Does Digital Financial Literacy Matter for Current and Future Saving Behavior among Rural SME Entrepreneurs? Government Regulations Awareness as a Moderator
Abstract
Digital financial literacy (DFL) is a game changer in a digital environment. This study examines the impact of DFL on saving behavior among rural small and medium enterprise (SME) entrepreneurs in a developing country. It also explores the effect of government regulations awareness on the association between current and future saving behavior. The study examined rural SME entrepreneurs in Uganda who engaged in financial transactions through mobile phones and retail financial agents. The study employed purposive and snowball sampling procedures to identify rural SME entrepreneurs. Data from 215 rural SMEs entrepreneurs was obtained and analyzed using structural equation modelling and Hayes PROCESS macro. The results indicated that knowledge of digital financial services and products, digital financial risks and control, and consumer rights and reporting procedures significantly impact SME entrepreneurs’ current saving behavior. The current saving behavior has a significant positive impact on future saving foresight. Government regulations awareness significantly impacts the indirect path of DFL on future saving foresight via current saving. This study provides insights for academicians, policymakers, owners of rural SMEs, policymakers, and financial institutions’ top and middle-level managers interested in improving the financial situation of rural SMEs in developing countries. The originality of this study is established in rural SMEs entrepreneurs' awareness of government regulations in a digital environment that moderates the association between current and future saving behavior with DFL as a primary construct.
References
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[3] Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2): 179-211. DOI: https://doi.org/10.1016/0749-5978(91)90020-T
[4] Aka, K. G., & Enagogo, C. A. (2024). Collaborations in innovation activities of rural SMEs: a configurational analysis. Journal of Small Business & Entrepreneurship, 36(3): 358-382. DOI: https://doi.org/10.1080/08276331.2021.2004072
[5] Amnas, M. B., Selvam, M., & Parayitam, S. (2024). FinTech and Financial Inclusion: Exploring the Mediating Role of Digital Financial Literacy and the Moderating Influence of Perceived Regulatory Support. Journal of Risk and Financial Management, 17(3): 108. DOI: https://doi.org/10.3390/jrfm17030108
[6] Andreou, P. C., & Anyfantaki, S. (2021). Financial literacy and its influence on internet banking behavior. European Management Journal, 39(5): 658-674. DOI: https://doi.org/10.1016/j.emj.2020.12.001
[7] Aryan, L., Alsharif, A., Alquqa, E., Ebbini, M., Alzboun, N., Alshurideh, M., & Al-Hawary, S. (2024). How digital financial literacy impacts financial behavior in Jordanian millennial generation. International Journal of Data and Network Science, 8(1): 117-124. DOI: http://dx.doi.org/10.5267/j.ijdns.2023.10.011
[8] Bednarik, Z., & Marshall, M. I. (2024). Personal relationships of rural small businesses with community banks in times of crisis. Journal of Small Business and Enterprise Development. Available at: http://creativecommons.org/licences/by/4.0/legalcode
[9] Bongomin, G. O. C., & Ntayi, J. M. (2020). Mobile money adoption and usage and financial inclusion: mediating effect of digital consumer protection. Digital Policy, Regulation and Governance, 22(3): 157-176. DOI: https://doi.org/10.1108/DPRG-01-2019-0005
[10] Bongomin, G. O. C., Munene, J. C., Ntayi, J. M., & Malinga, C. A. (2017). Financial literacy in emerging economies: Do all components matter for financial inclusion of poor households in rural Uganda?. Managerial Finance. DOI: https://doi.org/10.1108/MF-04-2017-0117
[11] Daragmeh, A., Lentner, C., & Sági, J. (2021). FinTech payments in the era of COVID-19: Factors influencing behavioral intentions of “Generation X” in Hungary to use mobile payment. Journal of Behavioral and Experimental Finance, 32, 100574. DOI: https://doi.org/10.1016/j.jbef.2021.100574
[12] Deng, W., Zhang, Z., & Guo, B. (2024). Firm-level carbon risk awareness and Green transformation: A research on the motivation and consequences from government regulation and regional development perspective. International Review of Financial Analysis, 91, 103026. DOI: 10.1016/j.irfa.2023.103026
[13] Feng, X., Lu, B., Song, X., & Ma, S. (2019). Financial literacy and household finances: A Bayesian two-part latent variable modeling approach. Journal of Empirical Finance, 51: 119-137. DOI:https://doi.org/10.1016/j.jempfin.2019.02.002
