Rohit Bhagat

Type of the article: Research Article

Abstract
Financial inclusion has become a critical driver of inclusive growth; however, disparities in digital access, literacy, and usage limit improvements in financial well-being, particularly across gender and residential groups. This study examines how digital financial literacy influences digital financial inclusion and financial wellbeing among digital consumers in the Delhi National Capital Region of India. This study employed an online structured survey administered between August and October 2025, yielding a sample size of 431. Using structural equation modelling, the results indicate that infrastructure accessibility (β = 0.521), knowledge and awareness (β = 0.379), digital financial skills (β = 0.277), motivation and attitude (β = 0.223), and social and institutional support (β = 0.215) significantly enhance digital financial literacy (all p < 0.001). Digital financial literacy strongly influences digital financial inclusion (β = 0.684, p < 0.001) and financial wellbeing (β = 0.509, p < 0.001), whereas digital financial inclusion further improves financial wellbeing (β = 0.479, p < 0.001). The indirect effect of digital financial literacy on financial wellbeing through digital financial inclusion is also significant (β = 0.328, p < 0.001). Necessary condition analysis confirmed that all five antecedents are essential for achieving higher digital financial literacy levels. Descriptive and ANOVA analyses reveal significant mean-level differences across gender and residential groups, providing evidence that these demographic factors condition the digital financial outcomes. The findings highlight that digital financial literacy and infrastructure are central to enhancing financial wellbeing, with implications for the design of gender-sensitive and context-responsive financial inclusion policies.

Acknowledgments
The Institutional Human Ethics Committee of the Central university of Jammu, with the reference number CUJ/IHEC/11, granted ethical approval for the study.