Alfabetização financeira, inclusão financeira e vieses cognitivos comportamentais: análise da influência sobre o bem-estar financeiro individual

Abstract

The theme that involves financial well-being has become increasingly necessary and emerging. In this sense, research has been developed seeking to identify levels of financial well-being of individuals, in addition to studies mapping elements that may influence it. In this regard, this research aimed to analyze the influences exerted by financial literacy, financial inclusion and behavioral cognitive biases on individual financial well-being. The innovative character of this research lies in the consideration of financial inclusion and behavioral cognitive biases as possible influencers of financial well-being. In relation to operational procedures, research with qualitative and quantitative approaches was developed. Considering the qualitative approach, a theoretical discussion was made between the constructs of interest that materialized in a conceptual model that served as the basis for the empirical procedures of this research. In addition, two measurement scales were developed: one to measure perceived financial inclusion and another to measure the cognitive bias of overconfidence. Regarding the quantitative approach, non-probabilistic samples were used through surveys with the target audience. Thus, three data collections were carried out, the first with 320 participants and the second with 223 participants, used to carry out exploratory factor analysis. The third data collection had the participation of 752 respondents, and was used to carry out confirmatory factor analyzes and structural equation modeling. Exploratory factor analysis showed satisfactory results from the point of view of internal consistency and factor structure for measures of loss aversion, overconfidence and perceived financial inclusion. The modeling results showed that financial knowledge, financial behavior, access to and use of financial products and services, objective financial inclusion, and cognitive biases of loss aversion and overconfidence are factors influencing financial well-being. In addition, it was found that consumer spending self-control is an important predictor of financial behavior. These results have implications for carrying out actions that can improve people's financial behavior, investing in the propagation of financial knowledge to improve understanding of diverse financial matters. Thus, people interested in improving the financial well-being of individuals in a community or region can develop actions that bring positive impacts on the factors that determine/influence financial well-being.