The Mediating Role of Financial Literacy on Digitalization, Consumptive Behavior, and Financial Stability among Kpopers Gen-Z

M. Ridwan Tikollah, Nurul Chalisa Majiding, Syahir Fadli, Sahade Sahade

Abstract


Generation Z (Gen Z) is a consumer group whose financial behavior is strongly shaped by digitalization and cultural influences, particularly K-Pop fandom. As digital natives, Gen Z actively uses digital financial services but is also vulnerable to impulsive consumption. This study investigates the mediating role of financial literacy in the relationship between digitalization, consumptive behavior, and financial stability among Gen Z K-Pop fans in Makassar, Indonesia. Using a quantitative explanatory design, data were collected from 100 respondents aged 18–25 years who actively participate in K-Pop fandom activities and conduct digital transactions such as e-wallet usage, online shopping, or concert ticket purchases. Data analysis employed multiple regression and Sobel tests to examine mediation effects.The findings indicate that digitalization positively influences financial stability both directly and indirectly through financial literacy. Financial literacy acts as a partial mediator, strengthening the effect of digitalization on financial stability. In contrast, consumptive behavior does not significantly affect either financial literacy or financial stability. These results underscore the critical role of financial literacy in enabling Gen Z to maintain financial resilience despite the pressures of digital consumption and fandom-driven spending. This research contributes theoretically by integrating perspectives from digital finance, consumer behavior, and financial literacy within a cultural context. Practically, the findings offer insights for educators, policymakers, and financial institutions to design targeted financial literacy programs tailored to the needs of young consumers. Such interventions are essential to foster responsible financial behavior and ensure long-term financial stability in the digital era.


Keywords


Consumptive behavior; Digitalization; Financial literacy; Financial stability; Gen Z.

Full Text:

PDF

References


Ali, A., Rahman, M. S., & Bakar, A. (2014). Financial Literacy And Satisfaction In Malaysia: Mediating Role Of Financial Behavior. Asian Social Science, 10(24), 273–281. Https://Doi.Org/10.5539/Ass.V10n24p273

Amagir, A., Groot, W., Brink, H. M., & Wilschut, A. (2020). Financial Literacy Of High School Students In The Netherlands: Knowledge, Attitudes, Self-Efficacy, And Behavior. International Review Of Economics Education, 34, 100185. Https://Doi.Org/10.1016/J.Iree.2020.100185

Bai, C. (2020). Digital Economy And Consumer Behavior: The Role Of Digital Finance In China. Journal Of Asian Economics, 69, 101217. Https://Doi.Org/10.1016/J.Asieco.2020.101217

Baron, R. M., & Kenny, D. A. (1986). The Moderator–Mediator Variable Distinction In Social Psychological Research. Journal Of Personality And Social Psychology, 51(6), 1173–1182.

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, S. (2023). The Influence Of K-Pop Culture On The Consuming Behavior Of Chinese Urban Youth And Adolescence. Academic Journal Of Humanities & Social Sciences, 6(22), 15–20. Https://Doi.Org/10.25236/AJHSS.2023.062203

Choi, S., & Burnes, B. (2013). The Korean Wave: A Contextual Approach To Fandom And Consumer Behavior. Journal Of Consumer Culture, 13(3), 1–20. Https://Doi.Org/10.1177/1469540513493209

Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry And Research Design: Choosing Among Five Approaches (4th Ed.). SAGE Publications.

Dholakia, U. (2020). How Consumer Impulsivity Affects Personal Financial Outcomes. Journal Of Consumer Psychology, 30(3), 551–564.

Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison Of Convenience Sampling And Purposive Sampling. American Journal Of Theoretical And Applied Statistics, 5(1), 1–4. Https://Doi.Org/10.11648/J.Ajtas.20160501.11

Garðarsdóttir, R. B., & Dittmar, H. (2012). The Relationship Between Materialism And Personal Financial Well-Being. Journal Of Economic Psychology, 33(3), 471–481.

Hayes, A. F. (2018). Introduction To Mediation, Moderation, And Conditional Process Analysis: A Regression-Based Approach (2nd Ed.). Guilford Press.

Japutra, A., Molinillo, S., & Wang, S. (2021). Affective Impulse Buying In Online Shopping: The Role Of Emotions, Hedonic Motives, And Financial Well-Being. Journal Of Retailing And Consumer Services, 62, 102653. Https://Doi.Org/10.1016/J.Jretconser.2021.102653

Joshi, A., Kale, S., Chandel, S., & Pal, D. K. (2015). Likert Scale: Explored And Explained. British Journal Of Applied Science & Technology, 7(4), 396–403.

Julito, K. A., & Rafi, M. (2023). Pengaruh Judi Online dan Lifestyle Terhadap Perilaku Keuangan Dengan Literasi Keuangan Sebagai Pemoderasi. Journal Akuntansi Manajerial, 8(2), 34–45.

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

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

Nguyen, T. T. H. (2022). Digital Finance And Financial Well-Being: Evidence From Emerging Markets. International Journal Of Bank Marketing, 40(3), 511–529. Https://Doi.Org/10.1108/IJBM-06-2021-0256

OECD. (2020). OECD/INFE 2020 International Survey Of Adult Financial Literacy. OECD Publishing. Https://Doi.Org/10.1787/48ebd1ba-En

Ozili, P. (2020). Financial Inclusion Research Around The World. Journal Of Financial Economic Policy, 12(2), 111–135.

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

Preacher, K. J., & Hayes, A. F. (2008). Asymptotic And Resampling Strategies For Assessing And Comparing Indirect Effects. Behavior Research Methods, 40(3), 879–891.

Priporas, C. V, Stylos, N., & Fotiadis, A. K. (2017). Generation Z Consumers’ Expectations Of Interactions In Smart Retailing: A Future Agenda. Computers In Human Behavior, 77, 374–381. Https://Doi.Org/10.1016/J.Chb.2017.01.058

Priya, R., & Singhal, R. (2019). Consumer Adoption Of E-Wallets: A Literature Review. International Journal Of Recent Technology And Engineering, 8(3), 4740–4746.

Setiani, R. A. (2025). From Consumption To Creation: The Empowerment Of Millennial K-Pop Fangirls In Building Business Ventures. Eduvest – Journal Of Universal Studies, 5(3), 3016–3031. Https://Doi.Org/10.59188/Eduvest.V5i3.50982

Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial Socialization Of First-Year College Students: The Roles Of Parents, Work, And Education. Journal Of Youth And Adolescence, 39(12), 1457–1470. Https://Doi.Org/10.1007/S10964-009-9432-X

Suryono, R. R., Purwandari, B., & Budi, I. (2020). Consumer Digital Payment Adoption: Systematic Literature Review. Procedia Computer Science, 161, 1150–1158. Https://Doi.Org/10.1016/J.Procs.2019.11.240

Waluyo, F. C., Aji, H., & Others. (2023). The Role Of Digital Financial Literacy In Improving Financial Resilience. Journal Of Behavioral And Experimental Economics, 105, 102020.

Wolf, E. J., Harrington, K. M., Clark, S. L., & Miller, M. W. (2013). Sample Size Requirements For Structural Equation Models. Educational And Psychological Measurement, 73(6), 913–934. Https://Doi.Org/10.1177/0013164413495237

Xiao, J. J., & O’Neill, B. (2016). Consumer Financial Education And Financial Capability. International Journal Of Consumer Studies, 40(6), 712–721. Https://Doi.Org/10.1111/Ijcs.12285




DOI: https://doi.org/10.52447/jam.v10i2.8733

Refbacks

  • There are currently no refbacks.