“…The literature points out that sociological factors, including sociodemographic, economic, life‐events, social, and cultural values, can influence the level of FC of the members of the household. Many studies witnessed that household's income, assets, family type, respondent's age and gender, education, and skills of the family members, number of earning members in the household, number of dependents in the household and number of unemployed members in the household, are prime determinants of financial behavior (ANZ, 2018b; Collin, 2011; Despard & Chowa, 2014; Finney, 2018; Finney & Hayes, 2015; Kempson & Poppe, 2018; Kumar, 2013; Lamb, 2015; Taylor, 2011). Also, life events such as birth, education, marriage, death, and festivals often drive the households to be more motivated and involved in financial affairs (van Raaij, 2016) and force them to adopt certain strategies like mental accounting methods to meet these specific expenses.…”