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A participação no mercado financeiro em Portugal : o papel da literacia financeira e do género
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Num mundo cada vez mais exigente, marcado pela crescente complexidade dos mercados financeiros, pelo aumento da esperança média de vida e por uma maior responsabilização individual pela gestão financeira, torna-se essencial que os indivíduos possuam níveis adequados de literacia financeira. Esta tem sido entendida em duas perspetivas: a literacia financeira objetiva, que reflete o conhecimento financeiro efetivo, e a subjetiva associada à perceção individual sobre esse conhecimento. A literacia financeira é considerada um fator determinante na tomada de decisões financeiras, entre as quais se inclui a participação no mercado financeiro que pode representar uma oportunidade para alcançar maior estabilidade a longo prazo e acumular riqueza. Contudo, e de acordo com o Banco Central Europeu em 2023, as taxas de participação no mercado financeiro permanecem baixas a nível mundial e, em particular, a nível nacional. O objetivo desta dissertação consiste em analisar o papel da literacia financeira, género e comportamento face ao risco na decisão de participar no mercado financeiro em Portugal, ou seja, compreender se fatores como o índice de literacia financeira, objetiva e subjetiva, a tolerância ao risco e sobre/subconfiança influenciam essa decisão. Adicionalmente, testa-se o efeito moderador do género na relação entre a literacia financeira objetiva e a participação mercado. Foi adotada uma abordagem quantitativa, com um modelo de regressão binária Probit aplicado a dados do inquérito elaborado pela Comissão do Mercado de Valores Mobiliários (CMVM) em 2023. Os resultados indicam que a literacia financeira objetiva e subjetiva influenciam positivamente a participação no mercado financeiro e que as mulheres tendem a participar menos no mercado financeiro em comparação com os homens. Por outro lado, a tolerância ao risco e sobre/subconfiança não demonstram ser fatores preditores dessa participação. Não ficou, igualmente, provado que o género tenha um efeito moderador nessa relação. Este estudo contribui para a literatura ao integrar, na mesma análise, as duas dimensões da literacia financeira e os enviesamentos cognitivos de sobre/subconfiança, fatores pouco investigados em conjunto. Os resultados obtidos podem fornecer contributos para o desenvolvimento de programas de educação financeira e políticas orientadas para a inclusão financeira.
In an increasingly demanding world, marked by the growing complexity of financial markets, rising average life expectancy and greater individual responsibility for financial management, it is essential that individuals have adequate levels of financial literacy. This has been understood from two perspectives: objective financial literacy which reflects actual financial knowledge, and subjective financial literacy that refers to individuals’ self-assessment of their financial knowledge. Financial literacy is considered a key determinant in making financial decisions, including participation in the financial market, which may represent an opportunity for individuals to achieve greater long-term stability and accumulate wealth. However, according to the European Central Bank in 2023, participation rates in financial markets remain low worldwide, and particularly at national level. The aim of this dissertation is to analyse the role of financial literacy, gender, and risk behaviour in the decision to participate in the financial market in Portugal. In other words, it seeks to understand whether factors such as objective and subjective financial literacy, risk tolerance, overconfidence and underconfidence influence this decision. Additionally, the aim is to test the moderating effect of gender on the relationship between financial literacy and participation in the financial market. A quantitative approach was adopted, using a binary Probit regression model applied to data collected from the survey conducted by the Portuguese Securities Market Commission (CMVM) in 2023. The results indicate that both the objective and subjective financial literacy indices have a positive influence on participation in the financial market, and that women tend to participate less in the financial market compared to men. On the other hand, risk tolerance, over-confidence and under-confidence prove not to be predictors of financial market participation. It was also found that gender does not have a moderating effect on the relationship between objective financial literacy and participation. This study contributes to the literature by integrating, within the same analysis, both dimensions of financial literacy and the cognitive biases of over-confidence and under- -confidence, areas that have been insufficiently researched. The results obtained can therefore contribute to the development of financial education programmes as well as policies aimed at financial inclusion.
In an increasingly demanding world, marked by the growing complexity of financial markets, rising average life expectancy and greater individual responsibility for financial management, it is essential that individuals have adequate levels of financial literacy. This has been understood from two perspectives: objective financial literacy which reflects actual financial knowledge, and subjective financial literacy that refers to individuals’ self-assessment of their financial knowledge. Financial literacy is considered a key determinant in making financial decisions, including participation in the financial market, which may represent an opportunity for individuals to achieve greater long-term stability and accumulate wealth. However, according to the European Central Bank in 2023, participation rates in financial markets remain low worldwide, and particularly at national level. The aim of this dissertation is to analyse the role of financial literacy, gender, and risk behaviour in the decision to participate in the financial market in Portugal. In other words, it seeks to understand whether factors such as objective and subjective financial literacy, risk tolerance, overconfidence and underconfidence influence this decision. Additionally, the aim is to test the moderating effect of gender on the relationship between financial literacy and participation in the financial market. A quantitative approach was adopted, using a binary Probit regression model applied to data collected from the survey conducted by the Portuguese Securities Market Commission (CMVM) in 2023. The results indicate that both the objective and subjective financial literacy indices have a positive influence on participation in the financial market, and that women tend to participate less in the financial market compared to men. On the other hand, risk tolerance, over-confidence and under-confidence prove not to be predictors of financial market participation. It was also found that gender does not have a moderating effect on the relationship between objective financial literacy and participation. This study contributes to the literature by integrating, within the same analysis, both dimensions of financial literacy and the cognitive biases of over-confidence and under- -confidence, areas that have been insufficiently researched. The results obtained can therefore contribute to the development of financial education programmes as well as policies aimed at financial inclusion.
Descrição
Trabalho Final de Mestrado, Contabilidade, Fiscalidade e Finanças Empresariais, ISEG, 2025
Palavras-chave
Confidence Financial Literacy Gender Financial Market Participation Risk Confiança Género Literacia Financeira Mercado Financeiro Risco