Determinants of digital financial inclusion in enhancing financial well-being among poor households: Evidence from Malaysia

Lu Ming Pey; Zunarni Kosim; Yong Kang Cheah

doi:10.22146/gamaijb.116140

Determinants of digital financial inclusion in enhancing financial well-being among poor households: Evidence from Malaysia

Lu Ming Pey, Zunarni Kosim, Yong Kang Cheah

(Submitted 28 January 2026)

(Published 9 February 2026)

Abstract

This study examines the factors influencing financial well-being and investigates the mediating role of digital financial inclusion among households with incomes below the national poverty line in Malaysia. The study used Partial Least Squares Structural Equation Modelling (PLS-SEM) and Importance-Performance Map Analysis (IPMA) to estimate the results. This study collected 1,171 responses and found that digital literacy, digital financial service infrastructure, and financial service providers were determining factors of digital financial inclusion. Financial service providers and digital financial inclusion showed a significant relationship with financial well-being. Mediation analysis showed that digital literacy, digital financial service infrastructure, and financial service providers indirectly affected financial well-being through digital financial inclusion. The results of the IPMA showed that financial service providers and digital financial inclusion were the most important factors in achieving financial well-being. Furthermore, financial service providers were the key factor of digital financial inclusion in high-poverty states, while digital literacy was a key factor in moderate- and low-poverty states. The study offers insights for policymakers working towards an inclusive society and provides financial service providers with information to design services that meet the needs of poor households. This study also offers important implications for other developing countries in Southeast Asia that share similar socio-economic and digital challenges.

Keywords

Digital financial inclusion, poor households, financial well-being, Malaysia, SDG1: no poverty

Full Text: PDF

DOI: 10.22146/gamaijb.116140

References

Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403–427. https://doi.org/10.1016/J.JEBO.2017.07.027

AKPK. (2018). Financial behaviour and state of financial well-being of Malaysian working adults. AKPK Financial Behaviour Survey 2018 (AFBeS’18). https://www.akpk.org.my/sites/default/files/2024-06/AKPK_Financial-20Behaviour-20and-20State-20of.pdf

Al-Afeef, M. A., & Alsmadi, A. A. (2025). Digital empowerment: unraveling the impact of digital literacy on financial mastery. Discover Sustainability, 6(1), 311. https://doi.org/10.1007/s43621-025-01137-5

Alkhwaldi, A. F. (2024). Digital transformation in financial industry: antecedents of fintech adoption, financial literacy and quality of life. International Journal of Law and Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJLMA-11-2023-0249/FULL/PDF

Alliance for Financial Inclusion. (2021). DIGITAL FINANCIAL LITERACY GUIDELINE NOTE 2.

Alwahidin, N., Jufra, A., Mulu, B., & Sari, K. N. (2023). A NEW ECONOMIC PERSPECTIVE: UNDERSTANDING THE IMPACT OF DIGITAL FINANCIAL INCLUSION ON INDONESIAN HOUSEHOLDS CONSUMPTION. Bulletin of Monetary Economics and Banking, 26(2), 211–252. https://doi.org/10.59091/1410-8046.2070

Anderson, J. C., Kellogg, J. L., & Gerbing, D. W. (1988). Structural Equation Modeling in Practice: A Review and Recommended Two-Step Approach. Psychological Bulletin, 103(3), 411–423.

