Does digital financial literacy matter? An empirical assessment of financial well-being among female young adults

Abstract

The researchers examine the influence of digital financial literacy in terms of digital knowledge, financial knowledge, digital financial services, product suitability, and awareness of digital finance risk and control on the financial well-being of young female adults. Quantitative research methods were employed, and data were collected via an online questionnaire administered to female university students aged 18-26. Data analysis was done using the Statistical Package for the Social Sciences. The results of the hypothesis test indicate that digital financial literacy (digital knowledge, financial knowledge, digital financial services knowledge, awareness of digital finance risks and controls, and product suitability) has a significant positive impact on the financial well-being of young female adults. Therefore, DFL is a key contributor to the financial well-being of young female adults. The ability to manage finances more competently, make sound financial choices, and access digital financial services would help them become more financially secure and stable. The sample was restricted to young female adults, and it analyzed the influence of DFL on young female adults' financial well-being. Improving the digital financial literacy of young female adults can help them become more financially independent, stable, and well-adjusted by making sound financial choices. It provides a new understanding of the connection between the financial health of young female adults and their digital financial literacy.