Influence of Financial Attitude, Financial Socialisation and Digital Financial Literacy on Personal Financial Management Behaviour of Women of Punjab

Women are important segment of society who actively take part in each and every activity from house core work to fulfilling their professional responsibilities. As the society transformed from traditional to modern women become more empowered and able to take their own financial decisions but Personal financial management behaviour is still low in women as compared to men. An attempt has been made in this paper to study the personal financial management behaviour of women of Punjab. The factors like financial attitude, financial socialization and digital financial literacy are studied to know their impact on personal financial management behaviour of women. The data is collected from 400 working and non-working women through purposive and snow ball sampling method from Punjab with the help of questionnaire. The analysis has been done with the help of SPSS 25 by using multiple regression technique. The findings revealed that financial attitude, financial socialization and digital financial literacy has positive and significant influence on personal financial management behaviour of women.


Introduction
Today the role and status of women in the society has been enormously changed due to many socioeconomic changes in the society like conversion of joint families into nuclear families, change in the level of standard of living, technological advancement etc. The women now become more educated, empowered as well as financially independent as they have started working and earn their own money. Despite of higher workforce of women they are still found inadequate financial knowledge (NCFE, 2014; Javalgi and Grossman, 2016; Kharas, H 2017). They are somehow dependent on their husband, father, elder brother/ sister, friends or social media to take any financial decision. The decision of women regarding financial matters depends upon their experience to deal finances, education, age, job status, emotions, family background and role in the family and sometime also depend upon life changes because of divorce, separation, death of a partner. Therefore, Personal Financial Management is very much essential for women to take any short term as well as long term financial decision. However, (Atkinson & Messy 2012; Chen and Volpe 1998; OECD 2013) revealed gender differences in personal financial management. The previous literature revealed that Personal Financial Management is generally lower in women than men (Lusardi and Scheresberg 2017;). The present study is conducted on the women living in Punjab. The female literacy in Punjab as shown by survey report of (www.esopb.govt.in 2011) is 82,7I,081 which is 70.7% as against male literates 1,04,36,056 which is about 80.4%. Therefore, Due to insufficient financial knowledge, they face more challenges than men and easily trapped in high interest rate debts, high-cost borrowing and even in digital frauds and scams. According to Altfest 2004, "Personal Financial Management Behaviour is defined as a process to assimilate all the components of financial interest like cash flow management, risk management, retirement planning, investment, tax planning and estate planning." It is a multi -dimensional indicator of behaviour concerning planning, implementation and evaluation of all aspects of money management. Proper planning, management and financial control are the indicators of healthy financial behaviour which can be seen from the financial attitude of a person to control and manage his credit, finances, savings and investment (Hilgert 2003). Personal Finance is the ability to take money management decisions by using skill and knowledge. "Financial Management is the process of achieving life goals through the intelligent management of personal finances." (Kapoor et al 2008). The purpose of the study is to know about the Personal Financial Management Behaviour of women of Punjab and also to study the impact of financial attitude, financial socialization and digital financial literacy on their personal financial management behaviour.

Literature Review 2.1 Financial Attitude
Attitude are general beliefs, feelings and opinions about people, objects and events. Financial Attitude is the psychological state of persons to measure and evaluate finances in order to take financial decisions (Pankow, D 2012). Financial attitude plays an important role in financial decisions by determining an individual's future behaviour in terms of financial management and financial budgeting. People having positive attitude towards short term gains save less and the people who want long term gains take more risk (Funfgeld & wang 2017) There are many studies contributing towards financial attitude. (Rai et al  2019), conducted a study on public and private organizations of Delhi by taking 394 working women and concluded that there is a strong association among financial attitude and personal financial behaviour as compared to financial knowledge. (Ratna Achuta and Saloni 2016), find that the women mostly preferred fixed deposits and insurance policies and they are segmented into four clusters on the basis of their attitude: unsure consumers, acquisitive, judicious and conservative and findings also revealed that families and internet play an important part in influencing financial decision of women among segments. (Sabri et al 2020) concluded that the people with positive attitude prepare budgets and plans to manage their expenditures. There are many other studies (Yahaya et al 2019; Yong et al 2018; Coskun et al 2020; Adiputra and Patricia, 2019; Siswanti et al 2020) which revealed that financial attitude has significant impact on personal financial management. H1: There is significant influence of financial attitude on personal financial management behaviour of women.

