OPEN ACCESS

Journal of Financial Management, Markets and Institutions

Vol. 10, No. 2 (2022) 2250009 (26 pages)
.c The Author(s)
#
DOI: 10.1142/S2282717X22500098
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PERSONAL FINANCIAL MANAGEMENT BEHAVIOR

USING DIGITAL PLATFORMS AND ITS DOMAINS

NEETU CHHILLAR*,‡ and SWARANJEET ARORA†

*The NorthCap University
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Gurugram, Haryana 122017, India

†
Lal Bahadur Shastri Institute of Management
Delhi 110075, India
‡[email protected]

Received 10 June 2022

Revised 28 October 2022
Accepted 31 October 2022
Published 25 January 2023

Personal Finance Management (PFM) is crucial to control money to ensure that people have a
comfortable present as well as secure future. It's important for every individual to manage his
¯nance digitally in the digital age. This study aims to identify the main dimensions of PFM from
literature review and empirically test the impact of its each domain on the overall Digitalized
Financial Management Behavior (DFMB). Also, the study veri¯ed the psychometric properties
of the tool used to measure Personal Financial Management Behavior (PFMB) using digital
platforms. The questionnaire was online administrated using Google forms among 388 young
adults in the National Capital Territory (NCT) of India. The Kaiser–Meyer–Olkin (KMO) test
of sampling adequacy and Bartlett's test, linearity assessment, data screening were done in
International Business Machines Statistical Package for Social Sciences (IBM SPSS). Factor
analysis was done for unidimensionality assessment, bootstrapping (5000 resamples), and reli-
ability and validity statistics in SmartPLS. The study identi¯ed six key dimensions of PFM
from the existing signi¯cant literature and empirically veri¯ed the psychometric properties of
the instrument in digital context. The resultant instrument includes 25 items under the six
constructs. The study found that spending, credit management, saving behavior, personal cash
management, investment and insurance are theoretically and empirically important determi-
nants of PFM practices using digital platform therefore more attention need to be paid to these
determinants for promoting sound DFMB.

Keywords: Digitalized ¯nancial management behavior; spending; credit management; saving

behavior; personal cash management; investment; insurance; SmartPLS.

‡ Corresponding author.
This is an Open Access article published by World Scienti¯c Publishing Company. It is distributed under
the terms of the Creative Commons Attribution 4.0 (CC BY) License which permits use, distribution and
reproduction in any medium, provided the original work is properly cited.

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 N. Chhillar & S. Arora

1. Introduction
Until recently, ideas like globalization or sustainability were supplanted by proce-
dures like digitalization, automation, or robotization on the list of factors that cause
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change (Garai-Fodor et al. 2022). Digitalization has an e®ect on many facets of

human life, including the social, educational, health, and ¯nancial spheres. A
growing trend in digital ¯nancial products and services has been observed during the
past 10 years. According to Barquin et al. (2021) report, based on McKinsey's Survey
conducted in 15 Asia-Paci¯c markets, consumer adoption of digital banking has
increased in the area, largely due to innovations introduced in emerging markets.
Nearly 90% of customers in the region's emerging and mature markets have been
seen using digital banking. In established Asia-Paci¯c markets, consumer adoption of
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digital technologies has remained stable at roughly 90%.

Individuals' personal ¯nancial management (PFM) has recently taken on even
greater signi¯cance as a result of the complexity of ¯nancial options, lax lending
rules, and the requirement to make one's own social security plans (Xu & Zia 2012,
Estelami 2014). Individuals could achieve healthy ¯nancial health with the use of
e®ective ¯nancial management strategies (Hilgert et al. 2003, Schuchardt et al.
2007). Furthermore, it is essential that people take care of managing their ¯nances in
their own best interests due to an increase in the cost of living, complexity of ¯nancial
decisions, liberal lending policies, and social security reforms (Xu & Zia 2012).
Financial management errors can have a signi¯cant long-term impact (Estelami
2014, Lusardi et al. 2020). Due to their ignorance of ¯nancial principles, people make
decisions that have an impact on their current ¯nancial situation and future savings
objectives (Schuchardt et al. 2007). The extensive earlier research on Personal
Financial Management Behavior (PFMB) has also focused on its potential lifetime
e®ects on things like ¯nancial security or overall contentment (Mugenda et al. 1990,
Vogler et al. 2008, Miotto & Parente 2015, Dew et al. 2021).
PFMB is a complicated construct with multiple dimensions (Dew & Xiao 2011),
and there aren't many studies that examine the PFMB literature (Goyal et al. 2021)
and in addition, there hasn't been much study done to assess how digitalization has
a®ected ¯nancial behavior (Seldal & Nyhus 2022). For these reasons, a synthesis of
the PFMB literature was carried out to identify the main domains of PFMB and
further testing them empirically in digital context so as to propose a validated tool of
PFMB in digital context relevant to metropolitan region of developing countries.
Digitalization, FinTech, and technical advancements are all proven to have a sig-
ni¯cant impact on PFMB (Panos & Wilson 2020, Garai-Fodor et al. 2022, Goyal et
al. 2021), and as a result, these factors help to shape the PFMB's evolving compo-
nents. In India, ¯nancial inclusion initiatives like Pradhan Mantri Jan-Dhan Yojana
(PMJDY), National Rural Livelihoods Mission (NRLM), Direct Bene¯t Transfer,
and Atal Pension Yojana, among others, have sped up the digital revolution and
expanded access to digital ¯nancial services for more people. Consequently, this
study's focus on the impact of each of the major domains of PFMB on the Digitalized

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 PFMB Using Digital Platforms and its Domains

Financial Management Behavior (DFMB) among young adults in National Capital

Territory (NCT) of India.
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2. Theoretical Background
2.1. Personal ¯nance
The study of personal ¯nance focuses on how people obtain, develop, and allocate
¯nancial resources to meet their current and long-term ¯nancial goals (Hira &
Mugenda 1999). Personal ¯nance is concerned with setting individual's spending
plan, accumulate savings, and invest money over time while taking into consider-
ation various ¯nancial risks and potential life events (Investopedia). Budgeting,
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saving, buying insurance, and getting a mortgage are all examples of personal ¯-
nancial decisions that are made by an individual. A person needs to take a variety of
¯nancial goods as well as other personal aspects into account while planning his
personal ¯nances. One's life and destiny are signi¯cantly impacted by their own
¯nances (Mao 2017). Having a personal ¯nance plan will help you achieve your
¯nancial objectives. These goals might be anything, such as saving money for your
child's college tuition, creating retirement plans, or having enough money to handle
urgent costs.

