The Impact of Financial Literacy on Financial Behavior and Financial Resilience with the Mediating Role of Financial Self-Efficacy

  • Azadeh Moazezi Khah Tehran Department of Management and Accounting, Shahid Beheshti University, Tehran, Iran
  • Alireza Hassani Davis College of Business & Technology, Jacksonville University, Florida, USA
  • Shahriar Mohajer Department of Research & Development, Supply Chain Unit, Kermanshah Branch, Alborz Paradise Export Development Company (APED.global), Kermanshah, Iran
  • Sima Darvishan Department of Accounting, finance and marketing, Pompea College of Business, University of New Haven, USA.
  • Aynaz Shafiesabet Department of Finance, Bauer Collage of Business, University of Houston, 4250 Martin Luther King Blvd Ste 334, Houston, TX 77204, USA
  • Arash Tashakkori School of Business, Stevens Institute of Technology, Hoboken 07030, New Jersey, USA
DOI: https://doi.org/10.22034/ijieor.v7i2.146
Keywords: Financial literacy, Financial self-efficacy, Financial resilience, Financial behavior, Structural equation modeling, Data

Abstract

The present study aimed to investigate the impact of financial literacy on financial behavior and financial resilience, with the mediating role of financial self-efficacy. The research employed a descriptive-correlational design using structural equation modeling (SEM) for data analysis. Participants included 182 investors from the Tehran Stock Exchange. Data were collected via questionnaires and analyzed using Smart PLS software for SEM data analysis. Results revealed that financial literacy has a positive and significant impact on financial self-efficacy, financial resilience, and financial behavior. Financial self-efficacy also positively and significantly influences financial resilience and financial behavior. Financial resilience, in turn, exhibits a positive and significant effect on financial behavior. Furthermore, financial self-efficacy and financial resilience play significant positive mediating roles in the relationship between financial literacy and financial behavior. Financial resilience mediates the effect of financial self-efficacy on financial behavior, while financial self-efficacy mediates the impact of financial literacy on financial resilience. Thus, financial literacy enhances investors’ financial behavior through the pathways of financial self-efficacy and financial resilience.

Published
2025-05-14
How to Cite
Moazezi Khah Tehran, A., Hassani, A., Mohajer, S., Darvishan, S., Shafiesabet, A., & Tashakkori, A. (2025). The Impact of Financial Literacy on Financial Behavior and Financial Resilience with the Mediating Role of Financial Self-Efficacy. International Journal of Industrial Engineering and Operational Research, 7(2), 38-55. https://doi.org/10.22034/ijieor.v7i2.146
Issue
Vol 7 No 2 (2025): ISSUE 2
Section
Articles