Pengaruh Literasi Keuangan, Inklusi Keuangan, dan Financial Technology Terhadap Minat Investasi Generasi Z Kabupaten Sidoarjo

Family economic challenges play a crucial role in financial education and literacy, significantly impacting efforts to eradicate financial ignorance. This study aims to analyze and interpret the antecedent variables of lifestyle, financial inclusion, financial literacy, and financial quotient, with Islamic family financial governance and financial technology as moderating variables among Muhammadiyah members in East Java. Using a population of 39,017 individuals, the sample size was determined through the Slovin formula and proportionate stratified random sampling. The results show that family income significantly affects lifestyle, financial literacy, and financial quotient, while social status significantly influences lifestyle, financial inclusion, and financial quotient. However, family income does not significantly impact financial inclusion, and social status does not significantly influence financial literacy. Lifestyle significantly affects financial inclusion but does not impact financial quotient, whereas financial inclusion does not significantly influence financial quotient, while financial literacy does. In terms of moderating effects, Islamic financial governance does not moderate the influence of family income on lifestyle, financial inclusion, or financial literacy. Meanwhile, financial technology successfully moderates the effect of lifestyle on financial quotient but fails to moderate the influence of financial inclusion and financial literacy on financial quotient. These findings highlight the complex interplay between financial determinants and emphasize the role of financial technology in shaping financial behavior, offering valuable insights for policymakers and financial education programs within the Islamic financial governance framework.

Financial literacy and inclusion are essential to economic development, as they facilitate access to financial services and empower individuals to make informed decisions about their money. Despite India's impressive economic growth in recent years, a significant portion of the population, particularly low-income households, struggles with financial literacy and access to financial services. Financial technology (fintech) has emerged as a potential solution to address these challenges by providing innovative and accessible financial services to underserved communities. This paper examines the role of fintech in enhancing financial literacy and inclusion among low-income households in India. The study is based on a comprehensive review of existing literature and interviews with key stakeholders in the Indian fintech industry. The analysis reveals that fintech has the potential to significantly improve financial literacy and inclusion among low-income households in India. One key advantage of fintech is its ability to provide low-cost and convenient financial services, such as mobile banking and digital payments, which can help to reduce the financial barriers faced by low-income households. Additionally, fintech platforms can offer financial education and training programs to increase financial literacy and promote responsible financial behavior. Despite these benefits, however, several challenges are associated with using fintech to promote financial inclusion and literacy in India. One major obstacle is the need for digital infrastructure and internet connectivity in many rural areas, which limits access to fintech platforms. Additionally, there is a need for increased regulation and oversight of the fintech industry to ensure that consumers are protected from fraud and other risks. To overcome these challenges, the study recommends several policy measures that can support the development of fintech in India, including investment in digital infrastructure, the promotion of financial education and literacy programs, and the establishment of regulatory frameworks to ensure consumer protection and prevent fraud. In conclusion, fintech has the potential to play a significant role in enhancing financial literacy and inclusion among low-income households in India. However, to fully realize these benefits, policymakers must address the challenges associated with fintech adoption and ensure that fintech platforms are developed responsibly and sustainably. By doing so, India can significantly promote inclusive economic growth and reduce poverty and inequality.

Background: In 2019, financial literacy level in Indonesia was only 38,03%, while the financial inclusion rate was 76,19%. Financial literacy and inclusion levels related to saving that are identical to the banking sector have the highest values, with 36,12% and 73,88%, while investment in capital market has the second lowest values, at 4,92% and 1,55%. However, the ratio of gross savings to gross domestic product in Indonesia was reported only at 31,01%, while several other Asian countries reached more than 40%. Objective: This study aims to measure the level of financial literacy and inclusion of millennial generations in DKI Jakarta. It analyses the influence of financial literacy and inclusion on saving and investment behaviour, the influence of financial literacy on financial inclusion, and the influence of saving behaviour on investment behaviour. Method: The data analysis used descriptive and SEM-PLS analyses. Results: The results show that the financial literacy rates and the average of inclusion rates of millennial generation in DKI Jakarta are 50% and 60% respectively. Financial literacy and inclusion have an influence on saving and investment behaviour. Also, financial literacy affects financial inclusion, while the saving behaviour does not influence investment behaviour. Conclusion: Financial literacy and inclusion have a positive and significant effect on saving behaviour and investment behaviour. Financial literacy also has a positive and significant effect on financial inclusion. However, saving behaviour does not have a significant effect on investment behaviour. Keywords: financial inclusion; financial literacy; investment behaviour; millennial generation; saving behaviour

