Abstract
This study intends to explore the effect of Financial Attitude, Financial Literacy, and Parental Financial Socialization on the prudent financial management practices, amid the youth of Pakistan with moderating effect of Financial Well-Being. The population consist over the youth of Pakistan for which the data was collected through an online questionnaire. The study adopted the quantitative approach for which the data from 450 respondents was collected. Subsequently, the data was analyzed with the help of Smart PLS. The results indicated that Parental Financial Socialization, Financial Attitude, and Financial Literacy have a significant and positive relationship with Prudent Financial Management Practices. However, Financial Well-Being does not have significant moderating effect with Parental Financial Socialization, Financial Literacy, and Financial Attitude. The results further highlighted serious concerns of the effectiveness of Financial WellBeing towards improving youth capabilities in managing their financial affairs in the market prudently. It shows that challenges faced by the youth in the country market to strengthen the financial well-being of an individual by guiding them thoroughly, enhance the effectiveness, and encompass the right elements pertains to financial well-being to ensure today’s young Pakistani ability to apply that in the real market place and have full financial freedom.
Syed Hamza Farooq, Syed Zulfiqar Ali Shah, Shahid Rasheed. (2021) Impact of Financial Attitude, Financial Literacy and Parental Financial Socialization on Prudent Financial Management Practices: A Moderating Effect of Financial Well-Being among the Youth of Pakistan, Abasyn Journal of Social Sciences, Volume 14, Issue 1.
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