Financial Socialization and Personal Financial Management Behaviour of Women of Punjab: The Mediating Role of Digital Financial Literacy

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.