The effect of financial literacy, financial experience, financial self-efficacy on consumption behavior with financial technology as a mediating variable in the millennial generation

https://doi.org/10.35912/jomabs.v2i2.2695
Published: Feb 20, 2025

Abstract:

Purpose: This study aims to examine the influence of financial literacy, financial experience, and financial self-efficacy on consumption behavior with financial technology as a mediating variable in the millennial generation.

Research Methodology: A quantitative approach was applied using purposive sampling of 200 active e-commerce users aged 29–44 years with prior FinTech experience. Data were collected through online questionnaires and analyzed using the WarpPLS structural equation modeling. Validity, reliability, and hypothesis testing were conducted using SmartPLS 3.0.

Results: The findings show that financial literacy, financial experience, and financial self-efficacy each have a significant positive effect on consumption behavior. Financial self-efficacy had the strongest direct effect. Mediation testing revealed that FinTech significantly mediated the relationship between financial self-efficacy and consumption behavior, but did not significantly mediate financial literacy or financial experience. The model explains 77% of the variance in consumption behavior and 72% through fintech mediation.

Conclusions: Millennials’ financial behavior is mainly driven by self-efficacy, with fintech enhancing this effect, while its role in mediating financial literacy and experience remains limited.

Limitations: The study is restricted to millennials in Indonesia and e-commerce contexts, with cross-sectional data that limit causal inference

Contribution: This study highlights financial self-efficacy as the main driver of responsible consumption in the fintech era and provides insights into designing programs that combine literacy, experience, and confidence building.

Keywords:
1. Financial Literacy
2. Financial Experience
3. Financial Self Efficacy
4. Financial Technology
Authors:
1 . Febrina Jayanti Girsang
Krida Wacana Christian University, Indonesia
2 . Eka Desy Purnama
Krida Wacana Christian University, Indonesia
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How to Cite
Girsang, F. J., & Purnama, E. D. (2025). The effect of financial literacy, financial experience, financial self-efficacy on consumption behavior with financial technology as a mediating variable in the millennial generation. Journal of Multidisciplinary Academic Business Studies, 2(2), 79–96. https://doi.org/10.35912/jomabs.v2i2.2695
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Vol. 2 No. 2 (2025): February
Articles
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    Ghosh, S., & Vinod, D. (2017). What Constrains Financial Inclusion for Women? Evidence from Indian Micro Data. World Development, 92, 60-81. doi:https://doi.org/10.1016/j.worlddev.2016.11.011

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    Lestari, N. L., & Imronudin. (2024). The Effect of Financial Literacy, Self-Efficacy on Risk Credit Behavior among Students of the University of Muhammadiyah Surakarta. Dynamic Management Journal, 8(4), 942-956. doi:http://dx.doi.org/10.31000/dmj.v8i4.12587

    Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 1. doi:https://doi.org/10.1057/s41264-022-00183-8

    Lusardi, A., & Messy, F.-A. (2023). The importance of financial literacy and its impact on financial wellbeing. Journal of Financial Literacy and Wellbeing, 1(1), 1-11. doi:https://doi.org/10.1017/flw.2023.8

    Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing. Retrieved from

    Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. American Economic Journal: Journal of Economic Literature, 52(1), 5-44. doi:https://DOI:10.1257/jel.52.1.5

    Manurung, W., Bastian, A., & Wardi, J. (2022). Pengaruh Kepemimpinan Transformasional dan Komitmen Afektif Terhadap Kinerja Pegawai dengan Efikasi Diri Sebagai Variabel Mediasi pada Dinas Kesehatan Kabupaten Siak. Jurnal Manajemen Dan Bisnis Terapan, 4(2), 141-148.

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    Muna, M. I., & Kartini, K. (2023). The Pengaruh Likuiditas, Ukuran Perusahaan, Struktur Aktiva, dan Profitabilitas terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(2), 200-215.

