Хабаршысы. Экономика сериясы (Mar 2023)
The decision to invest in securities: the constituent factors of financial literacy
Abstract
Recently, individuals have increasingly shown interest in investing in securities as an alternative to deposits and investments in real estate. Private investors have a desire not only to save their sav-ings, but also to multiply them. The impetus for this desire was the crisis caused by the COVID-19 pandemic, because of which many companies were forced to either suspend their activities, or transfer their employees to remote operation, or reduce wages. Despite the increasing contribution of private investors to various financial instruments, the issue of protecting their interests is acute. However, the focus of protection begins with the concept of “financial literacy”. It is financial lit-eracy that is one of the components of the country’s sustainable development chain. In this regard, the purpose of the article is to assess the impact of financial literacy of an unqualified investor on his decision to purchase securities. This issue is insufficiently studied in the scientific Kazakh literature. For a more complete disclosure of the subject of the study, factors such as awareness of the stock market and the level of education of the individual are included in the circle of determinants. The practical significance of the article lies in the scientific approach to the formation of the evidence base of the issue under consideration. Within the framework of the study, null and alternative hy-potheses were put forward. Verification of the relationship between these determinants was carried out through multivariate regression analysis. One-factor analysis of variance was used to carry out the relevant calculations concerning the respondents’ questions regarding the share of income al-located for the purchase of stock market products. Additionally, a one-factor regression analysis was applied. The diversity in methodological approaches allowed a more extensive approach to the evidence base of the hypotheses put forward.
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