The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion

The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomen...

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Autores principales:	Siming Liu, Leifu Gao, Khalid Latif, Ayesha Anees Dar, Muhammad Zia-UR-Rehman, Sajjad Ahmad Baig
Formato:	article
Lenguaje:	EN
Publicado:	Frontiers Media S.A. 2021
Materias:	behavioral factors financial literacy financial inclusion individual households digital economy Psychology BF1-990
Acceso en línea:	https://doaj.org/article/7d72baae588f41fc93902ac89e0b8384
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spelling	oai:doaj.org-article:7d72baae588f41fc93902ac89e0b83842021-11-11T04:57:42ZThe Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion1664-107810.3389/fpsyg.2021.742118https://doaj.org/article/7d72baae588f41fc93902ac89e0b83842021-11-01T00:00:00Zhttps://www.frontiersin.org/articles/10.3389/fpsyg.2021.742118/fullhttps://doaj.org/toc/1664-1078The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomenon, including self-control, optimism, herding, and loss aversion with a perspective of the digital economy. To test the proposed hypothesis, the primary data collection method was used. A structured questionnaire was designed to collect data from 102 individual households through the convenience sampling technique. SmartPLS was used to analyze collected data. This study found the negative impact of self-control, optimism, and herding on financial inclusion. In contrast, loss aversion contributes to the uplift of financial inclusion in Pakistan. Similarly, financial literacy proved to have a decreasing effect on financial inclusion because of religious concerns. The moderation effect of financial literacy was also significantly positive except for loss aversion. The behavioral phenomenon proved to have a significant impact on financial inclusion. This research shows that individual households who do not use developed technological services and products from formal financial inclusion can overcome the behavioral biases that hinder them from making informed financial decisions. This research work will significantly help households use financial services to improve their standard of living and overall long-term financial well-being. This research is essential because many households are not using bank services and have low financial knowledge in Pakistan. The key contribution of this research study is that it found the relation between behavioral factors and financial inclusion. Financial literacy also has a moderating effect on their relations.Siming LiuLeifu GaoKhalid LatifAyesha Anees DarMuhammad Zia-UR-RehmanSajjad Ahmad BaigFrontiers Media S.A.articlebehavioral factorsfinancial literacyfinancial inclusionindividual householdsdigital economyPsychologyBF1-990ENFrontiers in Psychology, Vol 12 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	behavioral factors financial literacy financial inclusion individual households digital economy Psychology BF1-990
spellingShingle	behavioral factors financial literacy financial inclusion individual households digital economy Psychology BF1-990 Siming Liu Leifu Gao Khalid Latif Ayesha Anees Dar Muhammad Zia-UR-Rehman Sajjad Ahmad Baig The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
description	The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomenon, including self-control, optimism, herding, and loss aversion with a perspective of the digital economy. To test the proposed hypothesis, the primary data collection method was used. A structured questionnaire was designed to collect data from 102 individual households through the convenience sampling technique. SmartPLS was used to analyze collected data. This study found the negative impact of self-control, optimism, and herding on financial inclusion. In contrast, loss aversion contributes to the uplift of financial inclusion in Pakistan. Similarly, financial literacy proved to have a decreasing effect on financial inclusion because of religious concerns. The moderation effect of financial literacy was also significantly positive except for loss aversion. The behavioral phenomenon proved to have a significant impact on financial inclusion. This research shows that individual households who do not use developed technological services and products from formal financial inclusion can overcome the behavioral biases that hinder them from making informed financial decisions. This research work will significantly help households use financial services to improve their standard of living and overall long-term financial well-being. This research is essential because many households are not using bank services and have low financial knowledge in Pakistan. The key contribution of this research study is that it found the relation between behavioral factors and financial inclusion. Financial literacy also has a moderating effect on their relations.
format	article
author	Siming Liu Leifu Gao Khalid Latif Ayesha Anees Dar Muhammad Zia-UR-Rehman Sajjad Ahmad Baig
author_facet	Siming Liu Leifu Gao Khalid Latif Ayesha Anees Dar Muhammad Zia-UR-Rehman Sajjad Ahmad Baig
author_sort	Siming Liu
title	The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
title_short	The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
title_full	The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
title_fullStr	The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
title_full_unstemmed	The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion
title_sort	behavioral role of digital economy adaptation in sustainable financial literacy and financial inclusion
publisher	Frontiers Media S.A.
publishDate	2021
url	https://doaj.org/article/7d72baae588f41fc93902ac89e0b8384
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The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion

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