From access to empowerment: the role of financial inclusion in shaping financial attitudes, behaviours, and well-being among Gen Z university students in South Africa

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Introduction Financial inclusion has become an important policy tool for promoting financial participation and improving financial outcomes, particularly among young adults in emerging economies. However, access to financial services alone may not necessarily translate into improved financial well-being. This study examines the role of financial inclusion in shaping financial attitudes, financial behaviour, and financial well-being among Generation Z (Gen Z) university students in South Africa. Additionally, the study also investigates whether financial attitudes and financial behaviour mediate the relationship between financial inclusion and financial well-being. Methods A quantitative survey was conducted among 428 Gen Z students at a public university in South Africa. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to test the hypothesised relationships and mediation effects. Results Financial inclusion is positively associated with financial attitudes and financial behaviour. However, the direct relationship between financial inclusion and financial well-being is negative. Mediation analysis indicates that financial attitudes and financial behaviour significantly mediate the relationship between financial inclusion and financial well-being. Multi-group analysis further reveals differences across gender and academic disciplines, with stronger financial outcomes reported among commerce students and gender variations observed in behavioural pathways. Discussion The findings suggest that financial inclusion improves financial well-being primarily through behavioural and attitudinal pathways rather than through financial access alone. The findings imply that policymakers, universities, and financial institutions should complement financial inclusion initiatives with targeted financial education, behavioural support mechanisms, and responsible digital financial practices to enhance the financial well-being of young adults.

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