The perceived influence of digital banking on the financial wellness of the South African middle-class

Abstract

This study explores the impact of digital banking on the financial wellness of the South African middle class. Using online questionnaires, quantitative research methods are employed to gather data on digital banking adoption, perceived financial wellness, easy access to credit, and prior exposure to digital marketing strategies among middle- class individuals. Data analysis encompasses the use of descriptive statistics, correlation analysis, and regression analysis to examine the relationships between variables and draw relevant conclusions. This study aims to enhance comprehension of the perceived impact of digital banking on the financial wellness of middle-class South Africans by addressing specific research goals. The study found that autonomous and controlled motivation had a positive impact on the individual's financial wellness; it further highlighted that personalised credit offers contributed positively towards their financial wellness, despite the fact that convenient access to credit is a significant factor in the adoption of digital banking but not the sole determinant factor.