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<p>Escalated technology usage among millennials in India has been the main driver for digital financial inclusion. This study aims to examine a research model where the Fintech Adoption (FIA) mediates between Financial Literacy (FL) and Financial Inclusion (FI) in the context of millennials. Specifically, the paper assesses: (a) the effects of financial knowledge and skills, financial behaviour and financial attitude on FI; (b) FIA as a mediator between FL on FI and; (c) Life Satisfaction (LS) as a moderator between FL and FIA. Employing convenience sampling, 305 respondents participated in a cross-sectional survey conducted by physical interaction. The authors evaluated the measurement model by applying IBM AMOS 22. Moderated mediation analysis has also been performed employing SPSS Process Macro (Model 8) and statistical tool package. The results revealed that FL magnifies FIA thus propelling FI among millennials in a progressively digitalized society. Furthermore, LS dampens the linkage between FL and FIA in technically evolved generation of millennials. The relationship between FL-FIA-FI has not garnered much attention specifically from the point of view millennials. Additionally, assessing LS among the millennials further unfurls their possibilities of FIA consequently leading to digitalised FI of populations who more technology ready as compared to their older counterparts. The study provides insights to policymakers on the importance of designing and rolling out customized FL programs integrated with stress reduction component for millennials.</p>

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The Interplay of Financial Literacy, Fintech Adoption, Life Satisfaction, and Financial Inclusion among Millennials

  • 期刊论文

  • 发表日期：

    2025年11月7日

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  • Monica Sharma,
  • Kamal Gupta,
  • Renu Sharma

摘要

Escalated technology usage among millennials in India has been the main driver for digital financial inclusion. This study aims to examine a research model where the Fintech Adoption (FIA) mediates between Financial Literacy (FL) and Financial Inclusion (FI) in the context of millennials. Specifically, the paper assesses: (a) the effects of financial knowledge and skills, financial behaviour and financial attitude on FI; (b) FIA as a mediator between FL on FI and; (c) Life Satisfaction (LS) as a moderator between FL and FIA. Employing convenience sampling, 305 respondents participated in a cross-sectional survey conducted by physical interaction. The authors evaluated the measurement model by applying IBM AMOS 22. Moderated mediation analysis has also been performed employing SPSS Process Macro (Model 8) and statistical tool package. The results revealed that FL magnifies FIA thus propelling FI among millennials in a progressively digitalized society. Furthermore, LS dampens the linkage between FL and FIA in technically evolved generation of millennials. The relationship between FL-FIA-FI has not garnered much attention specifically from the point of view millennials. Additionally, assessing LS among the millennials further unfurls their possibilities of FIA consequently leading to digitalised FI of populations who more technology ready as compared to their older counterparts. The study provides insights to policymakers on the importance of designing and rolling out customized FL programs integrated with stress reduction component for millennials.