Medical inflation has made health investment decisions more important, but investors have different preferences on health investment assets. This study investigates the relationship between financial literacy, awareness of health care costs, health risk perception, perception of medical health and health investment behavior mediated by investment attitude. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to analyze the survey data obtained from 280 respondents. The results indicate that health risk perception and awareness of health cost significantly affect the attitude on investments which in turn supports the behavior of investing in health. Knowledge about financial literacy is not enough to make it happen without an attitude towards investment. This study integrates financial, psychological, and health perspectives, offering insights for policymakers and healthcare practitioners to encourage informed health investment decisions.
The paper analyzes the relationship between materialism (MAT), impulsive buying (IB), compulsive buying (CB), and the moderating effect of buy-now pay-U-later (PUL). Data were collected from 251 adult consumers in India using an online survey. Structural equation modeling (SEM) with SmartPLS was used to assess these relationships and test hypotheses. The study found positive correlations between MAT, IB, and CB. PUL positively moderates the relationships between IB and CB, and MAT and CB. Additionally, IB partially mediates the relationship between MAT and CB. The research highlights a shift in Indian consumption patterns toward luxury and high-end products, with the availability of credit influencing CB. The study suggests that firms should be cautious in issuing PUL, as increased CB can be detrimental to society. However, the findings are based on responses from adult PUL users in India, with representation from both males and females, aged above 18 years, and with qualifications ranging from Intermediate to Doctorate and other professional degrees. As such, the results may not be generalizable to other age groups or regions. The paper contributes to the debate on IB’s mediating role and adds to the limited PUL literature, providing empirical evidence on how PUL moderates the relationships between MAT, IB, and CB.
The digital transformation of the financial sector has made mobile banking applications the primary channel of interaction between financial institutions and customers. Despite their growing importance, evidence regarding the service quality dimensions that drive customer satisfaction in emerging markets remains limited. This study investigates the influence of the dimensions of mobile banking service quality on customer satisfaction in Brazil. A conceptual model comprising 11 hypotheses was developed based on the literature and tested using data collected from 316 mobile banking users through Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings show that customer support, functionality, usability, loyalty, reliability, and institutional reputation positively influence customer satisfaction, whereas security does not exert a direct effect. In addition, usability positively affects functionality, and reliability positively influences security and institutional reputation. The study contributes to the mobile banking literature by providing empirical evidence from an emerging market and by suggesting that security functions as a necessary prerequisite rather than a direct determinant of satisfaction. From a managerial perspective, the findings emphasize the importance of investing in technical reliability and user-centered application design to improve customer satisfaction.
Financial empowerment has become a key construct in the face of increasing financial inequality and behavioral heterogeneity, but the current body of research is still disjointed when it comes to the translation of financial, social, and psychological resources into empowered financial results. Based on the Resource-Based View and the Social Cognitive Theory, this paper explores the effect of financial literacy, social capital and psychological empowerment on financial empowerment with financial self-efficacy and financial behavior as mediating variables. It utilized a quantitative multi-analytical design, a cross-sectional survey of 463 adults in Chennai, India. Net effects were evaluated with the help of Partial Least Squares Structural Equation Modeling (PLS-SEM), and multiple configurational pathways were revealed by the help of the fuzzy-set Qualitative Comparative Analysis (fsQCA). The findings indicate that psychological empowerment and financial self-efficacy hold the greatest influence of financial empowerment, and financial behavior is a major behavioral channel linking the resources to the results. The results of the fsQCA also reveal that the financial empowerment is achieved not by one and universal pathway but by a variety of equifinal configurations. The findings add to the body of literature by integrating resource based and cognitive perspectives and developing a combined approach to configurational and variance methodological approach to financial empowerment. In practice, the analysis recommends that the financial capability interventions must go beyond the one-size-fits-all literacy programs to include the mechanisms of confidence-building, behavioral reinforcement, and social support to promote inclusive financial development.
