“…They exhibit stock market participation intentions (Mirzaei & Buer, 2022), save funds for rainy days (de Bassa Scheresberg, 2013), have their retirement plans in place (Chua & Chin, 2022), and therefore experience comparatively greater financial satisfaction (Sconti, 2022). FL not only enhances personal financial well-being but also improves firm performance (Anwar et al, 2020;Saeed, 2024). Financial illiterates unconsciously make wrong financial decisions, are relatively less capable of dealing with sudden economic shocks (Hung et al, 2009), and hold relatively undiversified portfolios (Fedorova et al, 2015).…”