Seraj Abdullah Hamoud Ali, Alzain Elham, Alshebami Ali Saleh
The Saudi Investment Bank Chair for Investment Awareness Studies, The Deanship of Scientific Research, The Vice Presidency for Graduate Studies and Scientific Research, King Faisal University, Al Ahsa, Saudi Arabia.
College of Business Administration, King Faisal University, Al Ahsa, Saudi Arabia.
Front Psychol. 2022 Sep 30;13:1005075. doi: 10.3389/fpsyg.2022.1005075. eCollection 2022.
Financial literacy has gained much attention amongst scholars, policymakers and other stakeholders due to its role in backing up investment decisions, improving personal financial management and increasing financial wellbeing. This study examines the influence of financial literacy on investment decisions with the moderating effect of the overconfidence behavioural bias. Data were collected from 180 respondents in Saudi Arabia using a questionnaire, and a convenience sampling technique was applied. The study's findings were analysed using the partial least squares structural equation modelling (PLS-SEM) technique. It was found that financial literacy positively and significantly influenced investment decisions. Moreover, the results show that overconfidence positively affected investment decisions and that the relationship between financial literacy and investment decisions was positively and significantly moderated by overconfidence.
金融素养因其在支持投资决策、改善个人财务管理和提高财务福祉方面的作用，在学者、政策制定者和其他利益相关者中受到了广泛关注。本研究考察了金融素养对投资决策的影响以及过度自信行为偏差的调节作用。采用问卷调查法从沙特阿拉伯的180名受访者中收集数据，并运用便利抽样技术。研究结果采用偏最小二乘结构方程模型（PLS-SEM）技术进行分析。研究发现，金融素养对投资决策有积极且显著的影响。此外，结果表明过度自信对投资决策有积极影响，并且过度自信对金融素养与投资决策之间的关系有正向且显著的调节作用。
