Financial Well-being among Generation Y: Exploring the Impact of Financial Awareness, Experience, Skills, and the Roles of Financial Capability and Self-Control.

This study investigates the relationship between financial well-being among Generation Y in Karachi, focusing on three key variables: financial awareness, experience, and skills. It aims to identify the mediating role of financial capability and the moderating influence of self-control in these relationships. The research is based on social learning and social cognitive theories. Data was collected through a nonprobability purposive sampling method. Information was gathered via online surveys using a 5-point Likert scale and analyzed with Partial Least Squares Structural Equation Modeling (PLS SEM). Results showed direct effects on financial awareness, financial socialization, and financial capacity. Additionally, positive but statistically insignificant links were observed between financial awareness, experience, skills, and financial capability. Similarly, “the mediating role of financial capability and the moderating effect of self-control on the relationship between financial capability and financial well-being were positive yet statistically insignificant." The study recommends improved financial education, personalized coaching, and a stronger culture of financial mentorship to boost financial well-being. Suggestions include incorporating financial wellness programs into workplaces and educational institutions, leveraging digital tools, sharing success stories, and encouraging collaboration among financial institutions, educational organizations, and employers. This research enhances understanding of financial well-being among Generation Y in Karachi, emphasizing the importance of targeted financial education and the benefits of a comprehensive approach involving various stakeholders. By acknowledging its limitations and advocating for future research on factors such as cultural influences and gender differences, the study enhances its originality and value.