Financial Literacy, Financial Behaviors, and Financial Crises: The Case of Lebanon

Abstract

The years-long academic discussion on financial literacy confirms that it promotes sound financial behaviours and increases financial inclusion. In this research work, I check if the latter still holds true during times of financial crises. I take the case of Lebanon, a country going through multiscale crises. By running two sets of surveys and using previous research data to answer my three research questions by using different statistical techniques, I find that regardless of people’s claims, only males acquire financial knowledge from the crises. I also find that people’s behaviours change throughout the financial crises in which previously advocated behaviours become redundant. I conclude my research by providing scholars and researchers with some opportunities for future research as on-topic discussion is scarce and vital to be done during such times. Copyright© 2023 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.