Financial Socialization and Personal Financial Management Behaviour of Women of Punjab: The Mediating Role of Digital Financial Literacy
DOI:
https://doi.org/10.34257/LJRMBVOL26IS1PG9Abstract
Personal financial management is a crucial concern for everyone in the society especially women as they have lack of financial skills needed for financial decisions. The current study aims to examine the influence of various financial socialization agents including family, peers, financial education, media and self-learning on personal financial management behaviour and also to determine the mediating role of digital financial literacy on this relationship. The study used quantitative techniques to collect data from 390 women respondents aged 18-45 to check their financial socialization through a self-administered structured questionnaire. The results of multiple regression revealed that various financial socialization agents significantly influence personal financial management behaviour and digital financial literacy partially mediate this relationship. This study’s importance lies in its careful examination of the mediation pathways, which offers useful information to financial institutions, educators, and legislators. The uniqueness is in how digital financial literacy is combined with financial socialisation to provide a comprehensive grasp of the mechanisms driving women personal financial behaviour and empower them in the digital age. This study addresses the complex relationships examined in this multiple regression investigation, which helps to guide the creation of focused interventions to promote favourable financial outcomes.
References
W. Abdallah, F. Tfaily, A. Harraf (2025) The impact of digital financial literacy on financial behavior: customers' perspective. 35(2), 347-370.
P. S. Abhijith (2022) Reverse FinTech Socialisation: A remedy for financial exclusion in the digital era. 18(1), 1-17.
M. F. Adnan, N. M. Rahim, N. Ali (2023) Determinants of digital financial literacy from students' perspective. 168–177. https://doi.org/10.22495/cgobrv7i2p15
S. Agnew, P. Maras, A. Moon (2018) Gender differences in financial socialization in the home—An exploratory study. 42(3), 275-282.
S. Agnew, V. A. Sotardi (2024) Family Financial Socialisation and its Impact on Financial Confidence, Intentions, and Behaviours among New Zealand Adolescents. 1-13.
S. Agnew, P. Roger, T. Roger (2025) Adolescent financial literacy: viewing peers as good financial role models. 26(3), 464-481.
R. Ameer, R. Khan (2020) Financial socialization, financial literacy, and financial behavior of adults in New Zealand. 31(2), 313-329.
M. Ameliawati, R. Setiyani (2018) The influence of financial attitude, financial socialization, and financial experience to financial management behavior with financial literacy as the mediation. 811-832.
Z. L. Antoni, C. Rootman, F. W. Struwig (2019) The influence of parental financial socialisation techniques on student financial behaviour. 11(2), 72-88.
X. Antoni (2023) THE role of family structure on financial socialization techniques and behaviour of students in the Eastern Cape, South Africa. 11(1), 2196844.
M. Anthony, M. F. Sabri, H. A. Rahim, M. A. Othman (2022) Financial socialisation and moderation effect of gender in the influence of financial behaviour on financial well-being among young adults. 68-99.
N. A. Azeez, S. J. Akhtar (2021) Digital Financial Literacy and Its Determinants: An Empirical Evidences from Rural India. 11(2), 8-22.
Albert Bandura (1977) Self-efficacy: Toward a unifying theory of behavioral change. 84(2), 191-215.
Robert M. Baron, David A. Kenny (1986) The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. 51(6), 1173–1182.
Andrea Bucciol, Marco Manfrè, Marcello Veronesi (2022) Family financial socialization and wealth decisions. 22(2), 281-309.
K. K. Chhabra, P. S. Gupta (2023) Impact of Digital Media Platforms on Personal Financial Literacy. 1195-1205.
Gina N. Chowa, Mariana Despard (2014) The influence of parental financial socialization on Youth's financial Behavior: Evidence from Ghana. 35(3), 376e389.
A. Chowdhury (2019) Financial Socialization for Digital Natives: A New Way to Teach Children About Money.
J. Collis, R. Hussey (2021) Business research: A practical guide for students.
Z. Copur, M. S. Gutter (2019) Economic, sociological, and psychological factors of the saving behaviour: turkey case. 40(2), 305-322.
