Degree
BS (Social Sciences & Liberal Arts)
Faculty / School
School of Economics and Social Sciences (SESS)
Department
Department of Social Sciences & Liberal Arts
Date of Award
Fall 2024
Date of Submission
2024-09-08
Advisor
Dr. Saqib Sharif, Associate Professor, Department of Finance
Project Type
SSLA Culminating Experience
Access Type
Restricted Access
Keywords
Digital Financial Literacy, Digital Wallets, Gen Z, Cashless Economy, Pakistan
Abstract
From a cash-based economy to a cashless society, recent advancements in financial technology are changing the way individuals access financial services. With the advent of digital financial services such as digital wallets, individuals no longer need to carry cash to make transactions; instead, they can carry out financial services, from a single app in their smartphones. In Pakistan, digital financial services, particularly digital wallets have witnessed an upward surge in the last 7 years. Given this unprecedented popularity of digital wallets amongst young users, it becomes important for us to understand Gen Z’s level of digital financial literacy and its relationship with adoption of digital wallets. Thus, to explore the relationship between Gen Z’s digital financial literacy and adoption of digital wallets, this study employs an exploratory correlational mixed methods approach. The current study is undertaken in two phases. In the first phase, the dominant methodology is a quantitative survey which are filled by Gen Z individuals living in Pakistan. In the second phase, a less dominant qualitative method, which include semi-structured interviews with Gen Z participants. Based on 135 survey responses and 8 semi-structured interview, it was revealed that there exists a moderate positive relationship between digital financial literacy and digital wallet adoption. The results also highlighted that factors such an individual’s education and income play a mediating role between the two variables. These findings not only add to a nascent area of research but also carry important implications for policy makers, Governments, and business owners, alike.
Pages
75
Recommended Citation
Shaikh, R. D. (2024). From Banking to Bytes: Investigating the relationship between Gen Z’s digital financial literacy and adoption of digital wallets in Pakistan. (Unpublished undergraduate project). Institute of Business Administration, Pakistan. Retrieved from https://ir.iba.edu.pk/sslace/299
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