Factors influencing financial literacy of the poor in rural areas: Empirical research with the case of Vietnam

This paper aims to investigate the impact levels of factors on the financial literacy of the poor in a rural area, using as a case an emerging country such as Vietnam. Qualitative and quantitative methods have been employed with primary data from 512 questionnaire respondents and 12-expert in-depth interviews. The result has shown that internal factors, including financial knowledge, financial behavior and financial attitude, are the reflective models affecting financial literacy, in which knowledge about savings and financial investment has the most significant influence. The study also tested that, among demographic factors, age, income, and education level positively impact financial literacy, while gender has no significant effect. Based on the findings, recommendations are proposed to shape the saving habits of the poor in rural areas and form financial attitude and financial behavior.