Financial management behavior is crucial for students, particularly as they engage with evolving financial technologies. However, there is a limited understanding of how financial technology and financial literacy interact to shape financial behavior, especially when considering digital literacy as a moderating factor. This study addresses this knowledge gap by examining the roles of financial technology and financial literacy on students' financial management behavior, with digital literacy as a potential moderator. Using a quantitative research method, primary data were gathered through a questionnaire survey from a sample of 114 accounting students at Muhammadiyah University of Sidoarjo, class of 2020. The findings indicate a positive relationship between financial technology and financial literacy on financial management behavior. Furthermore, digital literacy was found to moderate the effect of financial technology, strengthening its influence on students' financial management behavior. However, digital literacy did not moderate the influence of financial literacy on financial management behavior. The novelty of this research lies in its exploration of digital literacy's role as a moderating variable. Implications suggest the importance of incorporating digital literacy into financial education programs to enhance students' financial management practices. Highlights: Positive Relationship: Financial technology and literacy improve students' financial management behavior. Moderating Role: Digital literacy strengthens the effect of financial technology on financial behavior. No Moderation: Digital literacy does not moderate the impact of financial literacy on behavior. Keywords: Financial Technology, Financial Literacy, Digital Literacy, Financial Management, Student Behavior

The purpose of this study was to determine the impact of financial behavior, financial inclusion, and financial technology on MSME performance with financial literacy as a mediating variable. The research population included all micro, small, and medium enterprises (MSMEs) located in Ciamis Regency, and the sample was drawn using a random sampling technique. A total of 106 respondents participated; this number was determined by applying Slovin's formula. Information was collected using a questionnaire, which was then processed and analyzed using Partial Least Squares (PLS). The results show that financial behavior has a positive impact on MSME performance, financial inclusion has no significant impact on MSME performance, financial technology has no impact on MSME performance, and financial literacy has a positive impact on MSME performance, financial literacy acts as an intermediary between financial behavior and MSME performance, financial literacy mediates the relationship between financial inclusion and MSME performance, and financial literacy does not mediate the relationship between financial technology and MSME performance. Recommendations for government agencies and financial institutions include providing well-structured financial literacy programs and assisting MSMEs in implementing financial technology. This approach is intended to increase MSMEs' access to financial services as well as their capacity for sustainable growth by equipping them with the knowledge and skills to effectively utilize these resources in their day-to-day business activities.

This paper explores the correspondence between financial literacy, financial education, and financial inclusion, as well as the impact these interdependent concepts have on economic and social development. The research was structured into three main stages: a theoretical analysis of the concepts, quantitative research for testing the formulated hypotheses, and qualitative research to deepen the understanding of perceptions regarding the studied phenomenon. The results highlight that financial literacy provides the necessary foundations for individuals to understand basic financial concepts and make informed financial decisions. Financial education extends this understanding by developing advanced financial skills that enable individuals to apply financial concepts in complex contexts. Similarly, financial inclusion relies on financial literacy and financial education to ensure equitable access to financial services and to support the full integration of all individuals into the financial system. Thus, financial literacy, financial education, and financial inclusion are three fundamental, closely interconnected concepts that play an essential role in improving the economic well-being of individuals and society. While financial literacy forms the basis of the essential knowledge required for financial management, financial education builds upon this knowledge and develops advanced financial skills. Financial inclusion is a direct outcome of these processes, ensuring fair access to financial services and promoting a more balanced and sustainable economic system. The study emphasizes the importance of integrating these dimensions into public policies and sustainable development strategies.

