Financial planning propensity in working adults: exploring the role of media

Abstract

PurposeThe study aims to explore the role of media in enhancing financial knowledge, financial self-efficacy, and financial planning propensity among working adults in India.Design/methodology/approachPrimary survey-based data (n = 542) were analyzed using covariance based-structural equation modeling.FindingsMedia has a positive impact on financial knowledge. Financial knowledge positively mediates the relationship between media usage and financial self-efficacy and financial planning propensity. Also, financial knowledge and financial self-efficacy positively mediate the relationship between media usage and financial planning propensity.Originality/valueThe role of media as a significant agent of consumer socialization is an under-researched area. The authors contribute to the existing literature by demonstrating the role of media in improving financial knowledge and financial self-efficacy to promote financial planning propensity among working adults.