Usage of digital finance applications and the financial well-being of Gen-Z Users in Calapan City, Oriental Mindoro

This study examined how digital finance applications affect the financial well-being of users in Calapan City, particularly among Generation Z. As reliance on these tool increases, the research explored their influence on financial literacy, behavior, and self-efficacy and how these factors relate to overall financial well-being. Using a quantitative approach, data were collected via survey questionnaires from 381 respondents across the top 10 barangays in Calapan City, with the highest Gen Z population, according to the Philippine Statistics Authority data. Responses were analyzed using a Likert scale. Findings revealed high usage of digital finance applications and a strong positive relationship with financial well-being, significantly influenced by financial literacy, behavior, and most notably, financial self-efficacy. The statistical analysis further demonstrated that among the three key factors, financial self-efficacy had the strongest predictive influence on overall financial well-being, indicating that users who are more confident in managing their finances tend to experience better financial outcomes. Financial behavior, including budgeting, saving, and responsible spending, also showed a significant positive correlation, suggesting that consistent and disciplined financial practices contribute to improved well-being. Meanwhile, financial literacy, while slightly less influential than the other variables, still played a vital role by equipping users with the necessary knowledge to make informed financial decisions. Overall, the output of the study confirms that digital finance applications serve as effective tools in strengthening financial capability and improving the financial well-being of Generation Z users in Calapan City.