This study explores the critical relationship between financial inclusion and financial literacy, highlighting their roles in fostering economic development and reducing inequality. Financial inclusion refers to the availability and accessibility of financial services to all individuals, regardless of their socio-economic status. Financial literacy, on the other hand, is the knowledge and understanding of financial concepts that enable individuals to make informed and effective financial decisions. This paper investigates how financial literacy impacts financial inclusion, examining the barriers to inclusion that low financial literacy may create. By analyzing data from various demographic groups, the study reveals a positive correlation between financial literacy and financial inclusion, suggesting that improving financial literacy can significantly enhance financial inclusion. The findings underscore the importance of targeted educational initiatives and policy interventions aimed at increasing financial literacy as a means to achieve broader financial inclusion. Financial inclusion and financial literacy are two interconnected pillars essential for achieving sustainable economic growth and reducing poverty. In an increasingly complex financial world, access to financial services and the ability to use them effectively are crucial for individual and societal well-being. Financial inclusion ensures that individuals have access to basic financial services such as savings, credit, insurance, and payment systems, which are fundamental to participating fully in the economy. However, access alone is not sufficient. Without a basic understanding of financial concepts—such as interest rates, inflation, and investment risks—individuals may struggle to make informed financial decisions. This gap in financial literacy can lead to suboptimal use of financial services, perpetuating cycles of poverty and economic exclusion. This paper seeks to explore the dynamic relationship between financial literacy and financial inclusion, focusing on how enhancing financial literacy can lead to greater financial inclusion. The study also considers the role of policymakers, financial institutions, and educational bodies in fostering environments where both financial literacy and inclusion can thrive. Understanding the relationship between financial inclusion and financial literacy is critical for advancing economic development and reducing poverty. Financial inclusion plays a crucial role in enabling individuals to participate fully in the economy, while financial literacy equips them with the necessary skills to make informed decisions about their financial resources. Despite global efforts to enhance financial inclusion, millions of people, particularly in developing countries, remain excluded from the formal financial system. This exclusion is often exacerbated by low levels of financial literacy, which prevents individuals from effectively using available financial services. The significance of this research lies in its potential to inform policymakers, educators, and financial institutions about the importance of integrating financial literacy programs with financial inclusion strategies. By demonstrating the impact of financial literacy on financial inclusion, this study underscores the need for targeted interventions that address both access to financial services and the ability to use them wisely. Benefit 1: Accessibility (0-10), Benefit 2: Impact on Savings (0-10), Non-Benefit 1: Implementation Cost (USD thousands), Non-Benefit 2: Complexity (0-10). Mobile Banking, Financial Literacy Workshops, Microfinance Programs, School-based Financial Education, Government Subsidized Savings Accounts. The results indicate that Financial Literacy Workshops achieved the highest rank, while Microfinance Programs had the lowest rank being attained. The value of the dataset for Corporate financial inclusion and financial literacy according to the WASPAS Method, Integrated Pest Management achieves the highest ranking “.

We analyze financial inclusion, literacy, and education in Tajikistan. We discuss the progress in financial inclusion and the sector’s response to the major external shock associated with the sharp fall in Tajik labor migrants’ remittances. We analyze the policies dealing with different aspects of financial inclusion with a focus on the regulatory framework, penetration of new financial technologies, and the existing barriers to inclusion; and we give recommendations on how to improve financial inclusion and financial literacy in the country.

Financial literacy is one of the key abilities and skills MSME business actors require to manage their finances and achieve successful business performance. This study's purpose was to analyze the impact of financial and technological literacy on improving MSME performance in Medan City and the mediation of this relationship by financial inclusion. The research had a quantitative descriptive methodology with an explanatory research approach. Data were collected from a sample of 100 business actors in Medan City. The data analysis technique used was Structural Equation Modelling - Partial Least Squares (SEM-PLS). The results showed that financial literacy, financial technology, and financial inclusion affected the performance of MSMEs in Medan City, and financial inclusion did not mediate the effects of financial literacy and financial technology on the performance of MSMEs in Medan City. The novelty of this research is its capacity to inform stakeholders of the importance of the financial literacy of MSME business actors; therefore, stakeholders must strive to educate MSME business actors on the importance of financial literacy.

The paper is aimed at examining the link between financial literacy and financial inclusion in the presence of social interaction. An established theoretical framework was used, and tested questionnaire was employed to test the hypotheses and data collection. Smart PLS was used as the data is primary in nature. The model is a considered to be a strong model as the effect size is 0.76. Results show that behaviour and knowledge contribute to have an impact on financial inclusion while skills and attitude do not significantly influence, which implies a significant positive influence of financial literacy on financial inclusion. Also, it was found that social interaction moderates the relationship between financial literacy and inclusion as hypothesized in the study. These results imply that in order to improve knowledge and understanding of financial ideas and practises, policy makers, financial institutions, and groups working on financial inclusion projects should concentrate on offering financial education and literacy programmes. Also, tailored interventions must be considered by the policymakers and organizations that combine financial literacy programs with opportunities for social interaction. These interventions could involve interactive workshops, community-based financial education initiatives, and social platforms that facilitate knowledge sharing and peer support.

Indonesia's population is dominated by productive age, which is expected to contribute to boosting economic growth and improving people's welfare. The number of the young generation (Generation Z) is an advantage for Indonesia's demographics as well as opportunities and challenges in carrying out digital transformation, both in financial literacy and in the provision of products and services. However, the Financial Services Authority (OJK) in 2019 stated that the level of financial literacy and financial inclusion in Indonesia remains low. This condition might be due to the lack of understanding to the various financial products and services offered by formal financial services institutions. Significantly, Generation Z has realize responsibility for their financial condition and is starting to honourably the importance of investing. Therefore in this study, the level of financial literacy and inclusion of Generation Z in Jabodetabek was studied in order to analyze the effect on investment interest in the capital market. Descriptive analysis and Structural Equation Modeling (SEM) – PLS analysis were used for data generation. The results of this study reveal that the level of financial literacy and the average financial inclusion of Generation Z in Jabodetabek are in the well literate category, financial literacy has no effect on investment interest, in contrary, the financial inclusion has an effect on investment interest.

