Financial literacy among working adults: The case of Saudi Arabia

Mansour Saleh Albarrak; Sara Ali Alokley; Yasmeen Ansari; Mansour Saleh Albarrak; Sara Ali Alokley; Yasmeen Ansari

doi:10.3934/QFE.2024032

Quantitative Finance and Economics

2024, Volume 8, Issue 4: 841-866. doi: 10.3934/QFE.2024032

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Research article

Financial literacy among working adults: The case of Saudi Arabia

1.
Department of Finance, College of Administrative and Financial Sciences, Saudi Electronic University, Riyadh 13316, Saudi Arabia
2.
Department of Finance, School of Business, King Faisal University, Al-Hasa 31982, Saudi Arabia

Received: 30 September 2024 Revised: 09 December 2024 Accepted: 17 December 2024 Published: 23 December 2024
JEL Codes: G41, G51, G53

We aimed to evaluate the financial literacy of working adults in Saudi Arabia and to examine its correlation with various demographic factors. Data from 1,127 employed individuals were collected through an online survey. Descriptive analysis was used to compare the levels of financial literacy, while chi-square tests and regression analysis were employed to determine the impact of demographic factors. The results indicated that working adults in Saudi Arabia have satisfactory financial knowledge, particularly concerning gender, age, education, and the field of study. These demographic factors had a significant relationship with financial literacy. However, weaker connections were observed between financial literacy, living conditions, marital status, and job sector. This study highlights the importance of collaborative efforts to promote financial education among Saudi Arabian professionals. These findings offer valuable insights for policymakers and stakeholders by improving financial literacy among working adults.
- financial knowledge,
- financial education,
- working adults,
- Saudi Arabia
Citation: Mansour Saleh Albarrak, Sara Ali Alokley, Yasmeen Ansari. Financial literacy among working adults: The case of Saudi Arabia[J]. Quantitative Finance and Economics, 2024, 8(4): 841-866. doi: 10.3934/QFE.2024032

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Abstract

We aimed to evaluate the financial literacy of working adults in Saudi Arabia and to examine its correlation with various demographic factors. Data from 1,127 employed individuals were collected through an online survey. Descriptive analysis was used to compare the levels of financial literacy, while chi-square tests and regression analysis were employed to determine the impact of demographic factors. The results indicated that working adults in Saudi Arabia have satisfactory financial knowledge, particularly concerning gender, age, education, and the field of study. These demographic factors had a significant relationship with financial literacy. However, weaker connections were observed between financial literacy, living conditions, marital status, and job sector. This study highlights the importance of collaborative efforts to promote financial education among Saudi Arabian professionals. These findings offer valuable insights for policymakers and stakeholders by improving financial literacy among working adults.

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