The Effects of Financial Knowledge and Financial Socialization on Financial Satisfaction: The Role of Attitude towards Financial Risk and Financial Behavior

The aim of this study was to evaluate the effects of financial knowledge and financial socialization on financial satisfaction considering the role of attitude towards financial risk and financial behavior. This study was a descriptive-correlation based on gathering information and an applied research based on its purpose. The statistical population of research consists of all investors in investing funds in Tehran whom have active trading code in year 1397. Referring to Cochran’s sampling formula, a number of 384 investors were selected among 2333558 investors through in access sampling method and validated questionnaires of study distributed among them. The validity of questionnaires assessed by experts and its reliability evaluated by Cronbach’s alpha, which found greater than 0.7 for all variables. The structural equation modeling used to analyze data and test hypotheses. Findings showed that there is positive and significant relationship between financial knowledge and financial socialization with attitude toward risk and investors financial behavior. Also, the attitudes toward risk and investors financial behavior have positive and significant effects on the financial satisfaction. The results showed that financial knowledge and financial socialization have direct and inverse effect on the financial satisfaction respectively and, two variables attitude toward risk and financial behavior, have mediating role in their relationship with financial satisfaction.