Atkinson, A., & Messy, F.-A. (2012). Measuring Financial Literacy. https://doi.org/10.1787/5k9csfs90fr4-en

Aziz, A., & Naima, U. (2021). Rethinking digital financial inclusion: Evidence from Bangladesh. Technology in Society, 64, 101509. https://doi.org/10.1016/J.TECHSOC.2020.101509

Bashir, I., & Qureshi, I. H. (2023). A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030. FIIB Business Review, 12(1), 31–48. https://doi.org/10.1177/23197145221106862

Behrman, J. R., Mitchell, O. S., Soo, C. K., & Bravo, D. (2012). How Financial Literacy Affects Household Wealth Accumulation. American Economic Review, 102(3), 300–304. https://doi.org/10.1257/aer.102.3.300

BNM. (2012). Introduction of Agent Banking. https://www.bnm.gov.my/-/introduction-of-agent-banking

BNM. (2022). Financial Sector Blueprint 2022-2026. https://www.bnm.gov.my/documents/20124/5915429/fsb3_en_book.pdf

BNM. (2023). Financial inclusion framework 2023-2026 Strategy Paper. BNM. https://www.bnm.gov.my/documents/20124/55792/SP-2nd-fin-incl-framework.pdf

BNM. (2024). Bank Negara Malaysia Annual Report 2024. https://www.bnm.gov.my/documents/20124/17493532/ar2024_en_box4.pdf

Bongomin, G. O. C., Akol Malinga, C., Manzi Amani, A., & Balinda, R. (2024). Recalibrating the scope of financial inclusion through financial technologies in the digital age: the role of digital literacy as a moderator in rural Uganda. Information Technology & People. https://doi.org/10.1108/ITP-09-2022-0732

Bongomin, G. O. N. J. M., Munene, J. C., & Malinga, C. A. (2018). Mobile Money and Financial Inclusion in Sub-Saharan Africa: the Moderating Role of Social Networks. Journal of African Business, 19(3), 361–384. https://doi.org/10.1080/15228916.2017.1416214

Bongomin, G. O. N. J. M., Munene, J. C., & Nkote Nabeta, I. (2016). Social capital: mediator of financial literacy and financial inclusion in rural Uganda. Review of International Business and Strategy, 26(2), 291–312. https://doi.org/10.1108/RIBS-06-2014-0072/FULL/PDF

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013

Bucher-Koenen, T., & Lusardi, A. (2011). Financial literacy and retirement planning in Germany. Journal of Pension Economics and Finance, 10(4), 565–584. https://doi.org/10.1017/S1474747211000485

Castro-González, S., Fernández-López, S., Rey-Ares, L., & Rodeiro-Pazos, D. (2020). The Influence of Attitude to Money on Individuals’ Financial Well-Being. Social Indicators Research, 148(3), 747–764. https://doi.org/10.1007/s11205-019-02219-4

CFPB. (2017). May 2017 CFPB Financial Well-Being Scale: Scale development technical report. https://www.consumerfinance.gov/data-research/research-reports/financial-well-being-technical-report/

CGAP. (2015). What is Digital Financial Inclusion and Why Does it Matter? https://www.cgap.org/blog/what-is-digital-financial-inclusion-and-why-does-it-matter

Chatterjee, D., Kumar, M., & Dayma, K. K. (2019). Income security, social comparisons and materialism. International Journal of Bank Marketing, 37(4), 1041–1061. https://doi.org/10.1108/IJBM-04-2018-0096

Cheah, J.-H., Thurasamy, R., Memon, M. A., Chuah, F., & Ting, H. (2020). Multigroup Analysis using SmartPLS: Step-by-Step Guidelines for Business Research. Asian Journal of Business Research, 10(3). https://doi.org/10.14707/ajbr.200087

Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319. https://doi.org/10.2307/249008

Deacon, R. E., & Firebaugh, F. M. (1988). Family resource management: principles and applications. 291. https://books.google.com/books/about/Family_Resource_Management.html?id=px9FAAAAYAAJ

Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. The European Journal of Finance, 28(1), 86–107. https://doi.org/10.1080/1351847X.2020.1772335

Demirguc-Kunt, A., Klapper, L., & Singer, D. (2017). Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence. Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence. https://doi.org/10.1596/1813-9450-8040

Dewi, V. I., Effendi, N., Ervani, E., & Sapulette, M. S. (2025). Do financial knowledge and e-Payment awareness affect saving and spending behavior?: The mediating role of financial risk tolerance. Gadjah Mada International Journal of Business, 27(2), 149-173.