2.2. Personal ¯nancial management

The phrase \personal ¯nancial management" is frequently used to describe methods of
handling your own ¯nances as well as the software behind mobile banking apps
(Harvard Business School (n.d.); Investopedia). A personal ¯nance software program
that may be used for a number of functions, including managing bank records,
investments, tracking investments, managing budgets and portfolios, and others,
using a variety of ¯nancial data as input as per Reportlinker (2019). Personal ¯nance
apps have advanced, becoming considerably more streamlined and geared toward user
requirements. PFM is, at its most basic, the process of assessing your ¯nancial con-
dition in order to maximize your resources in both your current life and your future
planning. PFM, which involves making choices about how much to spend, save,
protect, and invest in ¯nancial resources, is de¯ned as managing one's own and one's
family's valuable resources to achieve ¯nancial success (Garman & Forgue 2011).
Personal ¯nance applications had an increase in downloads of almost 90%,
despite a decline across several businesses and constrained demand across
traditional industries. More individuals avoided transferring hard currency during
the COVID-19 era, which caused a signi¯cant number of users to switch to such sites.
Due to the terrible ¯nancial crisis and job losses caused by COVID-19, many
customers turned to rapid money loan applications, which ultimately helped the
personal ¯nance mobile app sector, according to a Market Research analysis by
Fact.MR (2021). Banking services were suspended during the historic COVID-19
event, thus many people turned to personal ¯nancial applications to get real-time

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transactions and other banking services. The Fact.MR report also noted a move to
digital payments, online reservations, and a dependence on platforms for virtual
money transfers (October 2021), which further suggested that the PFM apps market
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is expected to bene¯t from the post-COVID-19 e®ect in terms of revenue generation.

2.3. Advancements in personal ¯nancial management industry

Making a budget is the next stage in managing your personal ¯nances after deciding
on your ¯nancial goals. This can be done manually through pen and paper or an
Excel spreadsheet, or using PFM software, such as those found through online
platforms that are often linked to existing bank accounts. The opportunities pre-
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sented by the early PFM tools, however, weren't precisely seized upon by clients in
need of assistance with money management. According to a Celent analysis by
Latimore (2017), the percentage of PFM customers has plateaued at just 10–12%,
and in the same year, numerous PFM systems, including Level Money, Prosper
Daily, and Zenbanx, were discontinued. According to research by Kaye et al. (2014)
while some participants claimed to have downloaded budgeting apps for their smart
phone or PC, all had stopped using them after only a very brief period of time for a
variety of reasons, including security concerns, inconvenience, and frustration with
how poorly they ¯t with user practices and needs.
Although traditional PFM tools did aid consumers in managing their personal
¯nances, the client was still required to perform all of the research and make all of the
decisions. Data analytics come into play in this situation. According to Gell
ert
Vinnai, product manager at W.UP, \Banks must be able to proactively address their
clients' money management challenges and provide them customized solutions,
making use of the amount of current customer data they have". The high rate of
personal ¯nance mobile applications on smartphones


an average of 2.5



allows
for the acquisition of a lot of personal data, including bank accounts, spending
habits, and other things as per Fact.MR (2021). By using this information, busi-
nesses may do in-depth customer archetype analysis and o®er specialized ¯nancial
counselling and associated services. Financial management powered by data may
assist customers in managing both major and minor life events, as well as provide
much-needed advice on how to spend, make a budget, and save money. According to
Alt & Puschmann (2012), a wide range of banking IT innovations have developed,
showing that conventional banks would likely have less ability to sti°e competition
at the consumer interface and will thus need to reposition themselves.
The personal ¯nance industry is continually changing as a result of improvements
in digital tools and technologies including AI, smart analytics, automation, open
banking, and machine learning. Customers can easily check on their ¯nancial well-
being thanks to the newest PFM tools that digital-only banks, or Neobanks, and
¯nancial startups are rapidly delivering on their mobile applications and services.
Digital wealth managers, often known as robo-advisors, employ machine learning
and AI algorithms to assist clients in managing their investments and understanding

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 PFMB Using Digital Platforms and its Domains

their ¯nancial situation. Banks may access a wider pool of consumer data and utilize
it to provide real-time insights that are customized to each individual client by cross-
referencing account data with third-party data. Participants in the study by Lewis &
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Perry (2019) in the UK used spreadsheets, paper-based bank, investment, pension

statements and records, and physical payments sparingly because their ¯nancial and
transactional data was managed almost exclusively through digital media.
In the Global Findex 2021 study, 84% of account owners, or 64% of persons
worldwide, reported that at least one digital payment had been sent or received. In
high-income countries, 95% of adults (98% of account owners) did this, compared to
57% (80% of account owners) of persons in developing economies. Due to its high
employment rate and high per capita income, North America accounts for a sizeable
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portion of the PFM app industry, according to a thorough study in Fact.MR's

Research from October 2021. Because there is such a large untapped customer base
in Asia Paci¯c, it is thought to be the most pro¯table market. Due to a changing
customer base and rising per capita income, South Asia and Oceania including India
is projected to show the fastest growth rate.
The size of the world market for personal ¯nance software was estimated at
$1024.35 million in 2019 by Allied market research, which was reported by Khan
et al. (2020). It is anticipated to expand at a CAGR of 5.7% from 2020 to 2027,
reaching $1576.86 million. Only 17% of customers in the U.S. are now utilizing Excel
sheets to manage their money, compared to 53% who use the bank's mobile app.
India has the greatest adoption rate of FinTech in the world, at 87%, is much greater
than the worldwide average of 64% (Invest India 2022, BCG, FICCI, Tracxn, India
Inc., TAM


Total Addressable Market). One of the fastest-growing technology
sectors worldwide, the Indian FinTech industry was valued at INR 2.30 trillion in
2020 and is projected to rise to INR 8.35 trillion by 2026 at a CAGR of 25% (Invest
India 2022). India is the world's third largest FinTech market, behind only the US
and China and by 2030, it is anticipated that the prospective Indian FinTech sector
would generate $200 billion in revenue and $1 trillion in AUM as per Sundaram
(n.d.) Chiratae Ventures-EY FinTech Report.

2.4. Personal ¯nancial management behavior

There are numerous de¯nitions provided for PFMB. For instance, Horne et al. (2002)
suggest that ¯nancial management behavior is de¯ned as the choice, acquisition,
allocation, and use of ¯nancial resources, typically with a broad objective in mind.
According to Joo (2008), good ¯nancial management practices should increase ¯-
nancial well-being while poor PFM might have substantial long-term negative social
and societal repercussions. Therefore, good money management is the core focus of
¯nancial management. Failure to manage one's ¯nances well can have major long-
term e®ects on not only that person but also on business and society. When con-
sidering PFM, Dew & Xiao (2011) consider consumption, personal cash manage-
ment, savings and investments, credit, and insurance. The term \personal ¯nancial

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 N. Chhillar & S. Arora

management behavior" refers to a collection of multidimensional behavioral indi-

cators that are used in the planning, implementation, and evaluation of ¯nancial
matters such as household income and cash °ow, credit, savings and investments,
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insurance, retirement, and estate planning (Goyal et al. 2021).

