Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India

Deepak Mishra, Naveen Agarwal, Sanawi Sharahiley and Vinay Kandpal ()
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Deepak Mishra: School of Business, UPES, Dehradun 248007, Uttarakhand, India
Naveen Agarwal: Centre for Continuing Education, (UPES Online), UPES, Dehradun 248007, Uttarakhand, India
Sanawi Sharahiley: Business Studies (International Labour Conventions and Petroleum Industrial Relations), Management Department, Applied College, Jazan University, Jazan 82817-2820, Saudi Arabia
Vinay Kandpal: Department of Management Studies, Graphic Era Deemed to be University, Dehradun 248002, Uttarakhand, India

JRFM, 2024, vol. 17, issue 10, 1-23

Abstract: Despite the increasing accessibility of digital financial instruments globally, a number of women encounter obstacles in properly using these platforms due to insufficient digital financial literacy, which profoundly affects their financial decision-making and economic empowerment. This study aims to promote digital financial literacy and Fintech adoption for women in India by examining the effects of digital financial literacy on financial decision-making while considering the mediating effect of government support and digital financial literacy. Furthermore, in this study, we analyzed the relationship between independent variables such as financial attitude (FAtt), subjective norms (SNs), perceived behavior control (PBC), digital financial literacy (DFL), and financial accessibility (FA) on the dependent variable, i.e., financial decision-making (FDM). We also explored how financial decision-making impacts women’ intention towards investment (INT). By analyzing 385 Indian women respondents using Structural Equation Modeling (SEM), this study revealed that financial attitude (FAtt) leads to higher financial decision-making (FDM), exerting moderate effects. Similarly, subjective norms (SNs), perceived behavioral control (PBC), digital financial literacy (DFL), and financial accessibility (FA) significantly lead to financial decision-making. Overall, the five predictors of financial decision-making explained around 71% of the variance. Financial decision-making exerted a significant and robust effect on women’s intention towards investment. Financial resilience significantly moderated the effects of financial decision-making on women’s intention towards investment. These findings emphasize the necessity of implementing a distinct government strategy and programs to enhance the adoption of Fintech among women living in urban and rural regions across India. This study is aligned with UN Sustainable Development Goals, especially Sustainable Development Goal (SDG) 1: No Poverty, SDG 5: Gender Equality, and SDG 8: Decent Work and Economic Growth.

Keywords: digital financial literacy; financial inclusion; women’s empowerment; financial decision-making; Saudi Vision 2030; Sustainable Development Goals (SDGs); financial resilience (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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