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Volume 18
Issue 6
10.3390/jrfm18060322
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Article
Peer-Review Record

Financially Savvy or Swayed by Biases? The Impact of Financial Literacy on Investment Decisions: A Study on Indian Retail Investors

J. Risk Financial Manag. 2025, 18(6), 322; https://doi.org/10.3390/jrfm18060322
by Abhilasha Agarwal 1, N. V. Muralidhar Rao 1 and Manuel Carlos Nogueira 2,*
Reviewer 1: Anonymous
Reviewer 2: Anonymous
J. Risk Financial Manag. 2025, 18(6), 322; https://doi.org/10.3390/jrfm18060322
Submission received: 7 May 2025 / Revised: 7 June 2025 / Accepted: 9 June 2025 / Published: 11 June 2025
(This article belongs to the Special Issue Financial Inclusion Strategies: Emerging Trends and Global Perspectives)

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

A sample of the survey should be included.

The authors should explain more about mediating effects.

The literature on H1 and H2 does not seem to be enough.

"Research Gap" and "Research Problem" should be consolidated with other parts.

I am not sure how the authors organize the references in the paper, by year or by alphabet order?

Author Response

Dear reviewer.

Please see the attachment.

Author Response File: Author Response.docx

Reviewer 2 Report

Comments and Suggestions for Authors

Please see the attachment.

Comments for author File: Comments.pdf

Author Response

Dera Reviewer,

Please see the attachment.

 

Author Response File: Author Response.docx

Round 2

Reviewer 2 Report

Comments and Suggestions for Authors

Comments: 

I have carefully read the paper.  I recognize the efforts made by the authors in improving the content. There is also a great emphasis on providing serious responses to the raised concerns and issues. However, there is some work to be done in convincing of the originality of the contribution. What makes this study different from other existing papers? The paper by Sureth (2024), for example? I find the same research objective, methodology, and context (India)!

Figures 1 to 9 remain unclear and confusing for readers. I suggest redrawing them manually. 

The comments inserted by the third author (as I assume) in the revised version are interesting, but they are not addressed in the paper. This should also be added in the second round of revision. 

References

Suresh G. (2021). Impact of Financial Literacy and Behavioural Biases on Investment Decision-making. FIIB Business Review, 13(1), 72-86. https://doi.org/10.1177/23197145211035481

Author Response

Dear Reviewer,

Please see the attachment.

 

Author Response File: Author Response.pdf

Round 3

Reviewer 2 Report

Comments and Suggestions for Authors

I think that the paper is now ready for being published. 

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