Rather than directly measuring the dimensions of financial behaviour, this study constructs latent dimensions from observed indicators through multivariate analysis. These latent constructs are subsequently aligned with conceptually developed dimensions. Dimensionality reduction of the survey data informs the construction of the latent space. Data were collected using a tailored questionnaire administered to a sub-Saharan African sample (470 participants from urban and rural Ethiopia). Principal component analysis (PCA) and factor analysis (FA) were employed to test the framework and examine interrelationships among dimensions. The results provide exploratory support for aspects of the proposed multidimensional framework; however, further validation through confirmatory factor analysis (CFA), replication, or external behavioural outcomes is necessary. Financial inclusion emerges as a relatively distinct, access-related dimension associated with usage, but its status as a prerequisite for broader financial behaviour requires additional investigation. Financial literacy is most strongly linked to usage and knowledge-related indicators, and while its role in risk management remains conceptually plausible, it requires direct empirical testing. The findings highlight the limitations of inclusion-focused metrics and underscore the multidimensional nature of financial literacy. By integrating a novel conceptual framework, original data, and advanced statistical techniques, this study provides a comprehensive approach to understanding financial behaviour and challenges traditional assumptions, thereby establishing a foundation for future research and more effective strategies in financial education and inclusion.
This study investigates the uneven diffusion of digital currency adoption, through an integrated framework combining Diffusion of Innovation Theory, Network Externalities Theory, and Institutional Theory. A cross-sectional survey of 401 respondents from India was conducted using a hybrid non-probability sampling strategy. Constructs were measured using validated scales and analyzed via Partial Least Squares - Structural Equation Modelling, including multigroup analysis based on varying levels of mimetic and normative institutional pressures. Network externalities emerged as powerful yet context-sensitive drivers. Surprisingly, some classic innovation attributes faded in predictive power, while institutional pressures rewired several relationships.
Central Bank Digital Currencies (CBDCs) represent a significant financial innovation with the potential to revolutionise payment systems and enhance financial inclusion. However, the success of CBDC initiatives depends on public acceptance, particularly among digitally native users. This study investigates the factors influencing Generation Z’s intention to adopt CBDCs in India. Utilising Behavioural Reasoning Theory (BRT), this study explores how personal values shape the reasons supporting and opposing CBDC adoption and how these factors affect attitudes and behavioural intentions. A dual-method approach was employed, beginning with an exploratory qualitative phase using focus groups to identify the key motivations and barriers to CBDC adoption. The subsequent quantitative phase involved collecting survey data from 380 Generation Z respondents experienced in digital financial transactions. The proposed model was analysed using partial least squares structural equation modelling (PLS-SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA). The findings indicate that openness to change significantly enhances supportive reasons and diminishes resistance to CBDC adoption. Factors such as relative advantage, convenience, and sustainability positively influence attitudes and intentions, whereas knowledge, risk, usage, and traditional barriers impede adoption. For Indian policymakers, enhancing awareness, trust, and user-friendly digital infrastructure is vital for accelerating CBDC acceptance.
Despite growing interest in sustainable finance, retail investor participation in Environmental, Social and Governance (ESG) Investments remains limited in emerging markets like India, emphasizing the need to understand the factors influencing their investment intention. The study aims to investigate ethical and motivational factors that influence their intention by using Self Determination Theory (SDT) and how Green Investment Efficacy moderates the relationship between intention and investment behavior. Using data collected from 356 retail investors with active market participation from North India through purposive and snowball sampling, the study applies a two-stage Partial Least Squares Structural Equation Modeling (PLS-SEM) and Importance-Performance Map Analysis (IPMA) approach. The findings reveal that key intrinsic motivational factors (Green Altruism, Willingness to pay greenium, Openness to Change, ESG Literacy and Perceived ESG Investment Performance) are significant determinants of ESG Investment Intention. The study also finds that ESG Investment Intention positively leads to ESG Investment behavior. However, this relationship becomes stronger when investors have higher confidence in the positive impact of their green investments, highlighting the moderating role of Green Investment Efficacy. The study contributes to the sustainable finance literature by integrating SDT into ESG Investment decisions, highlighting how intrinsic moral commitments and competence-based responsibility strengthen the ethical legitimacy of financial systems while balancing financial returns. The findings can help policymakers, financial institutions and fund managers through focused awareness programs, improve ESG literacy and build investor confidence through clear communication about the real impact of ESG Investments.
