The Nexus of Fintech Use and Well-Being

Abstract

Financial technology (Fintech) development has brought about seismic changes in how people access financial services and interact with their finances, impacting both economic and psychological aspects. The purpose of the current research is to explore the relationship between Fintech and well-being, the mediating effects of financial literacy and financial behavior, and the moderating effect of gender among Pakistani users. A sample of 281 respondents from Pakistan's largest cities, i.e., Lahore, Karachi, Islamabad, and Multan, was used to gather data. We used SmartPLS 4 to evaluate the data. The findings showed that Fintech use had a substantial influence on financial behavior and financial literacy, both of which lead to increased levels of mental, emotional, and financial well-being. The association between Fintech use and wellbeing is mediated by financial literacy and wellbeing. In a similar vein, gender had a substantial moderating influence. Our work adds to the body of knowledge on fintech and behavioral finance and has several ramifications for managers, legislators, and other stakeholders in developing economies