Family Financial Education and Fintech as Determinants of Financial Behavior: The Mediating Role of Financial Literacy
DOI:
https://doi.org/10.54099/aijbs.v6i1.1785Abstract
Purpose – This study aims to examine family financial education and Financial Technology (Fintech) as determinants of financial behavior, with financial literacy serving as a mediating variable among university students at Universitas Widyatama. Methodology/approach – This study adopted a data-driven methodology, employing a structured survey administered to students who interact with Fintech platforms and receive financial guidance from their families. The gathered data were examined through Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate the measurement framework and explore structural associations, including mediation roles. Findings – The results indicate that both family financial education and Fintech significantly enhance financial literacy. Financial literacy significantly predicts financial behavior. Family financial education exerts both direct and indirect effects on financial behavior, demonstrating partial mediation. In contrast, Fintech does not directly predict financial behavior but operates entirely through financial literacy, indicating full mediation. These findings suggest structurally distinct pathways through which social and technological factors shape financial behavior. Novelty/value – This study integrates financial socialization and digital financialization perspectives within a single framework, demonstrating that financial literacy is the key mechanism that transforms both early socialization and digital exposure into responsible financial behavior. The findings show that access to digital financial services alone does not ensure financial capability.
References
Abed, S. S., & Alkadi, R. S. (2024). Sustainable Development through Fintech: Understanding the Adoption of Buy Now Pay Later (BNPL) Applications by Generation Z in Saudi Arabia. Sustainability, 16(15), 6368. https://doi.org/10.3390/su16156368
Ahmad, S. (2017). Factors Influencing Individual Investors’ Behavior: An Empirical Study of Pakistan Financial Markets. Journal of Business & Financial Affairs, 06(04). https://doi.org/10.4172/2167-0234.1000297
Alkadash, T. M., Ateeq, A., Dawwas, M., Ibrahim, S. B., Alkadash, Y. M., Alkadash, R. M., & Alhassan, T. (2025). Exploring the Psychological and Behavioral Effects of Mobile Payment Systems on Consumer Spending: A Theoretical Perspective (pp. 311–319). https://doi.org/10.1007/978-3-031-84636-6_26
Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economic Education, 17(1), 56–80.
Anam Qamar, Nawal Rasheed, Amsa Kamal, Sabrina Rauf, & Kashmala Nizam. (2023). Factors Affecting Financial Behavior of Millennial Gen Z: Mediating Role of Digital Financial Literacy Integration. International Journal of Social Science & Entrepreneurship, 3(3), 330–352. https://doi.org/10.58661/ijsse.v3i3.207
Anand, S., Srivastav, S., Garg, V., & Garg, G. (2024). Major Challenges and Benefits of Fintech Across the Globe. In Revolutionary Challenges and Opportunities of Fintech (pp. 205–216). Apple Academic Press. https://doi.org/10.1201/9781003428718-12
Banthia, D., & Dey, S. K. (2022). Impact of Financial Knowledge, Financial Attitude and Financial Behaviour on Financial Literacy: Structural Equitation Modeling Approach. Universal Journal of Accounting and Finance, 10(1), 327–337. https://doi.org/10.13189/UJAF.2022.100133
Başar, D., Keskin, H., Esen, E., Merter, A. K., & Balcıoğlu, Y. S. (2025). Digital financial literacy and savings behavior: A comprehensive cross-country analysis of FinTech adoption patterns and economic outcomes across 12 nations. Borsa Istanbul Review, 25, 59–72. https://doi.org/10.1016/j.bir.2025.09.004
