Impact of Digital Financial Literacy on Financial Well-Being among Working Women
DOI: https://doi.org/10.5281/zenodo.23590338
Dr. R. Shanmugam, Dr. Jenifer Lawrence, Dr Urvashi Ohri, Dr. Shakila. P, Dr Vidhya K
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Keywords:
Digital Financial Literacy; Financial Well-Being; Working Women; Financial Behaviour; Chennai
Abstract:
The rapid expansion of digital financial services has significantly transformed financial management practices by improving access to banking, digital payments, savings and investment opportunities. However, the effective utilisation of these services requires adequate digital financial literacy, particularly among working women who manage personal and household financial responsibilities. The present study aims to assess the level of digital financial literacy among working women and examine the influence of digital financial literacy dimensions on their financial well-being in Chennai City. The study adopts a quantitative research approach with a descriptive and explanatory research design. A sample of 200 working women from different occupational sectors is considered using purposive sampling. Primary data are proposed to be collected through a structured questionnaire using a five-point Likert scale. Descriptive statistics, Pearson correlation and multiple regression analysis are employed in an illustrative simulated dataset to examine the relationships between digital financial knowledge, digital financial skills, digital financial awareness, digital financial behaviour and financial well-being. The simulated results indicate positive and statistically significant relationships between all four dimensions of digital financial literacy and financial well-being. The regression model explains 37.8% of the variation in financial well-being, with digital financial behaviour emerging as the strongest predictor, followed by digital financial knowledge, digital financial skills and digital financial awareness. These illustrative findings suggest that responsible digital financial practices and adequate financial competencies may contribute to improved financial security, financial control and financial satisfaction among working women. The study highlights the importance of targeted digital financial literacy programmes for strengthening women's financial independence and financial well-being. Actual survey data are required to validate these findings.