How Financial Literacy Impacts Financial Well-Being: The Influence of Financial and Technical Efficacy

International Journal of Economics and Financial Issues Pub Date : 2024-03-18 DOI:10.32479/ijefi.15806

N. Chaity, Shahriar Bin Kabir, Parul Akhter, R. Bokhari

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Abstract

The fundamental human resource that influences financial well-being is financial literacy. People are more likely to save and invest if they understand the time value of money, credit, insurance, and investments. Having a sound financial understanding lessens stress and increases financial well-being. This study used a structured survey questionnaire and back-translated it into Bangla to ease readability for the respondents. Four hundred thirty-five invitations were sent mainly to the Dhaka city dwellers’ and only 253 complete responses were retained for analysis. Partial least squares structural equation modeling (PLS-SEM) is used to assess the intercorrelations and validate the measurement model among the constructs (financial attitude, behavior, knowledge, self-efficacy, technological self-efficacy, and financial well-being) using SmartPLS version 4. The result found a full mediation effect among financial behavior, financial self-efficacy, and financial well-being. Partial mediation effects are found among financial attitudes toward financial self-efficacy, technological self-efficacy, and financial well-being.

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金融知识如何影响财务福祉：金融和技术效率的影响

影响财务福祉的基本人力资源是财务知识。如果人们了解货币的时间价值、信贷、保险和投资，他们就更有可能储蓄和投资。对金融的正确理解可以减轻压力，提高财务幸福感。本研究采用了结构化调查问卷，并将其反译成孟加拉语，以方便受访者阅读。主要向达卡城市居民发出了四百三十五份邀请函，仅保留了 253 份完整答卷用于分析。利用 SmartPLS 第 4 版，采用偏最小二乘法结构方程模型（PLS-SEM）来评估各构面（财务态度、行为、知识、自我效能感、技术自我效能感和财务幸福感）之间的相互关系并验证测量模型。结果发现，金融行为、金融自我效能和金融幸福感之间存在完全中介效应。金融态度对金融自我效能感、技术自我效能感和财务幸福感之间存在部分中介效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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International Journal of Economics and Financial Issues

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期刊介绍： International Journal of Economics and Financial Issues (IJEFI) is the international academic journal, and is a double-blind, peer-reviewed academic journal publishing high quality conceptual and measure development articles in the areas of economics, finance and related disciplines. The journal has a worldwide audience. The journal''s goal is to stimulate the development of economics, finance and related disciplines theory worldwide by publishing interesting articles in a highly readable format. The journal is published Bimonthly (6 issues per year) and covers a wide variety of topics including (but not limited to): Macroeconomcis International Economics Econometrics Business Economics Growth and Development Regional Economics Tourism Economics International Trade Finance International Finance Macroeconomic Aspects of Finance General Financial Markets Financial Institutions Behavioral Finance Public Finance Asset Pricing Financial Management Options and Futures Taxation, Subsidies and Revenue Corporate Finance and Governance Money and Banking Markets and Institutions of Emerging Markets Public Economics and Public Policy Financial Economics Applied Financial Econometrics Financial Risk Analysis Risk Management Portfolio Management Financial Econometrics.