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Financial literacy and risky asset holdings: evidence from China

Financial literacy and risky asset holdings: evidence from China Although financial literacy is important for participating in financial markets, the level of financial literacy of Chinese consumers is low compared with those in developed countries. Using data from the 2014 China Survey of Consumer Finances, we examine the relation between financial literacy and the risky asset holding behaviour of Chinese households, in the context of an emerging financial market with a distinct institutional background. The findings reveal that consumers with higher levels of financial literacy are more likely to hold risky financial assets than those with lower levels. The potential impacts are derived mainly from advanced financial literacy. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Accounting & Finance Wiley

Financial literacy and risky asset holdings: evidence from China

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References (39)

Publisher
Wiley
Copyright
Accounting and Finance © 2017 AFAANZ
ISSN
0810-5391
eISSN
1467-629X
DOI
10.1111/acfi.12329
Publisher site
See Article on Publisher Site

Abstract

Although financial literacy is important for participating in financial markets, the level of financial literacy of Chinese consumers is low compared with those in developed countries. Using data from the 2014 China Survey of Consumer Finances, we examine the relation between financial literacy and the risky asset holding behaviour of Chinese households, in the context of an emerging financial market with a distinct institutional background. The findings reveal that consumers with higher levels of financial literacy are more likely to hold risky financial assets than those with lower levels. The potential impacts are derived mainly from advanced financial literacy.

Journal

Accounting & FinanceWiley

Published: Jan 1, 2017

Keywords: ; ;

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