PERAN LITERASI KEUANGAN DIGITAL DAN STRES KEUANGAN DALAM MEMBENTUK KESEJAHTERAAN FINANSIAL : PERILAKU KEUANGAN DALAM MEMEDIASI

Angguliyah Rizqi

doi:10.34127/jrlab.v14i3.1795

Authors

Angguliyah Rizqi Universitas Islam Raden Rahmat Malang

DOI:

https://doi.org/10.34127/jrlab.v14i3.1795

Keywords:

Digital Financial Literacy, Financial Behavior, Financial Stress, Financial Well-Being

Abstract

Understanding the financial welfare of community groups that have families is a crucial issue that should be of concern to every government, considering that this group is the most vulnerable party in meeting their basic needs. Although this topic is important, there are still limitations in the literature that discusses financial well-being in depth among these groups. This study aims to examine the relationship between financial literacy, financial behavior, financial stress, and financial well-being. Data was obtained from 150 respondents who were domiciled in the East Java region, and analyzed using the SPSS and Sobel Test approaches. The findings show that financial behavior is the most significant predictor of financial well-being, followed by financial stress and digital financial literacy. Based on these results, financial stress has a negative impact and does not have a significant effect on financial welfare. Digital financial literacy is the main and influential factor in people's financial welfare. The results of mediation showed an overall effect. Thus, interventions from the government and related institutions are needed to provide access to decent employment opportunities and adequate financial education, so that low-income people can improve their living standards and achieve financial stability.

References

Akpan, I. J., Soopramanien, D., & Kwak, D.-H. (Austin). (2021). Cutting-edge technologies for small business and innovation in the era of COVID-19 global health pandemic. Journal of Small Business & Entrepreneurship, 33(6), 607–617. https://doi.org/10.1080/08276331.2020.1799294

Almenberg, J., Lusardi, A., Säve‐Söderbergh, J., & Vestman, R. (2021). Attitudes towards Debt and Debt Behavior*. The Scandinavian Journal of Economics, 123(3), 780–809. https://doi.org/10.1111/sjoe.12419

Amaliyah, A. R., & Rezti, R. (2025). Hubungan antara Literasi Keuangan Terhadap Keputusan Investasi yang Berkelanjutan bagi Usaha Mikro : Peran Kemampuan Keuangan Digital dalam Memoderasi. Jurnal Riset Inspirasi Manajemen Dan Kewirausahaan, 9(1), 67–75. https://doi.org/10.35130/43zgeg86

Anokye M. Adam, S. F. (2017). Financial literacy and financial planning: Implication for financial well-being of retirees. Journal: Business and Economic Horizons, 2, 224–236. https://www.ceeol.com/search/article-detail?id=664718

Aron, J. (2018). Mobile Money and the Economy: A Review of the Evidence. The World Bank Research Observer, 33(2), 135–188. https://doi.org/10.1093/wbro/lky001

Atlas, S. A., Lu, J., Micu, P. D., & Porto, N. (2019). Financial Knowledge, Confidence, Credit Use, and Financial Satisfaction. Journal of Financial Counseling and Planning, 30(2), 175–190. https://doi.org/10.1891/1052-3073.30.2.175

Awwaliyah, I. N., Sumani, S., Singgih, M., & Widodo, R. (2023). HOW DOES DIGITAL FINANCIAL LITERACY RELATE TO FINANCIAL PERFORMANCE OF MSMES TOURISM FIRM? THE MEDIATING ROLE OF FINANCIAL BEHAVIOR. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 12(1). https://doi.org/10.26418/jebik.v12i1.60356

Aziz, A., & Naima, U. (2021). Rethinking digital financial inclusion: Evidence from Bangladesh. Technology in Society, 64, 101509. https://doi.org/10.1016/j.techsoc.2020.101509

Badrudin, R., Fahlevi, M., Dahlan, S. P., Dahlan, O. P., & Dandi, M. (2025). Financial stress and its determinants in Indonesia: Exploring the moderating effects of digital knowledge, age, and gender. Journal of Open Innovation: Technology, Market, and Complexity, 11(2), 100528. https://doi.org/10.1016/j.joitmc.2025.100528

