The Effect of Digital Financial Literacy on Personal Financial Management Behavior among Generation Z: The Mediating Role of Lifestyle

Maya Oktaviana; Adhitya Yoga Prasetya

doi:10.32939/dhb.v7i1.6155

Authors

Maya Oktaviana Sekolah Tinggi Ilmu Ekonomi Totalwin
Adhitya Yoga Prasetya Sekolah Tinggi Ilmu Ekonomi Totalwin

DOI:

https://doi.org/10.32939/dhb.v7i1.6155

Keywords:

Digital Financial Literacy, Lifestyle, Personal Financial Management Behavior, Generation Z

Abstract

Purpose: This study aims to investigate the role of digital financial literacy in shaping personal financial management behavior among Generation Z, while explicitly examining whether lifestyle acts as a mediating mechanism that strengthens or weakens this relationship in the context of increasing financial digitalization.

Design/Methodology/Approach: A quantitative approach was employed using a survey of 420 Generation Z respondents aged 18–27 years in Gubug District. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to evaluate both direct and indirect relationships among variables.

Findings: The results indicate that digital financial literacy has a positive and significant effect on personal financial management behavior. Lifestyle, however, has a significant negative effect on financial behavior and does not mediate the relationship between digital financial literacy and financial management behavior. These findings suggest that while digital financial literacy plays a central role in shaping financial behavior, lifestyle tends to weaken prudent financial practices.

Research Implications: This study highlights the importance of strengthening digital financial literacy as a key driver of responsible financial behavior among Generation Z. Policymakers and educators are encouraged to promote inclusive and sustainable financial education programs, particularly amid rapid digitalization.

Downloads

Download data is not yet available.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Alfiyansyah, M. A., Alamsyah, S., & Tanjung, H. (2024). Pengaruh e-commerce, literasi keuangan, dan literasi digital terhadap perilaku konsumtif mahasiswa. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 5(1), 972–979. https://doi.org/10.46306/rev.v5i1.542

Alysa, A., Muthia, F., & Andriana, I. (2024). Pengaruh literasi keuangan digital terhadap perilaku menabung dan perilaku berbelanja pada Generasi Z. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(3), 2811–2823. https://doi.org/10.47467/alkharaj.v6i3.4706

Anggraini, F. D., & Khairunnisa, K. (2025). Transformasi ekonomi digital dan kinerja UMKM: Analisis pengaruh digitalisasi akuntansi terpadu. Al Dzahab, 6(2), 95–110. https://doi.org/10.32939/dhb.v6i2.5791

Azhima, Z. A., & Pinem, D. (2024). Analysis of financial literacy, financial technology, and lifestyle on financial behavior of Generation Z in Pulo Village. Formosa Journal of Sustainable Research, 3(1), 79–98. https://doi.org/10.55927/fjsr.v3i1.7729

Bellocchi, A., & Travaglini, G. (2025). Financial literacy and financial education: The role of irreversible costs. Economics Letters, 247, Article 112173. https://doi.org/10.1016/j.econlet.2025.112173

Buderini, L., Gama, A. W. S., & Astiti, N. P. Y. (2023). Pengaruh literasi keuangan, gaya hidup, dan pendapatan terhadap kemampuan pengelolaan keuangan pribadi mahasiswa Generasi Z. KRISNA: Kumpulan Riset Akuntansi, 15(1), 90–101. https://doi.org/10.22225/kr.15.1.2023.90-101

Damayanti, N. D., Jasmine, E. A., Yani, S., Daulay, M. A., Kurnia, I., & Al Panzil, M. F. (2023). Penerapan teori belajar B.F. Skinner dalam pembelajaran PAI. El-Mujtama: Jurnal Pengabdian Masyarakat, 4(1), 62–72. https://doi.org/10.47467/elmujtama.v4i1.3160

Dewi, N. M. V. C., & Darma, G. S. (2021). Menakar literasi keuangan dan pendapatan terhadap perilaku manajemen keuangan bagi dokter gigi dengan gaya hidup sebagai mediasi. Jurnal Manajemen Bisnis, 18(4), 459–481. https://doi.org/10.38043/jmb.v18i4.3280

Junaedi, R., & Hartati, N. (2023). Pengaruh literasi keuangan, inklusi keuangan, dan gaya hidup terhadap pengelolaan keuangan wanita karir di Kabupaten Bekasi. Jurnal Riset Akuntansi Politala, 6(1), 182–195. https://doi.org/10.34128/jra.v6i1.188

Komarudin, M. N., Nugraha, H., Hardjadi, D., & Pasha, R. A. (2020). Pengaruh literasi keuangan dan pengendalian diri terhadap perilaku pengelolaan keuangan. Jurnal Keuangan dan Bisnis, 18(1), 159–178.

