ORIGINAL ARTICLE

Impact of Knowledge of Financial Inclusion and Digital

Finance on the Behavioral Intention of University Students.
Sadaf Shahzadi1, Kausar Abbas2

A B S T R A C T
Author’s Affiliation: Purpose - The research aims to investigate how university students intend
1Ph.D. scholar to behave in terms of digital finance and financial inclusion and how these
Department of Business Administration, things impact their usage behavior of financial services.
Faculty of Management and Study Design/Methodology/Approach - The research design is
Administrative Sciences,
University of Sialkot, Pakistan
quantitative, involving a sample of 250 Pakistani university students
2Assistant Professor surveyed with structured questionnaires. The aim is to assess students'
Department of Business Administration views on digital finance and financial inclusion. Data were analyzed using
Faculty of Management and SPSS to compute descriptive statistics, check instrument reliability, and
Administrative Sciences
explore correlations between students' behavioral intentions, digital
University of Sialkot, Pakistan
finance, and financial inclusion.
Findings - The results show that the student's behavioural intentions
towards digital finance and financial inclusion, and these services, are
Article History:
positively and strongly related. This means that when students are more
Submitted: January 14, 2024
involved and knowledgeable concerning digital money, they will have a
Revised: March 22, 2024
Accepted: March 27, 2024 relatively more positive behaviour formation toward using these services.
Published online: March 30, 2024 Practical Implications- The findings of this research are important in
incorporating financial literacy programs into the curriculum of various
Corresponding author(s): schools, colleges, and lawmakers. By doing this, they could be able to
increase the degree of interaction between students and financial services,
Sadaf Shahzadi
[email protected] hence encouraging most students to use digital banking and be more
financially included.
Originality/Novelty- This research contributes to the existing literature by
providing much-needed primary data on the behavioral intentions of
students at Pakistani universities toward digital finance and financial
inclusion. It also underscores the fact that literacy in financial matters is
important in developing young people's attitudes and participation in
financial services.

K e y w o r d s : Financial Inclusion, Digital Finance, Behavioral Intention,

Financial Literacy, Financial Services Engagement

1 | INTRODUCTION
It is the fulcrum on which any nation can leverage to attain prosperity by engendering social equity and
sustainable development. Financial inclusion has become an important concept, rising in prominence among
a fringe of academics, policymakers, and regulators in emerging markets. Furthermore, the extension of
financial systems and services offers easy entry for new investors into society. The primary aim of financial

