금융이해력 과신에서 과대평가와 우월평가의 관계 및 증권 투자 경험

This study aims to identify the relationship between two forms of financial literacy overconfidence – misestimation and misplacement - and empirically analyze the relationship between these two forms of overconfidence and securities investment experience. The results show a statistically significant negative correlation between financial literacy and misestimation, and a significant positive correlation between misestimation and misplacement. While financial literacy is unrelated to securities investment experience in the domain of high level of financial literacy, they are positively associated in the domain of low and middle level. Misestimation in financial literacy are positively associated with securities investment experience at all levels of financial literacy. In particular, the greater the overestimation among the low financial literacy group, the more significant and relatively larger the increase in the probability of securities investment experience. This suggests that the more individuals with low financial literacy overestimate their financial literacy, the higher the likelihood of securities investment experience and the greater the risk of exposure to financial risk and harm. Misplacement tends to be positively associated with securities investment experience in the domain of middle and high level of financial literacy. Financial education mostly focuses on knowledge transfer, but it is important to pay attention to and control the impact on financial literacy overconfidence that inevitably accompanies it. It is necessary to have a social interest in enhancing financial literacy for financial consumers with lower financial literacy, as well as ensuring awareness of investment risks in securities investment and providing social efforts and institutional mechanisms to help make rational investment decisions.