From mobile FinTech utilization to future financial security: The mediating role of goal-oriented saving behaviour among emerging-adult mobile FinTech users in China

Abstract

Newly emerged mobile users of FinTech expect to use mobile tools for payments, transfers, and money management, but it is not clear whether such use contributes to their anticipated future financial security or is primarily to enable consumption. Based on Social Cognitive Theory, this study explores the relationship between financial self-efficacy, mobile FinTech usage, and expected future financial security via goal-oriented saving behaviour. A cross-sectional survey of 421 emerging-adult mobile FinTech users in China was analysed using PLS-SEM. Results indicate that financial self-efficacy is a positive predictor of goal-oriented saving behaviour and expected future financial security. Mobile FinTech utilization positively predicts goal-oriented saving behaviour, and its effect on expected future financial security is indirect via planned saving routines. Goal-oriented saving behaviour also positively predicts expected future financial security and mediates the effects of financial self-efficacy and mobile FinTech utilization. These findings contribute to Social Cognitive Theory by revealing that future financial security is contingent upon the interplay between personal capability, digital financial affordance, and enacted saving behaviour. The study indicates that mobile financial tools will be most effective at helping young users become more secure in the future if they are used to budget and save, as well as for convenient transactions, saving goals, and disciplined financial preparation.