The effect of financial literacy, financial behaviour and financial stress on awareness of investment scams among retirees

Q1 Social Sciences

Journal of Financial Crime Pub Date : 2023-07-28 DOI:10.1108/jfc-04-2023-0080

Eley Suzana Kasim, Noor Rohin Binti Awalludin, N. Zainal, Allezawati Ismail, Nurul Huda Ahmad Shukri

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Abstract

Purpose This study aims to investigate the effects of financial literacy, financial behaviour and financial stress on awareness of investment scams among retirees. Design/methodology/approach Using a questionnaire survey, data was distributed to 200 retirees. A total of 53 responses were obtained. The data was subsequently analysed using PLS-SEM version 3 software. Findings Findings indicated that while financial literacy has a significant influence on awareness, there is no conclusive evidence to support the relationship between financial behaviour and financial stress on awareness. These results highlighted the critical need to strengthen financial literacy among retirees as a prevention mechanism for them to avoid from being scammed. Research limitations/implications The finding from this study is relevant to regulators and law enforcement agencies to aid potential and actual retirees by educating them on the danger of investment scams. Originality/value As there are relatively few studies conducted on investment scams specifically among retirees, this study extends the investment scam literature by examining the underlying factors that affect their awareness towards the fraudulent activities.

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财务知识、财务行为和财务压力对退休人员投资骗局意识的影响

目的本研究旨在调查退休人员的财务知识、财务行为和财务压力对投资欺诈意识的影响。设计/方法/方法使用问卷调查，将数据分发给200名退休人员。共获得53个回复。随后使用PLS-SEM第3版软件对数据进行分析。调查结果表明，虽然金融素养对意识有重大影响，但没有确凿证据支持金融行为与意识上的金融压力之间的关系。这些结果突出表明，迫切需要加强退休人员的财务知识，以此作为他们避免上当受骗的预防机制。研究局限性/含义这项研究的发现与监管机构和执法机构有关，他们通过教育潜在和实际的退休人员投资欺诈的危险来帮助他们。原创性/价值由于专门针对退休人员的投资骗局的研究相对较少，本研究通过研究影响他们对欺诈活动意识的潜在因素来扩展投资骗局文献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Crime Social Sciences-Law

CiteScore

3.10

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Crime, the leading journal in this field, publishes authoritative, practical and detailed insight in the most serious and topical issues relating to the control and prevention of financial crime and related abuse. The journal''s articles are authored by some of the leading international scholars and practitioners in the fields of law, criminology, economics, criminal justice and compliance. Consequently, articles are perceptive, evidence based and have policy impact. The journal covers a wide range of current topics including, but not limited to: • Tracing through the civil law of the proceeds of fraud • Cyber-crime: prevention and detection • Intelligence led investigations • Whistleblowing and the payment of rewards for information • Identity fraud • Insider dealing prosecutions • Specialised anti-corruption investigations • Underground banking systems • Asset tracing and forfeiture • Securities regulation and enforcement • Tax regimes and tax avoidance • Deferred prosecution agreements • Personal liability of compliance managers and professional advisers