Финансовая грамотность, финансовое благополучие и участие в фондовом рынке: эмпирические данные Омана

Участие населения в фондовом рынке определяется не только доступностью инвестиционных инструментов, но и уровнем финансовых знаний, а также оценкой собственного финансового положения. Цель исследования — оценить взаимосвязь финансовой грамотности и участия населения Омана в фондовом рынке с учётом социально-демографических различий и роли финансового благополучия в данной взаимосвязи. В работе использованы методы описательной статистики, иерархическая бинарная логистическая регрессия и метод декомпозиции Карлсона– Холма–Брина (KHB). Эмпирическую основу составили результаты онлайн-опроса, проведённого с февраля по июнь 2026 года в Маскате, Салале и Сохаре. Из 1000 распространённых анкет получено 786 ответов, после проверки в итоговую выборку включены 739 респондентов.Результаты показали сравнительно низкий уровень объективной финансовой грамотности: на вопросы о процентных ставках правильно ответили 47% респондентов, об инфляции — 41%, о финансовых рисках — 36%, при этом 62% участников отметили высокий уровень финансового благополучия, а об участии в фондовом рынке сообщили только 26%. Регрессионный анализ выявил положительную связь финансовой грамотности с участием в фондовом рынке (отношение шансов — 1.42 во второй модели и 1.33 в третьей), тогда как для финансового благополучия данный показатель составил 1.25. Дополнительный анализ указывает на его возможную посредническую роль в рассматриваемой взаимосвязи. Полученные результаты свидетельствуют о необходимости развития практических финансовых навыков населения Омана наряду с повышением доступности инвестиционных услуг.

1. Agarwal, S., Ayyagari, M., Cheng, Y., & Ghosh, P. (2026). The road to stock market participation. Management Science. https://doi. org/10.1287/mnsc.2024.04496

2. Akhtar, F., & Das, N. (2019). Predictors of investment intention in Indian stock markets: Extending the theory of planned behaviour. International journal of bank marketing, 37(1), 97-119. https://doi.org/10.1108/IJBM- 08-2017-0167

3. Alba, J. W., & Hutchinson, J. W. (2000). KAdesogan, A. T., & Dahl, G. E. (2020). MILK Symposium introduction: Dairy production in developing countries. Journal of Dairy Science, 103(11), 9677–9680. https://doi.org/10.3168/jds.2020-18313

4. Akhmedyarov, Y., Kurmanov, N., Petrova, M., & Gordeyeva, Y. (2023). The Kazakhstan dairy enterprises’ problem analysis and innovative potential of an agricultural enterprise. IOP Conference Series: Earth and Environmental Science, 1269(1), 012037. https://doi. org/10.1088/1755-1315/1269/1/012037

5. Akhmetova, A., Abdykerova, G., Shaukerova, Z., Bulasheva, A., & Akhmetova, A. (2024). Diagnostics of financial stability of agricultural enterprises of dairy cattle breeding of the Republic of Kazakhstan: Study of foreign crisis-forecasting models. Scientific Horizons, 27(5), 172–182. https://doi.org/10.48077/scihor5.2024.172

6. Akhmetova, L., Domalatov, Y., Baiguzhinova, A., Dubina, I., & Bazhigaliyeva, M. (2026a). Digitalization of agribusiness and its impact on productivity and sustainability: A systematic literature review. Eurasian Journal of Economic and Business Studies, 70(1), 88– 103. https://doi.org/10.47703/2789-8253-2026-1-88-103

7. Akhmetova, L., Bazhigaliyeva, M., Zhakenova, G., Tulaganov, A., Saktayeva, A., Mamyrbekova, D., Baiguzhinova, A., Baigireyeva, Z., & Apysheva, A. (2026b). Determining the impact of digital transformation on the economic efficiency of dairy farms (using the example of the Republic of Kazakhstan). EasternEuropean Journal of Enterprise Technologies, 3, 6–14. https://doi.org/10.15587/1729-4061.2026.365620

8. Ali, B. M. (2021). The effect of cow longevity on dynamic productivity growth of dairy farming. Livestock Science, 250, 104582. https://doi.org/10.1016/j. livsci.2021.104582

