Financial Literacy, Digital Literacy, Self-Efficacy, and Autonomy in Shaping Financial Well-being

Azra Ramizah; Rita Rahayu

Authors

Azra Ramizah Universitas Andalas https://orcid.org/0009-0007-0466-2844
Rita Rahayu UNIVERSITAS ANDALAS https://orcid.org/0000-0001-5377-8818

Keywords:

Financial Well-being, Financial Behaviour, Financial Literacy, Self-Efficacy , Financial Autonomy, Women, ODS

Abstract

This study examines the effects of financial literacy, digital financial literacy, self-efficacy, financial autonomy, and impulsivity on financial well-being among women in West Sumatra, with financial behaviour as the mediating variable. Using a quantitative cross-sectional design, data were collected through an online survey of 405 working-age women and analysed with Partial Least Squares Structural Equation Modelling (PLS-SEM). The results indicate that financial literacy, digital financial literacy, self-efficacy, and financial autonomy significantly and positively affect financial behaviour, whereas impulsivity does not. Financial behaviour, in turn, has a significant positive impact on financial well-being and mediates the effects of literacy, digital literacy, self-efficacy, and autonomy, but not impulsivity. This research integrates the constructs of capability and agency within a matrilineal Southeast Asian context, showing that self-efficacy and autonomy play stronger roles in shaping financial practices than knowledge-based factors. These findings suggest that financial education should be coupled with initiatives that build confidence, autonomy, and consistent financial discipline among women.

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