    Nimtur, B. M., Kusa, N. D., & Olanrewaju, D. S. (2023). Job satisfaction on talent management and turnover intention among private secondary schools. Annals of Human Resource Management Research (AHRMR), 3(2), 129-140. doi:https://doi.org/10.35912/ahrmr.v3i2.1878

    Noor, R. A., Fibriyanita, F., & Subhan, R. (2024). Systematic Literature Review Bantuan Langsung Tunai Dana Desa Pada Masa Pandemi Covid-19. Innovative: Journal Of Social Science Research, 4(1), 3980-3992. doi:https://doi.org/10.31004/innovative.v4i1.8179

    Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 26, 362-377. doi:https://doi.org/10.1590/1808-057x201501040

    Pramithasari, C., & Wibowo, P. A. (2025). Pengaruh Literasi Keuangan terhadap Pengelolaan Keuangan Melalui Locus of Control dan Self-Efficacy. Studi Ilmu Manajemen dan Organisasi, 6(1), 231-249. doi:https://doi.org/10.35912/simo.v6i1.3788

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    Saputra, F. (2024). Financial management behavior of millennials. International Journal of Business, Law, and Education, 5(1), 1153-1161. doi:https://doi.org/10.56442/ijble.v5i1.532

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    Smith, J. S. (2020). International Trade Promotion Methods for SMEs in Low and Lower-Middle Income economies. International Journal of Financial, Accounting, and Management, 1(3), 131-145. doi:https://doi.org/10.35912/ijfam.v1i3.108

    Sobaya, S., Hidayanto, M. F., & Safitri, J. (2016). Pengaruh literasi keuangan dan lingkungan sosial terhadap perencanaan keuangan pegawai di universitas islam indonesia yogyakarta. Madania: Jurnal Kajian Keislaman, 20(1), 115-128.

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    Suhuyini, A. W. S., Akwotajie, M., & Yahaya, M. M.-u. (2024). Assessing household willingness to pay for waste management services in Tamale Metropolis. Journal of Social, Humanity, and Education, 4(4), 277-294. doi:https://doi.org/10.35912/jshe.v4i4.1967

    Syafrianita, N., & Asnawi, M. (2022). Analisis Perilaku Konsumen dalam Keputusan Pembelian Produk Pada CV. Syabani di Pusat Pasar Medan. Jurnal Bisnis Corporate, 7(2), 31-40. doi:https://doi.org/10.46576/jbc.v7i2.3348

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    Winarto, W. W. A. (2020). Peran fintech dalam usaha mikro kecil dan menengah (UMKM). Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(1), 61-73. doi:https://doi.org/10.36778/jesya.v3i1.132