Chaity, N. S., Kabir, S. Bin, Akhter, P., & Bokhari, R. P. (2024). How Financial Literacy Impacts Financial Well-Being: The Influence of Financial and Technical Efficacy. International Journal of Economics and Financial Issues, 14(2), 207–217. https://doi.org/10.32479/ijefi.15806
Chavali, K., Raj, P. M., & Ahmed, R. (2021). Does Financial Behavior Influence Financial Well-being? Journal of Asian Finance, Economics and Business, 8(2), 273–280. https://doi.org/10.13106/jafeb.2021.vol8.no2.0273
Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behaviour of young adults. Journal of Indian Business Research, 14(4), 520–539. https://doi.org/10.1108/JIBR-10-2021-0357
Chen, F., Lu, X., & Wang, W. (2022). Informal financial education and consumer financial capability: The mediating role of financial knowledge. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.1042085
Chen, H., & Xu, W. (2025). Behavioral Finance in the Age of Super-Apps (pp. 163–196). https://doi.org/10.4018/979-8-3373-6587-9.ch006
Das Bhattacharya, G., & Sarkar, A. (2023). Perceptions of Financial Literacy among Students in Higher Education. In Perspectives in Sustainable Management Practices (pp. 120–128). Routledge India. https://doi.org/10.4324/9781032640488-16
Fatimah, C. S., Saputra, M., & Panduwiyasa, H. (2024). Investigating Gen Z’s Technostress During Fintech Adoption: Security and Customer Service with Theory of Planned Behavior in Indonesia. 2024 4th International Conference of Science and Information Technology in Smart Administration (ICSINTESA), 305–310. https://doi.org/10.1109/ICSINTESA62455.2024.10747932
Fernando, C. N., Maranata, S., & Syahchari, D. H. (2024). The Role of Perceived Usability, Social Media and Data Security in the Adoption of Fintech Services. 2024 10th International Conference on Computing, Engineering and Design (ICCED), 1–6. https://doi.org/10.1109/ICCED64257.2024.10983807
Gutter, M., & Copur, Z. (2011). Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2
Hanson, T. A. (2022). Family Communication, Privacy Orientation, & Financial Literacy: A Survey of U.S. College Students. Journal of Risk and Financial Management, 15(11). https://doi.org/10.3390/jrfm15110528
Hasan, M., Asriani, Ahmad, M. I. S., Supatminingsih, T., Dinar, M., Sangkala, M., Rahim, A., Hasyim, S. H., & Idris, H. (2025). Family financial education and financial management behavior among Generation Z: integrating the theory of planned behavior and technology acceptance model to explore the importance of financial literacy and locus of control. Cogent Education, 12(1). https://doi.org/10.1080/2331186X.2025.2510067
Huda, M., Ajizah, N., Nuzil, N. R., & Fachruddin, W. (2024). The Influence of Financial Inclusion and Financial Technology on the Intention to Use Online Loans: Financial Behavior as an Intervening Variable. Journal of Ecohumanism, 3(8). https://doi.org/10.62754/joe.v3i8.4722
Jariwala, H. V. (2023). Do financial education workshops enhance parent–adolescent communication about money? Managerial Finance, 49(5), 829–846. https://doi.org/10.1108/MF-09-2021-0469
Jin, M., & Chen, Z. (2020). Comparing Financial Socialization and Formal Financial Education: Building Financial Capability. Social Indicators Research, 149(2), 641–656. https://doi.org/10.1007/s11205-019-02248-z
Kaptsova, V. S., Solyannikova, S. P., Malyuga, A. L., & Shirshov, V. Y. (2023). Platform Solution in the Development of Financial Literacy as a Key Tool for Personal Finance Management: Case Study (pp. 301–310). https://doi.org/10.1007/978-981-99-2198-0_32
Khawar, S., & Sarwar, A. (2021). Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. Future Business Journal, 7(1), 27. https://doi.org/10.1186/s43093-021-00064-x
Kou, G., & Lu, Y. (2025). FinTech: a literature review of emerging financial technologies and applications. Financial Innovation, 11(1), 1. https://doi.org/10.1186/s40854-024-00668-6
