THE IMPACT OF DIGITAL FINANCIAL LITERACY ON PERSONAL SAVING BEHAVIOR AMONG GENERATION Z IN HO CHI MINH CITY: THE MEDIATING ROLE OF FINANCIAL DISCIPLINE
DOI:
https://doi.org/10.62985/j.huit_ojs.vol26.no3E.514Keywords:
Digital financial literacy, financial discipline, personal saving behavior, Generation Z.Abstract
The effect of digital financial literacy on personal saving behavior of Generation Z in HCMC is investigated, focusing on financial discipline as a mediator. Using behavioral finance and self-control theory, the research paper presents a theoretically grounded conceptual argument about the issue of transferring digital financial knowledge into saving behavior based on disciplined financial practices. The data from the survey were collected for 312 participants of Generation Z and analyzed using the partial least squares structural equation modeling (PLS-SEM). Based on empirical results, the findings indicate that digital financial literacy positively influences financial discipline and personal saving behavior, and financial discipline is a significant mediator between digital financial literacy and financial saving behavior. The structural model has good explanatory power, with 53.7% of the variance in financial discipline and 58.9% of the variance in personal saving behavior being explained. These results indicate that digital financial literacy cannot be used to promote the development of regular saving habits unless it is coupled with sufficient financial discipline. This study adds to the literature by explaining the behavioral process that makes digital financial literacy predictive of saving behavior and provides practical implications for the financial education and policy efforts to influence saving behavior in Generation Z in Ho Chi Minh City and other metropolitan situations in Vietnam.
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