The Influence of Financial Literacy, Digital Literacy, Mental Accounting, and Financial Inclusion on The Sustainability of Gen Z MSMEs
Abstrak
This study examines the influence of financial literacy, digital literacy, mental accounting, and financial inclusion on the sustainability of MSMEs operated by Generation Z in Yogyakarta City. MSMEs managed by young entrepreneurs face challenges related to financial management capabilities, digital technology utilization, and business stability amid rapid economic changes, thereby requiring stronger financial understanding and behavior. The research employs a quantitative approach by distributing questionnaires to 202 MSME actors selected through purposive sampling, and the data were analyzed using SEM-PLS with SmartPLS 4.0. The results indicate that all independent variables have a positive and significant effect on MSME sustainability, with financial inclusion emerging as the most dominant factor. These findings highlight that financial management skills, digital proficiency, structured financial allocation behavior, and access to formal financial services play essential roles in strengthening the resilience and growth of Generation Z businesses amid the rapid pace of digital transformation.
##plugins.generic.usageStats.downloads##
Referensi
Aisyah, H., & Puspita, S. (2022). Resource-Based View: Strategi UMKM Di Sumatera Barat Untuk Mencapai Keunggulan Kompetitif. In Halaman (Vol. 109, Issue 120). https://ejournal.stiedewantara.ac.id/index.php/JMD/article/view/1029
Ambarwati, L., & Zuraida, L. (2020). Pengaruh Financial Literacy Terhadap Business Sustainability Pada UMKMDesa Panggungharjo. Jurnal Kajian Bisnis, 1.
Anggraini, R. D., Rasamashar, W., & Suci, R. G. (2024). Pengaruh Mental Accounting, Teknologi Informasi Dan Kualitas Sumber Daya Manusia Terhadap Kinerja UMKM Kecamatan Binawidya Pekanbaru. AKUNTANSI 45, 5(1), 198–216. https://doi.org/10.30640/akuntansi45.v5i1.2466
Apipah, N., Kharisma, A. S., & Maftukhin. (2023). Pengaruh Literasi Keuangan, Inklusi Keuangan, Fintech terhadap Sustainabilitas UMKM (Studi Kasus Pelaku UMKM Mitra Mandiri Brebes) The Influence of Financial Literacy, Financial Inclusion, Fintech on Msme Sustainability (Case Study of MSME Actors Mitra Mandiri Brebes). JACFIR: Journal of Accounting and Financial Research, 1(4), 13.
Arisandy, N., Rahayu, S., Putra, W. E., & . Y. (2024). Literatur review: Sharia financial literacy, financial technologi and mental accounting on financial statisfaction. International Journal of Research in Finance and Management, 7(2), 157–165. https://doi.org/10.33545/26175754.2024.v7.i2b.359
Arquero, J. L., Fernández-Polvillo, C., & Jiménez-Cardoso, S. M. (2024). Financial literacy in tourism and management & business administration entry-level students: A comparative view. Journal of Hospitality, Leisure, Sport & Tourism Education, 34, 100474. https://doi.org/10.1016/j.jhlste.2023.100474
Asmoro, W. K., Setiawan, M. A., Setianingsih, N. A., & Putranti, E. (2025). Pengaruh Financial Technology, Literasi Keuangan, Inklusi Keuangan, Aksesibilitas Kredit Terhadap Keberlangsungan UMKM. Owner, 9(1), 575–592. https://doi.org/10.33395/owner.v9i1.2547
Ayu, I., Idawati, A., Gede, I., Pratama, S., Ekonomi, F., Bisnis, D., & Warmadewa, U. (2023). Inklusi Keuangan Dan Literasi Keuangan Terhadap Kinerja Dan Keberlangsungan Umkm Di Kota Denpasar. Jurnal Bisnis Dan Kajian Strategi Manajemen, 7, 2023.
Azro’i, M. A., Nurbaiti, N., & Harahap, M. I. (2023). Pengaruh Inklusi Keuangan dan Modal Terhadap Sustainability UMKM dengan Prinsip Maqashid Syariah (Studi Kasus UMKM Kota Medan). JURNAL SOSIAL EKONOMI DAN HUMANIORA, 9(3), 357–367. https://doi.org/10.29303/jseh.v9i3.401
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bidasari, B., Sahrir, S., Goso, G., & Hamid, R. S. (2023). Peran Literasi Keuangan dan Literasi Digital dalam Meningkatkan Kinerja UMKM. Owner, 7(2), 1635–1645. https://doi.org/10.33395/owner.v7i2.1404
Desmiyawati, D., Susilatri, S., & Ramaiyanti, S. (2024). Financial Literacy, Technology, Competitive Advantages and Implications to MSMEs Performance. Jurnal Organisasi Dan Manajemen, 20(2), 236–251.
