The Role of Financial Inclusion and Digital Financial Literacy in Mediating the Influence of Financial Technology Use on Stock Investment Decisions
Abstract
This study aims to analyze the influence of Financial Technology (FinTech) usage on stock investment decisions among Generation Z users of the Stockbit application in Malang City, with financial inclusion and digital financial literacy as mediating variables. Using a quantitative approach and purposive sampling, 102 respondents were surveyed through an online questionnaire. The data were analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) technique with SmartPLS 3.0 software. This finding shows that FinTech usage has a positive but insignificant direct effect on stock investment decisions. However, FinTech significantly enhances financial inclusion and digital financial literacy, both of which positively influence investment decisions. These mediating variables strengthen the indirect relationship between FinTech usage and stock investment decisions. This study highlights the importance of digital financial literacy and inclusive access to formal financial services in optimizing fintech’s role in shaping rational investment behavior.
Keywords: Financial Technology, Financial Inclusion, Digital Financial Literacy, Stock Investment Decision
Downloads
Copyright (c) 2026 Baiq Nana Dwi Herdiana, Maretha Ika Prajawati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
