Students’ Financial Literacy: Digital Financial Literacy Perspective

Rahim, Nurhazrina Mat; Ali, Norli; Adnan, Mohd Fairuz

doi:10.35609/jfbr.2022.6.4(2)

Cited by 8 publications

(2 citation statements)

References 22 publications

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“…The growth in bankruptcy and social issues among the younger generation are said to be caused by financial instability and a lack of financial literacy [30]. An individual's attitudes about various topics such as investment can be changed by gaining financial management knowledge.…”

Section: Financial Literacy and Investment Awarenessmentioning

confidence: 99%

Determinants of Investment Awareness: A Moderating Structural Equation Modeling-Based Model in the Saudi Arabian Context

Ali

Ammer²,

Elshaer³

2022

Mathematics

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In line with today’s economy, investment and financial awareness are necessary for success and an individual’s well-being, specifically for the younger generations. Therefore, this study aims to examine the relationships between financial literacy, saving behavior, a lack of self-control, family financial socialization, and investment awareness. Further, it investigates the moderating role of both family financial socialization and the lack of self-control in these relationships. Employing a quantitative study technique and partial least squares structural equation modeling (PLS-SEM), we analyzed a sample of 409 students representing young adults at King Faisal University, specifically in the School of Business. Our results indicate that financial literacy, saving behavior, and family financial socialization are significantly and positively related to investment awareness. Interestingly and as expected, a lack of self-control negatively and significantly affects investment awareness. For the moderating impact, it was found that the connection between financial literacy, saving behavior, and investment awareness is positively and strongly moderated by family financial socialization. Likewise, a lack of self-control significantly and negatively moderated the association between financial literacy, saving behavior, and investment awareness. The results of this study provide substantial implications for regulators, educational organizations, individuals, and their families.

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Section: Financial Literacy and Investment Awarenessmentioning

confidence: 99%

Determinants of Investment Awareness: A Moderating Structural Equation Modeling-Based Model in the Saudi Arabian Context

Ali

Ammer²,

Elshaer³

2022

Mathematics

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“…This implies that an enhanced awareness regarding digital platforms significantly contributes to their pragmatic use in various day-to-day financial dealings. In the exploration conducted by Rahim et al (2022), a discernible lack of digital financial awareness is observed, particularly concerning the potential risks associated with digital financial transactions. This observation is made in comparison to other facets encompassed within the realm of digital financial literacy (DFL).…”

Section: Digital Financial Awareness (Dfa) On Financial Behaviourmentioning

confidence: 99%

Digital Financial Literacy on Financial Behaviour Among Management Undergraduates of State Universities in Sri Lanka

Dewmini,

Wijekumara,

Sugathadasa

2023

J. Mgt. Matters

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Fintech has transformed the financial landscape by integrating technology, resulting in a rapid surge in digital financial services and products. The growing adoption of these services exposes individuals to various risks, such as data theft, confidentiality concerns, unregulated network operators, security threats, and a lack of proficiency in financial and digital skills. Inadequate financial knowledge may lead individuals to overspend and incur debt, contributing to the failure of sound financial behavior. Therefore, this study aims to address this issue by investigating the impact of digital financial literacy on the financial behavior of management undergraduates in state universities in Sri Lanka. The research model was constructed with the independent variable of digital financial literacy and the dependent variable of financial behavior. The study employed a quantitative approach, drawing a sample of 370 undergraduates from a population of approximately 10,033 management undergraduates at the state universities of Sri Lanka. Data was collected using a structured questionnaire, and four hypotheses were formulated for the study. Statistical Package for Social Sciences (SPSS) version 23.0 was utilized for data analysis, with descriptive statistics, correlation analysis, and regression analysis as the analytical tools. The regression results revealed that digital financial awareness, digital financial skills and knowledge, and the digital financial usage of management undergraduates significantly impact financial behavior. However, digital financial attitude was found to have no significant impact on financial behavior. These findings emphasize the necessity for comprehensive digital financial education programs. Furthermore, the study suggests educational policy implications, recommending collaborations between financial institutions and universities to implement practical initiatives that enhance students' real-world application of digital financial knowledge.

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