Bialik. (2018). Americans unhappy with family, social or financial life are more likely to say they feel lonely. https://www.pewresearch.org/fact-tank/2018/12/03/americans-unhappy-with-family-social-or-financial-life-are-more-likely-to-say-they-feel-lonely/

Blumenstock, J. E., Eagle, N., & Fafchamps, M. (2016). Airtime transfers and mobile communications: Evidence in the aftermath of natural disasters. Journal of Development Economics, 120, 157–181. https://doi.org/10.1016/j.jdeveco.2016.01.003

Boss, P. E. C. M. B. (2016). Family Stress Management: A Contextual Approach 3rd (Edition ‏, p. 224 pages). SAGE Publications, Inc.

Brenner, L., Meyll, T., Stolper, O., & Walter, A. (2020). Consumer fraud victimization and financial well-being. Journal of Economic Psychology, 76, 102243. https://doi.org/10.1016/j.joep.2019.102243

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013

Chen, R., Williams, D. R., Nishimi, K., Slopen, N., Kubzansky, L. D., & Weuve, J. (2022). A life course approach to understanding stress exposures and cognitive function among middle-aged and older adults. Social Science & Medicine, 314, 115448. https://doi.org/10.1016/j.socscimed.2022.115448

Chhillar, N., Sharma, K., & Arora, S. (2025). Exploring the role of digital financial literacy and personal financial behavior in shaping financial stress and well-being in the digital age. Acta Psychologica, 259, 105308. https://doi.org/10.1016/j.actpsy.2025.105308

Choi, S. L., Heo, W., Cho, S. H., & Lee, P. (2020). The links between job insecurity, financial well‐being and financial stress: A moderated mediation model. International Journal of Consumer Studies, 44(4), 353–360. https://doi.org/10.1111/ijcs.12571

Choung, Y., Chatterjee, S., & Pak, T.-Y. (2023). Digital financial literacy and financial well-being. Finance Research Letters, 58, 104438. https://doi.org/10.1016/j.frl.2023.104438

Christopher G. Davis, Ph.D., and Janet Mantler, P. D. (2004). The Consequences of Financial Stress for Individuals, Families, and Society. Centre for Research on Stress, Coping, and Well-being Department of Psychology Carleton University. https://www.researchgate.net/publication/229052873_The_Consequences_of_Financial_Stress_for_Individuals_Families_and_Society

Davis CG, M. J. (2004). The consequences of financial stress for individuals, families, and society. Centre for Research on Stress, Coping and Well-being. Carleton University, Department of Psychology, Ottawa. https://www.researchgate.net/publication/229052873_The_Consequences_of_Financial_Stress_for_Individuals_Families_and_Society

Dew, Jeffrey P., and J. J. X. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 19–35. https://scholarsarchive.byu.edu/facpub/4521/

Diener, E., & Biswas-Diener, R. (2002). Will Money Increase Subjective Well-Being? Social Indicators Research, 57(2), 119–169. https://doi.org/10.1023/A:1014411319119

Dixon, M. F., Halperin, I., & Bilokon, P. (2020). Machine Learning in Finance. Springer International Publishing. https://doi.org/10.1007/978-3-030-41068-1

Drentea, P., & Lavrakas, P. J. (2000). Over the limit: the association among health, race and debt. Social Science & Medicine, 50(4), 517–529. https://doi.org/10.1016/S0277-9536(99)00298-1

Fadhila, N., & Elvionita, N. (2025). Pengaruh Financial Stress dan Pengelolaan Anggaran Terhadap Perilaku Keuangan Masyarakat dengan Dukungan Sosial Sebagai Variabel Intervening. Journal Research of Economic and Bussiness, 4(02), 1–19. https://doi.org/10.55537/j-reb.v4i02.1226

Fan, L., & Henager, R. (2022). A Structural Determinants Framework for Financial Well-Being. Journal of Family and Economic Issues, 43(2), 415–428. https://doi.org/10.1007/s10834-021-09798-w

Fauzi, F., Antoni, D., & Suwarni, E. (2020). Women entrepreneurship in the developing country: The effects of financial and digital literacy on SMEs’ growth. Journal of Governance and Regulation, 9(4), 106–115. https://doi.org/10.22495/jgrv9i4art9

Fitria, I., Soejono, F., & Tyra, M. J. (2021). Literasi keuangan, sikap keuangan dan perilaku keuangan dan kinerja UMKM. Journal of Business and Banking, 11(1), 1–15.

