The Research On The Relationships Among Households' Self-esteem,Financial Literacy And Financial Behavior

With the continuous development of China's financial market,the types of financial products are endless,financial instruments are becoming more and more complex,and the difficulty of residents' choice of financial behavior is greatly increased.As a key factor affecting family financial behavior decisions,financial literacy has an important impact on avoiding systemic risks,effectively allocating financial resources,and stabilizing financial markets.Psychological traits are another important factor affecting family financial behavior,and self-esteem as an important psychological trait naturally affects people's financial activities.Therefore,this paper combines self-esteem and financial literacy to study the financial behavior of residents.The purpose is to guide individuals to make reasonable investments,increase family wealth,increase the activity of family financial behavior,promote the development of financial industry,and thus improve social welfare.This paper deeply studies the intrinsic relationship between self-esteem,financial literacy and family financial behavior by means of hypothesis deduction,statistical analysis and empirical analysis.Firstly,based on the research literature and existing research results,the hypothesis of the relationship between self-esteem and family financial behavior,the relationship between financial literacy and family financial behavior,and the inherent relationship between self-esteem and financial literacy is proposed.Secondly,using the micro-data of the 2012 China Family Finance Survey project,with reference to the predecessors' literature,the index variables of self-esteem,financial literacy and family financial behavior are constructed,and the internal correlation of the three is tested through empirical test.Under the premise of controlling other related variables,the focus is on the degree of influence of self-esteem and financial literacy onfamily financial behavior such as family stock participation,financial planning,investmentdecentralization and credit card number.In addition,by constructing a mediating effect model,it is verified that subjective financial literacy plays a mediating role between self-esteem and financial behavior.The research results are as follows:1.The degree of influence of self-esteem on different financial behaviors is different.The empirical results show that self-esteem is only positively related to financial planning in financial behavior indicators,and self-esteem has a significant positive impact on the development of financial planning.2.Financial literacy affects people's financial behavior.The main and objective financial literacy are positively related to the four financial behaviors,and subjective financial literacy has a significant positive impact on the four financial behaviors,while objective financial literacy has a significant positive impact on stock participation and credit card numbers.Objective and subjective financial literacy improvement will help to promote stock participation and increase the number of credit cards.As the financial knowledge and skills of residents increase,investment demand increases and gradually participate in the stock market3.At the same time,self-esteem will have an impact on residents' financial behavior through the intermediary effect of subjective financial literacy.A person's self-esteem determines his subjective financial literacy level,and subjective financial literacy has a significant impact on financial behavior.Subjective financial literacy plays a mediating role between self-esteem and financial behavior,and is the only intermediary for participating in the three financial behaviors of stock market,diversified investment and credit card number.For financial planning,the intermediary is not unique,and there may be a complementary Intermediary.4.Among the traditional variables,academic qualifications,family size,income level,real estate,risk appetite and income expectations have significant effects on family financial behavior.People with more stable careers and optimistic income expectations are more likely to make financial planning;income and risk preferences have a significant positive impact on stock assets,but real estate has a significant crowding out effect on family participation in the stock market;family size,education And income has a positive impact on investment diversification;income and number of children have a significant positive impact on the number of credit cards.Finally,based on empirical analysis,we mainly provide advice to government agencies,financial institutions,and families themselves.From the government's point of view,financial education should not pay attention to professional knowledge education,but also pay attention to education in financial psychology,so that knowledge can be better grasped and used,reducing potential risks;effective financial education should not only focus on teaching Relevant financial knowledge,enhance objective financial literacy,but also focus on improving subjective financial literacy;from the perspective of financial institutions,we should provide different products and services for different customers self-awareness levels,and pay attention to subjective financial literacy and objective finance.The deviation of literacy helps customers make reasonable decisions.From the perspective of investors themselves,while focusing on financial knowledge and skills,it is necessary to objectively analyze individual personality and psychological traits,balance the relationship between self-awareness and objective financial literacy,select appropriate financial products,and make reasonable Financial behavior decision making.