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  2. Andiani, D. A. P., & Maria, R. (2023). Pengaruh financial technology dan literasi keuangan terhadap perilaku keuangan pada generasi Z. Jurnal Akuntansi Bisnis dan Ekonomi, 9(2), 3468-3475. doi:https://doi.org/10.33197/jabe.vol9.iss2.2023.1226
  3. Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm?. SSRN Electronic Journal, 47(4), 1271-1319. doi:https://doi.org/10.2139/ssrn.2676553
  4. Bandura, A. (1997). Self-Efficacy: The Exercise of Control. New York: W.H. Freeman & Company.
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  6. Buratti, N., Parola, F., & Satta, G. (2018). Insights on the adoption of social media marketing in B2B services. The TQM Journal, 30(5), 490-529. doi:https://doi.org/10.1108/TQM-11-2017-0136
  7. Chan, C. K. Y., & Lee, K. K. W. (2023). The AI generation gap: Are Gen Z students more interested in adopting generative AI such as ChatGPT in teaching and learning than their Gen X and millennial generation teachers? Smart Learning Environments, 10(1), 60. doi:https://doi.org/10.1186/s40561-023-00269-3
  8. Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107-128. doi:https://doi.org/10.1016/S1057-0810(99)80006-7
  9. Ghosh, S., & Vinod, D. (2017). What Constrains Financial Inclusion for Women? Evidence from Indian Micro Data. World Development, 92, 60-81. doi:https://doi.org/10.1016/j.worlddev.2016.11.011
  10. Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro.
  11. Ghozali, I., & Latan, H. (2015). Partial Least Squares Konsep Teknik dan Aplikasi dengan Program Smart PLS 3.0. Semarang: Badan Penerbit Undip.
  12. Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of management information systems, 35(1), 220-265. doi:https://doi.org/10.1080/07421222.2018.1440766
  13. Halimah, S., & Laily, N. (2018). Pengaruh Efikasi Diri, Motivasi dan Kemandirian Terhadap Keberhasilan Usaha Wanita. Jurnal Ilmu Dan Riset Manajemen (JIRM), 7(3), 1-16.
  14. Huston, S. J. (2010). Measuring financial literacy. Journal of consumer affairs, 44(2), 296-316.
  15. Imeltiana, I., & Hwihanus, H. (2024). Pengaruh Financial Literacy, Financial Self-Efficacy, dan Financial Attitude terhadap Pengelolaan Keuangan Mahasiswa Akuntansi UNTAG Surabaya. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 3(1), 212-233. doi:https://doi.org/10.30640/inisiatif.v3i1.2030
  16. Irianto, O., Susanto, S., Asmaningrum, H. P., Rachman, A. M., Budiasto, J., & Sokheh, H. (2024). Storybook validation: Essential practices for student's financial literacy. Journal of Multidisciplinary Academic Business Studies, 1(2), 125-138. doi:https://doi.org/10.35912/jomabs.v1i2.3398
  17. Johan, I., Rowlingson, K., & Appleyard, L. (2021). The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia. Journal of Family and Economic Issues, 42(2), 351-367. doi:https://doi.org/10.1007/s10834-020-09721-9
  18. Jumady, E., Alam, S., Hasbiyadi, H., Fajriah, Y., & Anggraini, Y. (2024). The effect of financial planning on consumer debt management: the role of financial literacy, self-efficacy, and financial motivation. Atestasi: Jurnal Ilmiah Akuntansi, 7(1), 340-368. doi:https://doi.org/10.57178/atestasi.v7i1.793
  19. Lestari, N. L., & Imronudin. (2024). The Effect of Financial Literacy, Self-Efficacy on Risk Credit Behavior among Students of the University of Muhammadiyah Surakarta. Dynamic Management Journal, 8(4), 942-956. doi:http://dx.doi.org/10.31000/dmj.v8i4.12587
  20. Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 1. doi:https://doi.org/10.1057/s41264-022-00183-8
  21. Lusardi, A., & Messy, F.-A. (2023). The importance of financial literacy and its impact on financial wellbeing. Journal of Financial Literacy and Wellbeing, 1(1), 1-11. doi:https://doi.org/10.1017/flw.2023.8
  22. Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing. Retrieved from
  23. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. American Economic Journal: Journal of Economic Literature, 52(1), 5-44. doi:https://DOI:10.1257/jel.52.1.5
  24. Manurung, W., Bastian, A., & Wardi, J. (2022). Pengaruh Kepemimpinan Transformasional dan Komitmen Afektif Terhadap Kinerja Pegawai dengan Efikasi Diri Sebagai Variabel Mediasi pada Dinas Kesehatan Kabupaten Siak. Jurnal Manajemen Dan Bisnis Terapan, 4(2), 141-148.
  25. Margaretha, F., & Pambudhi, R. A. (2015). Tingkat literasi keuangan pada mahasiswa S-1 fakultas ekonomi. Jurnal manajemen dan kewirausahaan, 17(1), 76-85. doi:https://doi.org/10.9744/jmk.17.1.76-85