L. E. Damian, O. Negru-Subtirica, I. Domocus, M. Friedlmeier (2019) Healthy financial behaviors and financial satisfaction in emerging adulthood: A parental socialization perspective. https://doi.org/10.1177/2167696819841952
H. Estelami (2014) An ethnographic study of consumer financial sophistication. 13(5), 328-341.
L. Fan, S. Chatterjee (2019) Financial socialization, financial education, and student loan debt. 40(1), 74-85.
V. Frisancho, A. Herrera, S. Prina (2023) Can a mobile-app-based behavioural intervention teach financial skills to youth? Experimental evidence from a financial diaries study. 214, 595-614.
W. Golden, L. Cordie (2022) Digital Financial Literacy. 4(3), 20-26.
K. Goyal, S. Kumar, A. Hoffmann (2023) The direct and indirect effects of financial socialization and psychological characteristics on young professionals' personal financial management behaviour. 41(7), 1550-1584.
C.G. Gudmunson, S.M. Danes (2011) Family financial socialization: theory and critical review. 32(4), 644-667.
F. Hair, W. C. Black, B. J. Babin, R. E. Anderson (2010) Multivariate data analysis: A global perspective.
A.O.I. Hoffmann, D. Plotkina (2021) Positive framing when assessing the personal resources to manage one's finances increases consumers' retirement self-efficacy and improves retirement goal clarity. 38(12), 2286-2304.
H. Haudi (2023) The Role of Financial Literacy, Financial Attitudes, and Family Financial Education on Personal Financial Management and Locus of Control of University Students. 4(2), 107-116.
A. M. M. Jusoh (2024) Mediating effect of financial literacy on the influence of parental financial socialisation on subjective financial wellbeing of community college students. 12(2), 28-49.
K. Kaur, N. Sahni (2023) Influence of financial attitude, financial socialisation and digital financial literacy on personal financial management behaviour of women of Punjab. 5(3), 1-14.
R. Kaur, M. Singh (2024) The dynamics of family financial socialization: Impact on financial self-efficacy and financial behavior. 32(2), 106-117.
S. Khawar, A. Sarwar (2021) Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. 1-11.
J. Kim, S. Chatterjee (2013) Childhood financial socialization and young adults' financial management. 24(1), 61.
L. Klapper, A. Lusardi (2020) Financial literacy and financial resilience: Evidence from around the world. 49(3), 589-614.
T. Koskelainen, P. Kalmi, E. Scornavacca, T. Vartiainen (2023) Financial literacy in the digital age—A research agenda. 57(1), 507-528.
P. Kumar, R. Pillai, N. Kumar, M. I. Tabash (2023) The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. 23(1), 169-183.
M. M. Lai, W. K. Tan (2009) An empirical analysis of personal financial planning in an emerging economy. 99-111.
M. Lanz, A. Sorgente, S. M. Danes (2019) Implicit family financial socialization and emerging adults’ financial well-being: a multi-informant approach.
A. B. LeBaron, S. Runyan, B. L. Jorgensen, L. D. Marks, X. Li, E. J. Hill (2019) Practice makes perfect: Experiential learning as a method for financial socialization. 435–463. https://doi.org/10.1177/0192513X18812917
A. B. LeBaron, L. D. Marks, C. M. Rosa, L. D. Marks, E. J. Hill (2020) Can we talk about money? Financial socialization through parent-child financial discussion.
S. Livingstone, E. Helsper (2007) Gradations in digital inclusion: children, young people and the digital divide. 9, 671-696.
C. Loibl, T. K. Hira (2005) Self-directed financial learning and financial satisfaction. 16(1), 11.
A. Lyons, J. Kass-Hanna, F. Liu (2021) Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. https://ssrn.com/abstract=3496562
V. Miglani (2024) Understanding the Effect of Peers on the Financial Attitude and Financial Behaviour of Women in Kaithal, Haryana. 7(8), 151-164.
D. Mishra, N. Agarwal, S. Sharahiley, V. Kandpal (2024) Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India. 17(10), 468. https://doi.org/10.3390/jrfm17100468
A. Ndou (2023) Parental financial socialisation and financial knowledge: A structural equation modelling analysis. 16(1), 27-39.
A. Niessen-Ruenzi, V. Mueden (2023) Financial socialization and the gender investment gap.
D. M. Odo, C. Pace, P. Albers (2017) Socialization through (online) design: Moving into online critical spaces of learning. 23(1), 41-65.
(2018) G20/OECD INFE Policy Guidance on Digitalisation and Financial Literacy. 1-25. http://www.oecd.org/finance/g20-oecd-infe-policy-guidance-on-digitalisation-and-financial-literacy.pdf
(2022) OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022. https://www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf
A. Patel, S. Kumar (2017) A Study of Awareness, Attitude and Factors influencing Personal Financial Planning for Residents of Gujarat.
