The Psychology of Financial Action: Adapting the Health Belief Model for Fostering Sustainable Economic Growth Through Digital Finance

Abstract

Despite the rapid expansion of digital financial technologies and rising financial literacy initiatives, a notable gap remains between cognitive financial knowledge and sustained behavioral action. Traditional technology adoption frameworks often overlook the profound psychological factors, such as risk perception, fear of loss, and trust that inherently govern financial decision-making. To bridge this theoretical gap, this paper proposes a novel conceptual framework by adapting the Health Belief Model (HBM) to the domain of financial behavior. Employing a theory adaptation methodology rooted in a comprehensive literature review, this study maps the psychological transition from financial literacy to digital finance usage. The proposed framework posits that key HBM constructs (perceived susceptibility, perceived severity, perceived benefits, perceived barriers, cues to action, and self-efficacy) act as critical mediators in translating financial knowledge into active digital financial service engagement. Furthermore, the model conceptualizes how this behaviorally driven financial inclusion cascades into improved individual financial well-being and macro-level sustainable economic growth, supporting multiple Sustainable Development Goals (SDGs). Ultimately, this research provides policymakers and financial institutions with a robust behavioral roadmap, shifting the paradigm of financial inclusion from merely facilitating access to actively mitigating the psychological barriers of adoption.

Keywords: Digital finance usage, Financial behavior, Financial inclusion, Financial literacy, Health belief model, Sustainable economic growth.

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