The Effect of Digital Financial Literacy on Personal Financial Management Behaviour of Women of Punjab: Exploring The Role of Digital Financial Socialisation as A Mediating Variable

Digital financial literacy empowers individuals in their personal financial management ‎decisions by improving their skill to control their finances by making use of digital ‎services such as mobile phones, internet, social media to make digital financial ‎decisions and protect themselves from emerging risks in buying and selling, misuse of ‎personal information, excess borrowing, fraud and scams. The current study aims to ‎analyse the effect of various dimensions of digital financial literacy, like digital financial ‎awareness, digital financial usage, and digital financial self-protection, on personal financial ‎management behaviour and to examine the effect of digital financial socialisation as a ‎mediating variable in this relationship. The study is descriptive in nature and used ‎women of Punjab as population for study. The data is collected from 385 working and non-‎working women of Punjab with the help of questionnaire. The analysis has been done with ‎the help of multiple regression analysis by using SPSS 25. The findings revealed that various ‎dimensions of digital financial literacy showed a positive and significant effect on personal ‎financial management behaviour, and digital financial socialisation significantly mediates this ‎relationship. The study creates novelty by exploring the role of digital media to financially ‎socialize women, which helps to develop new insights for policymakers to frame financial ‎policies as per the needs of women of Punjab to improve their digital financial literacy to ‎contribute towards financial inclusion.