[14] Ferilli, G. B., Palmieri, E., Miani, S., & Stefanelli, V. (2024). The impact of FinTech innovation on digital financial literacy in Europe: Insights from the banking industry. Research in International Business and Finance, 69, 102218. DOI: https://doi.org/10.1016/j.ribaf.2024.102218
[15] Frimpong, S. E., Agyapong, G., & Agyapong, D. (2022). Financial literacy, access to digital finance and performance of SMEs: Evidence From Central region of Ghana. Cogent Economics & Finance, 10(1), 2121356. DOI: https://doi.org/10.1080/23322039.2022.2121356
[16] Gilenko, E., & Chernova, A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, 127, 106122. DOI: https://doi.org/10.1016/j.childyouth.2021.106122
[17] Guarte, J. M., & Barrios, E. B. (2006). Estimation under purposive sampling. Communications in Statistics-Simulation and Computation, 35(2): 277-284. DOI: https://doi.org/10.1080/03610910600591610
[18] Hair Jr, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of business research, 109. DOI: 10.1016/j.jbusres.2019.11.069
[19] Hair Jr, J. F., et al. (2021). An introduction to structural equation modeling. Partial least squares structural equation modeling (PLS-SEM) using R: a workbook, 1-29. Available at: https://link.springer.com/chapter/10.1007/978-3-030-80519-7_1
[20] Hasan, R., Ashfaq, M., Parveen, T., & Gunardi, A. (2022). Financial inclusion–does digital financial literacy matter for women entrepreneurs? International Journal of Social Economics. DOI:https://doi.org/10.1108/IJSE-04-2022-0277
[21] Hasan, R., Ashfaq, M., Parveen, T., & Gunardi, A. (2023). Financial inclusion–does digital financial literacy matter for women entrepreneurs?. International Journal of Social Economics, 50(8): 1085-1104. DOI:https://doi.org/10.1108/IJSE-04-2022-0277
[22] Hayes, A.F., 2013. Methodology in the Social Sciences. Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach Available at: https://onlinelibrary.wiley.com/doi/10.1111/jedm.12050
[23] He, H., Luo, W., Gong, Y., Berson, I. R., & Berson, M. J. (2024). Digital financial literacy of young Chinese children in Shanghai: A mixed method study. Early Education and Development, 35(1): 57-76. DOI:https://doi.org/10.1080/10409289.2023.2208011
[24] Koomson, I., Ansong, D., Okumu, M., & Achulo, S. (2022). Effect of financial literacy on poverty reduction across Kenya, Tanzania, and Uganda. Global Social Welfare, 1-11. Available at: https://link.springer.com/article/10.1007/s40609-022-00259-2
[25] Kurnia Rahayu, S., Budiarti, I., Waluya Firdaus, D., & Onegina, V. (2023). Digitalization and informal MSME: Digital financial inclusion for MSME development in the formal economy. Journal of Eastern European and Central Asian Research, 10(1). Available at: https://ieeca.org/journal/index.php/JEECAR/article/view/1056
[26] Liew, T. P., Lim, P. W., & Liu, Y. C. (2020). Digital Financial Literacy: A case study of farmers from rural areas in Sarawak. International Journal of Education and Pedagogy, 2(4): 245-251. Available at: https://myjms.mohe.gov.my/index.php/ijeap/article/view/11612
[27] Lindner, T., Puck, J., & Verbeke, A. (2020). Misconceptions about multicollinearity in international business research: Identification, consequences, and remedies. Journal of International Business Studies, 51: 283-298. Available at: https://link.springer.com/article/10.1057/s41267-019-00257-1
[28] Meng, L., Liu, K., He, J., Han, C., & Liu, P. (2022). Carbon emission reduction behavior strategies in the shipping industry under government regulation: A tripartite evolutionary game analysis. Journal of Cleaner Production, 378: 1–18. DOI: http://dx.doi.org/10.1016/j.jclepro.2022.134556
[29] Mensah, I. K., & Khan, M. K. (2024). Unified Theory of Acceptance and Use of Technology (UTAUT) Model: Factors Influencing Mobile Banking Services’ Adoption in China. SAGE Open, 14(1). DOI:10.1177/21582440241234230
[30] Moenjak, T., A. Kongprajya, and C. Monchaitrakul. (2020). “Fintech, Financial Literacy, and Consumer Saving and Borrowing: The Case of Thailand.” ADBI Working Paper Series No. 1100. Available at: https://www.econstor.eu/handle/10419/238457
[31] Morgan, P. J., and L. Q. Trinh. (2019). “Fintech and Financial Literacy in the Lao PDR.” DBI Working Paper No. 933. Tokyo: Asian Development Bank. DOI: https://dx.doi.org/10.2139/ssrn.3398235
[32] Mpofu, F. Y., & Mhlanga, D. (2022). Digital financial inclusion, digital financial services tax and financial inclusion in the fourth industrial revolution era in Africa. Economies, 10(8), 184. DOI:https://doi.org/10.3390/economies10080184
[33] Normawati, R., Rahayu, S., & Worokinasih, S. (2021). Financial Knowledge, Digital Financial Knowledge, Financial Attitude, Financial Behavior and Financial Satisfaction on Millennials. Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education.