9. Arvidsson Segerkvist, K., Hansson, H., Sonesson, U., & Gunnarsson, S. (2020). Research on environmental, economic, and social sustainability in dairy farming: A systematic mapping of current literature. Sustainability, 12(14), 5502. https://doi.org/10.3390/su12145502

10. Azizsafaei, M., Hosseinian-Far, A., Khandan, R., Sarwar, D., & Daneshkhah, A. (2022). Assessing risks in dairy supply chain systems: A system dynamics approach. Systems, 10(4), 114. https://doi.org/10.3390/ systems10040114

11. Baiguzhinova, A., Apysheva, A., Saktayeva, A., Domalatov, Y., Mamyrbekova, D., Kuangaliyeva, T., & Mugauina, R. (2025). Identifying the prospects for sustainable development of the dairy sector. EasternEuropean Journal of Enterprise Technologies, 5(13),81–91. https://doi.org/10.15587/1729-4061.2025.341061

12. Ben Abdallah, M., Fekete Farkas, M., & Lakner, Z. (2020). Analysis of dairy product price transmission in Hungary: A nonlinear ARDL model. Agriculture, 10(6), 217. https://doi.org/10.3390/agriculture10060217

13. Bianchi, M. C., Bava, L., Sandrucci, A., Tangorra, F. M., Tamburini, A., Gislon, G., & Zucali, M. (2022). Diffusion of precision livestock farming technologies in dairy cattle farms. Animal, 16(11), 100650. https://doi. org/10.1016/j.animal.2022.100650

14. Bórawski, P., Pawlewicz, A., Parzonko, A., Harper, J. K., & Holden, L. (2020). Factors Shaping Cow’s Milk Production in the EU. Sustainability, 12(1), 420. https:// doi.org/10.3390/su12010420

15. Bureau of National Statistics. (2025). Official statistical data. Retrieved April 15, 2026 from https:// stat.gov.kz/en

16. Cheng, R., Wang, Q., & Wei, L. (2022). Income growth, employment structure transition and the rise of modern markets: The impact of urbanization on residents’ consumption of dairy products in China. PLOS ONE, 17(4), e0267006. https://doi.org/10.1371/journal. pone.0267006

17. Costa, V. D. V., Martinelli, R. R., & Bánkuti, F. I. (2022). A typological analysis of dairy farms based on bulk milk price. Tropical Animal Science Journal, 45(3), 374–380. https://doi.org/10.5398/tasj.2022.45.3.374

18. Danese, P., Molinaro, M., & Romano, P. (2020). Investigating fit in supply chain integration: A systematic literature review on context, practices, performance links. Journal of Purchasing and Supply Management, 26(5), 100634. https://doi.org/10.1016/j.pursup.2020.100634

19. FAO. (2025). FAOSTAT: Crops and livestock products [Data set]. Retrieved August 15 2026, from https://www. fao.org/faostat/en

20. Fiorillo, V., & Amico, B. M. (2024). Milk quality and economic sustainability in dairy farming: A systematic review of performance indicators. Dairy, 5(3), 384–402. https://doi.org/10.3390/dairy5030031

21. Foreign Agricultural Service (FAS). (2025). Kazakhstan focused on modernizing dairy sector and reducing dairy product imports (GAIN Report No. KZ2025-0016). U.S. Department of Agriculture. https://apps.fas.usda.gov/newgainapi/api/Report/ Download ReportByFileName?fileName=Kazakhstan+ F o c u s e d + o n + M o d e r n i z i n g + D a i r y + S e c t o r + and+Reducing+Dairy+Product+Imports_Astana% 28Nur-Sultan%29_Kazakhstan+-+Republic+of_ KZ2025-0016.pdf

22. Guarnaschelli, A. G., Salomone, H. E., & Méndez, C. A. (2020). A stochastic approach for integrated production and distribution planning in dairy supply chains. Computers & Chemical Engineering, 140, Article 106966. https://doi.org/10.1016/j.compchemeng.2020.106966

