Exploring gender differences in the impact of digital financial literacy on personal financial behavior: A PLS-MGA approach
0
Online Published:
15/01/2026
Section:
Finance, Banking, Accounting, and Auditing
Main Article Content
Abstract
This study examines the impact of digital financial literacy (DFL) on personal financial behavior (FB) in Vietnam’s rapidly evolving digital finance environment, with a specific focus on gender as a moderating factor. Data were collected from 329 urban adults through an online survey and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with bootstrapping and multi-group analysis. The findings reveal that DFL positively influences FB, with a significantly stronger effect observed among men. These results highlight the need for gender-sensitive financial education and fintech design to promote inclusive financial well-being.
Keywords
Digital financial literacy; financial behavior; gender; PLS-MGA; Vietnam
Article Details
Field of Economic (JEL Codes)
G41 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets - Behavioral Finance
References
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Nabavi, R. T., & Sadegh Bijandi, M. (2012). Bandura’s Social Learning Theory & Social Cognitive Learning Theory. https://www.researchgate.net/publication/267750204
OECD. (2016). OECD/INFE international survey of adult financial literacy competencies. https://www.oecd.org/en/publications/oecd-infe-international-survey-of-adult-financial-literacy-competencies_28b3a9c1-en.html
OECD. (2022). OECD/INFE survey instrument to measure digital financial literacy. https://www.oecd.org/en/publications/oecd-infe-survey-instrument-to-measure-digital-financial-literacy_548de821-en.html?utm_source=chatgpt.com
Perez-Falcon, N. (2017). Financial inclusion and financial literacy in Kuwait. Institute of Banking Studies Research.
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205
Rai, K., Sharma B A Associate, M., & Devi, R. (2019). A Study on Awareness about Digital Financial Services among Students. Proceedings of 10th International Conference on Digital Strategies for Organizational Success. Impact of Digital Financial Literacy, 600–607. https://ssrn.com/abstract=3308732
Stofkova, K. R., Laitkep, D., & Stofkova, Z. (2022). Shopping Behavior in the Context of the Digital Economy. Journal of Risk and Financial Management, 15(2). https://doi.org/10.3390/jrfm15020039
Venkatesh Robert Smith, V. H., & Morris, M. G. (2000). Why don’t men ever stop to ask for directions? Gender, social influence, and their role in technology acceptance and usage behavior. MIS Quarterly, 24(1), 115. https://ssrn.com/abstract=3681106
Wagner, J. (2019). The Effects of Financial Education on Short-term and Long-term Financial Behaviors. Journal of Consumer Affairs, 53(1), 234–259.
Zulaihati, S., Susanti, S., & Widyastuti, U. (2020). Teachers’ financial literacy: Does it impact on financial behaviour? Management Science Letters, 10(3), 653–658. https://doi.org/10.5267/j.msl.2019.9.014
Amalia, V., Ni, N., Sawitri, A., Wibowo, N. F., Program, S., Manajemen, F., Ekonomi, D., Bisnis, U., Bhayangkara, J., & Raya, I. (2023). The effect of financial literacy and financial self efficacy on decisions to use shopeepay digital payment services (In generation X in Kampung Delima, East Bekasi). Ekomonika, 12, 362–373.
Bucher-Koenen, T., A., R. J., L. A. , & Van Rooij, M. (2021). Fearless woman: Financial literacy and stock market participation. National Bureau of Economic Research., w28723. http://www.nber.org/papers/w28723
Choung, Y., Chatterjee, S., & Pak, T. Y. (2023). Digital financial literacy and financial well-being. Finance Research Letters, 58. https://doi.org/10.1016/j.frl.2023.104438
Demirguc-Kunt, A. , & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in use of financial services across and within countries. Brookings Papers on Economic Activity, 2013(1), 279–340. www.worldbank.org/global
Dewi, V. I., Febrian, E., Effendi, N., & Anwar, M. (2020). Financial literacy among the millennial generation: Relationships between knowledge, skills, attitude, and behavior. Australasian Accounting, Business and Finance Journal, 14(4), 24–37. https://doi.org/10.14453/aabfj.v14i4.3
Dogra, P., Kaushal, A., & Sharma, R. R. (2023). Antecedents of the Youngster’s Awareness About Financial Literacy: A Structure Equation Modelling Approach. Vision, 27(1), 48–62. https://doi.org/10.1177/0972262921996560
Eagly, A. H., & Wood, W. (1999). The origins of sex differences in human behavior. American Psychologist, 54(6), 408–423.