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inclusion is to promote an effective flow of finance and expand the financial network within the country’s
borders.
Financial inclusion is a crucial tool for raising living standards and promoting economic growth
generally, particularly for those residing in developing nations like Pakistan where access to the formal
financial system is still a barrier (John Coker Ayimah, 2024).
In Pakistan, much like its peers in the developing world, there is an ongoing struggle to bring every
citizen into the fold of financial services with adequate understanding. This study delves into how university
students in Pakistan perceive and intend to engage with financial literacy (Pandey, 2022).
Another study by Fakhr (2021) emphasized the importance of well-functioning financial systems. These
systems are very helpful for individuals who want to invest, as they provide financial products like investment
options, payment services, credit, and risk management according to their needs. Such systems enable even
the poor to access suitable financial services. However, some people lack effective saving habits and do not
engage in long-term or short-term financial planning. Limited engagement in financial forecasting and
planning of income and expenses poses significant risks for individuals when making economic decisions
(Larracilla-Salazar, 2019).
Financial inclusion serves as a cornerstone in the battle against poverty and for economic empowerment.
It ensures that affordable financial services are within reach of everyone, regardless of their income level or
location (Peng, 2023). In Pakistan, although strides have been made towards enhancing financial access, many
people still do not participate in the banking system and miss out on crucial financial literacy. Financial
inclusion is essential for both reducing poverty and promoting economic development. It talks about how
everyone can get cheap financial services, no matter where they live or what their financial circumstances are.
Despite efforts to promote financial inclusion, a sizable portion of Pakistan's population is unbanked and lacks
even the most basic, knowledge.
Improving financial inclusion can provide college students with the tools they need to manage their
money and grow up to be responsible adults. Interventions can be created to empower and encourage
individuals in their financial journeys by identifying the elements that influence their behavioural intentions.
A greater range of financial services, such as online and mobile banking, are made feasible by the accessibility
of digital technology (Myriam, 2024). Moreover, with the current rapid digitization, digital financial services
have matured to become the most innovative tools for improving financial inclusions. They provide immense
access to banking, making and receiving payments, and facilitate other financial transactions that were
previously unimaginable, especially in areas with poor physical infrastructure. Despite this fact, limited
literature still exists regarding the factors that influence behavioral intentions toward digital banking. The
intentions may hence be driven by attitudes and methods developed by people about conducting financial
transactions, which may be changed through the usage of digital financial services.
The issues of behavioral intentions are so important and embedded deep within the human mind in
dictating how individuals handle money. One has to understand the intentions of the people towards money,
attitude, views, motivations, and beliefs, to know why people, choose formal financial institutions or vice
versa. This understanding is more important in university students and how they are being impacted by
financial inclusion, especially with the rise of digital finance. (Chung, 2021).
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The study is aimed at finding out how efforts towards financial inclusion can affect the financial
behaviour of students regarding the importance of social connections and digital banking. University students
hail from very different economic backgrounds and have different financial needs, likely to enormously benefit
from such inclusive approaches.
Digital finance is, therefore, very important in facilitating access to financial services among the rural
population. Mobile banking is very handy when banking services are not available. The convenience and
widespread availability of digital options make them highly preferred by individuals for conducting financial
transactions throughout the country (Hasan et al., 2020). As digital consumer behavior evolves across diverse
age groups, the demand for innovative financial business models that align with the ever-changing
consumption habits in the digital financial realm becomes evident. This necessitates a deeper understanding
of consumers' inherent behavioral traits and the attitudes influencing their embrace of digital banking and
finance (Diana Kangwa, 2021). In this context, the study delves into the conceptual framework of digital
financial inclusion, which serves as the societal arena fostering the socio-economic empowerment of
Generation Z.
The present study underscores the noteworthy impact of Fintech in augmenting women's financial
inclusion. Nevertheless, more recent studies on technology and financial inclusion (Gosh, 2022)reveal that
women are 12% less likely than men to open financial accounts using a mobile phone. Despite these
developments, the paucity of research on women's Fintech adoption still leaves a gap in our knowledge,
especially in light of the COVID-19 epidemic. According to earlier research, having access to Fintech is linked
to prudent saving practices. However, the impact of the COVID-19 pandemic on these saving practices is not
well-documented (Setiawan, 2023) This disparity highlights the necessity for further thorough study to
completely comprehend how Fintech affects women's financial practices both during and after the epidemic.
This research aims to address a contextual gap by exploring University students' behavioral intentions towards
financial inclusion and their perceptions of digital financial services, particularly regarding the adoption of
digital finance services. These services are crucial for the financial development of any country, as raising
awareness of financial inclusion among the younger generation, especially university students, is essential
(Siddiqui, 2019). By familiarizing students with digital financial services and encouraging their utilization in
various business ventures, opportunities for reducing unemployment rates and enhancing the overall
performance of the country could be increased.

2 | LITERATURE REVIEW
Financial inclusion refers to the accessibility of financial and non-financial services for all economic and
non-economic stakeholders. According to Kaligis (2018), the idea of financial inclusion involves connecting
the financial or budgetary aspects of marginalized societies in specific locations. The basic purpose of financial
inclusion is to reduce wealth and welfare disparity, thereby promoting community wealth and welfare
(Ploypailin, 2022).
DF offers a multitude of benefits to its customers, the government, and associated sectors. It offers
customers a large selection of products at competitive prices with superior quality prices (Kurniasaria, 2021).
Businesses may cut expenses, increase clarity, and create standardized workflows by digitizing financial tasks.
 28

