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

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 t...

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Bibliographic Details
Published inEconomics of innovation and new technology Vol. 31; no. 4; pp. 320 - 338
Main Authors Setiawan, Maman, Effendi, Nury, Santoso, Teguh, Dewi, Vera Intanie, Sapulette, Militcyano Samuel
Format Journal Article
LanguageEnglish
Published Abingdon Routledge 19.05.2022
Taylor & Francis Ltd
Subjects
Behavior
Digital financial literacy
Financial literacy
Literacy
millennial
Millennials
Multivariate statistical analysis
saving behavior
spending behavior
Urban areas
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Summary: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.
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ISSN:1043-8599
1476-8364
DOI:10.1080/10438599.2020.1799142