From Intention to Adequate Emergency Fund Savings through Fintech Use: Evidence from a Survey Study

Abstract

This study applied the theory of planned behavior and the technology acceptance model to investigate consumers' adequate emergency fund savings through fintech use. A structural equation model (SEM) with a confirmatory factor analysis was employed to analyze primary data from a sample of 453 responses collected in July 2021. The results showed that subjective norms and perceived behavioral control were positively associated with the intention to use fintech for emergency fund savings, respectively. Perceived behavioral control showed a positive direct relationship with adequate emergency fund savings. Intention to use fintech for emergency fund savings showed a positive relationship with using savings apps and websites. However, only savings website use was positively associated with adequate emergency fund savings. The results suggest that fintech use – a bridge – connects between intentions to use fintech to save and adequate emergency fund savings. The findings shed light on empirical evidence in the current literature regarding the importance of fintech use in the financial services market. Financial institutions, financial advisors, and policymakers should be aware of the significance of fintech use in consumers' financial behaviors.