Psychological Factors affecting Financial Literacy: A review

Author(s)	Mr. Mrityunjay Vikram Singh, Prof. Pramila Tiwari
Country	India
Abstract	As the world is progressing towards a more globalised economy, more and more emphasis is being given on characteristics of human beings that affect financial processes. A paradigm shift in the way these processes were though to function can be seen in the way modern researchers are trying to define these processes. Earlier, these were thought to be governed with simple economic principles. However, if this were true, no one would make economically unsound decisions. But this, as we all are aware, is far divorced from the reality. Thus, modern researchers started studying the role that factors such as culture, cognition, personality, social norms etc. play in determining these relationships. The present article is a review-based paper which discusses the personality and cognitive factors that affect the levels of Financial Literacy that a person possesses.
Keywords	Financial Literacy, Cognition, Personality
Published In	Volume 7, Issue 2, March-April 2025
Published On	2025-04-27
DOI	https://doi.org/10.36948/ijfmr.2025.v07i02.43073
Short DOI	https://doi.org/g9gvmv

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International Journal For Multidisciplinary Research