International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Volume 8 Issue 2
March-April 2026

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Financial Literacy and Investment Behaviour: The Mediating Role of Risk Tolerance and the Moderating Effect of Gender

Author(s) Dr. Ravinder Singh, Dr. Manju Singla
Country India
Abstract Despite the centrality of financial literacy in policy and practice, the mechanism through which it shapes investment behaviour remains contested. Drawing on a systematic review of peer-reviewed empirical studies published between 2000 and 2024, this paper constructs and defends a conceptual model in which risk tolerance mediates the financial literacy–investment behaviour relationship, while gender moderates both the direct and indirect pathways. Grounded in behavioural finance theory, prospect theory, and the financial capability framework, the review reconciles divergent findings across developed and emerging economies and exposes critical research gaps: the absence of integrated mediated-moderation models, the underrepresentation of South Asian and Sub-Saharan African contexts, and the neglect of digital financial literacy as a distinct construct. A five-proposition agenda is offered to guide future empirical inquiry. The paper contributes theoretically by synthesising fragmented evidence into a unified framework, and practically by informing gender-sensitive financial education design and public policy.
Keywords Financial Literacy; Investment Behaviour; Risk Tolerance; Gender Differences; Behavioural Finance; Emerging Economies; Mediation; Moderation; Systematic Review
Field Sociology > Administration / Law / Management
Published In Volume 8, Issue 2, March-April 2026
Published On 2026-04-03
DOI https://doi.org/10.36948/ijfmr.2026.v08i02.73291
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