This study investigates whether financial literacy influences gross national savings (GNS) as a percentage of GDP a cross 38 countries with varying income levels in 2023. Using a cross-sectional quantitative design and data from the OECD and World Bank, the study explores both the direct relationship and the moderating roles of macroeconomic (GDP per capita, inflation, unemployment, age dependency) and labor market indicators (employment-to-population ratio). Contrary to expectations, financial literacy was not a significant determinant of national savings. Macroeconomic indicators did not significantly moderate this relationship, while labor market engagement, especially employment rates emerged as a strong determinant of saving behavior. These findings suggest that national saving patterns are driven more by economic structure and employment conditions than by financial literacy alone. The results underscore the need for integrated policy strategies that go beyond financial education to address broader labor and economic frameworks.
Zaid et al. (2026) studied this question.