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Home > The Relationship Between Behavioural Biases and Financial Wellbeing: Exploring Channels and Conditions in Pakistan

The Relationship Between Behavioural Biases and Financial Wellbeing: Exploring Channels and Conditions in Pakistan

Thesis Info

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Author

Khalil-Ur-Rehman, ,

Program

PhD

Institute

International Islamic University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/12452/1/khalil%20ur%20rehman%20finance%202019%20iiui%20prr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725121511

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This study is aimed to investigate the moderating role of financial literacy and mediating role of financial behaviors on the relationship between behavioral biases and financial wellbeing by collecting evidence from Pakistan. The study is carried out on the presumption that human beings are not rational agents and they make decisions based on heuristics and mental shortcuts. It was believed that such heuristics, which are referred to as behavioral biases, could have implications towards the financial wellbeing of the individuals. A gap in existing literature was felt regarding the interrelationships of behavioral biases, financial behaviors, financial literacy and financial wellbeing. This study has filled this gap by following an explanatory sequential design through which a quantitative analysis followed by a qualitative analysis is carried out. During the quantitative phase, data collected through an online survey questionnaire (n=344) was analyzed through descriptive statistics, correlation analysis, multicollinearity diagnostics and structural equation modelling (SEM) etc. Whereas, in qualitative phase, the findings of quantitative analysis were interpreted in the light of feedback of financial management experts, collected through in-depth interviews (n=16). From these results, it is found that framing effect have significant implications towards the financial wellbeing of the individuals. Moreover, higher income level increases financial wellbeing; having a big family decreases financial wellbeing. Moreover, the way the information is framed significantly affect the financial behaviors. It is less likely that individuals having exponential growth bias exercise negative investment behaviors. Mental budgeting results in healthy financial behaviors. However, the negative impact of mental budgeting cannot be ignored as the human beings have restricted ability to understand and absorb the information. The study also found that people behave differently towards investments, depending upon whether they do job or business. The level of education affects the investment behaviors. There exists a relationship between investment behaviors and financial wellbeing. People exercising positive investment behaviors could have better financial wellbeing and vice versa. Therefore, investment behaviors play a mediating role between framing effect, exponential growth bias and mental budgeting and financial wellbeing. Moreover, a moderating role of actual financial literacy between exponential growth bias and financial wellbeing is also found, however, it needs further investigation. Recommendations are made based on the findings of both quantitative and qualitative analysis; limitations of the study and future research directions are also discussed.
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صفی ؔ

جناب صفیؔ
افسوس ہے کہ ہماری پرانی بزمِ شعروسخن کی یادگاریں ایک ایک کر کے اٹھتی جاتی ہیں ابھی چند مہینے ہوئے جناب صفی ہم سے جدا ہوئے تھے کہ گذشتہ مہینہ جناب آرزو نے الوداع کہا، یہ دونوں اپنے فن کے باکمال اساتذہ اور اردوزبان کے بڑے خدمت گذار تھے، صفی نے لکھنو کے قدیم رنگِ تغزل کی اصلاح کے ساتھ قومی و ملی نظموں کا مذاق پیدا کیا جو لکھنو کے شعراء میں بہت کم بلکہ نہ ہونے کے برابر تھا، ان کی بعض پرانی نظمیں اتنی مقبول ہوئیں کہ ان کے اشعار اب تک لوگوں کی زبانوں پر ہیں۔
(شاہ معین الدین ندوی،مئی ۱۹۵۱ء)