2.5. Personal ¯nancial management behavior using digital platforms

or digitalized ¯nancial management behavior
By PFMB using digital platforms or DFMB, we refer to the set of indicators of
¯nancial behavior in multiple dimensions like household income and cash °ow,
credit, savings and investments, insurance, retirement, and estate planning displayed
while planning, implementation, and evaluation of ¯nancial matters using digital
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platforms like the internet, robo-advisers, PFM apps, arti¯cial intelligence, etc. We
base this de¯nition on the PFMB de¯nition provided by Goyal et al. (2021). This
de¯nition of PFMB takes into consideration the ongoing digital culture exhibited by
individuals in their ¯nancial management behavior.
People's everyday ¯nancial activities are increasingly taking place in a digital-
physical hybrid environment, in which ¯nancial services are frequently conducted on
entirely or partially digital platforms, shifting personal ¯nancial interactions away
from the types of tangible, paper- and o®line spreadsheet-based monitoring detailed
just four years ago in Kaye et al. (2014). The shift away from cash and traditional
banking services and toward digital ¯nancial services, as reported by Lewis & Perry
(2019), provides users with a variety of options related to spending, savings, and
others PFM services. Receiving digital payments, such as salary, government
transfers, or domestic remittances, stimulates the usage of others digital ¯nancial
services, such as savings, payments, and borrowing, according to The Global Findex
Database 2021 study.
In order to better monitor and manage their money, bank customers are simul-
taneously °eeing physical facilities and wanting cutting-edge online options. PFM
directly addresses these issues, enabling banks to o®er their customers more value-
added services and set themselves apart online. It's important to include the impact
of progressive advancement in ¯nancial technology such as internet banking, mobile
payments, crowdfunding, peer-to-peer lending, online identity ¯nancial robo-advi-
sory, etc. (Arner et al. 2015) in multidimensional FMB displayed by individuals in
managing core areas of their ¯nancial matters. Financial robo-advisor has the
potential to increase the e±ciency of the personal ¯nancial management process as
users could manage and enhance their knowledge (Anshari et al. 2022).

2.6. Research gaps and rationale of the study

Today people are in the phase of digital transition and generation Y (25–40) and Z
(9–24) are the major user of digital products and services. In India, ¯nancial inclusion
programs such as PMJDY, NRLM, DBT, APY, etc. expedited the digital revolution
and more people became involved in using digital ¯nancial services. Also, there

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 PFMB Using Digital Platforms and its Domains

hasn't been much study done to assess how digitalization has a®ected ¯nancial
behavior (Seldal & Nyhus 2022) around the globe. Therefore, a need was felt for
research on PFMB from digital point of view among young adults in India.
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The voluminous prior evidence on PFMB has also concentered on its potential
lifetime consequences in the form of ¯nancial well-being, security, or ultimate sat-
isfaction (Mugenda et al. 1990, Hilgert et al. 2003, Estelami 2014, Vogler et al. 2008,
Miotto & Parente 2015, Schuchardt et al. 2007). Studies suggest there is a need for
developing comprehensive and validated instruments to measure the PFMB (Dew &
Xiao 2011, Goyal et al. 2021). Psychometrically valid scale measures what it pur-
ports to measure and gets the same results over multiple uses (Cohen & Swerklik
1999, Silva 1993). Hence, this study ¯lled this void by identifying the main dimen-
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sions of PFMB from literature review and testing them empirically in digital context
using factor analysis in SmartPLS so as to propose a validated tool containing
inventory of items under core dimensions of PFMB in digital context or DFMB
relevant to metropolitan region of India.
Research on the ¯nancial conduct of the digital age is crucial both practically and
theoretically, and it can greatly improve the e±ciency of ¯nancial institutions and
people's general ¯nancial management behavior (Bakhtina 2019). Financial behavior
and habits are among the ones that have been most profoundly impacted by digi-
tization (Garai-Fodor et al. 2022). In addition, there hasn't been much study done to
assess how digitalization has a®ected individuals' ¯nancial behavior (Seldal & Nyhus
2022). Therefore, it's important to include the impact of progressive advancement in
¯nancial technology such as internet banking, mobile payments, crowdfunding, peer-
to-peer lending, online identity ¯nancial robo-advisory, etc. (Arner et al. 2015) in
multidimensional FMB displayed by individuals in managing core areas of their
¯nancial matters. To address this issue, the study focused on the PFMB using digital
platform or in other words DFMB of individuals. Further, the impact of each domain
of PFMB on the DFMB among young adults was studied using Partial Least Square
Structural Equation Modelling.

2.7. Objectives of the study

(1) To empirically verify the psychometric properties of the instrument proposed to
measure PFMB using digital platforms or DFMB.
(2) To anticipate the impact of each domain of PFMB using digital platforms on the
young adults' DFMB in the NCT of India.

3. Research Methodology
The present quantitative study started with identifying the main dimensions of
PFMB from signi¯cant studies and empirically examined those using survey data.
Figure 1 shows the instrument development and research procedure of the study.

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 N. Chhillar & S. Arora

Fig. 1. Instrument development and research process of the study.

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3.1. Hypothesis development and pool generation from literature

Financial decisions that people must make include those regarding their spending,
cash °ow, savings, investments, borrowing, retirement, tax preparation, estate
planning, and insurance. After a detailed literature review, signi¯cant domains of
PFM has been identi¯ed based on established de¯nition of PFMB by Dew & Xiao
(2011), which are credit management, spending behavior, personal cash °ow man-
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agement, insurance behavior, savings and investments behavior.

3.1.1. Spending behavior and digitalized ¯nancial management behavior

Individuals are all consumers; at the very least, they may engage in activities that
optimize their consumption advantages by regulating their \Shopping and Pur-
chases". The consumers are in a state of digital transition in every sphere of life
including ¯nancial aspects of life. The range of consumption that comes with pur-
chasing in a physical store is not available to consumers. If the marketers in digital
age have to target customer's future prospects, they have to understand source of
origin of their needs. Additionally, understanding the in°ection points in consumer
spending behavior where shopping is done digitally is of great value to marketers to
comprehend and analyze the di®erent customers groups and their response to various
marketing initiatives. Apps for personal ¯nance let users keep track of their spending
habits and o®er tailored guidance for addressing impending ¯nancial requirements.
Due to this, a sizable number of users would switch to these applications, especially
the millennial demographic, which is anticipated to be the main source of income
creation, according to a market research analysis by Fact.MR (2021). The digital
payments o®ered by FinTech may streamline business dealings between suppliers
and buyers, potentially revolutionizing how customers use goods and services.
Agarwal et al. (2019) discovered that excessive expenditure in India was a result of
digital payments. As a result, FinTech may alter how customers behave while
making purchases. Thus, the following hypothesis can be formulated:

Hypothesis 1 (H1 ): The spending behavior has a favorable impact on the young
adults' DFMB in NCT of India.

