Financial literacy : the Lebanese case

Abstract

Generally, it is known that only few individuals have knowledge about how to organize their retirement saving plan and if expenses may influence it. This paper provides details regarding the overview model of financial literacy and its effect on financially educated individuals as well as non- financially educated individuals in Lebanon specifically on a university level. The paper will also report how individuals plan their income and apply it in their daily lives as well as illustrates how financial literacy differs from factor to another, such as: age, job status, education level and individuals income. The questionnaire used in this research paper is based on Socio-demographic information, financial behaviors questions, consumer protection systems and financial products. Also, the study has three main aims: to assess the financial literacy of individuals; show how financial knowledge and skills are related with financial behaviors and test whether the consumer protection system is able to reach its goal.