Do Demographics Shape Perceived Usefulness of Financial Technology? Evidence from an Indian Context

Purpose: This research aims to identify the significant demographic determinants and to examine the demographic differences that shape people’s perception of the usefulness of financial technology.

Methods: Data were collected via an online survey questionnaire on perceived usefulness and demographic variables such as age, gender, marital status, place of living, education, academic field, tax-paying status, family type, family income, and occupation. After editing and outlier deletion, 412 usable responses were retained. Analysis was completed through descriptive statistics, correlation, regression, one-way ANOVA, and factor analysis.

Results: Findings indicated perceived usefulness as a unidimensional, valid, and reliable construct. It was found that demographic factors such as age, marital status, place of living, education, tax-paying status, family income, and occupation significantly influence perceived usefulness. However, gender, academic field, and family type came out as insignificant determinants. Also, older respondents, married individuals, those living in urban and semi-urban areas, highly educated individuals, those who pay taxes, those belonging to high-income families, business professionals, and corporate and bank employees reported high levels of perception regarding the usefulness of financial technology.

Implications: The study implicates building marketing and inclusion strategies according to key demographic characteristics to enhance adoption and accessibility.

Originality: It contributes to the literature by adding marital status, academic field, tax-paying status, family type, and occupation as unique demographic variables that have not or have been minimally explored earlier. This provides unique value to the research for financial technology firms and policymakers and adds to the literature on financial technology.