International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 8 Issue 4
July-August 2026

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Does Financial Literacy Influence Adoption of FinTech Services? A Study among Millennials in India

Author(s) Mr. Sagar Haresh Jethani
Country India
Abstract The rapid growth of financial technology (FinTech) has significantly transformed the delivery and usage of financial services, particularly among millennials. In India, this demographic represents a major segment of users engaging with digital financial platforms. However, the extent to which financial literacy influences their adoption behaviour remains an important area of investigation. This study aims to assess the level of financial literacy among millennials and examine its impact on the adoption of FinTech services. It further analyses the relationship between financial knowledge and the usage of digital financial tools such as Unified Payments Interface (UPI), mobile wallets, and online investment platforms.
The study adopts a quantitative research approach, using a structured questionnaire to collect primary data from 100 respondents. Statistical techniques including descriptive analysis, Pearson correlation, and simple linear regression are employed to evaluate the relationship between financial literacy and FinTech adoption.

The findings of the study indicate that financial literacy does not have a statistically significant impact on FinTech adoption among millennials. Although a weak positive relationship is observed, it is not strong enough to establish financial literacy as a key determinant of adoption behaviour. The results suggest that millennials are able to adopt and use FinTech services irrespective of their level of financial knowledge.

The study concludes that FinTech adoption is largely driven by factors such as ease of use, accessibility, and convenience rather than financial literacy alone. These findings provide important insights for policymakers, educators, and FinTech service providers aiming to promote inclusive and effective utilization of digital financial services.
Keywords Fintech Financial Literacy, FinTech Usage, Millennials, Digital Financial Services
Field Sociology > Banking / Finance
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-28
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E-ISSN 2582-2160
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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