This research aimed to explore the factors influencing financial inclusion and financial
well-being among individuals in Egypt, with a particular focus on the pivotal role of mobile
money adoption and usage. It analyzed the interrelated effects of risk tolerance, financial
literacy, financial capability, and behavioral biases on individuals’ financial well-being. Data
were collected using an electronic questionnaire via Google Forms targeting all bank customers
in Egypt who use mobile banking services. The research employed a convenience sample of
314 individuals who use electronic banking services. Seven main hypotheses were examined,
and the collected data were analyzed using SPSS v.26 and AMOS v.20 to test the research
hypotheses. The results revealed that risk tolerance positively influences the adoption and
usage of mobile money, which in turn enhances the level of financial inclusion. Furthermore,
the findings indicated that individuals’ financial capability mediates the relationship between
mobile money adoption and financial inclusion, and financial inclusion positively impacts
financial well-being. The results also demonstrated that financial literacy moderates the
relationship between risk tolerance and mobile money adoption and positively affects financial
well-being, while behavioral biases moderate the relationship between financial literacy and financial well-being. |
