Developing a Financial Literacy Model for Investors in the Capital Market Using a Meta-Synthesis Approach

Document Type : Original Article

Authors
Forouzan Mohammadi Yarijani 1
saba farzamfar 2
Mehrdad Ghanbari 2
Nahid Mohammadi 2
1 Department of Accounting,Ker.c.,Islamic Azad .University,Kermanshah,Iran
2 Department of Accounting, Ker.C., Islamic Azad University, Kermanshah, Iran.
10.22034/jik.2026.79199.4932
Abstract
The present study was conducted with the aim of developing a comprehensive model of financial literacy in Iran’s capital market. Given the unprecedented growth of public participation in the capital market in recent years and the consequences resulting from market fluctuations and instability, a deeper understanding of the mechanisms influencing financial literacy in guiding financial decisions and behaviors has become increasingly necessary.This research is qualitative in nature; therefore, the meta-synthesis method was applied. The analysis covered both domestic and international articles (from 2003 to 2025). Initially, 59 English and 17 Persian articles were selected from reputable scientific databases and evaluated using a critical appraisal program to extract relevant components. To develop the final model, opinions from 16 experts (including 5 accounting and finance faculty members and 10 financial analysis experts) were used during the Shannon entropy stage. Based on the results of this analysis, five main categories influencing financial literacy were identified: 1_Education, skills, and personal development, 2_Social, psychological, and cultural factors, 3_Environment, demographics, and economic conditions, 4_Laws, regulations, and government policies, and 5_Access to informational resources. In total, 15 related concepts were recognized. These dimensions were organized into an initial conceptual model, which formed the basis for designing the data collection tools. The proposed model can serve as a strategic framework for policymakers, capital market regulators, and educational planners, enabling them design targeted interventions to furtheer enhance financial literacy, improve investors’ decision-making, and increase the financial well-being of society.
Keywords
Financial Literacy
Iran Capital Market
Meta-Synthesis
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