Does conventional, Islamic, and digital financial literacy augment financial well-being: the mediating role of financial behavior
Abstract/Description
Purpose: This study aims to evaluate the mediating effect of financial behavior in the relationship between Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, and Financial Well-Being.
Methodology: A convenient sampling technique was used to collect data from 292 faculty members and Job holders to complete the study's purpose.
Findings: In the study, the framework stresses the significance of financial behavior in mediating the link between Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, and Financial Well-Being. Additionally, it has been established that Conventional Financial Literacy, Islamic Financial Literacy, and Digital Financial Literacy, have a significant relationship with financial well-being and financial behavior.
Practical Implications: It is crucial to have a basic awareness of earnings, spending, and saving habits in order to contribute to a household's financial well-being. Additionally, an encouraging economic strategy is required to oversee their financial well-being by offering employment, higher learning, instruction, pieces of training, and so forth. Offering fundamental financial instruction programs on money management, financial planning, financial assessment, risk-return diversification, and possibilities for investment should be part of efforts to promote conventional financial literacy, Islamic financial and digital financial literacy because they will help people develop the financial discipline that will help them achieve financial security.
Originality: To the best of our knowledge, this is the first study to consider Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, financial behavior, and Financial Well-Being merged in one model.
Keywords
Conventional Financial Literacy (CFL), Islamic Financial Literacy (IFL), Digital Financial Literacy (DFL), Financial Behavior (FB), Financial Well-Being (FWB), PLS-SEM
Track
Finance
Session Number/Theme
1A: Finance
Session Chair
Dr. Adnan Haider; Dr. Aitzaz Ahsan Alias
Start Date/Time
30-5-2024 1:50 PM
End Date/Time
30-5-2024 3:20 PM
Location
MCS – 3 AMAN CED Building
Recommended Citation
Tariq, T., Shear, F., & Altaf, M. S. (2024). Does conventional, Islamic, and digital financial literacy augment financial well-being: the mediating role of financial behavior. 3rd IBA SBS International Conference 2024. Retrieved from https://ir.iba.edu.pk/sbsic/2024/program/6
COinS
Does conventional, Islamic, and digital financial literacy augment financial well-being: the mediating role of financial behavior
MCS – 3 AMAN CED Building
Purpose: This study aims to evaluate the mediating effect of financial behavior in the relationship between Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, and Financial Well-Being.
Methodology: A convenient sampling technique was used to collect data from 292 faculty members and Job holders to complete the study's purpose.
Findings: In the study, the framework stresses the significance of financial behavior in mediating the link between Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, and Financial Well-Being. Additionally, it has been established that Conventional Financial Literacy, Islamic Financial Literacy, and Digital Financial Literacy, have a significant relationship with financial well-being and financial behavior.
Practical Implications: It is crucial to have a basic awareness of earnings, spending, and saving habits in order to contribute to a household's financial well-being. Additionally, an encouraging economic strategy is required to oversee their financial well-being by offering employment, higher learning, instruction, pieces of training, and so forth. Offering fundamental financial instruction programs on money management, financial planning, financial assessment, risk-return diversification, and possibilities for investment should be part of efforts to promote conventional financial literacy, Islamic financial and digital financial literacy because they will help people develop the financial discipline that will help them achieve financial security.
Originality: To the best of our knowledge, this is the first study to consider Conventional Financial Literacy, Islamic Financial Literacy, Digital Financial Literacy, financial behavior, and Financial Well-Being merged in one model.
