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Financial Socialisation and Personal Financial Management Behaviour of Millennials in India: The Role of Attitude Towards Money and Financial Literacy

In: Digital Economy Post COVID-19 Era

Author

Listed:
  • Kirti Goyal

    (Institute of Technology Jaipur)

Abstract

Financial management is a complicated collection of behaviours. Given its various precursors, a multi-theoretical view is needed to understand it. The necessity for responsible financial behaviour is urged by a variety of factors, such as the global economic downturn, declining savings, credit reforms, and unprecedented COVID-19. It becomes all the more essential to investigate the antecedents that influence PFMB. Based on the Theory of Planned Behaviour, Theory of Consumer Socialisation, and Social Cognitive Theory, we propose the impact of financial socialisation on PFMB of Indian millennials through the mediation of attitude towards money and moderation of financial literacy. To the best of our knowledge, the literature examining the influence of financial socialisation and attitude towards money on PFMB as a whole is scant. Policymakers and practitioners of consumer finance could make use of this line of research to inform financial educators, counsellors, and consumers to improve the overall financial well-being.

Suggested Citation

  • Kirti Goyal, 2023. "Financial Socialisation and Personal Financial Management Behaviour of Millennials in India: The Role of Attitude Towards Money and Financial Literacy," Springer Proceedings in Business and Economics, in: Prashant Mishra & Ashu Sharma & Sayantan Khanra & Sumit K. Kundu & Sushanta Kumar Mishra (ed.), Digital Economy Post COVID-19 Era, chapter 0, pages 333-342, Springer.
    • Handle: RePEc:spr:prbchp:978-981-99-0197-5_21
    DOI: 10.1007/978-981-99-0197-5_21
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