The Effect of Capabilities, Literacy, Attitude, and Autonomy on Financial Behavior with the Complementary Role of Impulsivity: A Multigroup Analysis Based on Gender

Areeba Rizwan and Danish Ahmed Siddiqui

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Abstract: This research seeks to analyze the relationships between financial capability and digital financial literacy (DFL), financial attitude (FA), financial autonomy (FAM), and various financial behaviors. These included 1. savings behavior (SB). 2. seeking financial information (FIS), 3. indebtedness behavior (IB), 4. financial control (FC), and 5. poor financial practices (PP). We also explored the complementary role of Impulsivity (IMP) as contributory moderators for these relationships. Based on the TPB as well as SDT, quantitative, explanatory research is employed with correlational studies. Data were gathered from 303 respondents through a five-point Likert scale survey questionnaire administered to individual household investors in Karachi, Pakistan, and analyzed through PLS-SEM. The results indicate that DFL has a positively significant effect on FC and a negatively significant effect on IB, while its effects on FIS, PP, and SB are insignificant. FA has a positively significant effect on FC and SB and a negatively significant effect on IB, whereas its effects on FIS and PP are insignificant. FCA has a positively significant effect on FC and SB, but its effects on IB, PP, and FIS are insignificant. IMP has a negatively significant effect on FC and a positively significant effect on IB, while its effects on FIS, PP, and SB are insignificant. Additionally, IMP's moderating effect is mostly insignificant, except for a positively significant moderation between FA and IB and a positively significant moderation between FAM and SB. Also, gender differences were found in certain relationships, particularly between DFL and SB, FA and IB, FCA and FC, and FCA and IB. The significance of gender-sensitive economic strategies along with educational initiatives is underscored by these outcomes.

Keywords: Financial Behaviors; Digital Financial Literacy; Financial Autonomy; Impulsivity; Gender Differences; Pakistan (search for similar items in EconPapers)
Date: 2026
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