Excessive use of social networking sites and financial well-being among working millennials : a parallel-serial mediation model

Long, She and Lan, Ma and Voon, Mung Ling and Agnes Lim, Siang Siew (2022) Excessive use of social networking sites and financial well-being among working millennials : a parallel-serial mediation model. International Journal of Bank Marketing, 41 (1). pp. 158-178. ISSN 0265-2323

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Abstract

Purpose This study aimed to investigate the mediating role of financial attitude and perceived behavioral control with financial behavior in the association between excessive use of social networking sites (SNSs) and financial well-being among working millennials. Design/methodology/approach A crossed-sectional survey was used to obtain data through a self-administered questionnaire. A total of 485 working millennials (M age = 32.28, years, SD age = 4.75) in Malaysia participated in the study based on a purposive sampling technique. Covariance-based structural equation modeling (CB-SEM) was used to evaluate the measurement model and the proposed serial mediation model. Findings The findings of this study revealed that excessive use of SNS is negatively associated with financial well-being. Also, the findings suggested that financial attitude and perceived behavioral with financial behavior serially mediated the negative relationship between excessive use of SNS and financial well-being, respectively. Practical implications Several implications were suggested and discussed to prevent the negative impact of excessive SNS use on financial well-being among young working adults. Policymakers and financial service providers (e.g. banks) can draw from the findings by constantly framing and delivering their messages to increase the young working adults' awareness of pitfalls of excessive use of innovative technologies on their financial attitudes and self-control over their behaviors and financial well-being. Originality/value This study entails some new insights on examining the impact of excessive use of SNS on working millennials' financial well-being as well as the underlying mechanisms behind this phenomenon

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