It also suggests that fewer staff will be needed to finish the job. It may also increase our level of competition.
The world economy is presently changing due to the COVID-19 pandemic, and this affects Sri Lanka's
financial system as well. The time is now for small businesses and the general people to start using digital
technology (Thathsarani, 2022). FI seeks to guarantee that all societal groups have access to and usage of
financial services and products inside the formal financial system, enabling them to benefit from development
and take part in economic progress. Furthermore, FI facilitates the attainment of Sustainable Despite efforts
to improve FI worldwide, developing regions consistently differ from one another On the other hand, DF could
improve FI by permitting financial transactions through mobile devices, expanding the availability of capital
for both individuals and businesses, and simplifying the process of obtaining social protection (Chiang, 2023).
The relationship between digital financial inclusion and sustainable economic growth has gained
significant attention in studies since the notion of digital financial inclusion was introduced. The intersections
between inclusive finance digital finance and digital financial inclusion provide insightful information for
future research on this subject. The integration of digital financial inclusion within the wider context of
inclusive finance is examined from the standpoint of inclusive finance. It looks at how marginalized
communities can access financial services through digital tools and platforms, encouraging economic fairness
and participation.
This point of view is centered on how digital finance may improve financial inclusion. It looks into how
innovations in financial services technology, such as blockchain, online payment methods, and mobile
banking, help to improve the efficiency and accessibility of financial services.
Financially excluded groups can receive a wider range of financial services through new channels provided
by (Al-Smadi, 2023) However, there are other risks associated with DF, including those related to
cybersecurity, privacy, and contracts that arise from a financial institution's dealings with outside parties.
Therefore, it is essential to provide proper technology infrastructure, regulatory legislation, and stringent
procedures to protect users. Additionally, it is imperative to create services that are appropriate for users who
are new to these services.
Familiarity with financial inclusion can significantly influence how consumers evaluate financial
products or services, shaping their cognitive processes. Consumers with ample knowledge about FI tend to
grasp product features more effectively. An empirical examination within low-income households was
conducted to explore the interplay of knowledge, attitudes, and credit utilization (Liu, 2018). The findings
indicated that well-educated consumers exhibited greater interest and intentions in seeking credit, whereas
families with limited income demonstrated lower financial knowledge and intentions. Notably, China's rural
population tends to have a relatively modest educational background.
According to (Durai, 2019) digital finance strengthens the bond between investors and inclusive finance.
This study was conducted in Kenya. All debit and credit cards, online and mobile banking, wallet apps, and
internet banking are included in digital finance. Opportunities are created and financial services and products
are made easily available through the widespread use of inclusive finance. ATMs make it easy for consumers
to access their money with the help of contemporary technology. Digital Remote makes it easy to make any
kind of online payment by using digital apps.
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Within the framework of this literature review, financial services for college students include banking
facilities, savings, credit, and insurance. Accordingly, the benefits of financial inclusion are strongly correlated
with students' ability to engage in the economy, be financially literate, and make wise financial decisions
(Pazarbasioglu et al., 2020). In evaluating their knowledge of financial services, their awareness of available
information, and their favorable views on using financial products, they also refer to it. Student's behavioural
intents include their attitude, desire, and propensity to carry out or engage in specific financial behaviour when
it comes to buying financial goods and services. This implies that the environment and an individual's
characteristics both influence the intentions behind these decisions.
According to Hasan (2021), providing banking services to people can lead to wide and effective
contributions to the financial system, ultimately enhancing societal development. Digital finance is viewed as
a promising avenue for enabling more inclusive finance on a global scale, primarily because digital channels
successfully reduce the costs of providing finance (Shofawati, 2021). With nearly half of the population in
developing countries now using mobile phones, digital finance has the potential to promote greater financial
inclusion, extend the reach of financial services into non-financial sectors, and offer basic services to
consumers (Ozili, 2020).

H1: There is a positive relationship between knowledge of financial inclusion and students' intention
towards financial inclusion.