Flores, S. A. M., & Vieira, K. M. (2014). Propensity toward indebtedness: An analysis using behavioral factors. Journal of Behavioral and Experimental Finance, 3, 1–10. https://doi.org/10.1016/j.jbef.2014.05.001

Fong, J. H., Koh, B. S. K., Mitchell, O. S., & Rohwedder, S. (2021). Financial literacy and financial decision-making at older ages. Pacific-Basin Finance Journal, 65, 101481. https://doi.org/10.1016/j.pacfin.2020.101481

Friedline, T., Chen, Z., & Morrow, S. (2021). Families’ Financial Stress & Well-Being: The Importance of the Economy and Economic Environments. Journal of Family and Economic Issues, 42(S1), 34–51. https://doi.org/10.1007/s10834-020-09694-9

Frigerio, M., Ottaviani, C., & Vandone, D. (2020). A meta‐analytic investigation of consumer over‐indebtedness: The role of impulsivity. International Journal of Consumer Studies, 44(4), 328–342. https://doi.org/10.1111/ijcs.12570

Garman, E. T., Sorhaindo, B., Bailey, W., Kim, J., & Xiao, J. (2004). Financially distressed credit counseling clients and the incharge financial distress/financial well-being scale. In Proceedings of the Eastern Regional Family Economics and Resource Management Association Conference, 71–81.

Gathergood, J. (2012). Self-control, financial literacy and consumer over-indebtedness. Journal of Economic Psychology, 33(3), 590–602. https://doi.org/10.1016/j.joep.2011.11.006

Goyal, K., Kumar, S., & Xiao, J. J. (2021). Antecedents and consequences of Personal Financial Management Behavior: a systematic literature review and future research agenda. International Journal of Bank Marketing, 39(7), 1166–1207. https://doi.org/10.1108/IJBM-12-2020-0612

Grable, J. E., & Joo, S. H. (2006). Student racial differences in credit card debt and financial behaviors and stress. College Student Journal, 40(2), 400–409.

Grasset, L., Glymour, M. M., Elfassy, T., Swift, S. L., Yaffe, K., Singh-Manoux, A., & Zeki Al Hazzouri, A. (2019). Relation between 20-year income volatility and brain health in midlife. Neurology, 93(20). https://doi.org/10.1212/WNL.0000000000008463

Gutter, M., & Copur, Z. (2011). Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2

Hobfoll, S. E. (1989). Conservation of resources: A new attempt at conceptualizing stress. American Psychologist, 44(3), 513–524. https://doi.org/10.1037/0003-066X.44.3.513

Hobfoll, S. E. (2001). The Influence of Culture, Community, and the Nested‐Self in the Stress Process: Advancing Conservation of Resources Theory. Applied Psychology, 50(3), 337–421. https://doi.org/10.1111/1464-0597.00062

Imjai, N., Meesook, K., Somwethee, P., Usman, B., & Aujirapongpan, S. (2025). Exploring the impact of digital financial literacy to effective financial planning and control: Perspectives on competitiveness of Thai micropreneurs. Social Sciences & Humanities Open, 11, 101307. https://doi.org/10.1016/j.ssaho.2025.101307

Isaia, E., & Oggero, N. (2022). The potential use of robo-advisors among the young generation: Evidence from Italy. Finance Research Letters, 48, 103046. https://doi.org/10.1016/j.frl.2022.103046

Jack, W., & Suri, T. (2014). Risk Sharing and Transactions Costs: Evidence from Kenya’s Mobile Money Revolution. American Economic Review, 104(1), 183–223. https://doi.org/10.1257/aer.104.1.183