Dewi, R. K., & Purwantini, A. H. (2023). Literasi dan Inklusi Keuangan, serta Keterampilan Akuntansi untuk Keberlanjutan UMKM (Financial Literacy and Inclusion, as well as Accounting Skills for MSME Sustainability). Akuntansi Bisnis & Manajemen (ABM), 30(2). https://doi.org/10.35606/jabm.v30i2.1279
Frimpong, S. E., Agyapong, G., & Agyapong, D. (2022). Financial literacy, access to digital finance and performance of SMEs: Evidence From Central region of Ghana. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2121356
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hasan, M., Tiara Hutamy, E., Supatminingsih, T., Ahmad, M. I. S., Aeni, N., & Dzhelilov, A. A. (2024). The role of entrepreneurship education in the entrepreneurial readiness of generation Z students: why do digital business literacy and financial literacy matter? Cogent Education, 11(1). https://doi.org/10.1080/2331186X.2024.2371178
Haya, H. (2021). Pengaruh Inklusi Keuangan dan Modal Terhadap Ssutainability Umkm Pasar Sarimalaha Kota Tidore Kepulauan. Jurnal AKRAB JUARA, 6(5), 13–27.
Isbahi, M. B., Zuana, M. M. M., & Toha, M. (2024). The Multi-Social Relation of the Cattle Industry in the Plaosan Subdistrict Animal Market of Magetan Regency. Malacca: Journal of Management and Business Development, 1(1), 31–46. https://doi.org/10.69965/malacca.v1i1.51
Ismia, F. K., Udzikrilah, S., & Pratiwi, P. D. (2024). Pengaruh Mental Accounting dan Literasi Keuangan Terhadap Financial Behaviour Dengan Dimediasi Gaya Hidup Konsumtif Mahasiswa Aktif di DKI Jakarta. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 9(2), 118–130. https://doi.org/10.24815/jimeka.v9i2.30045
Jayanti, E., & Karnowati, N. B. (2023). Digitalisasi UMKM dan Literasi Keuangan Untuk Keberlanjutan UMKM di Kabupaten Cilacap. Kajian Bisnis Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha, 31(1), 51–64. https://doi.org/10.32477/jkb.v31i1.504
Kamila, P. N., & Fahlia, F. (2025). The Influence of Financial Literacy, Digital Marketing, Network Connections, and Educational Management on Entrepreneurial Readiness among Generation Z. Journal of Educational Management Research, 4(3), 1134–1149. https://doi.org/10.61987/jemr.v4i3.1095
Kusumawardhani, R., Ningrum, N. K., & Rinofah, R. (2023). Investigating Digital Financial Literacy and its Impact on SMEs’ Performance: Evidence From Indonesia. International Journal of Professional Business Review, 8(12), e04097. https://doi.org/10.26668/businessreview/2023.v8i12.4097
Mandala, I. G. N. A. K., & Putri, P. Y. A. (2025). Kinerja Berlanjutan UMKM di Bali: Peran Literasi Keuangan Inovasi Fintech dan Inklusi Keuangan. Journal Of Applied Managerial Accounting, 9(1), 98–113. https://doi.org/https://doi.org/10.30871/jama.v9i1.9398
Maulana, M. I., & Suyono, E. (2023). Pengaruh Litersi Keuangan Dan Literasi Digital Terhadap Keberlanjutan Bisnis Pelaku Umkm Berbasis Syariah. Jurnal Ilmiah Ekonomi Islam, 9(3), 4256. https://doi.org/10.29040/jiei.v9i3.10856
Mulyani, S., Rahmawati, Djuminah, Gantyowati, E., & Amperawati, E. D. (2024). The Impact of Entrepreneurship and Mental Accounting on Business Sustainability: Exploring the Influence of Financial Performance. Qubahan Academic Journal, 4(3), 285–297. https://doi.org/10.48161/qaj.v4n3a734
Pasek, G. W. (2024). Pengaruh Mental Accounting Terhadap Pengambilan Keputusan Keuangan Pada UMKM. JURNAL AKUNTANSI PROFESI, 15(03), 517–523. https://doi.org/10.23887/jippg.v3i2
Pasek, G. W., & Widiastina, G. (2025). Pengaruh Mental Accounting dan Present Bias terhadap Perilaku Konsumsi Pelaku UMKM. Jurnal Ilmiah Akuntansi Dan Humanika, 15, 158–164. https://doi.org/https://doi.org/10.23887/jiah.v15i1.95138
Pranitasari, D., Sofian Suriawinata, I., Kus, &, Andyarini, T., Tinggi, S., Ekonomi, I., & Jakarta, I. (2025). Literasi Digital dan Keuangan Pelaku UMKM Perempuan untuk Keberlanjutan Usaha. Pengabdian Kepada Masyarakat, 7(3). https://doi.org/10.36407/berdaya.v7i3.1723
Pratiwi, A., Huda, N., & Rizqi, R. M. (2025). Pengaruh Financial Literacy, Digital Literacy, dan Accounting Mental terhadap Sustainability UMKM. Procuratio : Jurnal Ilmiah Manajemen, 13(1), 50–58. https://doi.org/10.35145/procuratio.v13i1.4203