23. Han, S. W., Lim, S. S., & Balkibayeva, A. (2022). Productive efficiency and trade opportunities for Kazakhstan dairy farms. Economia Agro-Alimentare/ Food Economy, 24(1). https://doi.org/10.3280/ ecag2022oa12752

24. Hassan, A., Cui-Xia, L., Ahmad, N., Iqbal, M., Hussain, K., Ishtiaq, M., & Abrar, M. (2021). Safety failure factors affecting dairy supply chain: Insights from a developing economy. Sustainability, 13(17), Article 9500. https://doi.org/10.3390/su13179500

25. Headey, D. D., Alderman, H., Hoddinott, J., & Narayanan, S. (2024). The glass of milk half-empty? Dairy development and nutrition in low- and middleincome countries. Food Policy, 122, 102585. https://doi. org/10.1016/j.foodpol.2023.102585

26. Hillen, J. (2021). Vertical price transmission in Swiss dairy and cheese value chains. Agricultural and Food Economics, 9, Article 13. https://doi.org/10.1186/s40100- 021-00187-3

27. Jia, M., Zhen, L., & Xiao, Y. (2022). Changing food consumption and nutrition intake in Kazakhstan.Nutrients, 14(2), 326. https://doi.org/10.3390/nu14020326

28. John, N., Johnson, A. D., Eneojo, B. A., Ingomowei, P. S., & Osere, N. J. (2025). Leveraging digital transformation for responsible food production and distribution in an emerging economy’s manufacturing sector. Journal of Distribution Science, 23(2), 1–11. https://doi.org/10.15722/jds.23.02.202502.1

29. Jussibaliyeva, A. K., Soltanbayeva, A. B., & Tleuberdiyeva, S. S. (2022). The agricultural factors influencing the economic development of Kazakhstan. Economy: Strategy and Practice, 17(4), 145–157. https:// doi.org/10.51176/1997-9967-2022-4-145-157

30. Kaliyeva, S., Areal, F. J., & Gadanakis, Y. (2021). Would Kazakh citizens support a milk co-operative system? Agriculture, 11(7), Article 642. https://doi. org/10.3390/agriculture11070642

31. Kimsanova, B., Sanaev, G., & Herzfeld, T. (2024). Dynamics of food demand during political instability: Evidence from Kyrgyzstan. Agricultural Economics, 55(1), 41–53. https://doi.org/10.1111/agec.12810

32. Kireyeva, A.A., Kangalakova, D.M., Kredina, A.A., Satpayeva, Z.T., & Urdabayev, M. (2021). Managing research and development process in conditions of economic growth of Kazakhstan: Methods and analysis. Problems and Perspectives in Management, 19(3), 185-196. http://dx.doi.org/10.21511/ ppm.19(3).2021.16

33. Kireyeva, A., Kenzhegulova, G., & Imangali, Z. (2024). Relationship between agriculture industry shares in GRP and waste levels: Correlation analysis. E3S Web of Conferences, 541, 03002. https://doi.org/10.1051/ e3sconf/202454103002

34. Klapkiv, J., Putsenteilo, P., & Karpenko, V. (2023). The convergence of factors that affect the dairy product market: A comparative analysis of European Union Klapkiv, J., Putsenteilo, P., & Karpenko, V. (2023). The convergence of factors that affect the dairy product market: A comparative analysis of European Union

35. Kosar, N., Kuzo, N., Binda, J., Hayvanovych, N., & Pytulyak, N. (2022). Modeling of the factors influencing the dairy market in Ukraine. Agricultural and Resource Economics: International Scientific E-Journal, 8(3), 42– 59. https://doi.org/10.51599/are.2022.08.03.03

36. Liang, Y., Zhen, L., Zhang, C., & Hu, Y. (2020). Consumption of products of livestock resources in Kazakhstan: Characteristics and influencing factors. Environmental Development, 34, 100492. https://doi. org/10.1016/j.envdev.2019.100492

37. Ma, W., Renwick, A., & Zhou, X. (2020). Short communication: The relationship between farm debt and dairy productivity and profitability in New Zealand. Journal of Dairy Science, 103(9), 8251–8256. https://doi. org/10.3168/jds.2019-17506

