The role of financial literacy in increasing the financial well-being of the client

Abstract

The primary goal of the research was to analyze the relationship between financial literacy and the financial well-being of the customer, and to identify the nature of this relationship that brings them together. Accordingly, the opinions of a sample of the study population, represented by professors in the colleges of the University of Babylon, were surveyed by means of a precise questionnaire prepared for this purpose, and using... Statistical tables for determining the sample size. It has been shown that the appropriate sample size for the study population of (2846) respondents is (339) individuals. The research results showed that there is a significant difference in the customer’s financial well-being variable whose source may be due to the financial literacy variable, and this confirms the accuracy of the statistical results. The most important recommendations that were reached are that the professors of the University of Babylon should pay attention and become familiar with the electronic banking services provided by commercial banks. This can be achieved through the use of electronic distribution channels represented by phone banking applications, websites, ATMs and other tools. With the aim of achieving the best level of financial well-being.

Keywords: financial literacy, customer financial well-being