3.1.2. Personal cash °ow management and digitalized ¯nancial management

behavior
Personal cash °ow management involves understanding one's sources of income and
their expenses, and managing surpluses and shortfalls for ¯nancial stability and to
attain future ¯nancial goals. In order to manage personal cash °ow e®ectively, one

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 PFMB Using Digital Platforms and its Domains

must save money initially and spend it later, budget, keep track of expenses, set
goals, manage payment cycles, and control liquidity. There are many PFM appli-
cations available, like Pocket Guard, Personal Capital, and Mint that assist users in
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e®ectively managing their ¯nancial °ows by keeping track of earnings and expenses.
Some budgeting applications o®er sophisticated capabilities that may automate
savings goals, track net worth, and help you pay o® debt. Therefore, a person is in a
convenient position to handle cash °ows using digital platforms. Thus, the following
hypothesis can be formulated:

Hypothesis 2 (H2 ): The personal cash °ow management have a favorable impact on
the young adults' DFMB in NCT of India.
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3.1.3. Credit management and digitalized ¯nancial management behavior

With credit, people may borrow money for items they need right away, like a vehicle
loan or a credit card, with the commitment to pay it back later. Reviewing, evalu-
ating, and establishing the terms of requests for credit are all part of credit man-
agement. The possibility that you will be granted credit in the future rises as a result
of your e®orts to improve your credit score. The stronger an individual's credit
worthiness as re°ected by the credit score report, the better his or her chances of
obtaining a loan from ¯nancial organizations. By detecting elements that impact
your credit score, o®ering advice on how to do so, and making suggestions for credit
products that can help you save money, credit management applications can assist in
monitoring and boosting your credit score. Therefore, a person is in a better position
to earn healthy credit scores using digital platforms. Thus, the following hypothesis
can be formulated:

Hypothesis 3 (H3 ): The credit management has a favorable impact on the young
adults' DFMB in NCT of India.

3.1.4. Saving behavior and digitalized ¯nancial management behavior

Varlamova et al. (2020) observed that by encouraging both saving and borrowing
behavior among individuals, digital technologies improve the likelihood of ¯nancial
activity in low-, middle-, and high-income countries. Demirgüç-Kunt et al. (2020)
also discovered a substantial disparity between the percentage of individuals who
saved formally at ¯nancial institutions and those who saved informally, including
digital savings. Saving at ¯nancial institutions has a tendency to be dropping while
saving overall is rising. This presents a chance for digital saving to participate in the
¯nancial system, but doing so needs the policymaker to integrate digital saving into
the regulated ¯nancial industry. Thus, the following hypothesis can be formulated:

Hypothesis 4 (H4 ): The saving behavior has a favorable impact on the young adults'
DFMB in NCT of India.

2250009-9
 N. Chhillar & S. Arora

3.1.5. Insurance behavior and digitalized ¯nancial management behavior

Insurance can provide ¯nancial security or protection from unexpected ¯nancial
costs (Turner 2022). FinTech is a digital ¯nancial system in ¯nancial service deliv-
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ered through technology media such as smart mobile phones, computers and Internet
that provides the product solution for the payment system, saving, investment,
insurance, etc. (Setiawan et al. 2022). Due to alterations in consumer behavior,
global pandemics and digitalization have had a signi¯cant impact on the insurance
sector. As a result, insurtech, a new class of service providers with quickly emerging
business models, emerged. As noted by McKinsey and Company in 2021, many
insurers are modernizing their technology stacks, but many are still in the early
phases of digitalization. Understanding the insurance outlook of the digital genera-
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tion is essential for insurtech in order to sell and develop new digital customized
insurance products as a solution to meet their customers' wants. Findings from the
EY Global Insurance Consumer Survey, 2020 reveal that during COVID-19, just
28% of customers in European Union markets preferred digital engagement with
their agents, but that number rose to an astounding 43% during the pandemic.
Customers are generally interested in using a digital solution that provides greater
visibility of all ¯nancial products (bank accounts, pensions, insurance policies), as
well as obtaining tailored information (Capco Global Insurance survey 2021). Thus,
the following hypothesis can be formulated:

Hypothesis 5 (H5 ): The insurance behavior has a favorable impact on the young
adults' DFMB in NCT of India.

3.1.6. Investment behavior and digitalized ¯nancial management behavior

Investing is di®erent from savings, while savings are what's left over from your
income, investments are purchases that allow you to earn future income or savings
(Turner 2022). There is a challenge to create saving and investment products that
are attractive to millennial, since their behavior in investing and saving in the
present time will a®ect their ¯nancial behavior in the future (Setiawan et al. 2022).
Therefore, it becomes important for ¯nancial institutions and banking sector to
understand the investment behavior of di®erent section of people so as to o®er digital
investment products and services as demanded by the digital generation. Software
applications for personal ¯nance are used in a variety of contexts, including pay-
ments and investments, and they cover all important facets of personal ¯nance.
Thus, the following hypothesis can be formulated:

Hypothesis 6 (H6 ): The investment behavior has a favorable impact on the young
adults' DFMB in NCT of India.

A total of forty statement items for the six core dimensions of PFMB were taken from
the signi¯cant PFM scales to get preliminary questionnaire. The forty statements

2250009-10
 PFMB Using Digital Platforms and its Domains

were further modi¯ed to include digital context relevant in India (see Supplemantary
Appendix 1). Further for puri¯cation, pre-testing and pilot testing were applied.
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3.2. Pre-testing
Pre-testing should include three types of people academic, industry experts and real
respondents (Forza 2002). For pre-testing, the preliminary questionnaire was handed
to sixteen experts from banking industry, insurance and investment sector, pro-
fessors and senior academic scholars. For real respondents the study approached 15
young adults working as faculty in schools and colleges, homemakers, employees
from private and public industries. The recommendations received were related to
language simpli¯cation in questions coded as Spe4, Spe5, Spe7, Credit14, Credit15,
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Credit16, SAV17, SAV32, and SAV19 which were carefully addressed in order to
keep the instrument simple and easy to grasp. Also, SAV18, SAV20 SAV21, and
SAV31 were considered repetitive so were suggested to be removed. Thus, 36
statements were taken up for pilot-testing.

3.3. Pilot testing

Pilot testing highlights the mishaps, misunderstanding or °aws of the questionnaire
and makes it sure that all respondents are paying their required attention (Neuman
2014). The data were collected from 50 respondents through close-ended ques-
tionnaires consisting of 36 statements for pilot testing. The results of the descriptive
statistics (mean, standard deviation, range, skewness and kurtosis) and internal
consistency (correlation of the items and cronbach alpha) of the pilot study moti-
vated further data collection and analysis for the ¯nal study (see Appendix 4 for
details).

3.4. Final data collection

3.4.1. Data collection tool
Close-ended questionnaire with 36 statements measuring six constructs of PFMBs in
digital context relevant to India, presented on a ¯ve point Likert scale was used for
data collection. The ¯rst section of the questionnaire is dedicated to demographic
data. A ¯ve-point Likert scale, from strongly disagree to strongly agree, was used to
rate the conduct of young people in the second section on 36 statement measuring
DFMB. The secondary data were gathered from a variety of academic publications,
newspapers, reports, websites, and magazines.

