The Effect of Financial Literacy and Financial Technology on Financial Behavior with Financial Confidence as a Moderating Variable (Study on Female Students in Malang City)
Abstract
This study aims to analyze the effect of financial literacy and financial technology on financial behavior, with financial confidence serving as a moderating variable among female university students in Malang City. The study was motivated by the increasing use of digital financial services among young adults and the inconsistent findings of previous studies regarding the moderating role of financial confidence. A quantitative approach was employed using primary data collected through online questionnaires distributed to 100 active female university students in Malang City selected through purposive sampling. The respondents were selected based on specific criteria, including active use of financial technology services and experience in independently managing personal finances. The focus on female university students was intended to provide a more specific contextual understanding of financial behavior among young women in higher education. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. The findings indicate that financial literacy and financial technology have a positive and significant effect on financial behavior. However, financial confidence was not found to moderate the relationship between financial literacy and financial behavior, nor the relationship between financial technology and financial behavior. These findings suggest that students’ financial behavior is more strongly influenced by financial knowledge and the utilization of digital financial services than by psychological confidence factors. This study contributes to the development of financial behavior literature and provides practical implications for universities and policymakers in improving financial education and digital financial literacy among students.
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