Financial well-being A Generation Z perspective using a Structural Equation Modeling approach

Title

Financial well-being A Generation Z perspective using a Structural Equation Modeling approach

Creator

Shankar N.; Vinod S.; Kamath R.

Description

The current pandemic situation in the global economy has urged the need to revolutionize the financial services industry with a keen eye on consumers financial needs for sound financial decisions, which is necessary for financial well-being. The purpose of the study is to assess the financial well-being of Indian Gen Z students in relation to financial literacy, financial fragility, financial behavior, and financial technology. In addition, the study also tries to determine how Gen Z students financial well-being is influenced by other factors such as gender, age, parental education, employment status, and monthly income in India. The study uses the scientific data analysis approach, Partial Least Squares-SEM model to estimate, predict, and assess the hypotheses. A sample of 271 University students from India was surveyed using a self-administered structured questionnaire. Questions were incorporated to understand the effect of financial literacy, technology, fragility, behavior, demographic and parental characteristics on financial well-being. The results indicate that financial behavior is positively related to financial well-being, while financial fragility is negatively associated. However, financial literacy and financial technology do not significantly affect financial well-being. The results also show that financial well-being is significantly influenced by gender, parental education, employment status, and monthly income change. Understanding Indian Gen Z student financial well-being will expand the students understanding of the importance of financial literacy for well-planned financial behavior and informed decisions, hence high levels of financial well-being. Government and financial institutions can more effectively identify gaps and deficiencies in student financial well-being. 2022 LLC CPC Business Perspectives. All rights reserved.

Source

Investment Management and Financial Innovations, Vol-19, No. 1, pp. 32-50.

Date

2022-01-01

Publisher

LLC CPC Business Perspectives

Subject

Financial behavior; Financial fragility; Financial literacy; Financial technology; India

Coverage

Shankar N., School of Business and Management, CHRIST University, India; Vinod S., Department of Computer Science, CHRIST University, India; Kamath R., School of Business and Management, CHRIST University, India

Rights

All Open Access; Gold Open Access

Relation

ISSN: 18104967

Format

Online

Language

English

Type

Article

Identifier

https://doi.org/10.21511/imfi.19(1).2022.03

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