DIGITAL FINANCIAL LITERACY AND ITS EFFECT ON PERSONAL FINANCIAL PLANNING IN THE CASHLESS SOCIETY
DOI:
https://doi.org/10.31539/w5z4qy68Keywords:
Literasi Keuangan Digital, Perencanaan Keuangan Pribadi, Cashless Society, Perilaku Keuangan, FintechAbstract
This study aims to analyze the effect of digital financial literacy on personal financial planning in the context of a cashless society. The research employs a qualitative approach using a literature review method, examining various scholarly sources such as journal articles, books, and institutional reports relevant to the topic. The findings indicate that digital financial literacy is a critical factor influencing individual financial behavior, particularly in budgeting, saving, investing, and debt management. In digital payment systems, individuals tend to experience reduced awareness of spending due to the diminished “pain of paying,” which may lead to increased consumptive behavior. However, individuals with higher levels of digital financial literacy are better able to manage their finances effectively and maintain financial stability. Furthermore, digital financial literacy plays an essential role in mitigating financial risks, including fraud and cybersecurity threats. This study highlights the importance of enhancing digital financial literacy to support sustainable personal financial planning in an increasingly digitalized financial environment.
References
Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2009). The age of reason: Financial decisions over the life cycle. Brookings Papers on Economic Activity, 2009(2), 51–117.
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy. OECD Working Papers on Finance.
Auer, R., Cornelli, G., & Frost, J. (2020). Covid-19, cash, and the future of payments. BIS Bulletin, 3, 1–8.
Beck, T., Demirgüç-Kunt, A., & Singer, D. (2016). Financial inclusion and inclusive growth. World Bank Policy Research.
Bongomin, G. O. C., Munene, J. C., Ntayi, J. M., & Malinga, C. A. (2017). Financial literacy in emerging economies. International Journal of Bank Marketing, 35(7), 1173–1192.
Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40.
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy. Financial Services Review, 7(2), 107–128.
Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (4th ed.). Thousand Oaks: Sage Publications.
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). Global Findex Database 2017. World Bank.
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy interventions. Management Science, 60(8), 1861–1883.
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5(1), 347–373.
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management. Federal Reserve Bulletin, 89.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Morgan, P. J., & Long, T. Q. (2020). Financial literacy, financial inclusion, and savings behavior. ADB Economics Working Paper.
OECD. (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy. Paris: OECD Publishing.
Prelec, D., & Loewenstein, G. (1998). The red and the black: Mental accounting of savings and debt. Marketing Science, 17(1), 4–28.
Servon, L. J., & Kaestner, R. (2008). Consumer financial literacy and access. Journal of Consumer Affairs, 42(2), 271–305.
Setiawan, B., Nugraha, D. P., Irawan, A., & Nathan, R. J. (2022). Fintech adoption in Indonesia. Journal of Asian Finance, Economics and Business, 9(2), 123–134.
Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Billy Dewantara, Andi Primafira Bumandava Eka, Masaili Masaili
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