Fonseca, R., Mullen, K. J., Zamarro, G., & Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90–106. https://doi.org/10.1111/j.1745-6606.2011.01221.x
Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507–528. https://doi.org/10.1111/joca.12510
Kumar, P., Pillai, R., Kumar, N., & Tabash, M. I. (2023). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review, 23(1), 169–183. https://doi.org/10.1016/j.bir.2022.09.012
Lee, J. M., & Hanna, S. D. (2015). Savings Goals and Saving Behavior From a Perspective of Maslow’s Hierarchy of Needs. In Journal of Financial Counseling and Planning (Vol. 26, Issue 2). https://ssrn.com/abstract=2589964
Lee, S.-H. (2014). Digital Literacy Education for the Development of Digital Literacy. International Journal of Digital Literacy and Digital Competence, 5(3), 29–43. https://doi.org/10.4018/ijdldc.2014070103
Lo Prete, A. (2022). Digital and financial literacy as determinants of digital payments and personal finance. Economics Letters, 213. https://ssrn.com/abstract=3948927
Lusardi, A. , & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. American Economic Journal: Journal of Economic Literature, 52, 5–44. http://www.nber.org/papers/w18952
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: An overview. Journal of Pension Economics and Finance, 10(4), 497–508. https://doi.org/10.1017/S1474747211000448
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lyons, A. C., & Kass-Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. Financial Planning Review, 4(2). https://doi.org/10.1002/cfp2.1113
Malady, L., & Law, U. (2016). Consumer Protection Issues for Digital Financial Services in Emerging Markets. Banking and Finance Law Review, 31, 389–401.
Nabavi, R. T., & Sadegh Bijandi, M. (2012). Bandura’s Social Learning Theory & Social Cognitive Learning Theory. https://www.researchgate.net/publication/267750204
OECD. (2016). OECD/INFE international survey of adult financial literacy competencies. https://www.oecd.org/en/publications/oecd-infe-international-survey-of-adult-financial-literacy-competencies_28b3a9c1-en.html
OECD. (2022). OECD/INFE survey instrument to measure digital financial literacy. https://www.oecd.org/en/publications/oecd-infe-survey-instrument-to-measure-digital-financial-literacy_548de821-en.html?utm_source=chatgpt.com
Perez-Falcon, N. (2017). Financial inclusion and financial literacy in Kuwait. Institute of Banking Studies Research.
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205
Rai, K., Sharma B A Associate, M., & Devi, R. (2019). A Study on Awareness about Digital Financial Services among Students. Proceedings of 10th International Conference on Digital Strategies for Organizational Success. Impact of Digital Financial Literacy, 600–607. https://ssrn.com/abstract=3308732
Stofkova, K. R., Laitkep, D., & Stofkova, Z. (2022). Shopping Behavior in the Context of the Digital Economy. Journal of Risk and Financial Management, 15(2). https://doi.org/10.3390/jrfm15020039
Venkatesh Robert Smith, V. H., & Morris, M. G. (2000). Why don’t men ever stop to ask for directions? Gender, social influence, and their role in technology acceptance and usage behavior. MIS Quarterly, 24(1), 115. https://ssrn.com/abstract=3681106
Wagner, J. (2019). The Effects of Financial Education on Short-term and Long-term Financial Behaviors. Journal of Consumer Affairs, 53(1), 234–259.
Zulaihati, S., Susanti, S., & Widyastuti, U. (2020). Teachers’ financial literacy: Does it impact on financial behaviour? Management Science Letters, 10(3), 653–658. https://doi.org/10.5267/j.msl.2019.9.014
How to Cite
Nguyễn, T. N. L. (2026). Exploring gender differences in the impact of digital financial literacy on personal financial behavior: A PLS-MGA approach. Journal of Finance - Marketing Research, 4(2ene). https://doi.org/10.52932/jfmr.v4i2ene.1028