Students' level of financial inclusion is expected to predict a greater willingness to participate in and
commit to the missions of financial inclusion. The high number of college students in the US facing challenges
when starting a business during university can often be attributed to accumulated debts. Additionally, some
students with lower grade points may accumulate higher student loans. Dalziel (2020) explores factors that
contribute to students' proficiency in finance before entering college.
Digital finance strengthens the relationship between investors and inclusive finance, as explored by Durai
(2019) in their study conducted in Kenya. Digital finance encompasses various tools such as debit cards, credit
cards, internet banking, mobile banking, and wallet apps. Inclusive finance is instrumental in creating
opportunities and facilitating easy access to financial services and products (Hassan, 2020). Modern
technologies like ATMs provide convenient access to funds, while digital apps enable remote and online
payments, making financial transactions more efficient and accessible.
Recent work by Klapper et al. (2019) demonstrates that digital financial services (DFS) have the potential
to transform informal business entities into formal ones, thereby aiding governmental tax collection efforts
through enhanced enforcement of regulations. With comprehensive records stored in databases, evasion
becomes virtually impossible, leading to increased tax revenues (Banna, 2020).

H2: There is a positive relationship between digital finance and university students' intention towards
financial inclusion.
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It was observed that students fulfilled their information needs by utilizing both print and electronic
resources. Interestingly, while electronic resources were preferred for certain activities, such as quick
reference or browsing, students tended to rely on printouts for in-depth reading and note-taking. This suggests
that while electronic resources are convenient, the traditional print medium remains significant for deeper
engagement with the material and note-making purposes.
The potential of digital diffidence and e-leadership in any country largely depends on factors such as the
level of education, digital literacy, and the accessibility of digital devices to the population. Consequently,
digital skills have become inclusive and fundamental requirements in modern educational programs, aimed at
preparing students for life in the contemporary world. In line with educational processes in the Western part
of the globe, there is already evidence of a push for digital skills reevaluation in response to societal challenges.
Psychological factors play a crucial role in determining an individual's thoughts and behavior, as highlighted
by Statman (2019). He emphasized that an individual's mood can significantly influence their attitudes and
actions. This idea was supported by Phan & Zhou (2014), who suggested that while psychological elements
exist, individuals may not be fully aware of them.
In the realm of financial decision-making, Bhushan (2014) referenced a study conducted on the buying
behavior of salaried individuals to financial instruments. The study revealed that most participants preferred
investing in traditional and low-risk financial instruments.
The study model illustrates the relationship between knowledge, attitude, and behavior in the context of
financial decisions. Existing literature indicates a connection between financial knowledge, attitude, and
behavior, prompting this study to investigate the correlation between the financial knowledge of survey
respondents and their financial attitude and behavior.
The main obstacles to obtaining formal financial services, according to numerous research, are poverty
and a lack of knowledge about financial services. Effective financial resource management requires having a
solid understanding of fundamental financial concepts, which is known as financial literacy. The development
of the abilities required for financial efficiency is aided by financial literacy. People might have the
"opportunity to act" as well as the "ability to act" when they possess the appropriate combination of financial
knowledge and abilities. Investigating the connection between financial literacy, achieving financial inclusion
(FI), and sustainable growth is crucial. Many financial initiatives and policy changes have been put into place
in India to improve financial inclusion and promote
In a related study, Khan et al. (2021) conducted a survey involving medical students from various
Pakistani medical colleges to examine their attitudes toward research and engagement in research activities.
Despite expressing concerns about certain barriers affecting their research performance, the students exhibited
a positive attitude toward research. Using a variety of research techniques and a range of findings to enhance
the study, the research endeavors to offer a thorough grasp of the consequences and advantages of digital
financial inclusion by examining it from these three angles.
Previous research has examined how China's poverty is affected by digital financial inclusion.
Researchers discovered that fintech, especially in low-income provinces, considerably reduces poverty.
According to Liu et al., (2021), indirect financing and industry upgrading act as mediating mechanisms,
 31

enabling digital financial inclusion to play a part in reducing poverty. Regarding the impact of digital financial
inclusion on reducing poverty through indirect and geographical processes, there is a significant study gap.
2.1 | Hypotheses and Conceptual Model
In the light of existing literature, a conceptual framework structure is proposed to hypothesize the
connection between the variables. The purpose of this study is to compile research goals and hypotheses that
investigate how financial inclusion and digital finance influence students' behaviour. The study examines how
two specific variables influence or change the relationship between behavioural goals and financial inclusion.
The following model illustrates the relationship between Knowledge of Financial Inclusion (KFI), Digital
Finance (DF), and students' behavioral intention towards financial inclusion.