3.4.2. Sample and sampling technique

Judgmental sampling with snowball technique has been used to collect data. As per a
report by Statista, the internet penetration rate in India was 45% in 2021 and a
major part of this internet usage is consumed by the young individuals who have easy
access and knowledge of using internet-enabled devices even in the remote regions of

2250009-11
 N. Chhillar & S. Arora

the country (Statista Search Department 2021). While the people are still in a state
of digital transition, the broad segments of generation Y and Z i.e. young adults
below 40 years of age might emerge as the ¯rst dedicated consumers of the digital
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world. PFM solutions are especially alluring to younger and \unengaged" customers
who might not have a good grip on personal ¯nance fundamentals. Therefore, the
respondents of the study were young adults belonging to age group of 18–40 years
and all utilizing digital platforms like laptop, mobile and internet services in their
¯nancial matters in one or the other form. The target population of the study was all
the young adults below 40 years of age living in the NCT of India.
Cochran's 1977 formula is considered especially appropriate in situations with
large populations. For large populations, it Cochran's equation to perform the cal-
J. Fin. Mngt. Mar. Inst. 2022.10. Downloaded from www.worldscientific.com

culation is
Z 2 pq
x¼ ;
e2
where n is sample size, e is acceptable sampling error or margin of error and p is the
estimated proportion. A p of 0.5 is the maximum variability, z is z value at signi¯-
cance level.
With p ¼ 0:5 and a 95% con¯dence level provides Z values of 1.96, per the normal
tables, so we get ((1.96)2 (0.5) (0.5))/(0.05)2 ¼ 385. So a sample size of 385
respondents in the target population is enough to yield the con¯dence levels of 95%.
The questionnaire was online administrated using Google forms through email and
social apps and 388 young adults living in NCT of India responded to the ques-
tionnaire. Out of 388 respondents, 53.60% are males and 46.40% are females. The
average age of the respondents in the study was 30 years.

3.5. Data screening

This study follows the process of data screening by Pallant (2011) with some mod-
i¯cation. There existed no missing values. The Pallant (2011) approach for ¯nding
univariate outliers was employed in this work, and histograms, boxplots, and the
di®erence between mean and 5% trimmed mean were investigated. Finally, it was
discovered that the data lacks any really severe outliers. To cope with multivariate
outliers, Mahalanobis distance (D2) is frequently utilized. This study determined the
critical p-value using the number of independent variables as the degrees of freedom
and P should be less than 0.01 (Pallant 2011). It was found that there are no
multivariate outlier in the data. Linearity discusses the relationship among the in-
dependent variables, the degree to which the change in one variable is related to the
change in the other variables (Hair et al. 2014b). In order to elucidate the direction
and strength of the relationship along with to de¯ne the linearity, the correlation
among the independent variables and scatterplot matrix are being produced
(Abdullah et al. 2016). If one independent variable is highly correlated with any
other variable like 0.9, then linearity exists (Pallant 2011). It may be inferred from

2250009-12
 PFMB Using Digital Platforms and its Domains

Appendix 3 that there is no linearity among independent variables since it shows no

correlation values close to 0.9.
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4. Results and Discussions

4.1. Tool for data analysis
The Kaiser Meyer Olkin test of sampling adequacy and Bartlett's test of sphericity,
linearity assessment, data screening and cleaning were done in SPSS. PFMB is a
complicated construct with multiple dimensions (Dew & Xiao 2011). In a digital
setting, the PFMB is a new multidimensional construct that is complex and multi-
dimensional, making it a formatively-re°ective HOC. PLS SEM works well with
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complex, multidimensional, novel constructs and studies that use a predictive

methodology (Hair et al. 2017). In order to conduct a more thorough study, PLS
SEM was used to predict how each domain of PFMB will a®ect young people' DFMB
in India's NCT. As a result, SmartPLS was employed in the current study's PLS
SEM. Factor analysis was done for assessing unidimensality, reliability and validity
statistics of the research instrument in SmartPLS developed by Ringle et al. (2015).
The study used \Bootstrapping (5000 resamples) to produce standard errors and
t-statistics for hypothesis testing" as recommended by Hair et al. (2014a).

4.2. Reliability, KMO and Bartlett's test of sphericity

First and the foremost the reliability of the questionnaire as a whole was assessed by
calculating Cronbach's Alpha of the total 36 items in SPSS. Its value is 0.918 dis-
playing reliability and thus, it's suitable for further data analysis. Mostly, KMO
scores below 0.5 are considered unacceptable and more than 0.90's are considered
outstanding (Leech et al. 2005, Pallant 2011). Table 1 shows the generated score of
KMO which is 0.912, which is above the threshold of 0.7 supporting adequacy in
sampling. The Bartlett's test of sphericity was highly signi¯cant (p < 0:01), which
implied that all forty variables are not correlated in the population. In other words, it
is not correct to say that all forty variables are not correlated, at least one correlation
is not equal to zero.

Table 1. KMO and Bartlett's test.

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. 0.929

Bartlett's Test of Sphericity Approx. Chi-Square 6998.047

df 630
Sig. 0.000

Source: SPSS output.

2250009-13
 N. Chhillar & S. Arora

4.3. Assessment of measurement model (veri¯cation of research

instrument)
Examining the measurement models is the ¯rst step in assessing PLS-SEM perfor-
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mance. Re°ective and formative constructs have di®erent relevant parameters.

Researchers would then evaluate the structural model if the measurement models
follow all of the relevant requirements (Hair et al. 2017). According to Hair et al.
(2017), \assessment of the re°ective measurement models should be done on the
bases of composite reliability to evaluate internal consistency, individual indicator
reliability, and Average Variance Extracted (AVE) to evaluate convergent validity
and discriminant validity and the Fornell–Larcker criterion, cross-loadings, and es-
pecially the Heterotrait-Monotrait (HTMT) ratio of correlations should be used to
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examine discriminant validity".

4.3.1. Reliability and convergent validity

All the constructs are re°ective construct in the study and these are spending be-
havior, credit management, personal cash management, saving behavior, investment
behavior and insurance behavior. Coe±cient alpha measures the internal consistency
reliability that undertakes equal items loadings and indicates how well the indicators
are positively correlated to one another (Hair et al. 2014b). The largely agreed lower
limit for coe±cient alpha is 0.70, although it may decrease to 0.6 (Hair et al. 2014a).
Table 2 shows that all of the indicators' Cronbach's alphas were greater than 0.6
except for credit °ow management but could still be acceptable since its values of
AVE and Convergent Reliability (CR) are within the recommended threshold. This
indicates that the indicators' internal accuracy was reliable.
Three parameters were used to determine the scale items' convergent validity.
First, any outer loading less than 0.4 should be removed, and factors loading greater
than 0.4 but less than 0.7 may be kept in exploratory research if AVE is met (Hair
et al. 2014a). Therefore, items Spe3, Spe6, Spe7, Credit15, SAV17, SAV18, SAV19,
SAV20, SAV21, SAV29, SAV30, SAV31, SAV32, and SAV33 were dropped.
The factor loadings of the retained items were greater than 0.60 as shown in Table 3.
Second, the composite reliability constructs ranged 0.784–0.898, each meeting the

Table 2. Validity and reliability.

Average variance
Constructs Number of items Cronbach's alpha Composite reliability extracted

Cash °ow 3 0.696 0.832 0.625

Credit 2 0.548 0.784 0.644
Insurance 3 0.823 0.895 0.739
Investments 4 0.746 0.84 0.569
Savings 6 0.901 0.924 0.669
Spending 7 0.867 0.898 0.558

Source: Author's Calculation.

