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 3, 2025

Abstract:

Purpose: This study aims to examine the Influence of Financial Literacy, Financial Experience, Financial Self Efficacy on Consumption Behavior with Financial Technology as a Mediating Variable in the Millennial Generation.

Research Methodology: The population determined in this study are all individuals who are active e-commerce users who are accustomed to online transactions. The sample will be taken using a purposive sampling technique. In this study, data collection was carried out by means of a survey through the distribution of questionnaire surveys (questionnaires) distributed to respondents to be filled in. The data analysis technique in this study uses the Warp PLS (Partial Least Square) structural equation model. Hypothesis testing is used to explain the direction of the relationship between independent variables and dependent variables. SmartPLS 3.0 program.

Results: Based on the results of the Effect Size (F-Square) test, the results of the study obtained on Financial Literacy (X1) on Consumption Behavior (Y) obtained a value of 0.171, so that these results can identify that it has a Medium influence, because the value is greater than 0.15. Financial Experience (X2) on Consumption Behavior (Y) obtained a value of 0.191, so with these results it can be identified as having a Medium influence, because its value is greater than 0.15. Financial Experience (X2) mediated by Financial Technology (Z) obtained a value of 0.208, so with these results it can be identified as having a Medium influence, because its value is greater than 0.15. Financial Self Efficacy (X3) on Consumption Behavior (Y) obtained a value of 0.373, so with these results it can be identified as having a Large influence, because its value is greater than 0.35. Financial Self Efficacy (X3) mediated by Financial Technology (Z) obtained a value of 0.496, so with these results it can be identified as having a Large influence, because its value is greater than 0.35. Financial Technology (Z) which mediates Consumption Behavior (Y) obtained a value of 0.244, so with these results it can be identified as having a Medium influence, because its value is greater than 0.15.

Keywords:
1. Financial Literacy
2. Financial Experience
3. Financial Technology
4. Financial Self Efficacy
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), 417–435. https://doi.org/10.35912/jomabs.v2i2.2695
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Vol. 2 No. 2 (2025): February
Articles
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References

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    Andiani, D., & Maria, R. (2023). Pengaruh Financial Technology dan Literasi Keuangan terhadap Perilaku Keuangan pada Generasi Z. Jurnal Akuntansi Bisnis dan Ekonomi, 9, 3468-3475. doi:10.33197/jabe.vol9.iss2.2023.1226

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    Bandura, A. (1997). Self-efficacy: The exercise of control: Macmillan.

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    Imeltiana, I., & Hwihanus, H. (2023). Pengaruh Financial Literacy, Financial Self-Efficacy, dan Financial Attitude terhadap Pengelolaan Keuangan Mahasiswa Akuntansi UNTAG Surabaya. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 3, 212-233. doi:10.30640/inisiatif.v3i1.2030

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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.

  1. Afrin, S., Sehreen, F., Polas, M. R. H., & Sharin, R. (2020). Corporate Social Responsibility (CSR) practices of financial institution in Bangladesh: the case of United Commercial Bank. Journal of Sustainable Tourism and Entrepreneurship, 2(2), 69-82.
  2. Andiani, D., & Maria, R. (2023). Pengaruh Financial Technology dan Literasi Keuangan terhadap Perilaku Keuangan pada Generasi Z. Jurnal Akuntansi Bisnis dan Ekonomi, 9, 3468-3475. doi:10.33197/jabe.vol9.iss2.2023.1226
  3. Anoke, A. F. (2023). Microfinance services and the growth of women entrepreneurial businesses in North Central Nigeria. International Journal of Financial, Accounting, and Management, 4(4), 379-393.
  4. Bandura, A. (1997). Self-efficacy: The exercise of control: Macmillan.
  5. 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.
  6. Chen, H., & Volpe, R. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Services Review, 7, 107-128. doi:10.1016/S1057-0810(99)80006-7
  7. Ebuka, A. A., Nzewi, H. N., Gerald, E., & Ezinne, K. M. (2020). Digital literacy in a post Coronavirus era: a management perspective for small businesses in Africa. Annals of Management and Organization Research, 1(3), 203-212.
  8. Farrell, M. (1957). The Measurement of Productive EfficiencyJournal of the Royal Statistical Society. Series A (General).
  9. Huston, S. J. (2010). Measuring financial literacy. Journal of consumer affairs, 44(2), 296-316.
  10. Imeltiana, I., & Hwihanus, H. (2023). Pengaruh Financial Literacy, Financial Self-Efficacy, dan Financial Attitude terhadap Pengelolaan Keuangan Mahasiswa Akuntansi UNTAG Surabaya. Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 3, 212-233. doi:10.30640/inisiatif.v3i1.2030
  11. 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.
  12. Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing. Retrieved from
  13. 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.
  14. Margaretha, F., & Pambudhi, R. A. (2015). Tingkat literasi keuangan pada mahasiswa S-1 fakultas ekonomi. Jurnal Manajemen dan Kewirausahaan, 17(1), 76-85.
  15. 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.
  16. 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, 3(2), 129-140.
  17. 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.
  18. 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.
  19. Sarker, B. K., Sarker, D. K., Shaha, S. R., Saha, D., & Sarker, S. (2024). Understanding Behavioral Intentions: How Customers Decide to Adopt Internet Banking in Bangladesh. Annals of Management and Organization Research, 6(2), 153-166.
  20. Smith, J. S. (2019). International trade promotion methods for SMEs in low and lower-middle-income economies. International Journal of Financial, Accounting, and Management, 1(3), 131-145.
  21. 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.
  22. 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.
  23. Winarto, W. W. A. (2020). Peran fintech dalam usaha mikro kecil dan menengah (UMKM). Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(1), 61-73.