall long-term financial well-being. This research is essential because many households are not using bank services and have low financial knowledge in Pakistan. The key contribution of this research study is that it found the relation between behavioral factors and financial inclusion. Financial literacy also has a moderating effect on their relations.
本研究的基本目的是从行为视角出发，在考虑金融素养对巴基斯坦金融包容性的调节作用的情况下，调查行为偏差对金融包容性的影响。本研究聚焦于包括自我控制、乐观主义、羊群效应和损失厌恶在内的重要行为现象，并从数字经济的角度进行研究。为了检验所提出的假设，采用了原始数据收集方法。设计了一份结构化问卷，通过便利抽样技术从102个个体家庭收集数据。使用SmartPLS对收集到的数据进行分析。本研究发现自我控制、乐观主义和羊群效应会对金融包容性产生负面影响。相比之下，损失厌恶有助于提升巴基斯坦的金融包容性。同样，由于宗教因素，金融素养对金融包容性有降低作用。除损失厌恶外，金融素养的调节作用也显著为正。这些行为现象被证明对金融包容性有重大影响。本研究表明，那些未使用正规金融包容性的发达技术服务和产品的个体家庭能够克服阻碍他们做出明智金融决策的行为偏差。这项研究工作将极大地帮助家庭利用金融服务来提高生活水平和整体长期金融福祉。这项研究至关重要，因为在巴基斯坦，许多家庭未使用银行服务且金融知识水平较低。本研究的关键贡献在于发现了行为因素与金融包容性之间的关系。金融素养对它们之间的关系也有调节作用。
