Enhancing life satisfaction through financial literacy and behavior: Insights from the Indian IT sector

Abstract

In the ever-evolving and complex global work environment, the pursuit of overall life satisfaction has emerged as a critical concern for employees. Drawing from Social Cognitive and Self-Efficacy Theory, this study aims to investigate the interplay of the influence of Financial Literacy (FL) and Financial Behavior (FB) on employees’ Satisfaction with Life (SWL), along with the mediating role of Financial Self-Efficacy (FSE) in context of Indian IT sector. A cross-sectional quantitative research approach has been adopted; data from 310 employees were collected through structured questionnaires and analyzed using PLS through SmartPLS4.0 software. The findings exhibit that financial literacy and financial behavior have positive impact on satisfaction with life, and financial self-efficacy partially and completely mediates the FL-SWL and FB-SWL relationship respectively highlighting the pivotal role of FL and FB via FSE in bolstering employees’ life satisfaction. Considering the mainstream literature on employees’ SWL, the study findings suggests that regulatory bodies should prioritize integrating financial literacy into education and workplace training along with policymakers ensuring equal access to financial services to foster a financially empowered and satisfied workforce.

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