Influence of Financial Literacy on Financial Well-Being: A Case of Vietnam

Huyen Do Phuong, Hoang Lan Nguyen and Thuc Khanh Nguyen
Additional contact information
Huyen Do Phuong: Faculty of Economics and Management, International School, Vietnam National University, Hanoi, Vietnam.
Hoang Lan Nguyen: Faculty of Economics and Management, International School, Vietnam National University, Hanoi, Vietnam.
Thuc Khanh Nguyen: Faculty of Economics and Management, International School, Vietnam National University, Hanoi, Vietnam.

Post-Print from HAL

Abstract: Financial well-being has garnered significant attention in Vietnam in recent years. Analysts predict that in the current global economy, the ability to effectively handle one's financial resources will be a crucial factor in achieving success. Studies indicate that financial knowledge and financial independence are measurable patterns that will inevitably develop in the near future. Financial well-being entails the capacity to make choices that enable individuals to fully experience life, thus granting them freedom. This study examines the impact of financial literacy on financial well-being. The findings demonstrate the positive correlation between financial attitudes and financial behaviors, as well as financial planning. Additionally, they reveal the positive impact of financial behaviors on financial planning, and the positive effect of financial planning on financial well-being. To achieve these outcomes, the authors employed a quantitative research approach that involved conducting a primary survey of 320 Vietnamese individuals and analyzing relevant variables using SPSS 22 and AMOS 20 software. These findings add on to the existing literature, and also indicate practical consequences as policymakers should give priority to the implementation of measures that specifically aim to enhance financial literacy, thus leading to a better financial well-being in Vietnam.

Date: 2024-08-23
References: Add references at CitEc
Citations:

Published in Journal of Economics, Management and Trade, 2024, 30 (9), pp.1-15. ⟨10.9734/jemt/2024/v30i91237⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05100790

DOI: 10.9734/jemt/2024/v30i91237

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().