DOSM. (2021). Household income estimates and incidence of poverty report, Malaysia, 2020. https://www.dosm.gov.my/portal-main/release-content/household-income-estimates-and-incidence-of-poverty-report-malaysia-2020

DOSM. (2023a). Highlights Income expenditure poverty inequality. www.dosm.gov.my

DOSM. (2023b). Malaysia Digital Economy 2023. https://statistics.gov.my/portal-main/release-content/malaysia-digital-economy-

DOSM. (2023c). Poverty in Malaysia 2022. https://www.dosm.gov.my/portal-main/release-content/poverty-in-malaysia-

DOSM. (2025). ICT Use And Access By Individuals and Households Survey Report, 2024. https://www.dosm.gov.my/site/downloadrelease?id=ict-use-and-access-by-individuals-and-households-survey-report-2024&lang=English&admin_view=

Dvorak, T., & Hanley, H. (2010). Financial literacy and the design of retirement plans. The Journal of Socio-Economics, 39(6), 645–652. https://doi.org/10.1016/J.SOCEC.2010.06.013

Ediagbonya, V., & Tioluwani, C. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100–119. https://doi.org/10.1108/TECHS-10-2021-0017/FULL/PDF

Faturohman, T., Megananda, T. B., & Ginting, H. (2024). Improving financial well-being in Indonesia: the role of social media as a mediating factor in financial behavior. Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2319374

FMT. (2022). Highest increases in poverty rates in Sabah, Sarawak, Kelantan, Kedah | FMT. https://www.freemalaysiatoday.com/category/nation/2022/06/16/highest-increases-in-poverty-rates-in-sabah-sarawak-kelantan-kedah/

Franke, G., & Sarstedt, M. (2019). Heuristics versus statistics in discriminant validity testing: a comparison of four procedures. Internet Research, 29(3), 430–447. https://doi.org/10.1108/INTR-12-2017-0515/FULL/PDF

Gardoni, P., & Murphy, C. (2020). Society-based design: promoting societal well-being by designing sustainable and resilient infrastructure. Sustainable and Resilient Infrastructure, 5(1–2), 4–19. https://doi.org/10.1080/23789689.2018.1448667

Geng, Z., & He, G. (2021). Digital financial inclusion and sustainable employment: Evidence from countries along the belt and road. Borsa Istanbul Review, 21(3), 307–316. https://doi.org/10.1016/j.bir.2021.04.004

Global Findex Questionnaire. (2017). Global Findex Questionnaire. www.worldbank.org/globalfindex

Gong, R., & Hollins-Kirk, M. (2022). Digital Banking and Financial Inclusion. https://www.krinstitute.org/assets/contentMS/img/template/editor/20220826%20Digital%20Banking%20Views%20pub.pdf

Gong, R., & Mohd Ghazali, A. N. (2023). The USP Fund: A tool to close Malaysia’s digital divide. https://www.krinstitute.org/assets/contentMS/img/template/editor/230330%20USP%20Fund%20v2.0.pdf

Grohmann, A., & Hamdan, J. (2024). The Effect of Self-Control and Financial Literacy on Impulsive Borrowing. https://doi.org/10.2139/ssrn.4724365

Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of Financial Inclusion Index for India. Procedia - Social and Behavioral Sciences, 37, 133–149. https://doi.org/10.1016/J.SBSPRO.2012.03.281

Gutter, M., & Copur, Z. (2011). Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/S10834-011-9255-2/TABLES/9

Hair, J., Black. W., Babin. B., Anderson. R., & Tatham. R. (2006). Multivariate Data Analysis, 6th Edition. In Pearson Prentice Hall, Upper Saddle River. Pearson Prentice Hall, Upper Saddle River. https://books.google.com.my/books/about/Multivariate_Data_Analysis.html?id=WESxQgAACAAJ&redir_esc=y

Hair, J. F. (2018). Advanced issues in partial least squares structural equation modeling. SAGE.