Figure 1
Conceptual Framework

Knowledge of
Financial
Inclusion H1

Student’s intention
towards financial
inclusion

H2
Digital
Finance

3 | METHODOLOGY & DESIGN

3.1 | Data Collection

Surveys and questionnaires were employed to collect data on variables including knowledge of financial
inclusion, students' intention towards financial inclusion, and usage of digital finance. The questionnaire
comprised two primary sections: the first section gathered general information about the respondents, while
the second section included indicators related to the five constructs outlined in the proposed model. To assess
the participants' financial education competence, a survey was conducted among 317 higher education students
in October 2023. The survey, consisting of 317 questionnaires, was intricately crafted, with its format
organized into two distinct sections. However, responses were received from only 250 respondents.
3.2 | Data Analysis Tools
In this study, SPSS software was employed for the analysis of the collected data. Descriptive statistics
were conducted to understand the characteristics of the sample, while correlation analysis was performed to
examine the bivariate relationships between variables. Additionally, hierarchical regression analysis was
 32

utilized to test the main effect of financial inclusion and digital finance on students' intention toward financial
inclusion, controlling for relevant demographic variables.
3.3 | Conceptual Model
The conceptual model illustrates the interplay between the independent variable (knowledge of financial
inclusion, Digital Finance) and the dependent variable (behavioral intention of students). The model posits
that the impact of knowledge of financial inclusion on students' behavioral intention is direct. This conceptual
framework provides a comprehensive understanding of the dynamics involved in shaping students' financial
behaviors in the context of financial inclusion.
3.4 | Research Instrument
A larger sample size is necessary to assess the impact of KFI on Pakistan's younger generation of
university students, as other scholars have demonstrated. Data can be gathered using a variety of methods and
instruments, including surveys, experiments, tests, and interviews. However, the questionnaire remains a
dependable and tried-and-true technique of data collection. Every variable is covered by multiple choice
questions on the questionnaire used to collect data for the current investigation. To ascertain whether the
students' gender, age, experience, and educational attainment could affect the validity of the results,
information on them is supplied.

4 | RESULTS and ANALYSIS

4.1 | Demographic Characteristics of the Respondents
The demographic characteristics provided a comprehensive overview of the diversity within the
respondent population, encompassing gender, age, income, and educational backgrounds. Such information is
valuable for understanding the composition of the sample and its implications for research, policy-making,
and targeted interventions.

Figure 1
Distribution of Respondents according to Gender

180
160
140
120
Frequency

100
80
60
40
20
0
Male Female
Gender
The gender distribution of a sample population of 250 people is shown by the data. Among the
respondents, 157 identified as male, accounting for approximately 62.8% of the total sample size. In contrast,
 33

93 individuals identified as female, making up about 37.2% of the sample. This breakdown illustrates a
majority of males within the surveyed population, constituting nearly two-thirds of the total, while females
represent just over one-third. Such data is useful for comprehending the demographic makeup of the group
being studied and can help with a variety of studies and decision-making procedures where gender dynamics
are a factor.
4.2 | Alpha Reliability Test for the Questionnaires: Variables Consistency

Table 1
Reliability test for the scales within the questionnaire

Alpha Standard
Scales Items Mean
Reliability Deviation
Knowledge of Financial inclusion (KFI) 07 .952 23.97 7.666
Behavioral Intention towards Financial 07 .843 24.30 7.82
Inclusion (BITFI)
Digital Finance (DF) 07 .841 26.17 7.006

The Alpha reliability test is used to assess the internal consistency or reliability of different scales in a
questionnaire by measuring the extent to which the items within it are correlated with each other. It is used to
ensure that the questionnaire items are measuring the same underlying construct consistently. A high alpha
value (typically above 0.7) indicated strong internal consistency, suggesting that the questionnaire items are
reliable measures of the scales. The table below shows the reliability test results for various scales in the
questionnaire. Each scale has a specific number of items, and the table includes the Alpha coefficient, which
measures the reliability of each scale.
This means that the Knowledge of Financial Inclusion (KFI) scale, which consists of 7 items, has a high
Alpha coefficient of .952. This indicates strong internal consistency among the items in the KFI scale,
suggesting that they reliably measure the same underlying concept.
Other scales, such as BITFI and DF, also demonstrate very high internal consistency, with Alpha coefficients
ranging from .821 to .925.
These results suggest that the scale items are reliable measures of their respective factors. Concomitantly,
the table contains the average score—mean—and dispersion of responses—standard deviation—for every
scale. These values give us an idea of how homogeneous or heterogeneous the responses of participants in
every scale were.
Understanding the reliability test results is important because it tells whether the questionnaire measures
obtained are valid and consistent. This will turn around to help in improving the quality of our research
findings.

