Influence of digital financial literacy on financial well-being of university faculty members: the mediating role of financial behaviour and financial self-efficacy
摘要
The dynamic financial landscape, marked by an enhanced integration of digital methodologies into everyday practices and the increasing complexity of digital financial instruments, necessitates that individuals acquire both financial literacy and digital proficiency. This study aims to investigate the role of digital financial literacy on financial behaviour, financial self-efficacy and financial well-being among faculty members of universities in the Delhi-NCR region. Primary data has been collected from 517 respondents through a structured online questionnaire. Structural Equation Modelling is employed to examine association between variables. The mediating influence of financial behaviour and financial self-efficacy is further tested. It is found that digital financial literacy plays an important role in enabling people to evaluate financial platforms and exercise prudent financial behaviour. The findings reveal that digital financial literacy significantly influences financial well-being directly as well as indirectly through the mediators financial behaviour and financial self-efficacy. Both financial behaviour and financial self-efficacy significantly partially mediate the positive effect of digital financial literacy on financial well-being. It is inferred that behaviour and competence affect one’s well-being and the use of digital financial literacy programs is advantageous to address these behaviours. The findings can guide the creation of financial education programs designed for faculties to address personal finance management, especially in savings and retirement planning, thereby enhancing overall financial well-being. This would encourage a financially responsible and self-sufficient learning ecosystem that eventually serves the interests of teachers, students, and the community at large.