Purpose: This study aims to determine the magnitude of the influence of financial management, financial literacy and financial inclusion on the financial performance of MSMEs in Jepara Regency. Methodology: This research uses a quantitative approach with a sampling technique, namely purposive sampling. The sample in the study was 113 MSME respondents in Jepara Regency. Technical data analysis using the IBM SPSS Statistics 25 program. Results: The analysis revealed that financial management had no significant effect on financial performance (β = 0.104, p = 0.378). In contrast, financial literacy (β = 0.354, p = 0.002) and financial inclusion (β = 0.277, p = 0.012) had a significant positive effect. The overall model explained 20.7% of the variance in financial performance (Adjusted R² = 0.207, F = 10.763, p 0.05). Findings: Ease of access to financial services and good financial understanding can improve the financial performance of MSMEs. Novelty and Originality: While prior studies have explored the effects of financial literacy and inclusion in various regions, limited research focuses specifically on Central Java, particularly Jepara Regency. This study addresses that gap by providing empirical evidence that highlights the importance of financial literacy and inclusion in improving MSME competitiveness. Conclusion: Improving financial literacy and inclusive access to financial services is a key strategy for enhancing MSME financial performance. This study also recommends that local governments and financial institutions design practical financial education programs and simplify service access to better support MSMEs’ financial growth and resilience. Type of Paper: Research paper.

This research aims to analyze the relationship between financial literacy variables and financial inclusion, the relationship between financial literacy variables and financial technology, and the relationship between financial technology variables and financial inclusion. The analysis of this research is to learn more about how financial literacy and the use of financial technology influence financial inclusion. This type of research is associative quantitative. Next, the relationship between these variables is explained using statistical formulas. Consequently, the term for this research is “quantitative research”. The study population is the number of people who use financial services. For this sampling, the purposive random sampling method was used. The following criteria are determined in sampling: 1) Minimum age 17 years, this is intended to take the minimum age standard in sampling and is considered capable of understanding the contents of the questionnaire statements. 2) Have ever used financial services. In this study, 11 question items were used to measure 3 variables, so this study used the largest range, namely 231 respondents. The intervention variable will be used as a reference for the Partial Least Square (PLS) method to analyze this research data. This study uses a causal model (causal modelling, relationships, and influence) or path analysis. The hypothesis that will be discussed in this research is tested using the Structural Equation Model (SEM), which is operated with Smart PLS. The results of this research show that financial literacy has a positive and significant impact on financial inclusion in society. Financial literacy has a positive and significant impact on financial technology. financial technology has a positive and significant impact on financial inclusion, financial technology can offset the impact of financial literacy on financial inclusion. The results of this research are used as input for the community so that they pay more attention to their internal human resources related to financial products that can be used for investment. With knowledge of the right financial products, it is hoped that they can create good financial behaviour so that an awareness of the importance of carrying out good financial planning. For financial institutions, it is hoped that this can increase easy access to financial products and services, in particular credit for businesses as additional capital for the community.

A related phenomenon is the lack of knowledge of the community as MSME actors to use financial technology in managing their businesses, while the development of financial technology is always growing. The focus of this study is to see how financial technology, financial literacy affect the sustainability of MSMEs with financial inclusion as a mediating variable. The research population is the number of MSMEs in Lhokseumawe City of 2,352 obtained from the Office of Cooperatives and MSMEs of Lhokseumawe City in 2023. the sample was determined by the slopin formula and selected using random sampling. The results showed that in testing the direct effect, there were three variables that had a direct influence or were said to have an effect, namely the financial literacy variable had an effect on the sustainability of MSMEs, financial inclusion had an effect on the sustainability of MSMEs and financial technology had an effect on financial inclusion. Meanwhile, financial technology variables have no effect on the sustainability of MSMEs and financial literacy has no effect on financial inclusion. In indirect testing, there is one mediated variable and one unmediated variable, namely the financial inclusion variable mediates the effect of financial technology on the sustainability of MSMEs, and the financial inclusion variable does not mediate the effect of financial literacy on the sustainability of MSMEs.

Financial Inclusion, Policy Initiatives and Implications in India