The Impact of Demographic Characteristics on Financial Literacy: An Empirical Study in Commercial Banks' Customers

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European Financial System 2016: Proceedings of the 13th International Scientific Conference

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Nguyen, Thi Anh Nhu
Masarykova univerzita
financial literacy, basic financial knowledge, general investment knowledge, demographic characteristics and Vietnam
conference paper description
This study was conducted with the aim of assessing and analyzing financial literacy against the demographic characteristics of customers of commercial banks in emerging financial market in Vietnam. Primary data was collected by a structured questionnaire from 240 respondents in 12 branches of four commercial banks in Ho Chi Minh City. The results of descriptive statistics indicated that the average of basic financial and general investment knowledge of commercial banks' customers in Vietnam is moderated. Regression analyses revealed that levels of education, gender, and age scale (age over 55) are significant factors which enhance the basic financial knowledge and general investment knowledge while income, job status and marital status are insignificant to financial literacy. The results of this study assist to improve the level of personal financial knowledge by creating a wide range of education programs related to financial knowledge as well as implementing further research into this field in Vietnam.