Open Banking is often described as a technological or regulatory innovation. However, its value ultimately depends on consumers’ willingness to share financial data, making it a marketing challenge for financial services. This study investigates the factors influencing the intention to adopt Open Banking (OBA) and its relationship with the intention to use digital financial services (DFS) in Vietnam, a frontier market where digital infrastructure is improving but trust and customer readiness remain inconsistent. Using UTAUT2 and the Technology Readiness Index (TRI), and modelling trust through perceived security and regulatory support, the study analyses survey data from 458 respondents with PLS-SEM. The results show that technology readiness and trust are significant predictors of the intention to adopt Open Banking, while other UTAUT2 constructs exhibit more moderate effects. Facilitating conditions are not significant. Importantly, although the baseline model indicates a positive association, this relationship is not robust across alternative model specifications, and no mediating effect is supported. These findings challenge the assumption that Open Banking serves as a gateway to greater intentions to use DFS. Instead, the study shows that the intention to use DFS appears to be more strongly associated with trust and customers’ technology readiness, offering an alternative perspective on value creation in emerging digital financial ecosystems. For practitioners, the findings highlight the importance of building trust, enhancing customer readiness, and clearly communicating value in order to support engagement with data-sharing services in emerging digital ecosystems. Given the young and digitally reachable sample, the findings should be interpreted as most applicable to digitally engaged consumers rather than the broader Vietnamese population.
As payment tools proliferate, consumers routinely combine cash, cards, mobile wallets, and peer-to-peer apps, yet relatively little is known about how they explain their payment choices in specific purchase contexts. This qualitative study draws on semi-structured interviews with 38 U.S. adults to provide an interpretive, exploratory account of the mechanisms that guide everyday payment decisions. The analysis identifies five recurring motivational profiles related to managing risk and control, pursuing rewards, simplifying finances, seeking convenience through digital integration, and aligning payments with ethical and relational concerns. These motivations reflect the role of trust in institutions and technologies, emotional responses to complexity and fraud, and early financial socialization. We interpret these profiles through four theoretical perspectives: the Technology Acceptance Model, trust-based models of technology use, Regulatory Focus Theory, and research on moral consumption and the social meaning of money. These perspectives show that payment choices reflect more than convenience or cost alone. Participants described treating payment instruments as a flexible set of tools and switching between them to manage risk, effort, and relationships within context-specific constraints. The study highlights how these mechanisms can inform formal payment-choice frameworks and suggests that trust, perceived fairness, and routine are central to understanding digital payment adoption alongside access and functionality.
The increasing focus on sustainability and responsible finance has made it necessary to learn more about how people establish financial resilience and sustain financial well-being in a changing economic context. This study measures the role of financial resilience, ESG consciousness, and future orientation in shaping the millennials’ sustainable financial wellbeing in India. Using a structural equation modeling (SEM) approach on a sample of 574 millennials from India, this research examines how financial resilience, encompassing financial knowledge, attitude, and behavior, interacts with millennials’ ESG consciousness towards financial wellbeing. The results indicate that financial resilience enhances all the aspects of financial well-being to a considerable degree, supporting its central role in shaping stable and responsible financial outcomes. The future orientation is a strong determinant of the impact of financial resilience on financial knowledge, responsible financial behavior, and financial self-efficacy in comparison to ESG consciousness. These findings offers psychological and sustainability-related drivers of financial health, and has practical implications to policymakers and financial institutions that seek to ensure a more resilient and future-oriented finance among millennials.
This study examines the factors influencing customer loyalty in credit card services and analyzes whether the structural relationships among loyalty determinants differ across customer segments defined by Customer Lifetime Value (CLV). A k-means clustering algorithm was applied to segment a population of 544,046 cardholders from a Colombian financial institution, followed by a survey of 664 customers. The proposed model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that perceived value, satisfaction, reputation, trust, and commitment significantly influence loyalty. Although statistically significant differences are observed in construct levels across CLV-based segments, the structural relationships remain invariant. This suggests that the mechanisms underlying loyalty formation are consistent across customers with different economic value. By integrating CLV-based segmentation with relationship marketing constructs, this study contributes to bridging economic and relational perspectives in financial services, demonstrating that customer heterogeneity in value does not imply structural differences in loyalty formation.
