Figure 4
The framework starts from the left with two text boxes arranged in a vertical series. The top box is labeled “Financial literacy (Basic and Advanced levels).” The bottom box is labeled “Control variables,” and lists five bullets below it, which are as follows: “Gender,” “Age,” “Education,” “Marital status,” and “Explorer traits.” Three arrows from “Financial literacy (Basic and Advanced levels)” extend to the right. A rightward arrow labeled “H 1, H 1 a, H 1 b” points upward, diagonally to a text box labeled “Fintech usage.” Another right-pointing arrow labeled “H 2, H 2 a, H 2 b” extends horizontally to the right to a text box labeled “Income Levels.” A dashed horizontal arrow labeled “H 4” also extends from “Financial literacy (Basic and Advanced levels)” to “Income Levels.” A solid horizontal arrow extends from “Control variables,” splits into two, and leads to “Fintech usage” and “Income Levels.”The conceptual framework of the study. Source: Authors’ own work