Know Thyself Financially: How Financial Self-Awareness Benefits Consumers

Nivriti Chowdhry, Rice University, USA
Utpal Dholakia, Rice University, USA
We consider the relation between an individual’s uncertainty about their own current financial assets, liabilities, and spending patterns (financial self-awareness), and downstream financial behaviors. The effect of FSA is mediated by financial self-efficacy. The effect of FSA on saving and investment decisions, but not on financial satisfaction or spending decisions, is moderated by financial literacy via response-efficacy.
[ to cite ]:
Nivriti Chowdhry and Utpal Dholakia (2017) ,"Know Thyself Financially: How Financial Self-Awareness Benefits Consumers", in NA - Advances in Consumer Research Volume 45, eds. Ayelet Gneezy, Vladas Griskevicius, and Patti Williams, Duluth, MN : Association for Consumer Research, Pages: 42-46.