Mobile money is a critical financial technology (FinTech) in the modern and developing economies. Despite its significance, the fragmented conceptual landscape and the geographically uneven distribution of research hinder a complete understanding of its role in promoting financial inclusion. To fulfil the knowledge gap, we conduct a systematic review of 65 articles (2014–2026), in line with institutional and ethical guidelines. Four key themes are found to affect the perception and function of mobile money. These are: adoption and diffusion dynamics; remittances, risk mitigation, and financial accessibility; poverty reduction, wellbeing, and human development; and impacts on micro, small, and medium enterprises (MSMEs). Next, the outcomes of mobile money usage stem from the interplay among micro-level consumer behavior, meso-level institutional conditions, and macro-level developmental contexts. Considering these findings, we propose a multilevel framework that synthesizes individual adoption behaviors, institutional factors, and developmental outcomes. This framework underscores the importance of socio-technical alignment and elucidates the mechanisms by which mobile money systems foster financial inclusion. For financial services practitioners, regulators, and policymakers, factors such as regulatory design, taxation policy, platform governance, and consumer trust are essential determinants of mobile money’s potential to enhance sustained financial inclusion and broader developmental outcomes.
The current study aims to investigate the factors that determine the usage intention of digital currency issued by the country’s central bank. Building upon the “Unified Theory of Acceptance and Use of Technology (UTAUT)”, the study unveils the role of financial literacy and inclusion as antecedents of technology perception. Moreover, the study also integrates the relative advantage of central bank digital currency (CBDC) to explain the substitution behavior of consumers from comparable fintech services. Using a structured questionnaire, data were collected from 396 Indian respondents and analyzed using the structural equation modelling (SEM) approach. Drawing from the results, the research determines that individuals’ financial profiles significantly influence their perception of the technology. More specifically, the financially literate and included respondents perceive CBDC as easy to use and useful. Within the UTAUT framework, CBDC adoption behavior depends on effort expectancy, social influence, and performance expectancy. Moreover, the relative advantage of CBDC and financial inclusion also predict usage intention. The current findings deliver several implications for enhancing the extant pool of research, as well as for policymakers and industry practitioners.
Variation in investors’ financial risk tolerance remains a practical challenge for suitability assessments and segmentation in financial services marketing. This study aims to examine whether political conservatism, treated as a relatively stable ideological trait, helps explain differences in risk tolerance in an emerging market context. Drawing on political psychology, conservatism is decomposed into Right-Wing Authoritarianism (RWA), which captures conformity and threat sensitivity, and Social Dominance Orientation (SDO), which captures preferences for hierarchy and inequality. Using survey data from 456 Brazilian investors combined with the Grable–Lytton Risk Tolerance Scale (GL-RTS), the study employs confirmatory factor analyses, as well as logistic and quantile regressions, to test the proposed relationships. Confirmatory factor analyses support construct validity. Logistic and quantile regressions indicate that RWA is associated with lower financial risk tolerance, whereas SDO is associated with higher tolerance at relevant segments of the distribution. The findings reveal that ideological dimensions exert distinct, asymmetric effects across the risk tolerance spectrum. The results suggest that “conservative investors” are not a homogeneous segment and that ideology-linked motives may shape how risk is interpreted and acted upon. These results contribute to the literature by demonstrating the value of incorporating multidimensional ideological traits into investor profiling models. For practitioners and policymakers, the findings point to actionable gains from refining onboarding and profiling models, tailoring risk communication, and designing financial education messages to reduce misalignment between client motives, suitability outcomes, and portfolio recommendations.
Open finance (OF) has emerged as a means of enabling regulated competition and innovation in the retail banking sector, but customer uptake of this system remains limited since it relies on customer consent. Through the lens of the privacy calculus theory, whereby customers trade-off the privacy risks in exchange for corresponding benefits yielded by sharing their personal data, we aim to investigate such a trade-off, which determines customer willingness to share their financial data via OF. The aim is also to verify the coherence between customer expectations and what financial institutions offer. The study adopted a qualitative design involving in-depth interviews and a focus group with customers of financial institutions in Brazil, which has the largest OF system in the world. In-depth analysis revealed specific privacy risks and benefits that customers perceive in the context of OF, which feed into the privacy calculus they perform. Evidence is also provided of the role initial trust plays in influencing customers’ willingness to share their data. Secondary data was collected from bank websites and apps to compare the benefits offered by banks relative to the benefits expected by their customers. The findings contribute to the literature by mapping out the specific risks and benefits that influence customer decisions to disclose their data, and by highlighting gaps between what banks presented as the benefits of OF and what customers perceive as being valuable. The study provides a better understanding of customer reluctance to share their data and may be used to drive more effective practices.
