Crowding out effects of financial knowledge and attitude on risk preferences: Evidence from a least developed African country
Ruth Cadaoas Tacneng,
Klarizze Anne Martin Puzon and
No wp-2021-58, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)
Using hand-collected survey and experimental data, we examine the determinants of financial literacy as well as the link between self-reported risk and elicited risk preferences in a least developed African country, Guinea. We measure financial literacy as the sum of three elements: financial knowledge, attitude, and behaviour. Our findings indicate that the lack of a significant relationship between our financial literacy measure and risk preferences is caused by the crowding out effects of financial attitude and knowledge.
Keywords: Literacy; Risk attitudes; Africa; Investment decisions (search for similar items in EconPapers)
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