Kurniawan, A. A., Sebayang, K. D. A., & Zahra, S. F. (2025). Pengaruh literasi ekonomi digital, perilaku shopaholic, dan lingkungan sebaya terhadap gaya hidup finansial Gen Z. Jurnal Ekonomi dan Bisnis, 3(1), 388–405.

Kurniawan, T., Sari, D. P., & Lestari, R. (2025). Financial literacy and lifestyle: Do they shape financial decisions among youth? Sustainability, 17(3), 1456. https://doi.org/10.3390/su17031456

Kusumawardani, A., & Yuliyanti, E. (2023). Pengaruh self-attribution bias terhadap perilaku investor dengan overconfidence bias sebagai variabel intervening. Jurnal Ilmiah Ekonomi dan Manajemen, 1(4), 576–586. https://doi.org/10.61722/jiem.v1i4.509

Lambut, A. K., & Purba, P. M. (2025). Literasi keuangan digital sebagai kunci keberlangsungan usaha dan transparansi laporan keuangan UMKM. Al Dzahab, 6(2), 180–190. https://doi.org/10.32939/dhb.v6i2.5801

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

Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Opening a new field. National Bureau of Economic Research Working Paper Series. http://www.nber.org/papers/w31145

Nirmala, A. N., Agustina, Y., Subagyo, & Istanti, L. N. (2024). Pengaruh hedonic lifestyle, literasi keuangan, dan sikap keuangan terhadap perilaku keuangan pada Generasi Z dengan gender sebagai variabel moderasi. Jurnal Ekonomi dan Bisnis, 23(5), 155–176.

OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. OECD Publishing. https://doi.org/10.1787/48ebd1ba-en

Otoritas Jasa Keuangan. (2023). Peraturan Otoritas Jasa Keuangan Republik Indonesia No. 3 Tahun 2023 tentang peningkatan literasi dan inklusi keuangan. https://ojk.go.id/id/regulasi/Pages/Peningkatan-Literasi-dan-Inklusi-Keuangan-di-Sektor-Jasa-Keuangan-Bagi-Konsumen-dan-Masyarakat.aspx

Otoritas Jasa Keuangan. (2025). National strategy on Indonesian financial literacy 2021–2025.

Perawati, P., Malini, H., Azazi, A., & Mustika, U. N. (2025). Financial literacy and financial technology on the personal finance behavior of Generation Z. Journal of Management Science (JMAS), 8(1), 179–188.

Putri, L., 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, 203–218. https://doi.org/10.31000/competitive.v8i2.11504

Rahadjeng, E. R., & Harsono, I. (2024). Generation Z financial behavior in the digital era: The role of technology and consumption patterns. Heliyon, 10(2), e24567. https://doi.org/10.1016/j.heliyon.2024.e24567

Setiawan, M., Effendi, N., Santoso, T., Dewi, V. I., & Sapulette, M. S. (2020). Digital financial literacy, current behavior of saving and spending and its future foresight. Economics of Innovation and New Technology, 31(4), 320–338. https://doi.org/10.1080/10438599.2020.1799142

Siregar, M. A., & Pratiwi, P. D. (2024). Keuangan Generasi Z dengan gaya hidup sebagai variabel intervening. Jurnal Ekonomi dan Bisnis, 12(3), 3068–3083.

Soenarno, D. A., Setyawati Hermawan, W., & Livia, L. (2022). Analisis komunitas online gaya hidup minimalis dalam menyikapi konsumerisme. Jurnal Komunikasi Digital.

Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.

Suyatno, Y. I. M., Kusumawardani, A., & Suyatno, L. (2024). Implementasi pengelolaan digital dana ZIS untuk stabilisasi perekonomian desa. Jurnal Bisnis Mahasiswa.

Wijayanti, E., Sinarwati, N. K., & Rahmawati, P. I. (2024). Pengaruh literasi keuangan, perencanaan keuangan, dan lingkungan sosial terhadap perilaku keuangan pegawai pemerintah non-PNS. Jurnal Manajemen dan Organisasi, 15(1), 67–82. https://doi.org/10.29244/jmo.v15i1.53168

Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009

Yonifia, I., & Rahman, B. A. (2025). Gaya hidup frugal living dalam penggunaan QRIS menurut pandangan Islam. Al Dzahab, 6(2), 70–81. https://doi.org/10.32939/dhb.v6i2.4961