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Financial literacy and savings decisions by adult financial consumers in Zimbabwe

OAR@ICRISAT

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Relation http://oar.icrisat.org/9932/
http://dx.doi.org/10.1111/ijcs.12318
 
Title Financial literacy and savings decisions by adult financial consumers in Zimbabwe
 
Creator Murendo, C
Mutsonziwa, K
 
Subject Others
Zimbabwe
 
Description We use survey data from a sample of 4000 adult financial consumers in Zimbabwe to analyse the determinants of financial literacy and its effect on individual's savings decisions. Results show that women have lower financial literacy than men. Furthermore, individuals' residing in rural areas exhibit lower financial literacy compared with urban financial consumers. Financial literacy and financial services interventions targeting women and rural individuals should be strengthened. Econometric results show that financial literacy positively influences savings behaviour for both rural and urban individuals. Furthermore, financial literacy positively influences informal and formal savings. Policy interventions that foster financial literacy are needed to improve individuals saving behaviours.
 
Publisher Blackwell Publishing
 
Date 2017-01
 
Type Article
PeerReviewed
 
Format application/pdf
 
Language en
 
Rights —
 
Identifier http://oar.icrisat.org/9932/1/Murendo_et_al.pdf
Murendo, C and Mutsonziwa, K (2017) Financial literacy and savings decisions by adult financial consumers in Zimbabwe. International Journal of Consumer Studies, 41 (1). pp. 95-103. ISSN 1470-6423