Published Paper Details:

Abstract Purpose: The purpose of this empirical study is to examine the relationship between financial literacy and factors influencing financial decision-making, with the aim of addressing the issue of low levels of financial literacy and its potential impact on financial wellness. Design/methodology/approach: A quantitative research design was employed, utilizing surveys as the data collection method. A convenience sampling technique was used to select 104 participants. Two scales were employed to measure financial literacy and factors influencing financial decision-making, with the reliability of these scales assessed using Cronbach's alpha. Data analysis was conducted using SPSS 26, and the Kruskal-Wallis test was utilized to test the research hypotheses. Findings: The study found no significant difference in financial literacy and factors influencing financial decision-making based on age groups. However, a significant relationship was observed between financial literacy, factors influencing financial decision-making, and level of education. Higher levels of education were associated with increased financial literacy and a greater consideration of factors influencing financial decisions. Employment status was also found to have a significant influence on the factors influencing financial decision-making. Practical implications: The findings of this study emphasize the importance of education in enhancing financial literacy and decision-making skills. They highlight the need for targeted interventions that address specific factors influencing decision-making. Policymakers, financial institutions, and individuals can benefit from these findings in developing effective strategies to improve financial literacy, leading to better financial outcomes and overall economic growth. Originality/value: This study contributes to the existing body of knowledge on financial literacy by providing insights into the level of financial literacy, factors influencing financial decision-making, and their relationships. It offers valuable information for efforts aimed at enhancing financial education and decision-making skills, thereby offering practical value to various stakeholders. Keywords: financial literacy, financial decision-making, financial wellness