The Role of Individual and Behavioral Characteristics On Demand for Financial Services

According to what is stated in behavioral finance issues is one of the most important factors affecting the demand for formal financial sector, behavioral characteristics of individuals. The present study aimed to explore the relationships between some individual and behavioral characteristics and demand for financial services, is trying to score as behavioral characteristics, including financial literacy, per capita expenditure, age, risk aversion, interest in financial matters, fatalism , education and the savings on the demand for financial services. The statistical population of the present study is Householders metropolis of Mashhad and surrounding rural areas in the period of 2015-2016. The sample size was 290 people who were selected by using available sampling method .Binary logistic regression was used to analyze the research hypotheses. The results showed that the behavioral characteristics of individuals only expenditure per capita, age, interested in financial issues and the savings impact on the demand for financial services. Furthermore, as the interaction effect between age and the rural and urban on willingness to invest in life insurance and investment.