IMPROVING THE INVESTMENT BEHAVIOUR OF THE POPULATION OF UZBEKISTAN THROUGH ENHANCED FINANCIAL LITERACY
DOI:
https://doi.org/10.5281/zenodo.21975852Abstract
The role of financial literacy in improving the investment behaviour of the population of the Republic of Uzbekistan
and reducing behavioural errors among stock market participants is examined. Major cognitive and emotional biases,
including overconfidence, herd behaviour, loss aversion, the disposition effect, anchoring, and mental accounting, are
analysed. Based on a comparative analysis of international and domestic studies, as well as official statistical data from
the Central Bank of the Republic of Uzbekistan, the Republican Stock Exchange “Toshkent”, and international financial
institutions, a structural imbalance is identified between the rapid expansion of digital access to financial services and the
insufficient level of investment-specific financial literacy among the population. The findings indicate that general financial
literacy does not necessarily ensure rational investment decision-making unless it is reinforced by practical competencies
in risk assessment, investment portfolio diversification, and the critical evaluation of financial information
Keywords
financial literacy, investment behaviour, stock market, behavioural finance, behavioural biases, overconfidence, herd behaviour, loss aversion, retail investors, capital market, Uzbekistan.References
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