Assessing the Impact of Fintech Adoption on Financial Inclusion and Financial Well-Being among Millennials in Oman

Abstract

Fintech is ushering in a revolution in financial markets, providing digital solutions to make them smooth, fast, and convenient. It is also closely associated with access to banking, payments, and loans in enhancing financial inclusion. It also boosts behavioural changes toward financial planning that enhance individual financial well-being. The study focuses on the effect of different FinTech adoption factors on the financial well-being of Omani millennials. FinTech Adoption Factors refers to access to technology, financial literacy, convenience, and trust, whereas Financial Well-being is an indicator of the financial health of an individual. Data from 400 Omani millennial FinTech users will be analyzed through Structural Equation Modeling (SEM) to comprehend how these adoption factors aid financial inclusion and hence financial wellbeing among the sampled population. Adoption factors such as access to technology, financial knowledge, and convenience have a direct positive impact on financial well-being; trust and security will have a much weaker effect. Indeed, a better financial mix would also reflect better financial well-being, showing the necessity to focus on critical adoption factors as one moves towards improved outcomes. This study shows how FinTech adoption affects the financial well-being of millennials in Oman, providing some noteworthy empirical evidence to support some realistic suggestions for businesspeople and policymakers. Future studies can look at further variables or geographical areas to build a more comprehensive knowledge about these relationships.