%0 Journal Article
%@ 1470-6423
%A Murendo, C
%A Mutsonziwa, K
%D 2017
%F icrisat:9932
%I Blackwell Publishing
%J International Journal of Consumer Studies
%K Financial literacy, Savings decisions, Financial consumers, Personal finance, Savings, Zimbabwe, Savings behaviour
%N 1
%P 95-103
%T Financial literacy and savings decisions by adult financial consumers in Zimbabwe
%U http://oar.icrisat.org/9932/
%V 41
%X We use survey data from a sample of 4000 adult financial consumers in Zimbabwe to analyse the determinants of financial literacy and its effect on individual's savings decisions. Results show that women have lower financial literacy than men. Furthermore, individuals' residing in rural areas exhibit lower financial literacy compared with urban financial consumers. Financial literacy and financial services interventions targeting women and rural individuals should be strengthened. Econometric results show that financial literacy positively influences savings behaviour for both rural and urban individuals. Furthermore, financial literacy positively influences informal and formal savings. Policy interventions that foster financial literacy are needed to improve individuals saving behaviours.
%Z The authors acknowledge FinMark Trust for providing access  to the Zimbabwe 2014 FinScope Consumer Survey data set  used for this article. The authors take responsibility for all  remaining errors.