Global Journal of Management and Business Research, C: Finance, Volume 22 Issue 5

Figure 2: Determinants of financial literacy and financial wellbeing XII. E valuation of M easurement M odel Table 5: Measurement Model Model CMIN DF CMIN/DF CFI TFI RMSEA GFI AGFI Default 81.243 10 2.495 0.965 0.985 0.031 0.94 0.782 Tolerance limit < 3 > 0.90 < 0.080 > 0.80 (Hair, J., Black, W et al.) Source: Author compliance As per Table5, Goodness-of-fit has been evaluated via CFA. According to(Hair et al., 2010), the model's fitness is satisfactory if the tolerance limit of the Absolute fit indices CMIN/DF & RMSEA, incremental fit indices (CFI & TLI), and parsimony fit index (AGFI & GFI) are within the acceptable range. All goodness-of-fit parameters are more significant than their recommended values. Hence it can be assumed that the concluded measurement model provides an adequate level of model fit. Table 6: Regression Weights Estimate S.E. C.R. P Label F_WELLBEING <--- F_KNOWLEDGE -.044 .053 -.823 .411 par_1 F_WELLBEING <--- F_ATTITUDE .331 .031 10.698 *** par_2 F_WELLBEING <--- F_BEHAVIOUR .247 .121 2.048 .041 par_3 F_WELLBEING <--- F_SOCIALIZATION .065 .121 .537 .031 par_10 Source: Author Compliance From Table: 6 it is clear that When F_KNOWLEDGE goes up by 1, F_WELLBEING goes down by 0.044 and p= .441 When F_ATTITUDE goes up by 1, F_WELLBEING goes up by 0.331 and p=.000 When F_BEHAVIOUR goes up by 1, F_WELLBEING goes up by 0.247 and p=.041 When F_SOCIALIZATION goes up by 1, F_WELLBEING goes up by 0.065 and p=.031. Hence, it can be concluded that Financial Attitude, Behaviour and Socialisation have a significant relationship with financial well-being as p values are lesser than 0.05 whereas financial knowledge does not have a significant impact on financial well-being as p value=.441 which is greater than the indicator of .05 46 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) C © 2022 Global Journals Determinants of Financial Literacy and its Effect on Financial Wellbeing-A Study on Young Population