38. Mahfuza, E. J., Alam, M. J., & McKenzie, A. M. (2024). Demand for milk and milk products in the rural household of Bangladesh: A panel data analysis. Journal of Agriculture and Food Research, 18, Article 101457. https://doi.org/10.1016/j.jafr.2024.101457

39. Malik, M., Gahlawat, V. K., Mor, R. S., Dahiya, V., & Yadav, M. (2022). Application of optimization techniques in the dairy supply chain: A systematic review. Logistics, 6(4), Article 74. https://doi.org/10.3390/logistics6040074

40. Náglová, Z., & Rudinskaya, T. (2021). Factors influencing technical efficiency in the EU dairy farms. Agriculture, 11(11), Article 1114. https://doi.org/10.3390/ agriculture11111114

41. OECD (2023). Agricultural policy monitoring and

42. evaluation 2023: Adapting agriculture to climate change.

43. OECD Publishing. https://doi.org/10.1787/b14de474-en

44. Olagunju, K. O., Sherry, E., Samuel, A., & Caskie,

45. P. (2022). Unpacking total factor productivity on dairy

46. farms using empirical evidence. Agriculture, 12(2),

47. Article 225. https://doi.org/10.3390/agriculture12020225

48. Onegina, V., Megits, N., Kravchenko, O., & Kravchenko, Y. (2022). Price transmission in milk supply chain in Ukraine. Agricultural and Resource Economics: International Scientific E-Journal, 8(1), 152–170. https:// doi.org/10.51599/are.2022.08.01.08

49. Ramakgasha, M. J., & Thaba, T. K. (2026). Price transmission and market concentration: An investigation into the South African dairy industry. International Journal of Economics and Financial Issues, 16(3), 83– 88. https://doi.org/10.32479/ijefi.22954

50. Rudinskaya, T., & Boskova, I. (2021). Asymmetric price transmission and farmers’ response in the Czech dairy chain. Agricultural Economics, 67(5), 163–172. https://doi.org/10.17221/22/2021-AGRICECON

51. Schorr, A., & Lips, M. (2018). Influence of milk yield on profitability: A quantile regression analysis. Journal of Dairy Science, 101(9), 8350–8368. https://doi. org/10.3168/jds.2018-14434

52. Smagulova, Sh. A., Soltanbayeva, A. B., & Mugauina, R. U. (2023). Dairy industry of Kazakhstan: Regional aspect. Problems of AgriMarket, 4, 140–150. https://doi. org/10.46666/2023-4.2708-9991.14

53. Sun, Y., Brimbetova, N. Zh., Chulanova, Z. K., & Rakhmatullayeva, D. Zh. (2026). Digital finance and agricultural productivity growth: Comparative evidence from China and Kazakhstan. Economy: Strategy and Practice, 21(1), 128–139. https://doi.org/10.51176/1997- 9967-2026-1-128-139

54. Świtłyk, M., Sompolska-Rzechuła, A., & Kurdyś- Kujawska, A. (2021). Measurement and evaluation of the efficiency and total productivity of dairy farms in Poland. Agronomy, 11(11), Article 2095. https://doi.org/10.3390/ agronomy11112095

55. Vieira, A. A. C., Dias, L. M. S., Santos, M. Y., Pereira, G. A. B., & Oliveira, J. A. (2020). Supply chain data integration: A literature review. Journal of Industrial Information Integration, 19, Article 100161. https://doi. org/10.1016/j.jii.2020.100161

56. Wu, B. (2021). Household dairy demand by income groups in an urban Chinese province: A multistage budgeting approach. Agribusiness, 37(3), 629–649. https://doi.org/10.1002/agr.21681

57. Yesbolova, A., Abdikerimova, G., Kuashbay, S., Sadykbekova, A., & Bigeldieva, Z. (2025). Analysis of the current state of dairy cattle breeding in the Republic of Kazakhstan. E3S Web of Conferences, 614, Article 03029. https://doi.org/10.1051/e3sconf/202561403029

