International Journal For Multidisciplinary Research

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Volume 8 Issue 4
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The Impact of Financial Literacy on Financial Behaviour Among Millennials in South Gujarat: An Extended Theory of Planned Behaviour Approach

Author(s) Ms. Komal PankajKumar Shah, Dr. Milind H. Parekh
Country India
Abstract Financial literacy is gradually recognised as a multidimensional construct rather than a simple measure of financial knowledge, yet its digital and confidence-based dimensions remain under-integrated with behavioural theory. This study conceptualises and validates Financial Literacy as a higher-order construct comprising Digital Literacy, Financial Knowledge, and Financial Self-Efficacy, and examines its influence on an extended Theory of Planned Behaviour (TPB) model that incorporates Perceived Moral Obligation alongside the classical antecedents of Financial Attitude, Subjective Norms, and Perceived Financial Control. Data were collected through a structured questionnaire administered to 511 millennials across South Gujarat and analysed using Variance-Based Structural Equation Modelling (PLS-SEM) to validate the measurement model and test the hypothesised structural relationships. Financial Literacy loads strongly onto all three proposed dimensions and significantly influences all four TPB antecedents, most strongly Perceived Financial Control (β = 0.672).The study contributes a validated, digitally inclusive conceptualisation of Financial Literacy and an extended TPB model incorporating Perceived Moral Obligation, offering practical guidance for financial educators, fintech platforms, and policymakers seeking to strengthen millennials’ financial decision-making.
Keywords Financial Literacy, Digital Literacy, Financial Self-Efficacy, Financial Knowledge, Theory of Planned Behaviour, Perceived Moral Obligation, Financial Behaviour, Millennials, PLS-SEM
Field Sociology > Banking / Finance
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-11
DOI https://doi.org/10.36948/ijfmr.2026.v08i04.83462
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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