Psychology: Techniques and Application

Psychology: Techniques and Application ›› 2017, Vol. 5 ›› Issue (2): 73-80.doi: 10.16842/j.cnki.issn2095-5588.2017.02.002

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The Impact of Financial Literacy on Undergraduates Participation in Stock Market: The Mediating Role of Confidence Level

WANG Jia; YU Yonghong   

  1. (Department of Psychology at School of Sociology and Psychology, Central University of Finance and Economics, Beijing 100081, China)
  • Online:2017-02-01 Published:2017-02-01

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Abstract: The latest studies have found that the financial literacy has a positive impact on stock market participation, but few studies explain the mechanism of the two variables. To tackle this problem, this paper, based on the previous studies, further researches on confidence level as a mediator to explain specifically how financial literacy influences stock market participation. We examined research questions using a sample of 105 students and the results showed that: (1) Advanced financial literacy has a significant positive effect on stock market participation. (2) Confidence level mediates the link between advanced financial literacy and stock market participation.

Key words: basic financial literacy; advanced financial literacy; confidence level; stock market participation

CLC Number: 

  • B848.4
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