Hair, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, Siegfried. (2024). Advanced issues in partial least squares structural equation modeling. Sage.

Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202

Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203/FULL/PDF

Hair, J. F., Matthews, L. M., Matthews, R. L., & Sarstedt, M. (2017). PLS-SEM or CB-SEM: updated guidelines on which method to use. International Journal of Multivariate Data Analysis, 1(2), 107. https://doi.org/10.1504/IJMDA.2017.087624

Hair J. F., Ringle, C. M., & Sarstedt, M. (2013). Partial Least Squares Structural Equation Modeling: Rigorous Applications, Better Results and Higher Acceptance. Long Range Planning, 46(1–2), 1–12. https://doi.org/10.1016/j.lrp.2013.01.001

Henseler, J., Ringle, C. M., & Sarstedt, M. (2016). Testing measurement invariance of composites using partial least squares. International Marketing Review, 33(3), 405–431. https://doi.org/10.1108/IMR-09-2014-0304

Heriyati, P., Antonio, L., & Soliman, M. (2024). Managing Financial Life: Examining the Factors Impacting the Financial Literacy of Indonesian Students Studying Abroad. Journal of Indonesian Economy and Business, 39(2), 174-194.

Hu, L., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1–55. https://doi.org/10.1080/10705519909540118

Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/J.1745-6606.2010.01170.X

Ing, L. Y., & Markus, I. (2023). ASEAN Digital Community 2040.

Jack, W., & Suri, T. (2011). Mobile Money: The Economics of M-PESA (NBER Working Papers 16721,). https://doi.org/10.3386/W16721

Jamison, J. C., D. K. and J. Zinman. (2014). Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs. (NBER Working Paper Series, Working Paper 20135.).

Jiang, W., Hu, Y., & Cao, H. (2024). Does Digital Financial Inclusion Increase the Household Consumption? Evidence from China. Journal of the Knowledge Economy, 15(4), 17333–17364. https://doi.org/10.1007/s13132-024-01821-3

John Lau, P. H. (2025). Urban and Rural Communication Gaps. Sarawak Tribune. https://www.sarawaktribune.com/urban-and-rural-communication-gaps/

Kanehira, N., Mirandilla-Santos, M. G., Mitch Abdon, Frias, J. A. U., Abad, L. A. R., & Chandra, K. M. B. (2024). Reforming Broadband Infrastructure in the Philippines: A Policy Note.

Kass-Hanna, J., Lyons, A. C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51, 100846. https://doi.org/10.1016/J.EMEMAR.2021.100846

Ketu, I. (2023). Infrastructure Development and Subjective Well-being in Africa: Linkages and Pathways. Global Social Welfare. https://doi.org/10.1007/s40609-023-00322-6

Khan, F., Siddiqui, M. A., & Imtiaz, S. (2022). Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2034236

Khera, P., Ng, S., Ogawa, S., & Sahay, R. (2021). Is Digital Financial Inclusion Unlocking Growth? IMF Working Papers, 2021(167), 1. https://doi.org/10.5089/9781513584669.001

Klapper, L., Singer, D., Starita, L., & Norris, A. (2025). The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-2204-9

Kock, F., Berbekova, A., & Assaf, A. G. (2021). Understanding and managing the threat of common method bias: Detection, prevention and control. Tourism Management, 86, 104330. https://doi.org/10.1016/j.tourman.2021.104330

Kock, N., & Lynn, G. S. (2012). Lateral Collinearity and Misleading Results in Variance-Based SEM: An Illustration and Recommendations. Journal of the Association for Information Systems, 13(7), 2. https://doi.org/10.17705/1jais.00302