  26. Muna, M. I., & Kartini, K. (2023). The Pengaruh Likuiditas, Ukuran Perusahaan, Struktur Aktiva, dan Profitabilitas terhadap Struktur Modal pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(2), 200-215.
  27. Nimtur, B. M., Kusa, N. D., & Olanrewaju, D. S. (2023). Job satisfaction on talent management and turnover intention among private secondary schools. Annals of Human Resource Management Research (AHRMR), 3(2), 129-140. doi:https://doi.org/10.35912/ahrmr.v3i2.1878
  28. Noor, R. A., Fibriyanita, F., & Subhan, R. (2024). Systematic Literature Review Bantuan Langsung Tunai Dana Desa Pada Masa Pandemi Covid-19. Innovative: Journal Of Social Science Research, 4(1), 3980-3992. doi:https://doi.org/10.31004/innovative.v4i1.8179
  29. Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade & Finanças, 26, 362-377. doi:https://doi.org/10.1590/1808-057x201501040
  30. Pramithasari, C., & Wibowo, P. A. (2025). Pengaruh Literasi Keuangan terhadap Pengelolaan Keuangan Melalui Locus of Control dan Self-Efficacy. Studi Ilmu Manajemen dan Organisasi, 6(1), 231-249. doi:https://doi.org/10.35912/simo.v6i1.3788
  31. Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behavior in Indonesia. JDM (Jurnal Dinamika Manajemen), 10(1), 40-45. doi:https://DOI:10.15294/jdm.v10i1.16937
  32. Putri, L. P., Christiana, I., Febriaty, H., & Safira, M. (2024). Pengaruh Literasi Keuangan dan Gaya Hidup Terhadap Pengelolaan Keuangan pada Generasi Z di Kota Medan Dimediasi oleh Perilaku Konsumtif. Competitive Jurnal Akuntansi Dan Keuangan, 8(2), 203-218. doi:http://dx.doi.org/10.31000/competitive.v8i2.11504
  33. Putri, P. D. S., & Latrini, M. Y. (2024). Pengaruh Persepsi Kegunaan, Persepsi Kemudahan dan Kepercayaan Terhadap Minat Penggunaan Dompet Elektronik (OVO) Sebagai Media Transaksi Keuangan. Jurnal Ilmiah Wahana Pendidikan, 10(20), 656-667. doi:https://doi.org/10.5281/zenodo.14454859
  34. Rubin, J. D., Chen, K., & Tung, A. (2024). Generation Z’s challenges to financial independence: adolescents’ and early emerging adults’ perspectives on their financial futures. Journal of Adolescent Research, 07435584241256572. doi:https://doi.org/10.1177/07435584241256572
  35. Saputra, F. (2024). Financial management behavior of millennials. International Journal of Business, Law, and Education, 5(1), 1153-1161. doi:https://doi.org/10.56442/ijble.v5i1.532
  36. Sarker, B. K., Sarker, D. K., Rani Shaha, S., Saha, D., & Sarker, S. (2024). Understanding behavioral intentions: How customers decide to adopt internet banking in Bangladesh. doi:https://doi.org/10.35912/amor.v6i2.2402
  37. Smith, J. S. (2020). International Trade Promotion Methods for SMEs in Low and Lower-Middle Income economies. International Journal of Financial, Accounting, and Management, 1(3), 131-145. doi:https://doi.org/10.35912/ijfam.v1i3.108
  38. Sobaya, S., Hidayanto, M. F., & Safitri, J. (2016). Pengaruh literasi keuangan dan lingkungan sosial terhadap perencanaan keuangan pegawai di universitas islam indonesia yogyakarta. Madania: Jurnal Kajian Keislaman, 20(1), 115-128.
  39. Sugiyono. (2015). Metode Penelitian Kombinasi (Mixed Methods). Bandung: Alfabeta.
  40. Suhuyini, A. W. S., Akwotajie, M., & Yahaya, M. M.-u. (2024). Assessing household willingness to pay for waste management services in Tamale Metropolis. Journal of Social, Humanity, and Education, 4(4), 277-294. doi:https://doi.org/10.35912/jshe.v4i4.1967
  41. Syafrianita, N., & Asnawi, M. (2022). Analisis Perilaku Konsumen dalam Keputusan Pembelian Produk Pada CV. Syabani di Pusat Pasar Medan. Jurnal Bisnis Corporate, 7(2), 31-40. doi:https://doi.org/10.46576/jbc.v7i2.3348
  42. Waluyo, F. S. P., Nugroho, A. W., & Akbari, D. A. (2023). Pengaruh Financial Literacy, Financial Experience, dan Fintech Terhadap Financial Behavior Masyarakat Kota Depok. Creative Research Management Journal, 6(2), 99-111. doi:https://doi.org/10.32663/6rtapz94
  43. Winarto, W. W. A. (2020). Peran fintech dalam usaha mikro kecil dan menengah (UMKM). Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(1), 61-73. doi:https://doi.org/10.36778/jesya.v3i1.132
  44. Yuliansyah, H. (2023). Value proposition design at training and consulting services company in Sharia financial banking Lampung Province at CV. Acceleration Indonesia Juara. Journal of Multidisciplinary Academic Business Studies, 1(2), 139-153. doi:https://doi.org/10.35912/jomabs.v1i2.1817