- Original authors / creators
- Parul Kumar; Md Aminul Islam; Rekha Pillai; Taimur Sharif
- Original publication
- Heliyon · Elsevier · 2023-01-21
- License & retained notices
- CC BY 4.0
© 2023 The Authors
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This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/). Article-specific license URI: https://creativecommons.org/licenses/by/4.0/ - Edition changes
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- Evidence limits
- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. Although the sample and the research design adopted in this study are adequate to achieve the desired research objectives, like any other research, this study is also susceptible to few limitations. The sample size sufficiency was ensured by the G*Power software in this study. However, given that provinces/states in India are highly diverse in nature, we believe that use of a larger size of sample with respondents from various states could provide a more robust picture of the FDM behaviour of an average citizen in India and enable greater generalisability of the findings in the contexts of the developing world with similar socio-economic features. Also, given that “countries with higher rates of savings have had a faster economic growth than those with lower saving rates” [96], further research may include institutional respondents like NGOs, cooperatives, community investment schemes, and so on to develop insights of how a sound financial management of household savings can be made and channelled towards contributing to the overall economic growth of a populous country like India. The inherent limitations of cross-sectional data, especially the inadequate evidence of temporal association between exposure and outcome is also assumed to appear in this study. This study provides an empirical and conceptual springboard for ensuing work on other potentially important determinants of FDM behaviour. Given that behavioural finance is a relatively new but a fast growing field where the list of psychological factors will continue to expand and new opportunities and challenges arise, further studies can be planned by considering other psychological factors such as regret bias, gender IMP, anchoring effect, defence mechanisms, personality traits (e.g., self-esteem, self-identity, etc.), over and under reaction, mental accounting, and so on to examine their likely impacts on investors’ FDM attitudes. As successful research outcomes, many of these factors might turn out to be useful determinants of the risk-taking and FDM behaviour of the household investors. Also, in the wake of ongoing automations and digital transformations of financial services, we emphasise further studies on exploring relevant behavioural factors such as prejudice and general mindset to DFL, emotional intelligence, among others and their influence on FDM, with particular focus on gender bias. Also, in consideration of the fact that the global digital skills crisis is worsening due to growing automation and use of artificial intelligence [97], and digital financial services and platforms are fast proliferating, we emphasise prioritising DFL over financial and numeric literacy and disseminating the knowledge through popular digital means, e.g., social media platforms. This approach will not only equip individuals with the confidence and skills to use financial platforms and services effortlessly, but also dissuade individuals from being prone to online risks and fraudulent practices and refrain them from impulsive (IMP) behaviour. In order to develop further insights into this topic and minimise the rising knowledge gap in literature with regard to the nexus between gender and FDM [98], it would be useful to conduct empirical research on the gender-specific FDM-behaviour including IMP and check various socio-economic scenarios such as: (a) the influence of different decision-making styles (e.g., male- or female-dominant, syncretic/joint, autonomous) including level of participations in dyadic dynamics between males and females as partners or married couples; (b) the current state of financial knowledge and/or literacy and capability of partners in optimal FDM in the wake of fast technological progress and high speed of change; (c) the perception and influence of individual or shared financial goals and wellbeing of partners on decision making on savings, insurance, buy-in, & others.
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