Kouladoum, J.-C., Wirajing, M. A. K., & Nchofoung, T. N. (2022). Digital technologies and financial inclusion in Sub-Saharan Africa. Telecommunications Policy, 46(9), 102387. https://doi.org/10.1016/j.telpol.2022.102387

Krejcie, R. V., & Morgan, D. W. (1970). Determining Sample Size for Research Activities. Educational and Psychological Measurement, 30(3), 607–610. https://doi.org/10.1177/001316447003000308

Kumar, J., Rani, V., Rani, G., & Sarker, T. (2023a). Determinants of the financial well-being of individuals in an emerging economy: an empirical study. International Journal of Bank Marketing, 41(4), 860–881. https://doi.org/10.1108/IJBM-10-2022-0475

Kumar, P., Pillai, R., Kumar, N., & Tabash, M. I. (2023b). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review, 23(1), 169–183. https://doi.org/10.1016/J.BIR.2022.09.012

Le, T. T. (2023). Corporate social responsibility and SMEs’ performance: mediating role of corporate image, corporate reputation and customer loyalty. International Journal of Emerging Markets, 18(10), 4565–4590. https://doi.org/10.1108/IJOEM-07-2021-1164/FULL/PDF

Lee, C. C., Lou, R., & Wang, F. (2023). Digital financial inclusion and poverty alleviation: Evidence from the sustainable development of China. Economic Analysis and Policy, 77, 418–434. https://doi.org/10.1016/J.EAP.2022.12.004

Lei, X., Shen, Y., & Yang, L. (2023). Digital financial inclusion and subjective well-being – Evidence from China health and retirement longitudinal study. China Economic Review, 81, 102013. https://doi.org/10.1016/j.chieco.2023.102013

Li, Y., & Peng, J. (2023). Digital financial inclusion and welfare: Effect, mechanism and imbalance. PLOS ONE, 18(12), e0278956. https://doi.org/10.1371/journal.pone.0278956

Lim, J. (2025). SDSN Launches New Dashboard Tracking SDG Progress Across Malaysian States.

Limbu, Y. B., & Sato, S. (2019). Credit card literacy and financial well-being of college students. International Journal of Bank Marketing, 37(4), 991–1003. https://doi.org/10.1108/IJBM-04-2018-0082

Liu, J., Chen, Y., Chen, X., & Chen, B. (2024). Digital financial inclusion and household financial vulnerability: An empirical analysis of rural and urban disparities in China. Heliyon, 10(15), e35540. https://doi.org/10.1016/j.heliyon.2024.e35540

Liu, Y., Luan, L., Wu, W., Zhang, Z., & Hsu, Y. (2021). Can digital financial inclusion promote China’s economic growth? International Review of Financial Analysis, 78, 101889. https://doi.org/10.1016/J.IRFA.2021.101889

Losada-Otalora, M., Valencia Garcés, C. A., Juliao-Rossi, J., Donado, P. M., & Ramírez F., E. (2020). Enhancing customer knowledge: the role of banks in financial well-being. Journal of Service Theory and Practice, 30(4/5), 459–582. https://doi.org/10.1108/JSTP-09-2017-0176

Lu, M.-P., Kosim, Z., & Abdul Rahman, N. A. (2024). Financial Well-being of Poor Households: Role of Digital Financial Inclusion. Jurnal Ekonomi Malaysia, 58(3). https://doi.org/10.17576/JEM-2024-5803-1

Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2015). Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2707618

Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5

Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness*. Journal of Pension Economics & Finance, 14(4), 332–368. https://doi.org/10.1017/S1474747215000232

Lyons, A. C., Grable. J. E., & Zeng. T. (2019). Impacts of Financial Literacy on the Loan Decisions of Financially Excluded Households in the People’s Republic of China (ADBI Working Paper 923; Issue 923). https://doi.org/10.22/JS/JQUERY.DATATABLES.MIN.JS

Lyons, A. C., & Kass-Hanna, J. (2021). Financial Inclusion, Financial Literacy and Economically Vulnerable Populations in the Middle East and North Africa. Emerging Markets Finance and Trade, 57(9), 2699–2738. https://doi.org/10.1080/1540496X.2019.1598370

Lyons, A. C., Kass-Hanna, J., Joseph, S., Greenlee, A. J., & Professor, A. (2020). Impacts of Financial and Digital Inclusion on Poverty in South Asia and Sub-Saharan Africa * Impacts of Financial and Digital Inclusion on Poverty in South Asia and Sub-Saharan Africa.

