Usage of Digital Finance Applications and its Impact on Financial Well-Being: A Conceptual Framework

Siti Murni Mat Khairi, Shazwani Mohd Salleh, Norhafizah Abdul Halim, Mazri Mahmood and Mohd Yushairi Mat Yusoff
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Siti Murni Mat Khairi: Faculty of Business and Management, Universiti Teknologi MARA Cawangan Kedah Kampus Sungai Petani, 08400 Merbok, Kedah, Malaysia
Shazwani Mohd Salleh: N/A
Norhafizah Abdul Halim: Faculty of Business and Management, Universiti Teknologi MARA Cawangan Kedah Kampus Sungai Petani, 08400 Merbok, Kedah, Malaysia
Mazri Mahmood: Koperasi Sahabat Amanah Ikhtiar Malaysia (Koop Sahabat) Berhad
Mohd Yushairi Mat Yusoff: School of Economics, Finance and Banking, Universiti Utara Malaysia, Malaysia

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 9, 3380-3390

Abstract: This study investigates the impact of digital finance applications usage on financial well-being, addressing the growing need to understand how these tools influence users’ financial health amidst increasing digitalization. The primary aim is to assess how the use of digital finance applications affects financial literacy, financial behavior, and financial self-efficacy, and to explore the relationship between these factors and overall individuals’ financial well-being. Employing a quantitative methods approach, this study utilizes quantitative surveys to gather data from a diverse sample of users. The quantitative component involves statistical analysis of survey responses. The implications of this proposed study suggest that digital finance applications play a crucial role in improving financial outcomes through personal finance factors (financial literacy, behavior, and self-efficacy) and can be leveraged to support overall financial well-being. However, this study is limited by its reliance on self-reported data and the lack of longitudinal analysis. Future research should address these limitations by incorporating diverse data sources and exploring the long-term effects of digital finance tools on financial well-being.

Date: 2024
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