Financial literacy antecedents: Testing the social cognitive, consumer socialization, and planned behavior theories with Indian investors

Building on social cognitive theory (SCT), consumer socialization theory (TCS), and the theory of planned behavior (TPB), this study investigates the main factors that influence financial literacy among individual investors in India, an emerging market. A cross-sectional survey of 384 investors, conducted using purposive sampling and a structured questionnaire, assesses their financial behaviors, attitudes, knowledge, and nine demographic and socioeconomic variables. Our logistic regression analysis shows that gender, income, family life-cycle stage, and workplace activity significantly affect financial literacy levels. The TPB constructs, financial knowledge, behavior, and attitude, further support the model, highlighting strong links with higher financial literacy. Unlike previous research, which focuses on general or occupational groups, this study uniquely includes workplace activity as a new predictor and combines TPB with TCS to examine investor-specific dynamics. The results provide theoretical insights and practical guidance for policy makers, financial educators, and service providers seeking to enhance financial literacy among investors in India.