Given that the current focus of the European Commission is on enhancing sustainable financial investment in the European Union, this research seeks to find an association of financial management confidence and trust in social media with sustainable investment decisions. Furthermore, this study investigates the possible intervening role of one’s confidence in FinTech. For this purpose, we use survey data published by the European Commission in 2022 and employ suitable regression and mediation analysis techniques. The results show that confidence in FinTech significantly mediates the association of financial management confidence and trust in social media with sustainable investment decisions. These findings remain robust after applying multiple sensitivity tests and endogeneity checks. The results extend self-efficacy and social learning theories by arguing that confidence in managing financial matters digitally and trust in social media are vital factors in fostering sustainable financial investment in the European Union. Finally, this research offers theoretical and practical implications and proposes future research directions.
This study investigates the adoption of phygital (physical + digital) banking services among older demographic cohorts, specifically Generation X and Baby Boomers, within the context of technological advancement and shifting consumer preferences. It examines how these cohorts adapt to digital innovations, ensuring equitable participation in the evolving banking landscape. Grounded in the integration of the stimulus-organism-response (SOR) framework and generational cohort theory (GCT), the research analyzes data from 635 older bank customers using structural equation modeling (SEM), complemented by mediation and moderation analyses to examine both direct and indirect effects among the identified variables. The results indicate that digital banking service innovation, robust digital governance, contextual banking awareness, and continued access to physical banking channels significantly enhance the financial resilience of older customers. Moreover, financial socialization strengthens the positive linkage between financial mindfulness and resilience, while the fear of missing out diminishes this association by promoting impulsive financial behavior. The study offers meaningful implications for financial institutions, policymakers, technology providers, elderly customers, financial educators, and society at large by addressing the distinct behavioral and psychological dynamics of older consumers in the phygital banking environment. Therefore, the study advances theoretical understanding by extending the application of both the SOR framework and GCT to the financial services sector, underscoring the critical role of financial mindfulness and resilience among Generation X and Baby Boomer customers.
The rapid expansion of financial technology (FinTech) has transformed global financial ecosystems. However, in India, FinTech providers continue to face challenges in motivating customers to integrate such services into their daily financial practices. This study aims to identify the determinants influencing Indian consumers’ behavioral intentions toward FinTech adoption by employing an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework. Using a random sampling approach, data were collected from 472 FinTech users across India and analyzed through Structural Equation Modeling (SEM) to examine the hypothesized relationships. The findings reveal that consumers’ behavioral intentions toward FinTech services are positively influenced by performance expectancy, customer support, social influence, effort expectancy, trustworthiness and privacy belief. Conversely, risk propensity is shown to have a negative impact by reducing the likelihood of FinTech adoption among users. Theoretically, the study enriches the technology adoption literature by extending the UTAUT framework with FinTech-specific constructs such as trust and privacy belief, thereby enhancing its contextual relevance to emerging economies. Practically, the results highlight the need for policymakers and FinTech firms to strengthen trust-building mechanisms, ensure privacy protection and enhance customer support systems. Promoting digital literacy and equitable access, particularly in underserved regions, can further foster inclusive FinTech adoption in India.
The discussion on improving financial well-being (FWB) among academicians, industry practitioners, and policymakers has substantially increased over the last few years due to its importance in augmenting society’s well-being. Hence, the current study intends to empirically examine the influence of digital financial literacy (DFL), financial self-efficacy (FSE), and personal financial management behavior (PFMB) on FWB. Moreover, the study analyzes the mediating role of FSE and PFMB between DFL and FWB. The data is gathered from 493 young professionals belonging to millennials and Generation Z in the Northern Indian region using purposive sampling and analyzed with SmartPLS. Partial least square structural equation modeling is employed to address the study’s research questions. The study’s outcomes reveal that FSE, DFL, and PFMB significantly and positively influence FWB in their respective order. Additionally, the study reveals that FSE and PFMB establish complementary partial mediation in a relationship between DFL and FWB both individually and serially. The study augments knowledge base of individuals, financial advisors, employers, and policymakers about predictors of FWB. Ergo, the study’s outcomes can be utilized to frame policies to augment individuals’ and overall society’s well-being. Hence, the present study substantially contributes to the personal finance literature and society as a whole.
