Digital financial literacy and financial well-being

Choung, Youngjoo; Chatterjee, Swarn; Pak, Tae-Young

doi:10.1016/j.frl.2023.104438

Cited by 39 publications

(11 citation statements)

References 44 publications

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“…As financial literacy has increasing significance in policymaking (Huston, 2010) and education (Fernandes et al, 2014), it has also been associated with fintech usage in recent studies (Choung et al, 2023). People with higher financial literacy have greater awareness of fintech products, so improving financial literacy could stimulate the adoption of fintech products (Morgan and Trinh, 2019).…”

Section: Financial Literacymentioning

confidence: 99%

“…People with higher financial literacy have greater awareness of fintech products, so improving financial literacy could stimulate the adoption of fintech products (Morgan and Trinh, 2019). Financial knowledge of fintech is associated with perceived security and may impact the satisfaction and intention to use the financial app (Choung et al ., 2023; Lim et al ., 2019). However, the research of Liao and Chen (2020) made a contrary conclusion using the National Financial Capability Study (NFCS).…”

Section: Literature Reviewmentioning

confidence: 99%

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Using an extended post-acceptance framework to examine consumer adoption of fintech

Qi,

Chatterjee,

Worthy

et al. 2024

IJBM

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PurposeEmerging literature on fintech has shown that consumers have been slow to adopt fintech-based products and services. However, limited literature is available regarding the factors associated with consumers' adoption of these products and services. This study aims to investigate the factors that are associated with consumer adoption of fintech-based products and services.Design/methodology/approachData on the usage and perception of smartphone financial apps by US residents ages 18–70 was collected in the fall of 2020. Based on the Extended Post-Acceptance Model (EPAM) framework, Structural Equation Modeling and Confirmatory Factor Analysis were applied to inspect how financial capability, perceived security and perceived usefulness affect fintech adoption.FindingsFintech proficiency, investment risk tolerance and perceived safety are positively associated with the frequency of fintech application use upon adoption. Consumers are more likely to feel safer if they are more financially capable and technologically proficient. Consumers with higher risk tolerance tend to believe fintech apps are safe to use. Consumers with higher fintech proficiency are more likely to recognize the usefulness of fintech services.Originality/valueThe study introduces a revised EPAM framework with antecedent factors, fintech proficiency and risk tolerance to investigate the factors associated with consumer adoption of fintech-based products and services. The key findings of this study validate the EPAM in the American context. Additionally, this research is among the first to have confirmed the direct relationship between perceived security and fintech adoption. The results have practical implications for existing fintech companies, banks and financial institutions, policymakers and financial advisory practices considering adopting fintech-based services for their clients.

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Section: Financial Literacymentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Using an extended post-acceptance framework to examine consumer adoption of fintech

Qi,

Chatterjee,

Worthy

et al. 2024

IJBM

Self Cite

View full text Add to dashboard Cite

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“…Employing digital technology can not only improve farmers' production efficiency and boost agricultural operating income [44], but also help farmers identify the new opportunities brought by the digital era, provide farmers with more job opportunities and more flexible working methods, and drive an increase in farmers' wage earnings [45]. Additionally, digital technology applications can also increase the level of other income types for farm households, thus raising their overall income [8]. Income reflects the debt-repayment capacity of farm households.…”

Section: Digital Literacy Level and Formal Borrowing Behavior Of Farm...mentioning

confidence: 99%

“…Finally, following the rectification of the endogeneity issue within the model, the impact of digital literacy level on farmers' formal borrowing behavior demonstrates a notably positive association. The results of the one-stage and two-stage regressions of the CMP methodology are presented in model (7) and model (8), respectively. With a significance level of 1%, the parameter atanhrho_12 in the endogeneity test stands at −0.307, suggesting that the CMP methodology is suitable for this investigation.…”

Section: Model Endogeneity Testmentioning

confidence: 99%

“…Consequently, farm households face considerable challenges in securing affordable financing, which underscores the pressing need for enhanced financial support mechanisms to mitigate these constraints and foster optimal borrowing and lending behaviors [5]. Such interventions are pivotal not only for boosting farmers' income but also for improving overall welfare [6][7][8][9].…”

Section: Introductionmentioning

confidence: 99%

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Digital Literacy Level and Formal Credit Constraints: Probit Analysis of Farm Households’ Borrowing Behavior in China

Zhou,

Li,

Chen

et al. 2024

Agriculture

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With the rapid evolution of the rural digital economy, analyzing the impact of digital literacy level on farm households’ formal borrowing is crucial for easing credit constraints and fostering rural economic growth. Leveraging the data from the 2020 China Family Panel Studies (CFPSs) and applying binary probit models and the Karlson–Holm–Breen (KHB) method, this study delineates the positive correlation between the digital literacy level and increased formal borrowing among farm households. The findings, which were robust against endogeneity and robustness tests, underscore the role of digital literacy level in augmenting farmers’ earnings and social networks, with a notably stronger mediation by earnings. The effects are particularly significant for middle-aged and older, less educated males in the central and western regions, in contrast with younger, highly educated females in the east. This research advocates for enhancing rural digital infrastructure and education, alongside financial system reforms, to advance rural financial development and support sustainable rural revitalization.

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Does Unified Payment Interface (UPI) Contribute to Financial Inclusion? The Case of Construction Workers in Andhra Pradesh

Ragini,

Vineesh Prakash

2024

Springer Proceedings in Business and Economics

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Digital financial literacy and financial well-being

Cited by 39 publications

References 44 publications

Using an extended post-acceptance framework to examine consumer adoption of fintech

Using an extended post-acceptance framework to examine consumer adoption of fintech

Digital Literacy Level and Formal Credit Constraints: Probit Analysis of Farm Households’ Borrowing Behavior in China

Does Unified Payment Interface (UPI) Contribute to Financial Inclusion? The Case of Construction Workers in Andhra Pradesh

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