4.3 | Descriptive statistics for scales

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Std.
N Min Max Mean Skewness Kurtosis
Deviation
Std. Std.
Stat Stat
Error Error
Knowledge of Financial inclusion
250 8 35 23.97 7.666 -.432 .103 -.802 .206
(KFI)
Behavioral Intention towards
250 7 35 24.30 7.852 -.512 .103 -.544 .206
Financial Inclusion (BITFI)
Digital Finance (DF) 250 7 35 26.17 7.006 -.975 .103 .522 .206
Valid N 250

In a study involving 250 people, we measured various aspects of financial inclusion. Here are the key
findings: Knowledge of Financial Inclusion (KFI): The participants' understanding of financial inclusion
ranged from 08 to 35, with an average score of about 23.97. This indicates that some individuals had less
knowledge while others had more, with an overall level of understanding. Behavioral Intention towards
Financial Inclusion (BITFI): The participants' inclination toward being financially included ranged from 07 to
35, with an average score of about 24.30. This score reflects how willing or motivated individuals were to
adopt financial
Another aspect, Perception towards Risk Digital Finance (DF) scores varied between 07 and 35, with an
average of around 26.17, indicating how much people embraced digital financial services, representing how
connected people felt to financial services. In summary, these scores give insight into people's knowledge,
attitudes, and perceptions regarding financial inclusion, digital finance, and their relationship with financial
services.

Table 2
Correlation among the scales within the questionnaire

KFI BITFI DF
Knowledge of Financial Inclusion (KFI) .947 .981** .956**
Behavioral Intention towards Financial Inclusion (BITFI) .981** 1 .969**
Digital Finance (DF) .956** .969** 1
Sig. (2-tailed) .000 .000 .000
N 250 250 250
**. Correlation is significant at the 0.01 level (2-tailed).

When it comes to Financial Inclusion, it's closely linked to the independent variable, BITFI (r = 0.981),
DF (r = 0.956), and KFI (r = 0.956). Digital Finance (DF) shows strong positive connections with independent
variables. The correlation matrix gives a detailed look at how different aspects of financial inclusion are
related. Each variable has a strong positive correlation with the others, showing robust interconnections.
Knowledge of Financial Inclusion (KFI) is especially tied to all other variables, particularly Behavioral
 35

Intention towards Financial Inclusion (BITFI) (r = 0.981). This suggests that a better grasp of financial
inclusion goes hand in hand with a greater readiness to take part in related activities.
This trend is a big deal across the board, showing that knowledge plays a major part in helping people feel
good about being included in the financial world.
Digital Finance (DF) also has strong connections with all the other stuff we looked at, meaning people
who are really into digital finance and feel like they belong in the financial system tend to have more positive
attitudes, intentions, and opinions about being included.
Overall, the fact that all these things are so closely linked tells us that there's no one simple way to make
sure everyone feels included in the financial world. It means we have to do a lot of very different things at the
same time, so everyone feels like they genuinely belong. This will require getting a sense of how people react
to various parts of the financial system and giving equal access to information and resources that are about
making everyone feel confident and comfortable.
The research will, therefore, present a theoretical model that explains the various aspects of behavioral
intentions regarding the aspects of financial inclusion amongst Pakistani university students, as well as an
analytical breakdown of the research objectives in the paper. In this regard, the study is informed by state-of-
the-art statistical techniques and tools that help identify the empirical possibilities characterizing the
relationship between financial inclusion, digital finance, and behavioural views.
The findings of this study present a new conceptual framework through which the nexus of DF and FI is
understood, thus motivating scholars and researchers to conduct more research in the field. The findings of
the study enhance awareness or rather deepen the understanding amongst central bank governors and digital
financial services providers about the effect of DF on FI.
The implications of such a novel approach might, upon further reflection, be very profound for the field
of behavioral finance. These findings are opportunely released at a time when interest in this area is surging
from both experts and practitioners. This study is likely to give necessary insights into the current debate in
behavioral finance by answering how financial inclusion and digital finance affect people's financial
behaviors.

