Determinants of financial well-being among private hospital employees: examining the mediating effect of financial technology

The purpose of this study is to determine the elements that influence financial well-being among private hospital employees personnel on Malaysia's East Coast, with a particular emphasis on the mediating effect of financial technology. It also investigates the links between financial literacy, money attitude, and financial behavior and financial well-being, as well as the variations in financial well-being among household income groups. Cluster and simple random sampling methods were used to pick 381 staff from private hospitals on Malaysia's East Coast. A structured questionnaire was used to collect data, which was then analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with the SmartPLS 3.3.9 software. The findings demonstrate that financial literacy has a considerable impact on financial well-being, whereas money attitude and financial behaviour have no meaningful link. Furthermore, household income categories have no substantial effect on financial well-being. Financial technology was also discovered to have no mediating effect on the links between financial literacy, money attitude, financial behavior, and financial well-being. The study emphasizes the importance of financial literacy in improving employees' financial well-being, indicating a need for more financial education programs in the private healthcare industry. Despite the growing use of financial technology, it appears to have little effect on boosting financial well-being. The growing worries about financial stress among private sector employees, such as increased living costs, credit misuse, and bankruptcy, highlight the need for focused financial well-being strategies and interventions. Keywords: Financial literacy, money attitude, financial behaviour, financial well-being, financial technology