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Digital financial literacy, current behavior of saving and spending and its future foresight

Author

Listed:
  • Maman Setiawan
  • Nury Effendi
  • Teguh Santoso
  • Vera Intanie Dewi
  • Militcyano Samuel Sapulette

Abstract

This paper investigates the relationship among digital financial literacy (DFL), current saving behavior, current spending behavior, and foresight of future spending and saving behavior among Indonesian millennials. This research uses structural equation modeling to estimate the relationship among the variables. The research surveyed millennials in the 25–40 age group in several urban areas of Java island. The survey collected information of the indicators constructing the latent variables. The results indicate that DFL is influenced by social-economic standing. DFL also positively affects the current saving and spending behavior. Moreover, the current saving and spending behavior contribute to the future saving and spending foresight. This research suggests policymaker to provide knowledge about DFL to the millennials.

Suggested Citation

  • Maman Setiawan & Nury Effendi & Teguh Santoso & Vera Intanie Dewi & Militcyano Samuel Sapulette, 2022. "Digital financial literacy, current behavior of saving and spending and its future foresight," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 31(4), pages 320-338, May.
    • Handle: RePEc:taf:ecinnt:v:31:y:2022:i:4:p:320-338
    DOI: 10.1080/10438599.2020.1799142
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    Cited by:

    1. Ján Morvai & Mihály Ormos & Imrich Antalík & Ladislav Mura & Adam Páldi & Barnabás Szabó, 2022. "Financial planning in Slovakia: results of empirical research," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 10(2), pages 572-589, December.
    2. Zhu, Mingxun & Wang, Yanping & Wei, Min & Cai, Zhen, 2023. "How does digital finance affect consumer online shopping: A comprehensive analysis based on econometric model," Finance Research Letters, Elsevier, vol. 54(C).

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