5 | DISCUSSION
Results of our study underline the leading role of digital finance at the very forefront, and in fact,
enlighten researchers with new insights into human behavior in the current digital world. The model underlines
the understanding of financial inclusion and digital finance as factors, thereby giving new perspectives on
modern behavioral patterns.
The present research introduces a functional model of inclusive finance that is focused on changing the
present understanding and attitudes toward financial inclusion. The extensive data analyzed has drawn
valuable insights to how university students perceive the concept of financial inclusion. The present study also
attempts to introduce an approach that reshapes the attitudes and intentions of university students coming from
different parts of Pakistan regarding financial inclusion.
 36

The relation between the behavioural goals of Pakistani university students about financial inclusion and their
level regarding the same. Facilitating Pakistani university students should integrate financial management into
their lives(Kangwa et al., 2021).
It is necessary to be aware of how FI and BI connect with FI to place a better base for policies and
educational initiatives. It refers to attitudes about the readiness and willingness of students to involve
themselves in financial activities: saving, investing, and generally maintaining official financial services.
Questions for research on financial inclusion and behavioral intentions can be viewed from several
perspectives. First and foremost, it overcomes the main problem associated with financial exclusion, which is
related to poverty and social justice. According to(Adrian & Mancini-Griffoli, 2021)., it enhanced financial
inclusions hence creating a saving and investment culture among the youth to build a strong financial future
as argued by(Tang et al., 2022).
Thus, there are multiple layers of compatibility between FI, DF, and BI about Pakistani university
students, all of which have a significant impact on the target group. It has to do with financial capabilities,
digital payment services, and exclusion. By exposing these areas, it becomes feasible to raise students' interest
in financial literacy while also assisting them in having equitable access to financial services, which promotes
social justice and economic growth.
5.1 | Limitations and Future Research
Due to time constraints, our study collected a limited amount of data, primarily from individuals aged
between 18 and 40 years old. Age was not considered a factor in our analysis. Therefore, future studies should
aim to gather data from individuals of various age groups to better understand differing perspectives.
Although this study offers insightful information about how Pakistani university students intend to behave
when it comes to digital finance and financial inclusion, there are several directions for future investigation
and significant limits such as.
Although the study's independent variables are digital finance and financial inclusion, it did not fully
investigate other potentially significant characteristics such as socioeconomic position, access to technology,
and prior financial literacy training. Expanding the scope of variables could yield a more thorough
comprehension of the elements impacting students' behavioural intentions.
A mixed-methods approach, combining both quantitative and qualitative data, could be beneficial for
future studies to obtain a more thorough understanding of student behaviour and attitudes. Focus groups and
in-depth interviews are examples of qualitative research methods that may provide a better understanding of
the underlying attitudes, motivations, and obstacles that affect students' use of financial services. These
qualitative insights might provide a more complex understanding and deeper context than what might be
revealed by using only quantitative data.
Furthermore, we were concerned in our research only with the samples from the university level and
ascertained that attitudes and intentions were only at one particular point in time. Therefore, it is suggested
that to ascertain this facet over several years, future researchers need to carry out a longitudinal study, where
data will be collected over a longer period.
This can be coupled with increasing the coverage of the study to students from other areas and other
backgrounds. Comparative research between students from different social and economic backgrounds and
 37

those from rural and urban areas could bring more understanding of the variables influencing the rates of
adoption of digital finance.
Moreover, further study could be done longitudinally to follow how students' aspiring behaviors change
over time, especially when these students transition from school into the world of work. With the development
of future programmers in financial education, it will surely be relevant to consider how financial literacy and
involvement change over time. More qualitative research will provide a better understanding of the ascertained
motivations and barriers related to financial inclusion among students. Such a research work would be able to
offer some context and understanding over and above the quantitative data so far collected.

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