Jacobson, B. H., Aldana, S. G., Goetzel, R. Z., Vardell, K. D., Adams, T. B., & Pietras, R. J. (1996). The Relationship between Perceived Stress and Self-Reported Illness-Related Absenteeism. American Journal of Health Promotion, 11(1), 54–61. https://doi.org/10.4278/0890-1171-11.1.54

Jhonson, B., Andriani, R., Noviana, I., & Tamara, D. (2023). INFLUENCE OF DIGITAL FINANCIAL LITERACY ON FINANCIAL WELL-BEING THROUGH SPENDING, SAVING, AND INVESTMENT BEHAVIOR IN INDONESIA. JOURNAL OF BUSINESS STUDIES AND MANGEMENT REVIEW, 6(2), 157–168. https://doi.org/10.22437/jbsmr.v6i2.24793

Joo, S., & Grable, J. E. (2004). An Exploratory Framework of the Determinants of Financial Satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f

Kass-Hanna, J., Lyons, A. C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51, 100846. https://doi.org/10.1016/j.ememar.2021.100846

Kelley, H. H., Lee, Y., LeBaron-Black, A., Dollahite, D. C., James, S., Marks, L. D., & Hall, T. (2023). Change in Financial Stress and Relational Wellbeing During COVID-19: Exacerbating and Alleviating Influences. Journal of Family and Economic Issues, 44(1), 34–52. https://doi.org/10.1007/s10834-022-09822-7

Kim, Jinhee; Garman, E. T. (2003). Financial Stress and Absenteeism: An Empirically. Derived Model. Journal of Financial Counseling and Planning, 14(1), 31–42. https://www.proquest.com/openview/56c30fe9789aea1d19e18d668beb19ea/1?pq-origsite=gscholar&cbl=38873

Kim, J., Sorhaindo, B., & Garman, E. T. (2006). Relationship between Financial Stress and Workplace Absenteeism of Credit Counseling Clients. Journal of Family and Economic Issues, 27(3), 458–478. https://doi.org/10.1007/s10834-006-9024-9

Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507–528. https://doi.org/10.1111/joca.12510

Lacombe, D. J., & Khatun, N. (2023). What are the determinants of financial well‐being? A Bayesian LASSO approach. The American Journal of Economics and Sociology, 82(1), 43–59. https://doi.org/10.1111/ajes.12489

Lee, J. M., Lee, J., & Kim, K. T. (2020). Consumer Financial Well-Being: Knowledge is Not Enough. Journal of Family and Economic Issues, 41(2), 218–228. https://doi.org/10.1007/s10834-019-09649-9

Lilis Ardini, Mochammad Fahlevi, Mochamad Dandi, Olivia Putri Dahlan, S. P. D. (2024). Digital Financial Literacy and Its Impact on Financial Skills and Financial Goals in Indonesia’s Digital Payment Ecosystem. Central and Eastern European Online, 33(7), 181–199.

Lim, S. H., Kim, D. J., Hur, Y., & Park, K. (2019). An Empirical Study of the Impacts of Perceived Security and Knowledge on Continuous Intention to Use Mobile Fintech Payment Services. International Journal of Human–Computer Interaction, 35(10), 886–898. https://doi.org/10.1080/10447318.2018.1507132

Long, L., Chu, J., Qu, H., Yang, Q., Lu, Y., Fu, C., Peng, J., & Chen, K. (2023). Effects of Qingda granule on patients with grade 1 hypertension at low-medium risk: study protocol for a randomized, controlled, double-blind clinical trial. Trials, 24(1), 1. https://doi.org/10.1186/s13063-022-07006-0

Lopus, J. S., Amidjono, D. S., & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32, 100168. https://doi.org/10.1016/j.iree.2019.100168

Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5

Lyons, A. C., & Kass‐Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. FINANCIAL PLANNING REVIEW, 4(2). https://doi.org/10.1002/cfp2.1113

Mahdzan, N. S., Zainudin, R., Sukor, M. E. A., Zainir, F., & Wan Ahmad, W. M. (2019). Determinants of Subjective Financial Well-Being Across Three Different Household Income Groups in Malaysia. Social Indicators Research, 146(3), 699–726. https://doi.org/10.1007/s11205-019-02138-4

