Financial Socialisation and Personal Financial Management Behaviour of Millennials in India: The Role of Attitude Towards Money and Financial Literacy

Kirti Goyal ()
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Kirti Goyal: Institute of Technology Jaipur

Chapter Chapter 21 in Digital Economy Post COVID-19 Era, 2023, pp 333-342 from Springer

Abstract: Abstract Financial management is a complicated collection of behaviours. Given its various precursors, a multi-theoretical view is needed to understand it. The necessity for responsible financial behaviour is urged by a variety of factors, such as the global economic downturn, declining savings, credit reforms, and unprecedented COVID-19. It becomes all the more essential to investigate the antecedents that influence PFMB. Based on the Theory of Planned Behaviour, Theory of Consumer Socialisation, and Social Cognitive Theory, we propose the impact of financial socialisation on PFMB of Indian millennials through the mediation of attitude towards money and moderation of financial literacy. To the best of our knowledge, the literature examining the influence of financial socialisation and attitude towards money on PFMB as a whole is scant. Policymakers and practitioners of consumer finance could make use of this line of research to inform financial educators, counsellors, and consumers to improve the overall financial well-being.

Keywords: PFMB; Attitude towards money; Financial socialisation; Financial literacy (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-981-99-0197-5_21

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DOI: 10.1007/978-981-99-0197-5_21

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