Mahdzan, N. S., Sabri, M. F., Husniyah, A. R., Magli, A. S., & Chowdhury, N. T. (2023). Digital financial services usage and subjective financial well-being: evidence from low-income households in Malaysia. International Journal of Bank Marketing, 41(2), 395–427. https://doi.org/10.1108/IJBM-06-2022-0226/FULL/PDF

Mahdzan, N. S., Sukor, M. E. A., Zainudin, R., Zainir, F., & Wan Ahmad, W. M. (2023). A comparison of financial well-being and its antecedents across different employment categories in Malaysia. Gadjah Mada International Journal of Business, 25(3), 255-277.

Mahdzan, N. S., Zainudin, R., Sukor, M. E. A., Zainir, F., & Wan Ahmad, W. M. (2019). Determinants of Subjective Financial Well-Being Across Three Different Household Income Groups in Malaysia. Social Indicators Research, 146(3), 699–726. https://doi.org/10.1007/S11205-019-02138-4/TABLES/9

Malladi, C. M., Soni, R. K., & Srinivasan, S. (2021). Digital financial inclusion: next frontiers—challenges and opportunities. CSI Transactions on ICT, 9(2), 127–134. https://doi.org/10.1007/s40012-021-00328-5

Matita, M. M., & Chauma, T. (2020). Does Financial Literacy Influence Use of Mobile Financial Services in Malawi? Evidence from Malawi Household Survey Data. Financial Economics.

MCMC. (2021). Hand phone users survey 2021 (HPUS 2021). https://www.mcmc.gov.my/skmmgovmy/media/General/pdf2/FULL-REPORT-HPUS-2021.pdf

Mimura, Y., Cai, Y., Tonyan, H., & Koonce, J. (2019). Resource Well-Being among Family Child Care Business Owners. Journal of Family and Economic Issues, 40(3), 408–422. https://doi.org/10.1007/S10834-019-09620-8

Ministry of Economy Malaysia. (2020). Pursuing Balanced Regional Development.

Mishra, D., Agarwal, N., Sharahiley, S., & Kandpal, V. (2024). Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India. Journal of Risk and Financial Management, 17(10), 468. https://doi.org/10.3390/jrfm17100468

Mohd Yusoff, Y., Halid, H., & Zulkifly, S. S. (2023). Closing the Socio-Economic Gap: The Role of Social Enterprises in Kedah. https://asbj.aiu.edu.my/main/article/view/4

Mujeri, M. K., & Azam. S. E. (2018). Role of Digital Financial Services in Promoting Inclusive Growth in Bangladesh: Challenges and Opportunities (Working Paper, (55)).

Mulili, B. M. (2022). Digital Financial Inclusion: M-PESA in Kenya (pp. 171–191). https://doi.org/10.1007/978-3-030-93499-6_8

Nitzl, C. (2016). The use of partial least squares structural equation modelling (PLS-SEM) in management accounting research: Directions for future theory development. Journal of Accounting Literature, 37(1), 19–35. https://doi.org/10.1016/j.acclit.2016.09.003

Nsiah, A. Y., Yusif, H., Tweneboah, G., Agyei, K., & Baidoo, S. T. (2021). The effect of financial inclusion on poverty reduction in Sub-Sahara Africa: Does threshold matter? Cogent Social Sciences, 7(1). https://doi.org/10.1080/23311886.2021.1903138

Obilor, E., & Isaac. (2023). Convenience and Purposive Sampling Techniques: Are they the Same? Nternational Journal of Innovative Social & Science Education Research, 11(1), 1–7.

