Financial awareness, investment strategies and investor satisfaction: a multilayered empirical model testing in the Indian context

Shallu Saini, Tejinder Sharma, Satyanarayana Parayitam
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Abstract

Purpose

This research explores the relationships between financial awareness and investor satisfaction about retirement planning, particularly in the Indian context. We developed a conceptual model involving double moderation effects of post-retirement objectives and external factors influencing investor satisfaction.

Design/methodology/approach

A carefully crafted survey instrument was designed to collect data from the 480 employees working in six administrative departments in the northern part of India. After checking the measurement properties of the survey instrument through the Lisrel package of structural equation modeling, the hypotheses were tested using Hayes PROCESS macros.

Findings

The results indicate that financial awareness is positively related to (1) investor satisfaction and (2) investment purpose; investment purpose is positively related to investor satisfaction; post-retirement objectives moderate the relationship between financial awareness and investment purpose; external factors moderate the moderated relationship between financial awareness and post-retirement objectives (first moderator) and investor satisfaction mediated through investment purpose.

Practical implications

The outcomes of this study have important implications for the employees embarking on making decisions concerning their retirement. The conceptual model provides a simple framework explaining how financial awareness and investor satisfaction are affected by the post-retirement objectives of individuals. This study highlights the importance of considering the effect of external factors influencing financial decisions.

Originality/value

The three-way interactions in this exploratory research contribute to the growing literature on behavioral finance, particularly concerning retirement planning involving pension.

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金融意识、投资策略和投资者满意度:印度背景下的多层实证模型检验
目的 本研究探讨了财务意识与投资者对退休规划满意度之间的关系,尤其是在印度的情况下。我们建立了一个概念模型,该模型涉及退休后目标和影响投资者满意度的外部因素的双重调节效应。设计/方法/途径我们精心设计了一份调查问卷,从印度北部六个行政部门的 480 名员工中收集数据。通过结构方程建模软件包 Lisrel 检验了调查工具的测量属性后,使用 Hayes PROCESS 宏对假设进行了检验。研究结果研究结果表明,财务意识与(1)投资者满意度和(2)投资目的正相关;投资目的与投资者满意度正相关;退休后目标调节财务意识与投资目的之间的关系;外部因素调节财务意识与退休后目标(第一调节因子)之间的调节关系,投资者满意度通过投资目的调节。概念模型提供了一个简单的框架,解释了财务意识和投资者满意度如何受到个人退休后目标的影响。这项研究强调了考虑外部因素对财务决策影响的重要性。原创性/价值这项探索性研究中的三方互动为日益增多的行为金融学文献做出了贡献,尤其是在涉及养老金的退休规划方面。
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来源期刊
CiteScore
6.30
自引率
8.30%
发文量
18
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