eprintid: 9932
rev_number: 9
eprint_status: archive
userid: 1305
dir: disk0/00/00/99/32
datestamp: 2017-03-31 09:45:01
lastmod: 2017-03-31 10:19:38
status_changed: 2017-03-31 09:45:01
type: article
metadata_visibility: show
creators_name: Murendo, C
creators_name: Mutsonziwa, K
icrisatcreators_name: Murendo, C
affiliation: ICRISAT (Bulawayo)
affiliation: FinMark Trust (South Africa)
country: Zimbabwe
country: South Africa
title: Financial literacy and savings decisions by adult financial consumers in Zimbabwe
ispublished: pub
subjects: s2
subjects: s53
divisions: CRPS5
full_text_status: restricted
keywords: Financial literacy, Savings decisions, Financial consumers, Personal finance, Savings, Zimbabwe, Savings behaviour
note: 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.
abstract: 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.
date: 2017-01
date_type: published
publication: International Journal of Consumer Studies
volume: 41
number: 1
publisher: Blackwell Publishing
pagerange: 95-103
refereed: TRUE
issn: 1470-6423
official_url: http://dx.doi.org/10.1111/ijcs.12318
related_url_url: https://scholar.google.co.in/scholar?q=Financial+literacy+and+savings+decisions+by+adult+financial+consumers+in+Zimbabwe&btnG=&hl=en&as_sdt=0%2C5
related_url_type: pub
citation:   Murendo, C and Mutsonziwa, K  (2017) Financial literacy and savings decisions by adult financial consumers in Zimbabwe.  International Journal of Consumer Studies, 41 (1).  pp. 95-103.  ISSN 1470-6423     
document_url: http://oar.icrisat.org/9932/1/Murendo_et_al.pdf