2250009-14
 PFMB Using Digital Platforms and its Domains

Table 3. Outer loading-Bootstrapping.

Con¯dence interval
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Factor loadings T Statistics P values 2.50% 97.50%

Average score <- PFMB 1 1 1

CF11 <- Cash °ow 0.677 14.085 0 0.571 0.762
CF12 <- Cash °ow 0.878 60.918 0 0.844 0.902
CF13 <- Cash °ow 0.804 29.367 0 0.739 0.847
Credit14 <- Credit 0.811 31.18 0 0.749 0.852
Credit16 <- Credit 0.794 24.308 0 0.719 0.845
INVT34 <- Investments 0.759 28.763 0 0.7 0.805
INVT35 <- Investments 0.783 28.694 0 0.72 0.828
INVT36 <- Investments 0.692 20.886 0 0.621 0.748
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INVT37 <- Investments 0.78 33.392 0 0.734 0.825

Ins38 <- Insurance 0.852 36.728 0 0.801 0.89
Ins39 <- Insurance 0.835 37.573 0 0.788 0.874
Ins40 <- Insurance 0.89 67.692 0 0.862 0.913
SAV23 <- Savings 0.828 37.719 0 0.78 0.866
SAV24 <- Savings 0.765 24.666 0 0.7 0.82
SAV25 <- Savings 0.85 50.881 0 0.809 0.877
SAV26 <- Savings 0.869 55.468 0 0.835 0.895
SAV27 <- Savings 0.811 35.395 0 0.761 0.849
SAV28 <- Savings 0.783 29.031 0 0.718 0.828
Spe1 <- Spending 0.687 19.643 0 0.616 0.75
Spe10 <- Spending 0.757 29.863 0 0.701 0.803
Spe2 <- Spending 0.746 24.363 0 0.677 0.799
Spe4 <- Spending 0.762 30.861 0 0.709 0.806
Spe5 <- Spending 0.651 15.123 0 0.558 0.719
Spe8 <- Spending 0.777 30.796 0 0.724 0.822
Spe9 <- Spending 0.836 45.691 0 0.796 0.869

Source: Author's calculation (SmartPLS output).

threshold of 0.70. Thus, the composite reliability of the constructs is good. Lastly,
\the Average variance extracted (AVE) for each construct should be > 0:50" as per
Fornell & Larcker (1981). The AVEs of the constructs are above the minimum
threshold of 0.50. Therefore, the items of the questionnaire established good reli-
ability and convergent validity.
4.3.2. Discriminant validity
\The cross loadings of the indicators are used to determine discriminant validity, and
they specify that an indicator's outer loading on the associated construct should be
greater than all of its other loadings on each item row" as per Hair et al. (2011). As
shown in Table 4, there were no cross loadings that exceeded the outer loadings of the
markers, implying discriminant validity. Table 3 shows bootstrapping result of the
construct and their indicators where all the p values are signi¯cant at 0.05 level of
signi¯cance showing relevance of each indicator towards its construct.
To evaluate discriminant validity, HTMT ratio of correlations was used. A lack of
discriminant validity might be inferred if the HTMT value is greater than the

2250009-15
 N. Chhillar & S. Arora

Table 4. Cross loadings and outer VIF.

Cash °ow Credit Insurance Investments PFMB Savings Spending Outer VIF
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Average score 0.664 0.598 0.665 0.769 1 0.853 0.722 1

CF11 0.677 0.219 0.118 0.158 0.419 0.317 0.354 1.279
CF12 0.878 0.337 0.234 0.332 0.581 0.552 0.447 1.736
CF13 0.804 0.384 0.306 0.347 0.559 0.472 0.371 1.464
Credit14 0.409 0.811 0.291 0.331 0.49 0.375 0.302 1.091
Credit16 0.236 0.794 0.325 0.352 0.471 0.328 0.296 1.091
INVT34 0.319 0.291 0.471 0.759 0.578 0.437 0.268 1.463
INVT35 0.253 0.291 0.571 0.783 0.59 0.41 0.274 1.534
INVT36 0.242 0.311 0.435 0.692 0.547 0.413 0.383 1.284
INVT37 0.285 0.389 0.601 0.78 0.604 0.411 0.362 1.482
Ins38 0.19 0.344 0.852 0.585 0.558 0.365 0.274 1.913
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Ins39 0.328 0.327 0.835 0.588 0.577 0.38 0.255 1.68

Ins40 0.219 0.318 0.89 0.609 0.579 0.361 0.303 2.213
SAV23 0.487 0.316 0.314 0.431 0.685 0.828 0.508 2.293
SAV24 0.453 0.356 0.377 0.471 0.687 0.765 0.444 1.828
SAV25 0.436 0.365 0.387 0.469 0.721 0.85 0.638 2.587
SAV26 0.514 0.408 0.374 0.489 0.747 0.869 0.564 2.9
SAV27 0.463 0.372 0.395 0.485 0.71 0.811 0.529 2.072
SAV28 0.483 0.327 0.246 0.362 0.631 0.783 0.54 2.061
Spe1 0.322 0.22 0.161 0.256 0.448 0.393 0.687 1.755
Spe10 0.419 0.272 0.26 0.363 0.602 0.577 0.757 1.84
Spe2 0.336 0.337 0.26 0.305 0.533 0.474 0.746 1.898
Spe4 0.385 0.293 0.221 0.285 0.52 0.446 0.762 1.888
Spe5 0.3 0.186 0.258 0.333 0.474 0.444 0.651 1.482
Spe8 0.382 0.312 0.282 0.303 0.569 0.515 0.777 2.127
Spe9 0.425 0.31 0.236 0.369 0.602 0.559 0.836 2.545

Source: Author's calculation (SmartPLS output).

recommended cuto® of 0.90. The questionnaire items established the discriminant

validity as seen in Table 5, all of the HTMT values are below the threshold limit of
0.90 and the squared values of AVE (diagonal values) were all greater than the
squared correlation of the same latent variable, as shown in the Fornell and Larcker
section of Table 5. The result shows acceptable discriminant validity according to
Fornell & Larcker (1981).
For determining the explanatory capacity of the itemized variable relationships,
we studied the coe±cient of determination i.e. R2 which is 0.944 meaning 94.40% of
the variation in DFMB scores is explained by the 25 items. Appendix 2 shows the
veri¯ed DFMB tool with 25 items under its six major domains. Therefore, it's con-
cluded that the ¯nally proposed research instrument consisting of twenty-¯ve items
under six core dimensions for measuring DFMB showed sound psychometric prop-
erties by con¯rming reliability and validity statistics as well as the explanatory
capacity of the itemized variable relationships.
4.4. Evaluation of the structural model
The study performed Partial Least Square Path Modeling (PLSPM) in SmartPLS
3.2.7 statistical package to determine the impact of spending behavior, credit

2250009-16
 PFMB Using Digital Platforms and its Domains

Table 5. Discriminant validity.

