Financial literacy and financial well-being: A mediation analysis of fintech services adoption among selected generation Z in Metro Manila

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ID: 286161
2023
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Abstract
The study aimed to investigate the mediating role of payment and non-payment fintech services in the effect of financial literacy on financial well-being among 158 Generation Z individuals in Metro Manila. Drawing on the Rational Choice Theory, the study employed the Financial Literacy Assessment questionnaire to measure financial literacy, the Consumer Financial Protection Bureau (CFBP) Financial Well-being Scale to assess financial well-being, and actual frequency of usage to assess financial technology (fintech) adoption. Causal mediation analysis was used to analyze the data, revealing that financial literacy has a positive effect on financial well-being. However, it does not significantly influence the adoption of fintech, whether payment-or non-payment-related. Furthermore, the study found that the adoption of fintech, regardless of its type, does not directly affect financial well-being or mediate the relationship between financial literacy and financial well-being. The findings also highlighted the high adoption rate for payment fintech, contrasting with the low adoption rate for non-payment fintech. These findings emphasized the need to consider financial literacy as a fundamental life skill. It also underscores the importance of integrating digital finance into financial literacy education and highlights the necessity for the development of holistic digital financial management tools. Keywords: Financial Literacy, Financial Well-Being, Payment Fintech Adoption, Non-Payment Fintech Adoption, Causal Mediation Analysis, Generation Z
Reference Key
persistent_1760657757_68f1815d7a3e3 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Teves, Arianne Mae M.
Journal Malay Journal
Year 2023
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etdb_finman/69
Keywords Keywords not found

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