The role of digital financial literacy in driving sustainable retirement planning

The current study investigates the impact of Digital Financial Literacy (DFL) on Sustainable Retirement Planning (SRP), a critical yet underexplored domain in personal finance. It specifically examines the mediating roles of Digital Saving Behaviour (DSB) and Digital Investment Behaviour (DIB) in the relationship between DFL and SRP, and considers age, gender, education, and income as potential moderators of select paths in the model. Data were collected through a standardised questionnaire administered to 500 salaried employees across various industries, with constructs measured using validated, multidimensional scales. Structural Equation Modeling (SEM) via SmartPLS 4.0 was employed to test the hypothesised model, while SPSS 26.0 was used for parametric analyses of group differences and moderation effects. Results indicate a strong direct effect of DFL on SRP, with DSB and DIB significantly mediating this relationship, illustrating how digital financial competencies translate into sustainable retirement behaviour. Demographic variables moderated specific paths, highlighting the importance of designing tailored financial literacy interventions. The model demonstrated adequate explanatory power (R2 = 0.64) and satisfactory fit indices (SRMR = 0.058; NFI = 0.91). By introducing SRP as a novel construct within a digital financial behaviour framework, this study contributes to the emerging literature on digital finance and long-term financial security, offering actionable insights for policymakers, educators, and digital service providers.