58. Yu, Z., Liu, H., Peng, H., & Dong, X. (2025). Digital transformation and farm economic performance: Evidence from Chinese dairy farms. Smart Agricultural Technology, 12, Article 101346. https://doi.org/10.1016/j. atech.2025.101346

59. nowledge calibration: What consumers know and what they think they know. Journal of consumer research, 27(2), 123- 156. https://doi.org/10.1086/314317

60. Al-Jilani, A. (2026). Oman's population grows by 1.7%, while land ownership covers 6% of the country's area [In Arabic]. Oman Daily. https://www.omandaily. om/print-article?articleId=1204670

61. Alqam, M. A., & Hamshari, Y. M. (2024). The impact of financial literacy on financial inclusion for financial well-being of youth: evidence from Jordan. Discover Sustainability, 5(1), 528. https://doi.org/10.1007/ s43621-024-00704-6

62. Ameer, R., & Khan, R. (2020). Financial socialization, financial literacy, and financial behavior of adults in New Zealand. Journal of Financial Counseling and Planning, 31(2), 313-329. https://doi.org/10.1891/jfcp-18-00042

63. Ameriks, J., & Zeldes, S. P. (2004). How do household portfolio shares vary with age? [Working paper]. Columbia Business School. https://business.columbia. edu/sites/default/files-efs/pubfiles/16/Ameriks_Zeldes_ age_Sept_2004d.pdf

64. Ameriks, J., & Zeldes, S. P. (2004). How do household portfolio shares vary with age? [Working paper]. Columbia Business School. https://business.columbia. edu/sites/default/files-efs/pubfiles/16/Ameriks_Zeldes_ age_Sept_2004d.pdf

65. Bucher-Koenen, T., Alessie, R., Lusardi, A., & Van Rooij, M. (2025). Fearless woman: Financial literacy, confidence, and stock market participation. Management Science, 71(9), 7414-7430. https://doi.org/10.1287/ mnsc.2023.00425

66. Bucher-Koenen, T., Janssen, B., Knebel, C., & Tzamourani, P. (2023). Financial literacy, stock market participation, and financial wellbeing in Germany. Journal of Financial Literacy and Wellbeing, 1(3), 486-513. https://doi.org/10.1017/flw.2024.5

67. Cannon, B., Hirshleifer, D., & Thornton, J. (2024). Friends with benefits: Social capital and household financial behavior (NBER Working Paper No. 32186). National Bureau of Economic Research. https://doi. org/10.3386/w32186

68. Changwony, F., Campbell, K., & Tabner, I. (2015). Social engagement and stock market participation. Review of Finance, 19(1), 317–366. https://doi.org/10.1093/rof/rft059

69. Christiansen, C., Schröter Joensen, J., & Rangvid, J. (2008). Are economists more likely to hold stocks. Review of Finance, 12(3), 465–496. https://doi. org/10.1093/rof/rfm026

70. Chu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial literacy, portfolio choice and financial wellbeing. Social indicators research, 132(2), 799-820. https://doi.org/10.1007/s11205-016-1309-2

71. Cochran, W. G. (1977). Sampling Techniques (3rd ed.). New York: John Wiley & Sons.

72. Cole, S., & Shastry, G. K. (2014). Smart money? The effect of education on financial outcomes. Review of Financial Studies, 27(7), 2022–2051. https://doi. org/10.1093/rfs/hhu012

73. Duraj, K., Grunow, D., Haliassos, M., Laudenbach, C., & Siegel, S. (2025). Rethinking the stock market participation puzzle: A qualitative approach (No. 11980). CESifo Working Paper. https://doi.org/10.2139/ ssrn.5355497

74. Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1), 1–4. https://doi.org/10.11648/j. ajtas.20160501.11

75. Fatima, S., & Chakraborty, M. (2025). Does mobile phone proficiency contribute to stock market participation? The role of payment convenience, liquidity, and social interaction. Economic Modelling, 144, 106988. https://doi.org/10.1016/j.econmod.2024.106988

76. FinStatGlobe (2026). Stock Trading Activity Statistics in Oman. Retrieved from https://data.finstatglobe.com/ oman/stock-trading-activity-statistics on 16 September 2026.

