STUDENTS’ FINANCIAL BEHAVIOR IN THE DIGITAL ERA: THE ROLE OF FINANCIAL LITERACY, SELF-CONTROL, FINTECH, AND SOCIAL ENVIRONMENT

Melia Widyarti; Erida Herlina

doi:10.64417/rabo.v1i2.0020

Vol. 1 No. 2 (2025), Articles

Vol. 1 No. 2 (2025) Page 191-203

STUDENTS’ FINANCIAL BEHAVIOR IN THE DIGITAL ERA: THE ROLE OF FINANCIAL LITERACY, SELF-CONTROL, FINTECH, AND SOCIAL ENVIRONMENT

Melia Widyarti⁺⁻
Erida Herlina⁺⁻

Melia Widyarti

Universitas Hayam Wuruk Perbanas

Erida Herlina

Universitas Hayam Wuruk Perbanas

DOI: 10.64417/rabo.v1i2.0020

Published 04-09-2025

PDF

Keywords

Financial Behavior
Financian Literacy
Self Control
Fintech
Social Environment

How to Cite

Widyarti, M., & Herlina, E. (2025). STUDENTS’ FINANCIAL BEHAVIOR IN THE DIGITAL ERA: THE ROLE OF FINANCIAL LITERACY, SELF-CONTROL, FINTECH, AND SOCIAL ENVIRONMENT. Reviu Accounting, Business & Organizations, 1(2), 191-203. https://doi.org/10.64417/rabo.v1i2.0020

Abstract

Research Objective - This research aims to analyze the influence of financial literacy, self-control, financial technology, and the social environment on students' financial behavior in Surabaya.

Method – The Research method uses a quantitative approach, with primary data collected through questionnaires distributed to students at several universities in Surabaya, using purposive sampling. The number of samples used in this study was 180 students. Data analysis was carried out using the Partial Least Squares (PLS).

Findings - The study's results show that financial literacy, self-control, and the social environment affect students' financial behavior. Meanwhile, financial technology does not influence students' financial behavior.

Theoretical and Policy Implications - This research suggests that improving financial literacy and self-control, coupled with the wise use of financial technology and a supportive social environment, are crucial for shaping healthy financial behavior among students. Therefore, suggested solutions include strengthening financial literacy education in higher education, controlling the use of FinTech, and creating a social environment that encourages responsible financial management.

Research Novelty - The novelty of this research lies in analyzing the role of financial technology as a modern contextual factor in shaping students' financial behavior.

References

Abdurrahman, S., & Oktapiani, S. (2019). The Influence of Financial Literacy and Social Environment on the Financial Behavior of Students at Sumbawa University of Technology. Indonesian Journal of Economics and Business, 5(2), 50–55. www.pelajaran.co.id,

Aisyah, N., Maharani, B., Afif, N., & Dewi, V. (2024). The Influence of Financial Literacy, Lifestyle, Social Environment, Locus of Control, and Financial Technology on Financial Behavior (An Empirical Study of Management and Accounting Students at Universities in Kedu). Business and Economics Conference in Utilization of Modern Technology, 234–247. https://journal.unimma.ac.id

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.

Aprinthasari, M., & Widiyanto. (2020). The Influence of Financial Literacy and Social Environment on the Financial Behavior of Economics Students. Business and Accounting Education Journal, 1(1), 65–72. http://journal.unnes.ac.id/sju/index.php/baej

Ardiana, M., Agustina, R., Pertiwi, D. A., Ervina, D., Akuntansi, P., Ekonomi, F., & Asy’ari, H. (2023). The Influence of Self-Control on the Financial Behavior of Students at the Faculty of Economics, Hasyim Asy’ari University. Proceedings of the National Seminar on Science, Technology, Economics, Education, and Religion (Sainsteknopak), 7, 114–121.

There are 34 references. More references >>

Abdurrahman, S., & Oktapiani, S. (2019). The Influence of Financial Literacy and Social Environment on the Financial Behavior of Students at Sumbawa University of Technology. Indonesian Journal of Economics and Business, 5(2), 50–55. www.pelajaran.co.id,

Aisyah, N., Maharani, B., Afif, N., & Dewi, V. (2024). The Influence of Financial Literacy, Lifestyle, Social Environment, Locus of Control, and Financial Technology on Financial Behavior (An Empirical Study of Management and Accounting Students at Universities in Kedu). Business and Economics Conference in Utilization of Modern Technology, 234–247. https://journal.unimma.ac.id

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.