Impact of Hajj on Muslims With Special Reference to Pakistan

Hajj is one of the five pillars of Islam and is obligatory, once in life time, on adult Muslims having physical and financial capacity. Historically, ‘Hajj’ has been a rigorous undertaking. Although technological advancement has made it easier in many ways, yet there are hardships owing to ever increasing number of pilgrims visiting Makkah Mukkaramah i.e. A city with finite resources including all available resources. The Government of Pakistan, being a facilitator, endeavors to make the Hajj experience as comfortable as is possible within the resources available and standards affordable by Pakistani Hujjaj by making extensive arrangements, through a transparent process, so that the pilgrims could perform their manasik-e-Hajj as enshrined in Quran and Sunnah. The Pilgrim accounts stress that the Hajj leads to a feeling of unity with fellow Muslims.  It increases belief in equality and harmony among ethnic groups and Islamic sects and leads to more favorable attitudes toward all the people of Pakistan including   women with greater acceptance of female education and employment. Hajjis show increased belief in peace, and in equality and harmony among adherents of different religions. The evidence suggests that these changes are more a result of exposure to and interaction with Hajjis from around the world, rather than religious instruction or a changed social role of pilgrims upon their return to Pakistan.

A Critique of Neo-Imperial Interpellation in Tariq Alis Writings

This dissertation critiques the neo-imperial interpellation in fictional and non-fictional writings of British-Pakistani author Tariq Ali while focusing on the creation of hailed subjects interpellated by neo-imperial Western powers, particularly the United States of America. The study also examines Tariq Ali’s standing in relation to the Marxist and Postcolonial theories using the lens of Althusserian notions of Interpellation, Ideology, and Ideological State Apparatuses. The study analyzed three fictional and six non-fictional works of the author. Significance of this study lies in the fact that Tariq Ali’s fictional and non-fictional works were previously not analyzed using the postcolonial-Althusserian notions of interpellation and ideology. The Althusserian notion of interpellation and ideology in context of Marxist and Gramscian notions of ideology has provided new insights into postcolonial discourse and added significant knowledge to the realm of contemporary postcolonial literary theorization. The study has utilized qualitative textual analysis technique in order to reach to the answers it raised in the beginning. Content analysis technique, taken from the domain of textual analysis was applied which helped in analyzing huge amounts of textual content present in the nine books used for the study. A categorizing matrix was prepared, using the model proposed by Polit and Beck (2004), based on the themes and concepts present in the books, in line with the theoretical framework of the study. The text was then coded and analyzed while the analysis led to the findings of the study. The study concludes that Tariq Ali’s nonfiction necessarily positions him as a postcolonial critic who sees the contemporary imperialism of the West as violent, exploitative and interpellative. He sees the neo-imperial design and hegemonic nature of the US Empire and its ideological and interpellative impact on the world as one of the most significant issues that need to be defied by the forces of dissent. A dire need of subverting the neo-liberal, anti-social, and neo-imperial approach of the Western thought and politics is prevalent in his non-fiction. He establishes himself as a Marxist-Socialist critic who view of Ideology is more in line with the Gramsci as he criticizes the hegemonic designs of the neo-imperial America and Europe while believing in the Gramscian view of existence of multiple ideologies sees/encourages all forms v of dissent against the neo-colonialism in the contemporary world. His works subvert the interpellated and hailed images of the Muslims and Islam in an anti-colonial, subversive strain of thought. In the fictional works of the Islam Quinter, Tariq Ali has successfully disrupted the neo-colonial allegorical representations and Eurocentric versions of history by appropriating the neo-imperial allegory and using it to respond to the allegories of hegemony. The Islam Quintet is an attempt to replace the Eurocentric, monolithic cultural traditions with cross cultural pluralism. The erased or (mis)represented history of the Muslims and Islam through colonial and neo-colonial allegory and palimpsest has been subverted by Ali through presentation of certain vital historical moments of the Islamic history where followers of different religions lived with peace and cultural harmony. He subverts the colonizing gaze of the West by presenting grandeur of the Islamic culture during various historical epochs when Islam was the epitome of learning and cultural advancement. He persistently reverses the binary of civilized/barbaric to reveal the historic truth that there was a time when the Muslims were learned, scholarly and civilized while the Christians were barbaric, illiterate, barbaric and extremists. Ali uses the subversive strategies of appropriation, orality and disruption of allegorical images. Ali’s post-coloniality in the fiction resides in his presentation of the Islamic version of history. He repetitively disrupts the myths and allegories of colonial hegemony by recovering the re-inscribed identities and representations in the cultures of Jerusalem and Moorish Spain at carefully and meaningfully chosen points of time in history.