Mahendru, M., Sharma, G. D., Pereira, V., Gupta, M., & Mundi, H. S. (2022). Is it all about money honey? Analyzing and mapping financial well-being research and identifying future research agenda. Journal of Business Research, 150, 417–436. https://doi.org/10.1016/j.jbusres.2022.06.034

Malone, K., Stewart, S. D., Wilson, J., & Korsching, P. F. (2010). Perceptions of Financial Well-Being among American Women in Diverse Families. Journal of Family and Economic Issues, 31(1), 63–81. https://doi.org/10.1007/s10834-009-9176-5

Marín, V. I., & Castañeda, L. (2023). Developing Digital Literacy for Teaching and Learning. In Handbook of Open, Distance and Digital Education (pp. 1089–1108). Springer Nature Singapore. https://doi.org/10.1007/978-981-19-2080-6_64

Matthews, R. A., Pineault, L., & Hong, Y.-H. (2022). Normalizing the Use of Single-Item Measures: Validation of the Single-Item Compendium for Organizational Psychology. Journal of Business and Psychology, 37(4), 639–673. https://doi.org/10.1007/s10869-022-09813-3

Mengel, S., & Wouters, M. (2015). Financial planning and control in very small start-up companies: antecedents and effects on company performance. International Journal of Entrepreneurship and Small Business, 26(2), 191. https://doi.org/10.1504/IJESB.2015.071824

Michael Collins, J., & Urban, C. (2020). Measuring financial well-being over the lifecourse. The European Journal of Finance, 26(4–5), 341–359. https://doi.org/10.1080/1351847X.2019.1682631

Muscanell, N. L., Guadagno, R. E., & Murphy, S. (2014). Weapons of Influence Misused: A Social Influence Analysis of Why People Fall Prey to Internet Scams. Social and Personality Psychology Compass, 8(7), 388–396. https://doi.org/10.1111/spc3.12115

N’dri, L. M., & Kakinaka, M. (2020). Financial inclusion, mobile money, and individual welfare: The case of Burkina Faso. Telecommunications Policy, 44(3), 101926. https://doi.org/10.1016/j.telpol.2020.101926

Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (2018). How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being. Journal of Consumer Research, 45(1), 68–89. https://doi.org/10.1093/jcr/ucx109

OECD. (2019). An OECD learning framework 2030 In: The future of education and labor. Cham: Springer International Publishing. https://link.springer.com/chapter/10.1007/978-3-030-26068-2_3

Ottaviani, C., & Vandone, D. (2018). Financial Literacy, Debt Burden and Impulsivity: A Mediation Analysis. Economic Notes, 47(2–3), 439–454. https://doi.org/10.1111/ecno.12115

Owen, T., Noble, W., & Speed, F. C. (2017). The Challenges Posed by Scammers to Online Support Groups: The ‘Deserving’ and the ‘Undeserving’ Victims of Scams. In New Perspectives on Cybercrime (pp. 213–240). Springer International Publishing. https://doi.org/10.1007/978-3-319-53856-3_12

Ozili, P. K. (2021). Financial inclusion research around the world: A review. Forum for Social Economics, 50(4), 457–479. https://doi.org/10.1080/07360932.2020.1715238

Palameta, B., Nguyen, C., Hui, TSW, Gyarmati, D., Wagner, RA, Rose, N., & Llp, F. (2016). Link between financial confidence and financial outcomes among working-aged Canadians. Ottawa: Social Research and Demonstration Corporation. https://srdc.org/wp-content/uploads/2022/07/fcac-full-report-on-financial-confidence-en.pdf

Panos, G. A., & Wilson, J. O. S. (2020). Financial literacy and responsible finance in the FinTech era: capabilities and challenges. The European Journal of Finance, 26(4–5), 297–301. https://doi.org/10.1080/1351847X.2020.1717569

Paramita, K., Wahyudi, W., & Fadila, A. (2020). Determinan Perilaku Pengelolaan Keuangan pada Pelaku Industri Kecil Menengah. Studi Akuntansi Dan Keuangan Indonesia, 3(2), 213–232. https://doi.org/10.21632/saki.3.2.213-232

Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356–376. https://doi.org/10.1108/MRR-06-2014-0143

Puri, M., & Robinson, D. (2007). Optimism and economic choice☆. Journal of Financial Economics, 86(1), 71–99. https://doi.org/10.1016/j.jfineco.2006.09.003

Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205

Rahayu, S., Kurniadi, D., & Maryana, T. (2022). Teknologi Rest Api untuk Backup Data pada Sistem Pengelolaan Data Peserta BLKK Al-Wasilah Berbasis Web. Jurnal Algoritma, 19(1), 66–77. https://doi.org/10.33364/algoritma/v.19-1.1001

Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, 7(1), 52. https://doi.org/10.1186/s43093-021-00099-0

Rahmanto, D. N. A., Syaiful Muhammad, I., Nurwiyanti, F., Kamal, A. H., & Sani, A. A. (2023). Islamic Banks: Study of Financial Literacy, Digital Marketing, Accessibility, Age, and Education. Journal of Islamic Economics and Finance Studies, 4(1), 66–82. https://doi.org/10.47700/jiefes.v4i1.5805

Ravikumar, T., Suresha, B., Prakash, N., Vazirani, K., & Krishna, T. A. (2022). Digital financial literacy among adults in India: measurement and validation. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2132631

Richardson, T., Enrique, A., Earley, C., Adegoke, A., Hiscock, D., & Richards, D. (2022). The Acceptability and Initial Effectiveness of “Space From Money Worries”: An Online Cognitive Behavioral Therapy Intervention to Tackle the Link Between Financial Difficulties and Poor Mental Health. Frontiers in Public Health, 10. https://doi.org/10.3389/fpubh.2022.739381

Riitsalu, L., & van Raaij, W. F. (2022). Current and Future Financial Well-Being in 16 Countries. Journal of International Marketing, 30(3), 35–56. https://doi.org/10.1177/1069031X221095076

Robb, CA, & Woodyard, A. (2011). Financial Knowledge And Best Practice Behavior. Journal of Financial Counseling and Planning, 22(1), 60–70. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061308

Sahabuddin, M., Sakib, M. N., Rahman, M. M., Jibir, A., Fahlevi, M., Aljuaid, M., & Grabowska, S. (2023). The Evolution of FinTech in Scientific Research: A Bibliometric Analysis. Sustainability, 15(9), 7176. https://doi.org/10.3390/su15097176

Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/10.1016/j.jbusres.2024.114791

Sarstedt, M., Bengart, P., Shaltoni, A. M., & Lehmann, S. (2018). The use of sampling methods in advertising research: a gap between theory and practice. International Journal of Advertising, 37(4), 650–663. https://doi.org/10.1080/02650487.2017.1348329

Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the Path Toward Financial Well-Being: Evidence From India. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.638408

Seng, K. (2021). The mobile money’s poverty-reducing promise: Evidence from Cambodia. World Development Perspectives, 22, 100310. https://doi.org/10.1016/j.wdp.2021.100310

Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/j.appdev.2009.02.003

Steen, A., & MacKenzie, D. (2013). Financial Stress, Financial Literacy, Counselling and the Risk of Homelessness. Australasian Accounting, Business and Finance Journal, 7(3), 31–48. https://doi.org/10.14453/aabfj.v7i3.3

Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002

Su, J., Zhang, Y., & Wu, X. (2023). How market pressures and organizational readiness drive digital marketing adoption strategies’ evolution in small and medium enterprises. Technological Forecasting and Social Change, 193, 122655. https://doi.org/10.1016/j.techfore.2023.122655

Sumani, S., Awwaliyah, I. N., Suryaningsih, I. B., & Nurdin, D. (2022). FINANCIAL BEHAVIOR ON FINANCIAL SATISFACTION AND PERFORMANCE OF THE INDONESIAN BATIK INDUSTRY. Jurnal Aplikasi Manajemen, 20(4). https://doi.org/10.21776/ub.jam.2022.020.04.06

Suri, T., & Jack, W. (2016). The long-run poverty and gender impacts of mobile money. Science, 354(6317), 1288–1292. https://doi.org/10.1126/science.aah5309

Tahir, M. S., Richards, D. W., & Ahmed, A. D. (2020). Financial literacy, attitudes, and financial satisfaction: An assessment of credit card debt-taking behavior of Australians. Financial Services Review, 28(4), 273–301.