N. T. H. Phuong, P. T. Anh, D. P. Ngoc, C. N. H. Hang, M. T. My Determinants of Personal Financial Management Behaviour: Empirical Evidence from Vietnam.
M. A. J. Qamar, M. A. N. Khemta, H. Jamil (2016) How knowledge and financial self-efficacy moderate the relationship between money attitudes and personal financial management behavior. 5(2), 296.
A. Qamar, N. Rasheed, A. Kamal, S. Rauf, K. Nizam (2023) Factors Affecting Financial Behavior of Millennial Gen Z: Mediating Role of Digital Financial Literacy Integration. 3(3), 330-352.
T. Ravikumar, B. Suresha, N. Prakash, K. Vazirani, T. A. Krishna (2022) Digital financial literacy among adults in India: measurement and validation. 10(1). https://doi.org/10.1080/23322039.2022.2132631
N. Ronaldo, G. Karuppannan, A. B. Bhuiyan, M. M. Kumarasamy (2021) The Determinants of Financial Behavior among Graduate Students in Indonesia. 5(1), 15-28.
C. M. Rosa, L. D. Marks, A. B. LeBaron, E. J. Hill (2018) Multigenerational modelling of money management. (2), 54-74. https://doi.org/10.4148/1944-9771.1164
M. F. Sabri, C. G. Gudmunson, T. S. Griesdorn, L. R. Dean (2020) Influence of Family Financial Socialization on Academic Success in College. 31(2), 267-283.
L. R. Salazar, O. Solis (2025) Financial Socialization and Behavior of Young Adults: Objective and Subjective Financial Knowledge as Mediators.
J. Serido, V. Deenanath (2016) Financial parenting: Promoting financial self-reliance of young consumers. 291-300.
T. Schaefer, C. M. Fabian, T. Kopp (2020) The dynamics of online learning at the workplace: Peer-facilitated social learning and the application in practice. 51(4), 1406-1419.
S. Shim, B. L. Barber, N. A. Card, J. J. Xiao, J. Serido (2010) Financial socialization of first-year college students: the roles of parents, work, and education. 39(12), 1457-1470.
S. Shim, J. Serido, C. Tang, N. Card (2015) Socialization Processes and Pathways to Healthy Financial Development for Emerging Young Adults. 29-38.
M. Showkat, R. Nagina, M. A. Baba, A. T. Yahya (2025) The Impact of Financial Literacy on Women's Economic Empowerment: Exploring the Mediating Role of Digital Financial Services. 13(1), 2440444.
H. Singh, D. D. Chaturvedi, A. Jain (2018) Personal Finance Management Of Indian Working Professionals: An Empirical Study.
S. H. Sohn, S. H. Joo, J. E. Grable, S. Lee, M. Kim (2012) Adolescents' financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth. 969-980.
R. Supinah, M. Japang, H. Amin, M. A. C. Hwa (2016) The Role of Financial Socialization Agents on Young Adults' Financial Behaviours and Attitudes. 14.
C. K. Tiwari, S. Gopalkrishnan, D. Kaur, A. Pal (2020) Promoting Financial Literacy through Digital Platforms: A Systematic Review of Literature and Future Research Agenda. 7(2).
M. Valentina, P. Dobrinka, M. Mario (2018) Towards Defining Media Socialization as a Basis for Digital Society. 6(2), 21-32.
G. Van Campenhout (2015) Revaluing the role of parents as financial socialization agents in youth financial literacy programs. 49(1), 186-222. https://doi.org/10.1111/joca.12064
S. Ward (1974) Consumer socialization. 1, 1-14.
K. White, K. Watkins, M. McCoy, B. Muruthi, J. L. Byram (2021) How financial socialization messages relate to financial management, optimism and stress: Variations by race. 42, 237-250.
R. Yusof, K. Y. Yin, N. M. Norwani, N. L. Ahmad, Z. Ismail (2022) Investigating the role of digital learning in enhancing educational values: Online socialization and its effect on peer learning, collaborative skills and knowledge construction. 21(9), 441-459.
H. Zhao, L. Zhang (2020) Talking money at home: the value of family financial socialization. 38(7), 1617-1634.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Authors and Global Journals Private Limited
This work is licensed under a Creative Commons Attribution 4.0 International License.