[34] Noy, C. (2008). Sampling knowledge: The hermeneutics of snowball sampling in qualitative research. International Journal of social research methodology, 11(4): 327-344. DOI:https://doi.org/10.1080/13645570701401305
[35] Ozili, P. K. (2018). “Impact of Digital Finance on Financial Inclusion and Stability.” Borsa Istanbul Review, 18 (4): 329–340. DOI: https://doi.org/10.1016/j.bir.2017.12.003
[36] Panos, G. A., & Wilson, J. O. S. (2020). Financial literacy and responsible finance in the FinTech era: capabilities and challenges. The European Journal of Finance, 26(4-5): 297–301 DOI:10.1080/1351847X.2020.1717569
[37] Podsakoff, P. M., MacKenzie, S. B., & Podsakoff, N. P. (2012). Sources of method bias in social science research and recommendations on how to control it. Annual review of psychology, 63: 539-569. DOI:https://doi.org/10.1146/annurev-psych-120710-100452
[38] Sabel, K., Kallmuenzer, A., & Von Friedrichs, Y. (2024). Exploring the impact of family and organisational values on competence diversity reluctance in rural family SMEs. International Journal of Entrepreneurial Behavior & Research, 30(6): 1425-1447. DOI: https://doi.org/10.1108/IJEBR-07-2023-0682
[39] Setiawan, M., Effendi, N., Santoso, T., Dewi, V. I., & Sapulette, M. S. (2022). Digital Financial Literacy, Current Behavior of saving and spending and its future foresight. Economics of Innovation and New Technology, 31(4): 320-338. DOI: https://doi.org/10.1080/10438599.2020.1799142
[40] Thathsarani, U. S., & Jianguo, W. (2022). Do Digital Finance and the Technology Acceptance Model Strengthen Financial Inclusion and SME Performance? Information, 13(8). DOI:10.3390/info13080390
[41] Tomasi, M. (2020). Perspective of Financial Literacy on Agribusiness Performance in Uganda; A Close Look at Farmers’ Attitude and Social Media Platforms. DOI: https://doi.org/10.36348/sjbms.2020.v05i01.010
[42] Tomasi, M., & Ilankadhir, M. (2024a). Mobile Banking Adoption: A Closer Look at the Role of Online Convenience Dimensions. Int. Journal of Business Science and Applied Management, 19(1).
[43] Tomasi, M., & Ilankadhir, M. (2024b). Determinants of Digital Insurance Adoption among Micro-Entrepreneurs in Uganda. Financial Engineering, 2: 104-115. DOI: https://doi.org/10.37394/232032.2024.2.9
[44] Udimal, T. B., Jincai, Z., & Gumah, I. A. (2019). Dynamics in rural entrepreneurship–the role of knowledge acquisition, entrepreneurial orientation, and emotional intelligence in network reliance and performance relationship. Asia Pacific Journal of Innovation and Entrepreneurship, 13(2): 247-262. Available at: https://www.semanticscholar.org/reader/8bc11e101c7ed2805b8fb82cc7f4b167ece2b21f
[45] Widyastuti, U., Respati, D. K., Dewi, V. I., & Soma, A. M. (2024). The nexus of digital financial inclusion, digital financial literacy and demographic factors: lesson from Indonesia. Cogent Business & Management, 11(1), 2322778. DOI: https://doi.org/10.1080/23311975.2024.2322778
[46] Xie, C., & Liu, C. (2022). The nexus between digital finance and high-quality development of SMEs: evidence from China. Sustainability, 14(12), 7410. DOI: https://doi.org/10.3390/su14127410
[47] Yao, L., & Yang, X. (2022). Can digital finance boost SME innovation by easing financing constraints? Evidence from Chinese GEM-listed companies. PLoS One, 17(3), e0264647. DOI:https://doi.org/10.1371/journal.pone.0264647
[48] Zhu, W., Chen, J., Liang, X., Li, D., & Chen, K. (2024). Government regulations, benefit perceptions, and safe production behaviors of family farms - a survey based on Jiangxi Province, China. Journal of Cleaner Production, 141824. DOI: https://doi.org/10.1016/j.jclepro.2024.141824
[49] Zou, J., & Deng, X. (2019). Financial literacy, housing value and household financial market participation: Evidence from urban China. China Economic Review, 55: 52-66. DOI:https://doi.org/10.1016/j.chieco.2019.03.008
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Published
2024-12-30
How to Cite
MUTYA, Tomasi; M., Ilankadhir.
Does Digital Financial Literacy Matter for Current and Future Saving Behavior among Rural SME Entrepreneurs? Government Regulations Awareness as a Moderator.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 4, p. 939 - 951, dec. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8685>. Date accessed: 06 jan. 2025.
doi: https://doi.org/10.14505/tpref.v15.4(32).12.
Section
Articles
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