OECD. (2016). Ensuring financial education and consumer protection for all in the digital age. https://www.gpfi.org/sites/default/files/documents/HIGHLIGHTS-G20-OECD-INFE-Report-Financial-education-and-consumer-protection-in-the-digital-age.pdf

OECD. (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy. https://web-archive.oecd.org/temp/2022-08-09/555847-launchoftheoecdinfeglobalfinancialliteracysurveyreport.htm

OECD. (2022). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022. https://www.oecd-ilibrary.org/finance-and-investment/oecd-infe-toolkit-for-measuring-financial-literacy-and-financial-inclusion-2022_cbc4114f-en

Ouma, S. A., Odongo, T. M., & Were, M. (2017). Mobile financial services and financial inclusion: Is it a boon for savings mobilization? Review of Development Finance, 7(1), 29–35. https://doi.org/10.1016/j.rdf.2017.01.001

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/J.BIR.2017.12.003

Ozili, P. K. (2020). Theories of Financial Inclusion. Uncertainty and Challenges in Contemporary Economic Behaviour, 89–115. https://doi.org/10.1108/978-1-80043-095-220201008/FULL/XML

Ozili, P. K. (2022a). Digital Financial Inclusion. In Big Data: A Game Changer for Insurance Industry (pp. 229–238). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80262-605-620221015

Ozili, P. K. (2022b). Financial inclusion and sustainable development: an empirical association. Journal of Money and Business, 2(2), 186–198. https://doi.org/10.1108/JMB-03-2022-0019

Peng, P., & Mao, H. (2023). The Effect of Digital Financial Inclusion on Relative Poverty Among Urban Households: A Case Study on China. Social Indicators Research, 165(2), 377–407. https://doi.org/10.1007/S11205-022-03019-Z/METRICS

Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of applied psychology, 88(5), 879.

Putnam, R. D. (2000). Bowling alone: The collapse and Revival of American community. Proceedings of the 2000 ACM Conference on Computer Supported Cooperative Work, 357. https://doi.org/10.1145/358916.361990

Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal 2021 7:1, 7(1), 1–18. https://doi.org/10.1186/S43093-021-00099-0

Ringle, C. M., & Sarstedt, M. (2016). Gain more insight from your PLS-SEM results the importance-performance map analysis. Industrial Management and Data Systems, 116(9), 1865–1886. https://doi.org/10.1108/IMDS-10-2015-0449/FULL/PDF

Sabri, M. F., Anthony, M., Wijekoon, R., Suhaimi, S. S. A., Abdul Rahim, H., Magli, A. S., & Isa, M. P. M. (2021). The Influence of Financial Knowledge, Financial Socialization, Financial Behaviour, and Financial Strain on Young Adults’ Financial Well-Being. International Journal of Academic Research in Business and Social Sciences, 11(12). https://doi.org/10.6007/IJARBSS/v11-i12/11799

Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., Rahim, H. A., Suhaimi, S. S. A., & Nazuri, N. S. (2025). Correction: An enigma of Malaysia’s low-income young adults: Mediation of financial behaviour on financial well-being and locus of control cohesion. PLOS ONE, 20(1), e0318382. https://doi.org/10.1371/journal.pone.0318382

Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/10.1016/J.JBUSRES.2024.114791

Salim, S., & Chung, H. (2022). Malaysia’s poverty rate increases most in Sabah, Sarawak, Kelantan, Kedah — Mustapa Mohamed. The Edge Malaysia.

