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

Abstract

Purpose

The 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/approach

Primary survey-based data (n = 542) were analyzed using covariance based-structural equation modeling.

Findings

Media 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/value

The 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.

Citation

Godase, R., P, J. and Supriya, M.L. (2024), "Financial planning propensity in working adults: exploring the role of media", Managerial Finance, Vol. 50 No. 2, pp. 313-328. https://doi.org/10.1108/MF-04-2023-0253