Lea, S. E. G. (2021). Debt and Overindebtedness: Psychological Evidence and its Policy Implications. Social Issues and Policy Review, 15(1), 146–179. https://doi.org/10.1111/sipr.12074
Li, J., & Pilz, M. (2023). International transfer of vocational education and training: a literature review. Journal of Vocational Education & Training, 75(2), 185–218. https://doi.org/10.1080/13636820.2020.1847566
Lone, U. M., & Bhat, S. A. (2024). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 29(1), 122–137. https://doi.org/10.1057/s41264-022-00183-8
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Mancone, S., Tosti, B., Corrado, S., Spica, G., Zanon, A., & Diotaiuti, P. (2024). Youth, money, and behavior: the impact of financial literacy programs. Frontiers in Education, 9. https://doi.org/10.3389/feduc.2024.1397060
Memon, I. A., Nair, S., & Jakhiya, M. (2021). How Ready the GEN-Z is to Adopt FinTech ? 2021 International Conference on Computational Intelligence and Knowledge Economy (ICCIKE), 565–570. https://doi.org/10.1109/ICCIKE51210.2021.9410747
Morris, T., Kamano, L., & Therrien, V. (2025). Factors and Determinants of Financial Behaviors That Undermine Financial Well-Being: A Qualitative Study. Journal of Consumer Affairs, 59(3). https://doi.org/10.1111/joca.70025
Musnadi, S., Sofyan, Zuraida, & Agustina, M. (2025). Enhancing Financial Literacy through Fintech: A Study on Aceh’s Millennials with Gender and Education as Moderators. Iranian Economic Review, 29(2), 527–556. https://doi.org/10.22059/ier.2025.358272.1007699
Narayan, S. W. (2019). DOES FINTECH MATTER FOR INDONESIA’S ECONOMIC GROWTH? Buletin Ekonomi Moneter Dan Perbankan, 22(4), 437–456. https://doi.org/10.21098/bemp.v22i4.1237
Nugroho, M. A., & Novitasari, B. T. (2023). FINTECH RISKS AND CONTINUANCE TO USE ON GENERATION Z. Journal of Law and Sustainable Development, 11(2). https://doi.org/10.55908/sdgs.v11i2.630
Nuris, D. M., Sahid, S., & Hussin, M. (2024). The validation of financial behavior instruments for university students: An exploratory and confirmatory factor analysis approach. Multidisciplinary Reviews, 7(2). https://doi.org/10.31893/multirev.2024031
Okamoto, R. M., LeBaron-Black, A. B., Wikle, J. S., O’Neal, C. W., Leavitt, C. E., & Hill, E. J. (2025). Know Better, Do Better? Parental Financial Socialization’s Indirect Association with Couple Financial Communication through Financial Self-Efficacy. Journal of Financial Therapy, 16(2). https://doi.org/10.4148/1944-9771.1454
Oquaye, M., Owusu, G. M. Y., & Bokpin, G. A. (2022). The antecedents and consequence of financial well-being: a survey of parliamentarians in Ghana. Review of Behavioral Finance, 14(1), 68–90. https://doi.org/10.1108/RBF-12-2019-0169
Pangestu, S., & Karnadi, E. B. (2020). The effects of financial literacy and materialism on the savings decision of generation Z Indonesians. Cogent Business and Management, 7(1), 1. https://doi.org/10.1080/23311975.2020.1743618
Prabhakaran, S., & Mynavathi L. (2025). Does Fintech Usage Alter the Relationships Between Financial Literacy, Behaviour and Well-Being? Evidence from India. Organizations and Markets in Emerging Economies, 16(1 (32)), 133–154. https://doi.org/10.15388/omee.2025.16.6
Rahadi, A. P., Koesrindartoto, D. P., & Wisesa, A. (2024). Gender, anxiety and perceived Islamic values in students’ debt attitudes and behaviour: an ethnographic study of an Indonesian multicultural university. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-03-2024-0079
Rai, K., Ahuja, B. K., & Sharma, M. (2025). Exploring linkages of financial literacy with financial well-being: the mediating aspect of financial behaviour and financial self-efficacy. International Journal of Law and Management. https://doi.org/10.1108/IJLMA-02-2025-0066
Rosa, C. M., Marks, L. D., LeBaron, A. B., & Hill, E. J. (2018). Multigenerational Modeling of Money Management. Journal of Financial Therapy, 9(2). https://doi.org/10.4148/1944-9771.1164
