Fintech Use, Financial Knowledge, and Emergency Fund Savings: A Moderation Analysis of Financial Anxiety.

This study investigated the relationship between financial technology (fintech) use and financial knowledge with emergency fund savings, moderated by financial anxiety. Using the 2021 U.S. National Financial Capability Study data, three probit models with a multiple imputation approach for missing data were estimated. The results showed that subjective financial knowledge was positively associated with emergency fund savings, while sometimes fintech use was negatively related to emergency fund savings. Accounting for financial anxiety in the model, the results suggested that higher financial anxiety was associated with a lower probability of having emergency savings. Furthermore, we found significant interactions between financial anxiety, objective financial knowledge, and frequent fintech use in predicting emergency fund savings. When financial anxiety is high, individuals' objective financial knowledge is negatively affected, while fintech use frequency is positively associated with emergency savings. Given the prevalence of fintech use, financial knowledge, and financial anxiety in the consumer financial services markets, this study provides implications for financial counselors and financial planners to deepen their understanding of consumer behavior and the relevance of financial anxiety when considering fintech solutions for clients. [ABSTRACT FROM AUTHOR]