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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 Thierno Barry

No wp-2021-58, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: 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)
Date: 2021
New Economics Papers: this item is included in nep-afr, nep-dev and nep-fle
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