Excessive use of social networking sites and financial well-being among working millennials: a parallel-serial mediation model

Abstract

PurposeThis study aimed to investigate the mediating role of financial attitude and perceived behavioral control with financial behavior in the association between excessive use of social networking sites (SNSs) and financial well-being among working millennials.Design/methodology/approachA crossed-sectional survey was used to obtain data through a self-administered questionnaire. A total of 485 working millennials (M age = 32.28, years, SD age = 4.75) in Malaysia participated in the study based on a purposive sampling technique. Covariance-based structural equation modeling (CB-SEM) was used to evaluate the measurement model and the proposed serial mediation model.FindingsThe findings of this study revealed that excessive use of SNS is negatively associated with financial well-being. Also, the findings suggested that financial attitude and perceived behavioral with financial behavior serially mediated the negative relationship between excessive use of SNS and financial well-being, respectively.Practical implicationsSeveral implications were suggested and discussed to prevent the negative impact of excessive SNS use on financial well-being among young working adults. Policymakers and financial service providers (e.g. banks) can draw from the findings by constantly framing and delivering their messages to increase the young working adults' awareness of pitfalls of excessive use of innovative technologies on their financial attitudes and self-control over their behaviors and financial well-being.Originality/valueThis study entails some new insights on examining the impact of excessive use of SNS on working millennials' financial well-being as well as the underlying mechanisms behind this phenomenon.