Financial well-being of internal migrant labours: the role of financial socialisation, financial knowledge and financial behaviour
Abstract
Purpose
The primary purpose of the research is to examine the impact of financial socialisation (FS) on the financial well-being (FWB) of unskilled internal migrant labourers, particularly focusing on the intervening roles of financial knowledge (FK) and financial behaviour (FB).
Design/methodology/approach
Using a cross-sectional research design, primary data from 269 unskilled internal migrant labourers were collected, applying the purposive sampling method. Using the data, the direct and mediated effects are examined through a three-path mediation model with structural equation modelling (SEM).
Findings
Direct relationship analysis of FS on FWB exhibits an insignificant relationship, and FK also does not mediate the relationship; instead, FB acts as a potent mediator in both relationships.
Research limitations/implications
The study enriches existing literature as it contributes to understanding the FWB of internal migrant labour, highlighting the pivotal role of FS and FB. Further, it provides insights for policymakers to enhance FWB through targeted interventions and inclusive policies, promoting social inclusion, economic empowerment and inclusive development.
Originality/value
Despite the significant economic role of unskilled internal migrant labours, studies have not focused on their FWB. Hence, the study delves into their FWB through FS directly as well as indirectly using a three-path mediation model for achieving sustainable development.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2024-0044
Keywords
Acknowledgements
We extend our gratitude to the Editor-in-Chief of the journal, the anonymous reviewers for their valuable feedback, and the University Grants Commission (UGC), New Delhi, India for providing financial assistance in the form of a UGC- Junior Research Fellowship.
Citation
Gafoor, A., Amilan, S. and Patel, V. (2024), "Financial well-being of internal migrant labours: the role of financial socialisation, financial knowledge and financial behaviour", International Journal of Social Economics, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJSE-01-2024-0044
Publisher
:Emerald Publishing Limited
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