How Financial Literacy Moderate the Relationship Between Psychological Factors and Investors' Risk-Taking Behaviour?

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Financial literacy is shown to positively influence risky investment intention and moderates psychological factors.
Both risk aversion and locus of control negatively affect investors' risk-taking behavior, impacting their investment intentions.
Using a structural equation modeling approach, data was collected from investors in the Delhi NCR region through surveys.
The study emphasizes the need for training programs to enhance financial literacy among investors to counteract psychological effects.

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This analysis reveals how financial literacy influences risk aversion and locus of control in investor behavior.

Aarti Chauhan (2025) studied this question.

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