77. Gomes, F. & Smirnova, O. (2021, March 15). Stock Market Participation and Portfolio Shares Over the Life-Cycle. Cornell SC Johnson College of Business Research Paper, Available at SSRN: https://ssrn. com/abstract=3808350 or http://dx.doi.org/10.2139/ ssrn.3808350

78. Handranata, Y. W., Arief, M., Warganegara, D. L., & Hamsal, M. (2022). Does stock influencer on social media and financial well-being affect the stock market participation of the young generations during the Covid-19 pandemic? Global Business & Finance Review (GBFR), 27(5), 115-128. https://doi.org/10.17549/ gbfr.2022.27.5.115

79. Hernandez-Perez, J., & Cruz Rambaud, S. (2025). Uncovering the factors of financial well-being: the role of self-control, self-efficacy, and financial hardship. Future Business Journal, 11(1), article No. 70. https://doi. org/10.1186/s43093-025-00498-7

80. Hong, H., Kubik, J., & Stein, J. (2004). Social interaction and stock market participation. Journal of Finance, 59(1), 137–163. https://doi.org/10.1111/j.1540- 6261.2004.00629.x

81. Jager, J., Putnick, D. L., & Bornstein, M. H. (2017). More than just convenient: The scientific merits of homogeneous convenience samples. Monographs of the Society for Research in Child Development, 82(2), 13– 30. https://doi.org/10.1111/mono.12296

82. Jeong, H., & Lee, W. (2016). The level of collapse we are allowed: Comparison of different response scales in Safety Attitudes Questionnaire. Biometrics & Biostatistics International Journal, 4(4),128-134. https://doi.org/10.15406/BBIJ.2016.04.00100

83. Karlson, K. B., & Holm, A. (2011). Decomposing primary and secondary effects: A new decomposition method. Research in Social Stratification and mobility, 29(2), 221-237. https://doi.org/10.1016/j. rssm.2010.12.005

84. Kim, K. T., Anderson, S. G., & Seay, M. C. (2019). Financial knowledge and short-term and longterm financial behaviors of millennials in the United States. Journal of Family and Economic Issues, 40(2), 194-208. https://doi.org/10.1007/s10834-018-9595-2

85. Liao, L., Xiao, J. J., Zhang, W., & Zhou, C. (2017). Financial literacy and risky asset holdings: evidence from China. Accounting & Finance, 57(5), 1383-1415. https://doi.org/10.1111/acfi.12329

86. Liu, D., Zhao, L., & Yi, H. (2024). Financial market participation, household asset choices, and resident wellbeing: An empirical analysis of China family panel studies data. Finance Research Letters, 67, 105885. https://doi. org/10.1016/j.frl.2024.105885

87. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5

88. Lusardi, A., & Streeter, J. L. (2023). Financial literacy and financial well-being: Evidence from the US. Journal of Financial Literacy and Wellbeing, 1(2), 169-198. https://doi.org/10.1017/flw.2023.13

89. McFadden, D. (1977). Quantitative methods for analyzing travel behaviour of individuals: some recent developments. In Hensher, D.A. and Stopher, P.R. (Eds), Behavioural Travel Modelling, Croom Helm, London, pp. 279-318. https://doi.org/10.4324/9781003156055-18

90. Mirzaei, M., & Buer, T. (2022). First results on financial literacy in Oman. Managerial Finance, 48(9- 10), 1413-1429. https://doi.org/10.1108/mf-09-2021- 0456

91. Naami, A., Mills, A. A., & Abbey, E. (2023). Financial capability and asset building (FCAB) for persons with disabilities in Ghana: The role of social workers. Global Social Welfare, 10(1), 29-38. https://doi.org/10.1007/ s40609-022-00250-x

92. Nanda, A. P., & Banerjee, R. (2021). Consumer’s subjective financial well‐being: A systematic review and research agenda. International Journal of Consumer Studies, 45(4), 750-776. https://doi.org/10.1111/ ijcs.12668

93. Nejad, M. G., & Javid, K. (2018). Subjective and objective financial literacy, opinion leadership, and the use of retail banking services. International Journal of Bank Marketing, 36(4), 784-804. https://doi.org/10.1108/ ijbm-07-2017-0153