Cash °ow Credit Insurance Investments PFMB Savings Spending

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HTMT
Cash °ow
Credit 0.708
Insurance 0.366 0.632
Investments 0.491 0.736 0.879
PFMB 0.789 0.894 0.733 0.891
Savings 0.717 0.688 0.496 0.674 0.898
Spending 0.633 0.593 0.381 0.529 0.771 0.738
Fornell-Larcker Criterion
Cash °ow 0.791
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Credit 0.404 0.803

Insurance 0.287 0.383 0.860
Investments 0.365 0.426 0.691 0.754
PFMB 0.664 0.598 0.665 0.769 1
Savings 0.577 0.438 0.429 0.553 0.853 0.818
Spending 0.495 0.372 0.323 0.426 0.722 0.657 0.747

Source: Author's calculation (SmartPLS output).

management, personal cash management, saving behavior, investment behavior and

insurance behavior on DFMB (Fig. 2).

4.4.1. Collinearity
\Collinearity must be tested before evaluating systemic relationships to ensure that
it does not distort the regression results" as per Hair et al. (2019). As all the VIF

Source: Author's calculation (SmartPLS output).

Fig. 2. PLS algorithm.

2250009-17
 N. Chhillar & S. Arora

values are below \the more conservative threshold of 3.3" as recommended by

Diamantopoulos & Siguaw (2006), it was concluded that collinearity is not a problem
in context of this study (Table 6).
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4.4.2. Path and structural model assessment

According to the standard assessment criteria by Hair et al. (2019), \the coe±cient of
determination (R2 ), the blindfolding-based cross validated redundancy measure Q2 ,
and the statistical signi¯cance and relevance of the path coe±cients was considered
for the assessment of the structural model in PLS SEM". \The R2 is also referred to
as in-sample predictive power", as per Rigdon (2012). The R2 value (adjusted) of
0.944 means that 94.40% of variation in DFMB among young adults in NCT of India
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is highly explained by spending behavior, credit management, personal cash man-

agement, saving behavior, investment behavior and insurance behavior.
Table 6 shows the results of \the bootstrapping procedure with 10000 samples
and using the no sign changes option" as recommended by Streukens & Leroi-
Werelds (2016) revealed that most of the structural model relationships are signi¯-
cant. Table 6 shows the structural model's path coe±cient shows that the coe±cient
value for spending behavior (H1), personal cash management (H2), credit manage-
ment (H3), saving behavior (H4), insurance behavior (H5), and investment behavior
(H6) on DFMB is 0.347, 0.310, 0.204, 0.962, 0.294, and 0.475 with a p-value less than
0.05. It implies that spending behavior, credit management, saving behavior, per-
sonal cash management, investment behavior and insurance behavior have statisti-
cally signi¯cant positive impact on DFMB of young adults in NCT of India. This
research con¯rms the ¯ndings of the Global Findex Database 2021 reported by
Demirgüç-Kunt et al. (2022), which showed that consumers are increasingly utilizing
their accounts to make digital payments, save money, and borrow money in devel-
oping nations. The report further revealed that 25% of people used accounts to save
money, while an even greater percentage, 39%, used accounts to hold money for
cash management and around 50%, took out loans in emerging economies.

Table 6. Path coe±cient parameters of the structural model.

Inner Q2
Hypo. causal path  t Sig. VIF R2 Q 2predict f2 (blindfolding)

PFMB 0.944 0.941 0.931

H1: Spending behavior ! PFMB 0.347 9.865 0.000 1.849 0.347
H2: Personal cash °ow 0.310 8.453 0.000 1.611 0.310
management ! PFMB
H3: Credit Management ! PFMB 0.204 7.500 0.000 1.396 0.204
H4: Savings behavior ! PFMB 0.962 16.890 0.000 2.404 0.962
H5: Insurance behavior! PFMB 0.294 10.217 0.000 1.955 0.294
H6: Investments behavior! PFMB 0.475 12.814 0.000 2.314 0.475

Source: Author's calculation (SmartPLS output).

2250009-18
 PFMB Using Digital Platforms and its Domains

Cobla & Osei-Assibey (2018) discovered that the use of digital payments a®ected
consumers' buying patterns.
Small, medium, and large f 2 e®ect sizes are represented by values greater than
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0.02, 0.15, and 0.35, respectively (Cohen 1988). Spending behavior, investment be-
havior and saving behavior have strong impact on DFMB of young adults in NCT of
India, as shown by the e®ect size (f 2 Þ of 0.347, 0.475, and 0.962, respectively. This
result is consistent with research by Moenjak et al. (2020) and Varlamova et al.
(2020), which revealed that respondents' spending and saving habits were positively
impacted by their usage of digital ¯nancial technology. The Capco Global Insurance
survey (2021) found that people now are generally interested in using a digital
solution that provides greater visibility of all ¯nancial products (bank accounts,
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pensions, investment, insurance policies).

Blindfolding procedure was employed to determine the predictive relevance i.e.
Q2 value. Small, medium, and large predictive validity of the PLS-path model are
shown by Q2 values greater than 0, 0.25, and 0.50, respectively. The Q2 e®ect sizes
are calculated and interpreted similarly to the f 2 e®ect sizes. Spending behavior,
Credit management, Personal cash management, saving behavior, Investment be-
havior and Insurance behavior has a high predictive value for on DFMB of young
adults in NCT of India, with a Q2 value of 0.931, which is far greater than 0.50.
According to a market research analysis by Fact.MR published in October 2021, the
adoption rate of personal ¯nance mobile apps will see a respectable increase due to
the growing smartphone penetration in developing nations. According to the study,
more than 75% of smartphone owners questioned worldwide had used at least one
app to manage their money. The United States had the greatest smartphone pene-
tration, while India came in second with more than 439.4 Million users in 2020.
According to a Market Research by Fact.MR (2021), 6 out of 10 users prefer personal
¯nancial applications, while just four users feel comfortable using websites.
According to Standard Chartered's Future Money (2020) research, 69% of customers
now prefer to make future purchases online over in-person, up from 54% before the
epidemic and 89% of Indians are sure that they possess the digital skills necessary to
prosper in the post-COVID-19 era. This re°ects to the point that in future more and
more people in India and around the world would display growing DFMB on routine
basis.

5. Conclusions and Implications

5.1. Conclusions
This study empirically tests the signi¯cance of the six primary aspects of PFM that
emerged from a literature review by examining the e®ects of each domain of PFM on
the overall DFMB. Most of the variation i.e. 94.40% of variation in DFMB of young
adults is highly explained by spending behavior, personal cash management, credit
management, personal cash management, saving behavior, investment behavior and

