The Behavioural biases in Personal Financial Management and Perceived Financial Satisfaction: The Role of Speculative Risk


  • Muhammad Nauman Sadiq Riphah International University
  • Syed Ali Raza Hamid
  • Raja Ased Azad Khan



This study is design to examine the impact of behavioural biases on perceived financial satisfaction and determined the role of Speculative Risk between these variables. Using structured questionnaire study collect the data from respondents and then analyzed the same by using Reliability Analysis, Factor Analysis and Structural Equation Modeling (SEM) with the help of SPSS and AMOS. The result of study disclosed that  Financial self-efficacy and Reliance on expert has significant effect on financial satisfaction, while financial socialization has no significant effect on financial satisfaction. Beside this, study revealed that Speculative risk partially mediate the relationship of financial self-efficacy and reliance on experts with financial satisfaction. Beside this , moderating role of speculative risk was observed between IV’s and DV’s .Study revealed that speculative risk significantly moderates the relationship of financial socialization and Financial satisfaction. This study is important for financial managers, policy makers and individual investors.


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