Financial resilience through ESG consciousness and future orientation: an empirical study of Indian millennials
摘要
The increasing focus on sustainability and responsible finance has made it necessary to learn more about how people establish financial resilience and sustain financial well-being in a changing economic context. This study measures the role of financial resilience, ESG consciousness, and future orientation in shaping the millennials’ sustainable financial wellbeing in India. Using a structural equation modeling (SEM) approach on a sample of 574 millennials from India, this research examines how financial resilience, encompassing financial knowledge, attitude, and behavior, interacts with millennials’ ESG consciousness towards financial wellbeing. The results indicate that financial resilience enhances all the aspects of financial well-being to a considerable degree, supporting its central role in shaping stable and responsible financial outcomes. The future orientation is a strong determinant of the impact of financial resilience on financial knowledge, responsible financial behavior, and financial self-efficacy in comparison to ESG consciousness. These findings offers psychological and sustainability-related drivers of financial health, and has practical implications to policymakers and financial institutions that seek to ensure a more resilient and future-oriented finance among millennials.