2250009-19
 N. Chhillar & S. Arora

Insurance behavior. Spending behavior, Investment behavior and saving behavior

have strong impact on DFMB of young adults in NCT of India, as shown by the
e®ect size (f 2 ) of 0.347, 0.475, and 0.962, respectively. The study found that spending
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behavior, personal cash management, credit management, saving behavior, invest-

ment behavior and insurance behavior has a statistically signi¯cant impact and has
high predictive value for on DFMB of young adults in NCT of India, with a Q2 value
of 0.931, which is greater than 0.50.
The report Future Money (2020) by Standard Chartered found that consumers
throughout the world, including those in India, are being more frugal with their
spending and seeking out new digital tools for tracking it. Further, it added that
Indian showed the highest level of con¯dence in their digital skills to thrive post-
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COVID and have grown more assured of their capacity to meet their ¯nancial
objectives since the onset of the pandemic. India also has the highest proportion of
people thinking their economy will go cashless compared to other countries surveyed.
The investigation by Scripbox, a digital wealth management service provider, was
performed in July 2020 among more than 1400 adult Indians concluded that Indians
are becoming more conscious of the need of ¯nancial planning. These reports re°ect
to the point that in future more and more people in India and around the world
would display growing DFMB on routine basis.
PFM is an important academic and policy issue both in developed and developing
countries (Xu & Zia 2012). Surveys conducted in most countries, showed a low level
of personal ¯nancial literacy in developing countries (Xu & Zia 2012). Therefore,
there is growing need for studies on DFMB in rural and urban regions of developing
and developed nations around the world so as to identify their expectation and
problems so that they can be better served by ¯nancial organizations. Rampant
poverty, lack of saving and inability to meet ends with available meager resource in
developing countries justify the need for enhancing personal ¯nancial capability of
individuals in developing countries (Holzmann 2010a,b). Thus it's important for
¯nancial educators and policymakers to design the ¯nancial education programs by
incorporating digital ¯nancial literacy in such a way so as to promote sound digi-
talized ¯nancial practices among people so that they at individual level can attain
their individual ¯nancial goals and at macro level nation can witness digitalized
mobilization of savings and investments resulting in economic stability of nation in
the digital environment.
To the best of author's knowledge, this study is the ¯rst to provide a thorough
and psychometrically veri¯ed instrument covering all the core dimensions of PFMB
to measure the DFMB and additionally examining the impact of the core dimen-
sions of PFMB on the DFMB of individual living in metropolitan region of devel-
oping country like India. The study was carried out in the NCT of India using
Judgmental sampling along with snowball technique and the ¯ndings needs to be
validated in context to other states and nations due to cultural di®erences and
divergence.

2250009-20
 PFMB Using Digital Platforms and its Domains

5.2. Implications and contribution

5.2.1. Academic contribution
In a systematic review of the literature on the antecedents and e®ects of PFMB,
by 2401:4900:1c55:33c:c092:9322:46a2:3136 on 08/12/24. Re-use and distribution is strictly not permitted, except for Open Access articles.

Goyal et al. (2021) found that di®erent researchers measured PFMB by including
di®erent components as a ¯nancial management behavior scale, demonstrating a lack
of agreement on the measurement and the absence of a comprehensive measure of
PFMB, as also mentioned by Dew & Xiao (2011). There aren't many psychomet-
rically validated ¯nancial management behavior scales in the literature, with the
exception of the ones created by Dew & Xiao (2011) and the OECD/INFE ¯nancial
behavior scale (2012). The creation of a generic sample measure is essential and it is
J. Fin. Mngt. Mar. Inst. 2022.10. Downloaded from www.worldscientific.com

required to incorporate all ¯nancial management domains in the scale (Goyal et al.
2021). Garai-Fodor et al. (2022) pointed that \¯nancial behavior and ¯nancial habits
are among the ones that have been most profoundly impacted by digitization". To ¯ll
this void, the study o®ered a psychometrically validated instrument to measure
DFMB or we can say PFMB using digital platform or Digital-based PFMB. Ap-
propriate measurement of ¯nancial behavior may have implications on physical
health, mental health, and life satisfaction (Xiao et al. 2009). To the best of author's
knowledge, this study is the ¯rst to provide a thorough and psychometrically veri¯ed
instrument covering all the core dimensions of PFMB to measure the DFMB of
individual living in metropolitan region of developing country like India.

5.2.2. Implication for ¯nancial educators and policymakers

The National Strategy for Financial Education (NSFE) focuses on empowering
various sections of the population to develop adequate ¯nancial literacy, active
saving behavior, retirement planning, spreading awareness about consumers rights
and duties, improve usage of digital ¯nancial services in a secure manner, etc. which
are needed to manage their money better and plan for their future. As mentioned by
Sebstad & Cohen (2003), ¯nancial education can play an important role in reducing
poverty in developing countries by building people's knowledge and skills in optimal
usage of resource and making optimal ¯nancial and economic decisions related to
savings, investments, and wealth accumulation which essentially facilitate economic
growth and development in a nation. The validated inventory of items to measure
DFMB covering all the core areas of PFMB could be utilized by ¯nancial educators
and policymakers in measuring and promoting the Digitalized PFM skills, e±cient
¯nancial education initiatives aimed at enhancing consumer ¯nancial security and
¯nancial well-being among individuals in India. Surveys conducted in most countries,
showed a low level of personal ¯nancial literacy in developing countries (Xu & Zia
2012). For this, measuring the level of PFM of various section of society from time to
time is crucial in formulating strategies and programs to educate them about sound
PFM practices. Financial educators and policymakers would bene¯t from having a
reliable and validated inventory to use for assessing the impact of ¯nancial education
programs on ¯nancial behavior, ¯nancial satisfaction, and quality of life (Goyal et al.

2250009-21
 N. Chhillar & S. Arora

2021). To obtain knowledge to guide future ¯nancial counselling and education

activities, research on ¯nancial behavior must continue.
When India switched from cash to sending payments to biometric smart cards,
by 2401:4900:1c55:33c:c092:9322:46a2:3136 on 08/12/24. Re-use and distribution is strictly not permitted, except for Open Access articles.

internal fraud and leakage from pension payments decreased by 47%. Because there
was less fraud, recipients needed to spend less time collecting payments and ended up
with more money. The government's yearly administrative cost savings of millions of
dollars were more than su±cient to pay for the new system. Therefore, promoting
DFM culture is expected to bring transparency in the payment system bene¯ting
both government and individuals by reducing frauds in the disbursement system.

5.2.3. Implications for business professionals and ¯nancial organizations

J. Fin. Mngt. Mar. Inst. 2022.10. Downloaded from www.worldscientific.com

In accordance with the Global Findex Database 2021 report, promoting online
payments could increase the use of digital ¯nancial services by people who already
have accounts, it also assist business owners in establishing alternative credit in-
formation histories, and encourage formalization. According to the paper, the rising
use of mobile phones in developing nations may enable them to adopt mobile pay-
ments more quickly and so boost account ownership. These ¯ndings demonstrate the
enormous potential for developing nations to gain from both the promotion of DFMB
or individual skill development and the digitization of ¯nancial services. According to
the report, enabling players such as governments, telecommunications providers, and
¯nancial services providers must establish an environment in which secure, inex-
pensive, and accessible ¯nancial products and functionalities are more enticing than
cash.
In addition to adding to the academic community, the ¯ndings can help business
people and ¯nancial service providers better meet the needs of their clients by helping
them understand how consumers behave while using DFM. Financial service per-
sonnel should also be aware of ¯nancial management behavior so they may better
serve their clients' needs. In addition to enabling individuals to build wealth and
money for themselves, it will also provide professionals with the opportunity to grow
their businesses by enabling them to establish ¯nancial plans, suitable ¯nancial
products, and services to match customers' life goals.

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