Aprinthasari, M., & Widiyanto. (2020). The Influence of Financial Literacy and Social Environment on the Financial Behavior of Economics Students. Business and Accounting Education Journal, 1(1), 65–72. http://journal.unnes.ac.id/sju/index.php/baej

Ardiana, M., Agustina, R., Pertiwi, D. A., Ervina, D., Akuntansi, P., Ekonomi, F., & Asy’ari, H. (2023). The Influence of Self-Control on the Financial Behavior of Students at the Faculty of Economics, Hasyim Asy’ari University. Proceedings of the National Seminar on Science, Technology, Economics, Education, and Religion (Sainsteknopak), 7, 114–121.

Ardiansyah, M. Y., & Santi Budiani, M. (2021). The Relationship Between Self-Control and Financial Literacy with Compulsive Buying Among Online Shopping App Users. Character: Journal of Psychological Research, 8(6).

Arianti, B. F. (2021). Financial Literacy (Theory and Implementation) (W. Kurniawan, Ed.; First Edition). CV. Pena Persada.

Aydin, S. (2023). The Effect of Financial Literacy and Self-Efficacy Attitudes on Individuals' Financial Behaviors: Evidence from the Active Population in Turkey. Cankiri Karatekin University Journal of Economics and Administrative Sciences, 13(3), 770–793. https://doi.org/10.18074/ckuiibfd.1158790

Brilianti, T. R., & Lutfi, L. (2020). The influence of income, financial experience, and financial knowledge on family financial behavior in the city of Madiun. Journal of Business and Banking, 9(2), 197–213. https://doi.org/10.14414/jbb.v9i2.1762

Febrianti, D., & Prima, A. (2024). The Influence of Financial Literacy, Financial Technology, and Social Environment on Student Financial Behavior in Batam City. ECo-Buss, 6(3), 1194–1207.

Ferdiansyah, A., & Triwahyuningtyas, N. (2021). Analysis of Financial Technology Services and Lifestyle on Student Financial Behavior. Scientific Journal of Economics and Management Students, 6(1), 223–235. http:jim.unsyiah.ac.id/ekm

Hanafi. (2021). Fundamentals of Financial Technology (Fintech) (1st ed.). CV. Aswaja Pressindo.

Hariyani, R. (2024). The Influence of Financial Technology, Locus of Control, and Financial Literacy on Student Financial Behavior. Perspective: Journal of Economics & Management, Bina Sarana Informatika University, 22(1), 16–22. https://doi.org/10.31294/jp.v17i2

Hashmi, F., Aftab, H., Martins, J. M., Mata, M. N., Qureshi, H. A., Abreu, A., & Mata, P. N. (2021). The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLoS ONE, 16(9), 1–22. https://doi.org/10.1371/journal.pone.0256649

Katadata Insight Center. (2021). Survey on the Financial Behavior of Generation Z | Katadata Insight Center. https://kic.katadata.co.id/insights/33/survei-perilaku-keuangan-generasi-z

Kusumawardhani, R., Cahyani, P. D., & Ningrum, N. K. (2020). Analysis of Differences in Financial Literacy Levels Between Economics Students and Non-Economics Students. Mix: Scientific Journal of Management, 10(1), 15–28. https://doi.org/10.22441/mix.2020.v10i1.002

Libraeni, L. G., & Desmayani, N. M. (2024). The Effect of Financial Literacy and Financial Technology Use on Student Financial Behavior. Journal Research of Accounting (JARAC), 5(2), 261–268.

Mustaqima, Dama, H., & Selvi. (2024). The Use of Financial Technology Payment and Lifestyle on Financial Behavior in Students of the Faculty of Economics, Gorontalo State University. JAMBURA: Scientific Journal of Management and Business, 7(1), 226–236.http://ejurnal.ung.ac.id/index.php/JIMB

Nasihah, D. (2019). The Influence of Financial Accounting Learning, Financial Literacy, and Self-Control on the Financial Behavior of Students at the Faculty of Economics, Surabaya State University. Journal of Accounting Education, 07(03), 336–341.