Sarstedt, M., Hair, J. F., Nitzl, C., Ringle, C. M., & Howard, M. C. (2020). Beyond a tandem analysis of SEM and PROCESS: Use of PLS-SEM for mediation analyses! International Journal of Market Research, 62(3), 288–299. https://doi.org/10.1177/1470785320915686

Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the Path Toward Financial Well-Being: Evidence From India. Frontiers in Psychology, 12, 638408. https://doi.org/10.3389/FPSYG.2021.638408/BIBTEX

Selvia, G., Rahmayanti, D., Afandy, C., & Zoraya, I. (2021). The Effect of Financial Knowledge, Financial Behavior and Financial Inclusion on Financial Well-being. https://doi.org/10.4108/EAI.3-10-2020.2306600

Sen, A. (1999). Development As Freedom. Oxford: Oxford University Press.

Sharma, D. (2016). Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy. Journal of Financial Economic Policy, 8(1), 13–36. https://doi.org/10.1108/JFEP-01-2015-0004/FULL/PDF

Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/J.APPDEV.2009.02.003

Suhrab, M., Chen, P., & Ullah, A. (2024). Digital financial inclusion and income inequality nexus: Can technology innovation and infrastructure development help in achieving sustainable development goals? Technology in Society, 76, 102411. https://doi.org/10.1016/J.TECHSOC.2023.102411

Susilowati, A. P. E., Rachmawati, R., & Rijanta, R. (2024). Does the digital divide matter? Comparison between Java and the rest of Indonesia in developing smart villages. Human Geographies, 18(2), 1-14.

Tay, L.-Y., Tai, H.-T., & Tan, G.-S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766

Thathsarani, U., Wei, J., & Samaraweera, G. (2021). Financial inclusion’s role in economic growth and human capital in south asia: An econometric approach. Sustainability (Switzerland), 13(8), 4303. https://doi.org/10.3390/SU13084303/S1

The World Bank. (2014). Global Financial Development Report 2014: Financial Inclusion. https://documents1.worldbank.org/curated/en/225251468330270218/pdf/Global-financial-development-report-2014-financial-inclusion.pdf

The World Bank. (2018). Financial Inclusion. https://www.worldbank.org/en/topic/financialinclusion/overview#1

The World Bank. (2021). Beyond Unicorns: Harnessing digital technologies for inclusion in Indonesia. https://documents1.worldbank.org/curated/en/611531627051206860/pdf/Overview.pdf

Vaid, Y. K., Singh, V., & Sethi, M. (2020). Determinants of Successful Financial Inclusion in Low-Income Rural Population. Https://Doi.Org/10.1177/0019466220962057, 68(1), 82–100. https://doi.org/10.1177/0019466220962057

Van Dijk, J. A. G. M. (2017). Digital Divide: Impact of Access. In The International Encyclopedia of Media Effects (pp. 1–11). Wiley. https://doi.org/10.1002/9781118783764.wbieme0043

Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540

Wijekoon, R., Sabri, M. F., Ahmad, N., Husniyah, &, & Rahim, A. (2022). Mediating Role of Financial Behavior between Financial Factors and Economic Well-being: Through the Lens of the Extended Family Resource Management Model. International Journal of Academic Research in Business and Social Sciences, 12(10), 30–48. https://doi.org/10.6007/IJARBSS/v12-i10/15194

Woolcock, M. (2001). Microenterprise and social capital: The Journal of Socio-Economics, 30(2), 193–198. https://doi.org/10.1016/S1053-5357(00)00106-2

Yang, K. W. (2024). What Household Connectivity Gaps Mean for a Digital Future. Khazanah Research Institute. https://www.krinstitute.org/publications/what-household-connectivity-gaps-mean-for-a-digital-future

Zhou, L., & Wang, H. (2021). An Approach to Study the Poverty Reduction Effect of Digital Inclusive Finance from a Multidimensional Perspective Based on Clustering Algorithms. Scientific Programming, 2021(1), 4645596. https://doi.org/10.1155/2021/4645596

Refbacks

There are currently no refbacks.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.