Rosplock, K. (2022). Developing a Family Wealth Education Plan. In Wealth of Wisdom (pp. 111–118). Wiley. https://doi.org/10.1002/9781119827917.ch16
Ruban, C. A., & Nithya, A. R. (2025). The Role of FinTech in Enhancing Financial Literacy Among Women for Sustainable Economic Development. Journal of Applied Bioanalysis, 11(3), 252–260. https://doi.org/10.53555/jab.v11i3.240
Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., & Rahim, H. A. (2022). Mediating Effect of Financial Behaviour on the Relationship Between Perceived Financial Wellbeing and Its Factors Among Low-Income Young Adults in Malaysia. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.858630
Sekhar, K. R., & Saheb, S. S. (2026). User perceptions of RBI-approved P2P digital lending apps: an NLP, machine learning, and deep learning approach. Frontiers in Artificial Intelligence, 8. https://doi.org/10.3389/frai.2025.1708080
Senduk, F. F. W., Djatmika, E. T., Wahyono, H., Churiyah, M., & Arjanto, P. (2025). A Phenomenological Perspective on Financial Education: The Lived Experiences of High School Students. Educational Process: International Journal, 17. https://doi.org/10.22521/edupij.2025.17.391
Susan, M., Winarto, J., & Gunawan, I. (2024). Determinants of FinTech-based financial literacy of micro, small, and medium enterprises. International Journal of Economic Policy in Emerging Economies, 20(3/4), 325–332. https://doi.org/10.1504/IJEPEE.2024.142472
Susanto, K. P., Mandagie, W. C., Endri, E., & Wiwaha, A. (2025). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Investment Management and Financial Innovations, 22(1), 25–34. https://doi.org/10.21511/imfi.22(1).2025.03
Tezel, Z. (2015). Financial Education for Children and Youth (pp. 69–92). https://doi.org/10.4018/978-1-4666-7484-4.ch005
Thu, H. T. T., Nguyen Khanh, Q., Khanh, V. N., Phuong, M. D., & Trung, D. H. (2025). The impact of financial literacy on financial behaviors: The case of university students in Hanoi, Vietnam. Humanities and Social Sciences Letters, 13(3), 1037–1052. https://doi.org/10.18488/73.v13i3.4380
Trisna Herawati, N., Wayan, N., & Dewi, Y. (2020). The Effect of Financial Literacy, Gender, and Students’ Income on Investment Intention: The Case of Accounting Students.
Tsai, S. C., Chen, C. H., & Shih, K. C. (2022). Exploring Transaction Security on Consumers’ Willingness to Use Mobile Payment by Using the Technology Acceptance Model. Applied System Innovation, 5(6). https://doi.org/10.3390/asi5060113
Utami, E. M., Puspitasari, D. M., & Nursjanti, F. (2022). Peningkatan Kemampuan Perencanaan Keuangan Generasi Z Melalui Literasi Keuangan Dan Pengalaman Keuangan. Diklat Review: Jurnal Manajemen Pendidikan Dan Pelatihan, 6(2), 142-150.
Vosylis, R., & Erentaitė, R. (2020). Linking Family Financial Socialization With Its Proximal and Distal Outcomes: Which Socialization Dimensions Matter Most for Emerging Adults’ Financial Identity, Financial Behaviors, and Financial Anxiety? Emerging Adulthood, 8(6), 464–475. https://doi.org/10.1177/2167696819856763
Wahyuni, S. F., Radiman1, Hafiz, M. S., & Jufrizen. (2023). Financial literacy and financial attitude on financial management behavior: An examination of the mediating role of the behavioral intention of students at private universities in Indonesia. Investment Management and Financial Innovations, 20(3), 239–250. https://doi.org/10.21511/imfi.20(3).2023.20
Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712–721. https://doi.org/10.1111/ijcs.12285
Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 39(7), 1208–1226. https://doi.org/10.1108/IJBM-11-2020-0552
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Eristy Minda Utami, Gita Genia Fatihat, John Henry Wijaya
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
This work is licensed under a 