Enhancing ¬nancial well-being by -ntech: Assessing mediator - moderator impacts

Purpose - This study explores the factors shaping the relationship between the intention to use and the actual using behavior of Fintech services in the context of economic fluctuation. The main aim is to shed light on the intricacies of this relationship and contribute valuable insights to the field. Design/Methodology/Approach - We selected SmartPLS 4.0 software to process the collected data and applied the Partial Least Squares Structural Equation Modeling (PLS-SEM) to assess hypotheses and relationships between potential variables. Findings - We found that the intention to use Fintech positively affects Using Fintech Behavior, which subsequently influences Financial Well-Being (FWB). Additionally, we also found the moderation effect of Financial Literacy (FL) and Resistance to Change (RC) on these relationships through Using Fintech Behavior (UFB), Financial Socialization (FS), and Intention to use Fintech (IT) impact FWB. Surprisingly, UFB does not function as a mediator in relationships involving FL, Financial Stress (FSt), and FWB. Practical implications - The findings’ results indicate that the Fintech service market in Vietnam is not yet diverse, not completely separated from communication services, and the habit of using cash still exists. In addition, despite having financial socialization, financial literacy, and intention to use Fintech, users are still not ready for innovation and the adoption of financial technology. This study suggests that Fintech service developers need to strengthen incentive policies and develop services towards geographic segmentation. Originality - The study could be considered one of the first studies in Vietnam to discuss how to enhance financial well-being at the individual level, especially in evaluating how using Fintech could affect financial well-being. It concludes that Financial Literacy and Financial Socialization are two noticeable factors that might impact Financial Well-being, and Using Fintech is a key to thriving Financial Well-being. Keywords Financial literacy, financial socialization, financial stress, financial well-being.