Author(s): Kalaa Chenji, Sode Raghavendra and Mustakhusen Mujawar
The aim of the present study is to explore the financial management behavior of Gen Y and Z women in the present business arena. Financial self-efficacy mediates the relationship between financial literacy and financial management behavior. Need for cognitive closure moderates the relationship between financial self-efficacy and financial management behavior. A total of 574 financially active Gen Y and Z women participated in the study. The purpose of the study is to understand if financial literacy and financial self-efficacy drive well-informed and responsible financial behavior. Possession of financial knowledge, skills, an evaluative judgment with high levels of financial confidence enable women make financial decisions that improve their integration into the formal financial system and improved wellbeing. The results contribute towards the limited empirical and theoretical evidence regarding the mediating role of financial self-efficacy and moderating role of need for cognitive closure in explaining financial behaviour of women.