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<p>The discussion on improving financial well-being (FWB) among academicians, industry practitioners, and policymakers has substantially increased over the last few years due to its importance in augmenting society’s well-being. Hence, the current study intends to empirically examine the influence of digital financial literacy (DFL), financial self-efficacy (FSE), and personal financial management behavior (PFMB) on FWB. Moreover, the study analyzes the mediating role of FSE and PFMB between DFL and FWB. The data is gathered from 493 young professionals belonging to millennials and Generation Z in the Northern Indian region using purposive sampling and analyzed with SmartPLS. Partial least square structural equation modeling is employed to address the study’s research questions. The study’s outcomes reveal that FSE, DFL, and PFMB significantly and positively influence FWB in their respective order. Additionally, the study reveals that FSE and PFMB establish complementary partial mediation in a relationship between DFL and FWB both individually and serially. The study augments knowledge base of individuals, financial advisors, employers, and policymakers about predictors of FWB. Ergo, the study’s outcomes can be utilized to frame policies to augment individuals’ and overall society’s well-being. Hence, the present study substantially contributes to the personal finance literature and society as a whole.</p>

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Shaping financial well-being through digital financial literacy: do financial self-efficacy and personal financial management behavior mediates the relationship?

  • 期刊论文

  • 发表日期：

    2026年5月6日

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  • Vishal Sharma,
  • Rajesh Kumar,
  • Manpreet Kaur,
  • Jinesh Jain

摘要

The discussion on improving financial well-being (FWB) among academicians, industry practitioners, and policymakers has substantially increased over the last few years due to its importance in augmenting society’s well-being. Hence, the current study intends to empirically examine the influence of digital financial literacy (DFL), financial self-efficacy (FSE), and personal financial management behavior (PFMB) on FWB. Moreover, the study analyzes the mediating role of FSE and PFMB between DFL and FWB. The data is gathered from 493 young professionals belonging to millennials and Generation Z in the Northern Indian region using purposive sampling and analyzed with SmartPLS. Partial least square structural equation modeling is employed to address the study’s research questions. The study’s outcomes reveal that FSE, DFL, and PFMB significantly and positively influence FWB in their respective order. Additionally, the study reveals that FSE and PFMB establish complementary partial mediation in a relationship between DFL and FWB both individually and serially. The study augments knowledge base of individuals, financial advisors, employers, and policymakers about predictors of FWB. Ergo, the study’s outcomes can be utilized to frame policies to augment individuals’ and overall society’s well-being. Hence, the present study substantially contributes to the personal finance literature and society as a whole.