Pratiwi, A., & Nurulrahmatiah, N. (2024). Mediasi Determinan Keberlanjutan Usaha Dengan Kinerja Pada Pelaku UMKM di Kota Bima. Owner, 8(4), 4535–4548. https://doi.org/10.33395/owner.v8i4.2509
Putri, R. E., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology dan Inklusi Keuangan terhadap Kinerja Keuangan Pengusaha Muda. Owner, 6(2), 1664–1676. https://doi.org/10.33395/owner.v6i2.790
Rachmadini, N. D., Rimbano, D., Safitri, T., Ardian, A. C., Apriyani, K., Ferdiansyah, J., & Yuni, C. C. (2025). Pengaruh Literasi Keuangan, Inklusi Keuangan, dan Sikap Keuangan Terhadap Kinerja Usaha dan Keberlangsungan UMKM di Indonesia. EKONOMIKA45: Jurnal Ilmiah Manajemen, Ekonomi Bisnid, Kewirausahaan, 12(2), 1405–1427. https://doi.org/https://doi.org/10.30640/ekonomika45.v12i2.3747
Rahadjeng, E. R., Pratikto, H., Mukhlis, I., Restuningdiah, N., & Mala, I. K. (2023). The impact of financial literacy, financial technology, and financial inclusion on SME business performance in Malang Raya, Indonesia. Journal of Social Economics Research, 10(4), 146–160. https://doi.org/10.18488/35.v10i4.3509
Raharjo, K., Afrianty, T. W., & Prakasa, Y. (2024). Digital literacy and business transformation: social-cognitive learning perspectives in small business enterprises. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2376282
Sekarwati, M. A., & Susanti, S. (2020). Pengaruh literasi keuangan, inklusi keuangan dan modernitas individu terhadap perilaku menabung mahasiswa perguruan tinggi negeri surabaya. Inovasi: Jurnal Ekonomi, Keuangan, Dan Manajemen, 16(2), 268–275.
Setyaningsih, R., Prihantoro, E., Darussalam Gontor, U., Gunadarma, U., & Raya Siman, J. (2019). Model Penguatan Literasi Digital Melalui Pemanfaatan E-Learning. Jurnal ASPIKOM, 3, 1200–1214. https://doi.org/http://dx.doi.org/10.24329/aspikom.v3i6.333
Sofyani, H. (2025). Penggunaan Teknik Partial Least Square (PLS) dalam Riset Akuntansi Berbasis Survei. Reviu Akuntansi Dan Bisnis Indonesia, 9(1), 80–94. https://doi.org/10.18196/rabin.v9i1.26199
Sugiarto, S. A. P., Inayati, N. I., Pratama, B. C., & Santoso, S. E. B. (2025). Analisis Faktor Internal terhadap Sustainability pada UMKM: Peran Mediasi Financial Performance. Equilibrium : Jurnal Ilmiah Ekonomi, Manajemen Dan Akuntansi, 14(2), 474. https://doi.org/10.35906/equili.v14i2.2539
Suleman, N., & K. Thalib, M. (2024). Keberlanjutan UMKM Ditinjau Dari Digitalisasi UMKM, Financial Literacy, Dan Behaviour Financial. Gorontalo Accounting Journal, 7(1), 27. https://doi.org/10.32662/gaj.v7i1.3271
Susilo, J., Anisma, Y., & Syofyan, A. (2022). Pengaruh Literasi Keuangan, Inklusi Keuangan, dan Inovasi Terhadap Kinerja UMKM. Junal Kajian Akuntansi Dan Bisnis Terkini, 31, 1–10.
Suyanto, B., Sugihartati, R., Egalita, N., Mas’udah, S., Singgih, D. S., & Sudarso. (2023). Digital literacy and survival mechanism of micro-small enterprises in practicing sharing economy. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2245691
UNESCO. (2018). A Global Framework of Reference on Digital Literacy Skills for Indicator. Http://Www.Uis.Unesco.Org.
Yulianto, W., Indriati, L., Mohammad, ), Nugroho, I., Nuryadin, ), Ekonomi, F., & Bisnis, D. (2024). Pengaruh Manfaat, Mental Accounting, Dan Literasi Keuangan Terhadap Kinerja Keuangan UMKM Di Jakarta Pusat Dengan Minat Penggunaan Dompet Digital Pada Kalangan Anak Muda Sebagai Variabel Intervening 1). Jurnal IKRAITH-ABDIMAS, 8(3), 236–245. https://doi.org/10.37817/ikra-ithabdimas.v8i3
Yuniar, E. S., Rahwana, K. A., Nurhayati, I., & Juliawati, D. (2023). Inklusi Keuangan dan Transformasi Digital Sebagai Upaya Pendorong Sustainability UMKM Kota Tasikmalaya. Journal of Management and Business Review, 20(3), 383–393. https://doi.org/10.34149/jmbr.v20i3.601
Yunita, A., Lenap, I. P., & Cahyaningtyas, S. R. (2023). Peran Access to Finance dalam Memediasi Financial Literacy dan Sustainability pada UMKM Di Kota Mataram. Jurnal Aplikasi Akuntansi, 8(1), 173–187. https://doi.org/10.29303/jaa.v8i1.267
##submission.copyrightStatement##
##submission.license.cc.by-sa4.footer##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.
