Cultivating Youth Financial Well-Being: A Perspective on Activity Theory in Digital Financial Services
DOI:
https://doi.org/10.3127/ajis.v30.6205Keywords:
Digital financial services, Financial well-being, Activity theory, Qualitative case studyAbstract
Digital financial services (DFS) are reshaping how individuals manage money by embedding real-time tracking, personalised nudges, and frictionless transactions into everyday life. However, research remains largely focused on adoption and current-oriented practices such as short‑term usage and immediate convenience, offering limited insight into how DFS can foster users’ future financial lives and financial well-being, especially for young people who are digitally adept but financially precarious. Financial well‑being, understood as a sense of security and freedom in meeting present and future financial needs, includes both hedonic, and eudaimonic, toward meaningful goals. It is particularly challenging in youth-focused DFS. Drawing on activity theory, we conceptualise financial well-being as an evolving, practice-based activity rather than a static outcome state and investigate how DFS can be effectively leveraged to cultivate young users’ financial well-being. We conducted a qualitative case study of Enrich, a youth-focused DFS offered by a Taiwanese commercial bank. It repositioned from transactional convenience towards future-oriented tools that support financial responses and practices. We propose a pendulum-like framework of activity systems that captures young users’ oscillation between hedonic and eudaimonic orientations in DFS‑mediated practices and helps DFS researchers and designers link usage to longer-term youth financial well-being.
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