Financial literacy and investment returns: The moderating effect of education level

Guan Wang, Mengchen Zhang and Beiting He

Finance Research Letters, 2024, vol. 67, issue PA

Abstract: The purpose of this research is to explore the far-reaching implications of financial literacy for investment returns. Employing a large-scale sample survey in China during 2011 to 2021, we find strong evidence that financial literacy enhances investment returns. Moreover, this positive relationship is enlarged by the education level. This research highlights the importance of financial literacy and education in facilitating investment returns. The finding of this research provides valuable guidance for individuals and policymakers.

Keywords: Financial literacy; Investment returns; Education level; Rational decisions (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324008110

DOI: 10.1016/j.frl.2024.105781

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