94. Netemeyer, R.G., Warmath, D., Fernandes, D., & Lynch, J.G. (2018). How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being. Journal of Consumer Research, 45(1), 68-89. https://doi.org/10.1093/jcr/ ucx109

95. Parvin, S. R., Panakaje, N., Madhura, K., Irfana, S., & Kulal, A. (2026). Stock market participation through socialization: exploring the intervening role of financial well-being. South Asian Journal of Business Studies, 15(1), 63-84. https://doi.org/10.1108/ sajbs-09-2024-0355

96. Remund, D.L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of consumer affairs, 44(2), 276-295. https://doi.org/10.1111/j.1745-6606.2010.01169.x

97. Santini, F. D. O., Mette, F., Carvalho, B. P., Ladeira, W. J., & Sampaio, C. H. (2025). Drivers and outcomes of financial well-being. RAM. Revista de Administração Mackenzie, 26(04), eRAMR250094. https://doi. org/10.1590/1678-6971/eramr250094

98. Sapiri, M., & Awaluddin, M. (2023). Distribution of Financial Attitude, Financial Behavior, Financial Knowledge and Financial Literacy on the Investment Decision Behavior of Young Investors. Journal of Distribution Science, 21(11), 45–53. https://doi. org/10.15722/jds.21.11.202311.45

99. Selvia, G., Rahmayanti, D., Afandy, C., & Zoraya, I. (2021, May). The effect of financial knowledge, financial behavior and financial inclusion on financial wellbeing. In BISIC 2020: Proceedings of the 3rd Beehive International Social Innovation Conference, BISIC 2020, 3-4 October 2020 (p. 12). Bengkulu, Indonesia: European Alliance for Innovation.

100. Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International journal of bank marketing, 35(5), 818-841. https://doi.org/10.1108/ijbm- 01-2016-0012

101. Sorgente, A., & Lanz, M. (2019). The multidimensional subjective financial well-being scale for emerging adults: Development and validation studies. International Journal of Behavioral Development, 43(5), 466-478. https://doi.org/10.1177/0165025419851859

102. ps://doi.org/10.1177/0165025419851859 Sriram, H.K., Challa, S.R., Challa, K., Lakarasu, P., & Adusupalli, B. (2025). Strategic Financial Growth: Strengthening Investment Management, Secure Transactions, and Risk Protection in the Digital Era. SSRN Electronic Journal. https://doi.org/10.2139/ ssrn.5204910

103. Thomas, A., & Spataro, L. (2018). Financial literacy, human capital and stock market participation in Europe. Journal of Family and Economic Issues, 39(4), 532-550. https://doi.org/10.1007/s10834-018-9576-5

104. Vaarmets, T., Liivamägi, K., & Talpsepp, T. (2019). From academic abilities to occupation: What drives stock market participation. Emerging Markets Review, 39, 83–100. https://doi.org/10.1016/j. ememar.2019.04.004

105. van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j. jfineco.2011.03.006

106. Xin, Z., Xiao, B., Wang, L., & Xiao, H. (2024). Individuals’ differences in self-assessment: The relationship between subjective and objective financial literacy. Metacognition and Learning, 19(1), 365-379. https://doi.org/10.1007/s11409-024-09375-0

107. Yamane, T. (1967). Statistics: An Introductory Analysis (2nd ed.). New York: Harper and Row.

108. Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking & Finance, 156, 107005. https://doi.org/10.1016/j.jbankfin.2023.107005

109. Yun, L., & Mao, Z. (2025). Psychological security, financial market participation, and residents' subjective well-being: An empirical analysis based on CFPS data. International Review of Economics & Finance, 97, 103744. https://doi.org/10.1016/j.iref.2024.103744

110. Zhao, H., & Zhang, L. (2020). Talking money at home: the value of family financial socialization. International Journal of Bank Marketing, 38(7), 1617-1634. https:// doi.org/10.1108/ijbm-04-2020-0174

111. Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment?. International Journal of Bank Marketing, 39(7), 1208-1226. https://doi. org/10.1108/ijbm-11-2020-0552