A Study on the Influence of Financial Literacy and Psychological Factors on Financial Product Investment Attitude

This study empirically examines the impact of financial literacy and psychological factors on financial product investment attitudes. In this study, financial literacy is measured by two dimensions: financial knowledge and investment knowledge. The psychological factors measured in this study are self-efficacy and self-superiority, based on social cognitive theory. To investigate the effects of these two sets of variables, a survey was conducted targeting individuals aged 20 to 40. A total of 194 participants took part in the survey. The analysis of the research results, conducted through regression analysis, showed that financial knowledge did not emerge as a significant variable in influencing financial product investment attitudes. On the other hand, investment knowledge was found to have a significant impact on financial product investment attitudes. Among the psychological factors, self-superiority did not emerge as a significant variable, whereas self-efficacy significantly influenced financial product investment attitudes. The findings of this study suggest that investment knowledge, which measures concrete knowledge about financial products, is associated with a more aggressive investment propensity, as individuals with higher objective investment knowledge are more likely to exhibit a proactive investment behavior. In terms of psychological aspects, individuals with higher self-efficacy, meaning greater confidence in their ability to accomplish tasks or goals, are more likely to opt for riskier investment products.