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Open Access Journal Article

Financial Literacy and Consumer Behavior

by Daniel Harris 1,*
1
Daniel Harris
*
Author to whom correspondence should be addressed.
EFRL  2021 3(2):24; https://doi.org/10.69610/j.efrl.20211121
Received: 24 September 2021 / Accepted: 22 October 2021 / Published Online: 21 November 2021
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Abstract

The paper explores the intricate relationship between financial literacy and consumer behavior, analyzing how individuals' understanding of financial concepts influences their purchasing decisions, investment strategies, and overall financial well-being. Financial literacy encompasses the ability to manage financial resources effectively, make informed financial choices, and understand risk management. This study aims to investigate the extent to which financial literacy impacts consumer behavior across various demographic groups and socioeconomic backgrounds. Through a comprehensive review of existing literature and empirical analysis, the paper identifies key factors that contribute to financial literacy levels and examines their correlation with consumer behavior patterns. The findings suggest that improving financial literacy can lead to more responsible spending habits, better investment outcomes, and overall enhanced financial security. Moreover, the paper highlights the importance of incorporating financial education into the curriculum at all educational levels to foster a financially literate society.

Keywords: Financial literacy; Consumer behavior; Investment strategies; Financial security; Education.;
Copyright: © 2021 by Harris. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
Cite This Paper
APA Style
Harris, D. (2021). Financial Literacy and Consumer Behavior. Economics and Finance Research Letters, 3(2), 24. doi:10.69610/j.efrl.20211121
ACS Style
Harris, D. Financial Literacy and Consumer Behavior. Economics and Finance Research Letters, 2021, 3, 24. doi:10.69610/j.efrl.20211121
AMA Style
Harris D. Financial Literacy and Consumer Behavior. Economics and Finance Research Letters; 2021, 3(2):24. doi:10.69610/j.efrl.20211121
Chicago/Turabian Style
Harris, Daniel 2021. "Financial Literacy and Consumer Behavior" Economics and Finance Research Letters 3, no.2:24. doi:10.69610/j.efrl.20211121

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ACS Style
Harris, D. Financial Literacy and Consumer Behavior. Economics and Finance Research Letters, 2021, 3, 24. doi:10.69610/j.efrl.20211121
AMA Style
Harris D. Financial Literacy and Consumer Behavior. Economics and Finance Research Letters; 2021, 3(2):24. doi:10.69610/j.efrl.20211121
Chicago/Turabian Style
Harris, Daniel 2021. "Financial Literacy and Consumer Behavior" Economics and Finance Research Letters 3, no.2:24. doi:10.69610/j.efrl.20211121
APA style
Harris, D. (2021). Financial Literacy and Consumer Behavior. Economics and Finance Research Letters, 3(2), 24. doi:10.69610/j.efrl.20211121

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