The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being
Date
2022Item Type
ArticleAbstract
Covid-19 and the unprecedented surge in financial technology contributed to unexpected financial challenges, affecting the relevance of financial decision making and perceived financial well-being. This paper examines the mediating effects of digital financial literacy, financial autonomy, financial capability, and impulsivity on financial decision making and perceived financial well-being. The data come from 512 respondents in Delhi/NCR (National Capital Region), India, using a snowball-sampling technique and partial least squares structural equation modeling to test 13 structural hypotheses with SmartPLS3.3. Partial least squares (PLS) prediction is employed to estimate the out-of-sample predictive power of the proposed model. Our findings reveal that skills directly affect financial decision making and perceived financial well-being, and digital financial literacy emerges as a direct and mediating predictor of financial decision making. The dominance of financial capability and financial autonomy as mediators in financial decision making and financial well-being become more evident, and impulsivity fails to have mediating effects on financial decision making. The results have academic, regulatory, and managerial implications, all of which calls for more concerted efforts at recognizing the unique interaction among skills—financial decision making—perceived financial well-being, the cumulative effect of which enhances the critical ability to deal with environmental challenges, manage socioeconomic pressures in a sustainable manner, and translate the benefits into prudent gender-specific policy decisions and practices.
Author
Kumar, Parul
Pillai, Rekha
Kumar, Neha
Tabash, Mosab I.
Publisher
Borsa Istanbul Anonim SirketiCollections
Related Items
Show related files by: title, author, creator, and topic.
-
Impact of Financial Technology on Improvement of Banks’ Financial Performance
Baker, Hafez; Kaddumi, Thair A.; Nassar, Mahmoud Daoud; Muqattash, Riham Suleiman (MDPI, 2023)This study investigates the main financial technologies adopted by banks to improve their financial performance. The study population consists of commercial banks listed on the Amman Stock Exchange and Abu Dhabi Securities ... -
Implementation of accounting standards as a company marketing strategy to attract shareholders
Nuseir, M. T. (Inderscience Publishers, 2020)The present review paper has examined the possibilities of implementing accounting standards and principles as a strategy of the companies to motivate shareholders for investment decisions. This in-depth search of the ... -
Panel financial ratios data underlying the performance of conventional and islamic banks operating in GCC
Ghecham, Mahieddine Adnan; Salih, Abdalla (Elsevier, 2019)This article contains cross-sectional time series (panel) data on 46 banks that operates in Gulf Cooperation Council (GCC) Countries. This data reports a number of financial ratios that are constructed from various financial ...