Financial Socialization
Financial Socialization is a process through which individuals learn to take financial decisions both theoretically as well as practically. According to (Danes 1994), "Financial Socialization is the process of developing values, attitude, standard, norms, knowledge and behaviour that contribute to financial viability and well-being of an individual." (Hayta 2008)  H2: There is significant influence of financial socialization on personal financial management behaviour of women. studied the impact of financial attitude on personal financial management behaviour and find the significant and positive impact of financial attitude and financial knowledge on personal financial management behaviour of university students. (Shim et al 2015) revealed that both formal and informal education helps to bring positive changes in financial attitude which in turn leads to positive change in behaviour of youngsters in managing their finances. (Farell et al 2016) examined the role of self-efficacy in Australian women's personal financial behaviour through psychometric instrument and concluded that women with higher self-efficacy and self-assuredness preferred saving and investment products as compared to debt related products. (Ameliawati and Setiyani 2018), conducted a study on 278 students of economics at Semarang university and find that financial attitude and financial socialization has a positive and significant impact on financial management behaviour through financial literacy. (Koskelainen et al 2023) explored that digital financial literacy effect financial literacy and financial capability and ultimately personal financial management and in order to improve digital financial literacy they suggest changes in financial literacy curriculum and public, private partnerships. H4: There is significant influence of financial attitude, financial socialization and digital financial literacy on personal financial management behaviour of women. Author's own From the above objectives and hypothesis conceptual framework for current study is developed. This framework clearly explained that financial attitude (X1), financial socialization (X2) and digital financial literacy (X3) are independent variables and personal financial management behaviour (Y) is dependent variable.

Research Methodology
The present study is descriptive in nature to have a better understanding of the impediments affecting the personal financial management behaviour of women of Punjab. The purpose of research is to study the influence of financial attitude, financial socialization and digital financial literacy on personal financial management behaviour of women of Punjab. For the purpose of study women are segmented into working and non-working. Here Working Women means the women who are working or employed somewhere like education sector, banking sector, corporate sector or self-employed etc and non-Working means the women who are not working anywhere like homemakers, Youtubers, bloggers etc. The age group ranges from 18 years & above. A survey of 400 women has been conducted out of 22 districts of Punjab, to achieve the objectives. The purposive sampling which is a non-probability technique has been used for the study. This study used primary data collected through questionnaire sent online to the respondents. The analysis has been done by using SPSS 25.

Data Analysis Techniques
The different statistical tools have been used to analyse the questionnaire data. Demographic analysis has been used to show the demographic characteristics of respondents. In order to describe the data of questionnaire descriptive analysis has been applied in the study. The Statistical Package for Social Sciences (SPSS 25) has run to implement different tools to analyse descriptive statistics and multiple regression analysis.

Questionnaire Design
For the purpose of study questionnaire is divided into five sections. First section was designed to know the Demographic profile of respondents. This section includes questions regarding age, marital status, income, locality, working profile and education of the respondents. Second section was designed to measure Financial Attitude covering dimensions like anxiety for financial decisions, attitude towards financial planning, propensity to save for long term and attitude towards risk and return. Total 20 questions (5 questions from each dimension) were asked from respondents on 5 -point Likert scale from strongly disagree to strongly agree and were adopted from the scale developed by (

Reliability Test
Reliability is a test of internal consistency. Cronbach's Alpha is a measure to check reliability of the instrument. The results of pilot study indicated validity and reliability of questionnaire. according to previous researchers Alpha value above 0.7 is considered to be good. On the basis of results of SPSS 25, Cronbach Alpha value obtained is 0.868 which shows the research instrument is reliable.

Results and Discussion
The results are represented in the form of tables, graphs of frequency and percentages. The following is the demographic profile of respondents: has income level less than ₹ 5 lakh and most of the women 78.3% are married and are working in education sector, banks and corporate sector and remaining 20.5% are non-working which includes homemakers, you-tubers, vloggers etc. mostly 75% women belong to urban areas as compared to only 25% from rural areas.