Utkarsh, Pandey, A., Ashta, A., Spiegelman, E., & Sutan, A. (2020). Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well‐being of young adults. International Journal of Consumer Studies, 44(6), 531–541. https://doi.org/10.1111/ijcs.12583

Vittengl, J. R. (2024). Low household income, financial literacy, or financial health: Which is the strongest risk factor and outcome of depressive symptomatology? Journal of Affective Disorders, 344, 18–24. https://doi.org/10.1016/j.jad.2023.10.019

Wang, A.-Y., Hu, H.-Y., Ou, Y.-N., Wang, Z.-T., Ma, Y.-H., Tan, L., & Yu, J.-T. (2023). Socioeconomic Status and Risks of Cognitive Impairment and Dementia: A Systematic Review and Meta-Analysis of 39 Prospective Studies. The Journal of Prevention of Alzheimer’s Disease, 10(1), 83–94. https://doi.org/10.14283/jpad.2022.81

Warmath, D., Chen, P., Grable, J., & Kwak, E. J. (2021). Soft landings: Extending the cushion hypothesis to financial well‐being in collectivistic cultures. Journal of Consumer Affairs, 55(4), 1563–1590. https://doi.org/10.1111/joca.12408

Wei, X., & Zhang, L. (2019). Single-item measures: Queries, responses and suggestions. Advances in Psychological Science, 27(7), 1194–1204. https://doi.org/10.3724/SP.J.1042.2019.01194

Wu, X., Huang, S.-Z., & Lakkanawanit, P. (2024). Mindfulness and financial well-being: multiple mediation of intrinsic career goals and work need satisfaction. Current Psychology, 43(10), 9041–9053. https://doi.org/10.1007/s12144-023-05085-z

Xia, M., Xie, B., He, L., & Chen, J. (2025). How Does Family Financial Stress Impair Employees’ Mental Health? Spillover Effect of Stress from Home to Workplace. International Journal of Mental Health Promotion, 27(2), 231–240. https://doi.org/10.32604/ijmhp.2025.058878

Xiao, J. J. (n.d.). Applying Behavior Theories to Financial Behavior. In Handbook of Consumer Finance Research (pp. 69–81). Springer New York. https://doi.org/10.1007/978-0-387-75734-6_5

Xiong, X., Liu, J., & Liu, Z. (2022). Can economic policy uncertainty predict financial stress? A MIDAS approach. Applied Economics Letters, 29(1), 22–29. https://doi.org/10.1080/13504851.2020.1854664

Yue, P., Korkmaz, A. G., Yin, Z., & Zhou, H. (2022). The rise of digital finance: Financial inclusion or debt trap? Finance Research Letters, 47, 102604. https://doi.org/10.1016/j.frl.2021.102604

Zavolokina, L., Dolata, M., & Schwabe, G. (2017). FinTech Transformation: How IT-Enabled Innovations Shape the Financial Sector (pp. 75–88). https://doi.org/10.1007/978-3-319-52764-2_6

Zhang, H., Fahlevi, M., Aljuaid, M., Beşer, N. Ö., Cabas, M., & Lominchar, J. (2024). A machine learning and quantile analysis of FINTECH and resource efficiency in achieving sustainable development in OECD countries. Resources Policy, 92, 105017. https://doi.org/10.1016/j.resourpol.2024.105017

Zhang, Y., & Chatterjee, S. (2023). Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress. Sustainability, 15(5), 4505. https://doi.org/10.3390/su15054505

Zuhroh, D., Jermias, J., Ratnasari, S. L., Sriyono, Nurjanah, E., & Fahlevi, M. (2025). The impact of sharing economy platforms, management accounting systems, and demographic factors on financial performance: Exploring the role of formal and informal education in MSMEs. Journal of Open Innovation: Technology, Market, and Complexity, 11(1), 100447. https://doi.org/10.1016/j.joitmc.2024.100447