Digital Financial Literacy and Its Impact on Financial Skills and Financial Goals in Indonesia’s Digital Payment Ecosystem
Digital Financial Literacy and Its Impact on Financial Skills and Financial Goals in Indonesia’s Digital Payment Ecosystem

Summary/Abstract: This study investigates the intricate connection between digital financial literacy (DFL) components and financial skills (FSK) in relation to financial goals (FG) while considering the moderating role of financial experience (FE) and financial awareness (FA) within the rapidly developing digital payment environment in Indonesia. Utilizing a quantitative approach and structural equation model (SEM) analysis of survey data from 633 participants. The results indicated that all aspects of DFL have a substantial impact on FSK and FG. FSKs are crucial in enhancing FG, as they play a key role in mediating the effect of all DFL components on FG. Although FE strengthens the moderating role, it is not significant. Conversely, FA weakens the relationship, but this is not statistically significant. The research presents undeniable evidence that the fundamental aspects of DFL comprising knowledge of digital financial services (KDFS), awareness of digital finance risk (ADFR), and digital finance risk control (DFRC) have a direct impact on FSK. These skills are essential for attaining FG.

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