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Impact of digital financial literacy on financial well-being: moderating role of gender and religiosity

Author

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  • Umer Mushtaq Lone

    (VIT-AP University)

  • Suhail Ahmad Bhat

    (VIT-AP University)

  • Peerzada Shams Ul Irfan

    (Higher Education Department)

  • Mushtaq Ahmad Darzi

    (University of Kashmir)

Abstract

The present study examines the influence of digital financial literacy (DFL) on the financial well-being (FWB) of the students of higher education institutions in Andhra Pradesh, with a focus on the moderating effects of gender and religiosity. The study adopts a survey by structured questionnaire to collect data from 475 students selected through purposive sampling. Confirmatory factor analysis and structural equation modelling were employed to validate the measurement model and test the proposed hypotheses. The findings reveal that DFL positively impacts FWB. However, the relationship is more pronounced among male students and those with higher levels of religiosity. This research contributes to the existing literature by highlighting the importance of sociocultural factors in financial behaviour, suggesting that financial education programs should be tailored to address these dimensions. However, the study’s measurement scales for DFL and FWB were adapted from existing literature, which, although validated, may not fully capture the contextual nuances specific to the target population. Additionally, focusing exclusively on Gen-Z students in Andhra Pradesh offers valuable insights into this digitally engaged demographic but restricts the applicability of the findings to other age groups and regions. Future research should consider developing localized, context-specific measurement instruments and exploring the DFL-FWB relationship across different age groups, diverse geographical regions and additional moderating variables to provide a more comprehensive understanding.

Suggested Citation

  • Umer Mushtaq Lone & Suhail Ahmad Bhat & Peerzada Shams Ul Irfan & Mushtaq Ahmad Darzi, 2025. "Impact of digital financial literacy on financial well-being: moderating role of gender and religiosity," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(2), pages 1-15, June.
    • Handle: RePEc:pal:jofsma:v:30:y:2025:i:2:d:10.1057_s41264-025-00309-8
    DOI: 10.1057/s41264-025-00309-8
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