Nirmala, Muntahanah, S., & Achadi, A. (2022). Financial Literacy and Financial Behavior: An Empirical Study of Students at the Faculty of Economics, Wijayakusuma University, Purwokerto. Jurnal MONEX, 01(11), 1–9.

Nurjanah, R., Asti, E. G., Rafikah, I., & Istiqomah, A. (2024). Implications of Self-Control, Spiritual Intelligence, and Financial Literacy in Financial Management. Owner Research & Accounting Journal, 8(2), 1439–1450. https://doi.org/10.33395/owner.v8i2.2202

OJK. (2023). Financial Literacy. OJK, 2023. In Financial Services Authority. https://ojk.go.id/id/regulasi/Documents/Pages/Peningkatan-Literasi-dan- Inklusi-Keuangan-di-Sektor-Jasa-Keuangan-Bagi-Konsumen-dan-Masyarakat/POJK Number 3 of 2023. Improving Financial Literacy and Inclusion in the Financial Services Sector for Consumers and the Community

ojk.go.id. (2022). Infographic on the Results of the 2022 National Survey on Financial Literacy and Inclusion. In Ojk.Go.Id. https://ojk.go.id/id/berita-dan-kegiatan/info-terkini/Pages/Infografis-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2022.aspx

Oktaviani, M., Sari, I. P., & Miftah, Z. (2023). The Influence of E-Commerce and Financial Technology on the Consumptive Behavior of Students. Journal of Applied Business and Economics (JABE), 9(3), 281–290.

Purwanto, N., Budiyanto, & Suhermin. (2022). THEORY OF PLANNED BEHAVIOR: Implementation of Electronic Word of Mouth Behavior in the Marketplace Consumer (1st ed.). CV. Literasi Nusantara Abadi.

Putri, W., Fontanella, A., & Handayani, D. (2023). The Influence of Financial Technology Use, Lifestyle, and Parental Income on Student Financial Behavior. Journal of Accounting and Management, 18(1), 51–72. https://akuntansi.pnp.ac.id/jam

Rachman, R. A., Yuhertiana, I., & Wilasittha, A. A. (2024). The Influence of Financial Literacy, Lifestyle, and Financial Distress on the Financial Behavior of Accounting Students at UPN Veteran East Java. COSTING: Journal of Economic, Business and Accounting, 7(4), 8284–8293.

Sada, Y. M. V. K. (2022). The Influence of Financial Literacy, Lifestyle, and Social Environment on Student Financial Behavior. Journal of Accounting Literacy, 2(2), 86–99. https://doi.org/10.55587/jla.v2i2.35

Sari, E., & Anam, A. K. (2021). Financial Attitudes, Behavioral Control, Self-Efficacy, and Financial Behavior. Organum: Scientific Journal of Management and Accounting, 4(1), 28–39. https://doi.org/10.35138/organu

Sari, W. P., & Nikmah. (2023). The Influence of Financial Literacy, Financial Technology, Financial Education in the Family, and Self-Control on the Financial Behavior of Students. MEA Scientific Journal (Management, Economics, and Accounting), 7(3), 1592–1608.

Veronika, A., & Purba, Y. S. (2022). The Socio-Economic Influence of Parents, Financial Behavior in the Family, and Self-Control on Personal Financial Management of Management Study Program Students at STMB Multi Smart Medan. Management Studies and Entrepreneurship Journal, 3(6), 3390–3407. http://journal.yrpipku.com/index.php/msej

Wati, L., & Panggiarti, E. (2021). Analysis of Financial Technology Use, Financial Literacy, and Financial Behavior of Students Engaged in Online Business. Journal of Economic Education, Education, and Accounting, 9(2), 121–129. https://jurnal.unigal.ac.id/index.php/edukasi/article/view/5834

Yuniningsih. (2020). Financial Behavior in Investing (Laboratory Experiment and Field Experiment) (First Edition). Indomedia Pustaka. www.indomediapustaka.com

Zulfialdi, M. F., & Sulhan, M. (2023). The Influence of Financial Literacy, Lifestyle, and Self-Control on Financial Behavior Among PTKIN Students in East Java. MEA Scientific Journal (Management, Economics, and Accounting), 7(2), 807–820.

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.