Valid N 400
Source: Author's own The descriptive statistics has been used to attain the wider picture of questionnaire data and helps to describe the data in more comprehensive way. The results shown from the table 3 concluded that the descriptive statistics was used to determine average response in terms of values of mean and the variability has been checked through standard deviation. Financial Attitude maximum score is 83 and minimum value is 64. The standard deviation has been shown as 4.59748 which shows the deviation from mean value which is 72.2975 which indicated that women are having very good financial attitude. Financial Socialization shows maximum value 62 and minimum value is 38. The standard deviation is 5.53354 and average 51.8025 which shows average women are financially socialised. Digital Financial Literacy of women shows that average women 52.2825 are digitally literate. They are aware of digital financial services and also use these services. Personal Financial Management Behaviour shows maximum value is 70.00 and minimum 45.00. The std deviation is 4.05564 and mean is 55.7300 which shows that average women's personal financial management is good.

Multiple Linear Regression Analysis
The preliminary analysis was performed to ensure that no issue of conditions of normality, linearity and multicollinearity before applying multiple regression analysis. Multiple Linear Regression Analysis was carried out by analysing Financial Attitude (X1), Financial Socialization(X2) and Digital Financial Literacy (X3) as independent variables and Personal Financial Management Behaviour (Y) as dependent variables.

Effect of Financial Attitude on Personal Financial Management Behaviour
Financial attitude regression coefficient (X1) showed a value of .098 with a significant value of .048 < 0.05, this means that financial attitude has a positive and significant effect on personal financial   29.809 with a significant value 0.000 < 0.05, the decision is rejected the null hypothesis and accepted the alternate hypothesis. It means financial attitude, financial socialization and digital financial literacy has simultaneous positive and significant influence on personal financial management behaviour. Therefore, hypothesis 4 is accepted

Conclusion
From the above discussion and results it is clear that all the four hypotheses will be accepted on the ground that financial attitude, financial socialization and digital financial literacy have positive and significant influence on personal financial management behaviour of women. The study provides important implications for policy makers to understand the financial attitude, financial socialization and digital financial literacy of women of Punjab as working and non-working women has their different financial attitude and socialization towards management of finances. Financial attitude of women depends upon the level of income & education, age differences, family type and their marital status and also on their financial planning, risk taking capacity, propensity to plan for long term and short term etc. working women who earn their own money plan their finances accordingly and they are ready to take risk up to some extent to earn return from investments and also plan for their retirement, tax planning, and insured themselves and their families against all types of risk whereas non-working women only think about savings. They are not ready to take any kind of risk, not much aware about tax planning, insurance plans and they are not worried about their retirement. Therefore, it is important to study financial attitude of working & non-working women. financial socialisation is also an important indicator in which family plays an important role to socialize each member of the family but there are other socialization agents also like financial education, friends, colleagues, social media and internet. Here it is important to understand which financial socialization agent effect the financial decision of women. Digital financial literacy also contribute towards personal financial management behaviour but there is a need to reframe financial literacy policies to cover digital financial literacy as digitalization bring new revolution of digital technologies and women especially non-working need to learn about different digital financial tools and to understand their safe use in order to protect themselves from all the digital financial frauds and scams and it will really impact the social status of women.

Novelty of Study
The research topic is very novel as earlier there is no comprehensive study on personal financial management behaviour of women in Punjab. Therefore, it will be helpful to create literature for future studies. The study will help the financial planners to better understand the attitude of women as financial decision maker. This will also help to develop personalised financial plans according to the demographic characteristics of women and help service providers to develop training modules according to the needs and investment requirements of women. The study will provide opportunities for enhancing gender equality in decision making and also help the government in making financial inclusion policies and arrange various training programs according to the need of women. The research will guide policy makers and researchers to understand the determinants of personal financial management behaviour of working and non-working women in Punjab.

Limitations and Future Research Agenda
The current research provides new insights for policy makers to improve personal financial management behaviour of women and enrich the previous literature but the study is not free from limitations. This study has been conducted by taking a sample from women of Punjab. Further studies can be done in other states by taking men and women as a sample of population. The sample taken is of 400 women only future study may consider a larger sample. Further financial attitude, financial socialization and digital financial literacy are studied as independent variables other variables can also be explored with more focus on studying role of social media & digital media in financial socialization and digital financial technology used in personal financial planning like Robo advisors, artificial intelligence including chatbots, gamification, fintech etc. Analysis of data has been done with the help of multiple regression other analytical tools like path analysis, SEM can be used for future research.