Title: Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals

Authors: Kumar Saurabh; Tanuj Nandan

Addresses: Amity College of Commerce and Finance, Amity University Uttar Pradesh, Noida, Second Floor, J2 Block, Sector-125, Noida, India ' School of Management Studies, Motilal Nehru National Institute of Technology Allahabad, Teliarganj, Allahabad-211004, Uttar Pradesh, India

Abstract: The purpose of the present study is to examine the influence of financial knowledge and financial socialisation on financial satisfaction of an individual with financial risk attitude as a mediator with special focus on tier II city of India. The authors have adapted scales from literature on financial knowledge, financial socialisation, financial risk attitude and financial satisfaction to create a questionnaire. The mediated regression analysis was performed to test hypothesised relationships. Significant positive relationships were found between financial knowledge and financial satisfaction with financial risk attitude as mediator. Similarly, the relationship between financial socialisation and financial satisfaction with financial risk attitude as mediator were also found to be significantly positive. Financial risk attitude is observed to bear a mediating affect between financial knowledge and financial satisfaction, as also between financial socialisation and financial satisfaction. This research is an attempt to develop a framework for financial satisfaction in a developing country, aimed at the most vulnerable economic class. It is based on data from India, and the results have been found to be significant.

Keywords: financial knowledge; financial socialisation; financial risk attitude; financial satisfaction; mediated regression analysis; tier-II city; financial well-being; emerging economies; financial services firms; subjective financial knowledge; reliability; validity; Sobel's test; India.

DOI: 10.1504/IJICBM.2019.096925

International Journal of Indian Culture and Business Management, 2019 Vol.18 No.1, pp.104 - 122

Accepted: 29 May 2018
Published online: 29 Nov 2018 *

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