The Influence of Financial Literacy on Financial Behavior and Borrowing Intention from Online Loans/P2P Lending
DOI:
https://doi.org/10.61100/tacit.v4i2.364Keywords:
Financial Literacy, Financial Behavior, Borrowing Intention, P2P LendingAbstract
This study aims to examine the effect of financial literacy on financial behavior and borrowing intention through peer-to-peer (P2P) lending services, as well as to investigate the mediating role of financial behavior. The study is motivated by the rapid growth of digital lending services, which have expanded access to financial resources while simultaneously increasing potential financial risks, particularly among university students. This research employed a quantitative approach with a causal associative research design. Data were collected through questionnaires distributed to university students with prior experience using P2P lending services and were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings indicate that financial literacy has a positive effect on both financial behavior and borrowing intention. Financial behavior also has a positive effect on borrowing intention and partially mediates the relationship between financial literacy and borrowing intention. These findings suggest that improving financial literacy should be accompanied by the development of healthy financial behavior to promote more rational, responsible, and sustainable use of P2P lending services.
References
Ademola, A. O. (2025). Digital Lending and Financial Literacy: Examining the Awareness and Attitudes of-Nigerian Borrowers. Al-Hikmah International Journal of Finance (AHIJoF), 3(13), 1–17.
Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behav-iors. Economic Inquiry, 54(1), 675–697. https://doi.org/10.1111/ecin.12255
Andarsari, P. R., & Ningtyas, M. N. (2019). The Role of Financial Literacy on Financial Behavior. JABE (Journal of Accounting and Business Education), 4(1), 24. https://doi.org/10.26675/jabe.v4i1.8524
Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediat-ing impact of investment decision making. PLOS ONE, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Cahayana, G., Takidah, E., & Fauzi, A. (2026). Pengaruh Literasi Keuangan, Gaya Hidup, dan Ke-percayaan Terhadap Minat Penggunaan Pinjaman Online Pada Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Negeri Jakarta Tahun 2021. Ekopedia: Jurnal Ilmiah Ekonomi, 2(1), 682–696. https://doi.org/10.63822/tcprnd36
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technolo-gy. MIS Quarterly, 13, 319–340.
Faradila, D., & Rafik, A. (2023). Pengaruh Literasi Keuangan terhadap Perilaku Keuangan dan Intensi Mem-injam dari Pinjaman Online/P2P Lending pada Mahasiswa Universitas Islam Indonesia. Selekta Mana-jemen: Jurnal Mahasiswa Bisnis & Manajemen, 2(3), 63–76.
Feryana, E., Sumiati, & Himmiyatul Amanah Jiwa Juwita. (2025). The Role of Financial Literacy, Risk Percep-tion and Lifestyle to Influence Online Loan Decision. Jurnal Reviu Akuntansi Dan Keuangan, 15(3). https://doi.org/10.22219/jrak.v15i3.41566
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Struc-tural Equation Modeling (PLS-SEM) Using R (3rd ed.). Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
Irena, F., & Mastan, S. A. (2024). Pengaruh financial literacy, financial inclusion, financial behavior terhadap keputusan melakukan pinjaman online. Jurnal Ilmiah Edunomika, 8(3), 1–10.
Kozol, E. (2025). A cross-country analysis of determinants of financial literacy: Evidence from 143 countries. Borsa Istanbul Review, 25, 38–44. https://doi.org/10.1016/j.bir.2025.07.009
Kurniadi, A. C., Sutrisno, T. F., & Kenang, I. H. (2022). The Influence of Financial Literacy and Financial Be-havior on Investment Decision for Young Investor in Badung District, Bali. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 323. https://doi.org/10.24843/MATRIK:JMBK.2022.v16.i02.p11
Laia, D., Amir, A., & Bi Rahmani, N. A. (2026). The Influence of Demographics, Financial Literacy, and Social Media on Online Loan Users (Fintech Lending) in Medan City. Jurnal Manajemen, Akuntansi Dan Rumpun Ilmu Ekonomi (MAR-Ekonomi), 4(3), 228–239.
Lusardi, A., & Mitchell, O. S. (2013). The Economic Importance of Financial Literacy: Theory and Evidence. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2260193
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
Mireku, K., Appiah, F., & Agana, J. A. (2023). Is there a link between financial literacy and financial behav-iour? Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2188712
OECD. (2022). OECD/INFE toolkit for measuring adult financial literacy and financial inclusion. Organisation for Economic Co-Operation and Development. https://www.oecd.org/en/networks/infe.html
OJK. (2025a). Siaran Pers RDK Desember 2024: Pengembangan dan Peguatan Sektor Jasa Keuagan untuk Sektor Jasa Keuangan yag Stabil dan Berdaya Tahan. Otoritas Jasa Keuangan, 1–24. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Documents/Pages/RDKB-Desember-2024
OJK. (2025b). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2025. Otoritas Jasa Keuagan. https://ojk.go.id/id/Fungsi-Utama/Perilaku-Pelaku-Usaha-Jasa-Keuangan/SNLIK/Pages/SNLIK-2025.aspx
Phang, M., Tannia, T., Dovir Siratan, E., Novindra Idroes, F., & Setiadi, H. (2026). Financial Knowledge Finan-cial Attitudes and Personality as Key Determinants of Financial Management Behavior Among Young Adults. Journal of Accounting and Finance Management, 6(6), 3443–3453. https://doi.org/10.38035/jafm.v6i6.2995
Riwayati, H. E., Rachman, H. A., Pramesworo, S., Yustisia, N., Umar, H., & Siahaan, M. (2025). Unveiling the Dynamics of Financial Literacy and Inclusion in Women Digital Loan Decision Making. Aptisi Transac-tions on Technopreneurship (ATT), 7(3), 986–998. https://doi.org/10.34306/att.v7i3.788
Santika, R., & Yuhasril. (2025). Pengaruh Digital payment, Literasi Keuangan, dan Sikap Keuangan Terhadap Perilaku Keuangan Generasi Z. Jurnal Akuntansi, Manajemen, Dan Perencanaan Kebijakan, 3(1), 17. https://doi.org/10.47134/jampk.v3i1.903
Sudirman, I., Machmud, M., Hartati, & Mirna. (2026). The Impact Of Financial Literacy And Financial Atti-tudes On Financial Management. International Journal of Education Management and Religion, 3(1), 1–12.
Sugiyono. (2018). Metode Penelitian Kuantitatif. Alfabeta.
Sundarasen, S., Rajagopalan, U., & Ibrahim, I. (2025). Money Matters: A Contemporary Review of Young Adults’ Financial Behavior. Societies, 15(11), 304. https://doi.org/10.3390/soc15110304
Suryani, S., Hariyono, T., Adha, S., Sucipto, S., & Jahri, M. (2025). The Impact of Digital Financial Services on Financial Literacy in South Kalimantan, Indonesia. Journal of Social Work and Science Education, 6(2), 586–593. https://doi.org/10.52690/jswse.v6i2.1195
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Utami, E. M., Fatihat, G. G., & Wijaya, J. H. (2026). Family Financial Education and Fintech as Determinants of Financial Behavior: The Mediating Role of Financial Literacy. ADPEBI International Journal of Business and Social Science, 6(1), 1–19. https://doi.org/10.54099/aijbs.v6i1.1785
Widyastuti, U., Sumiati, A., Herlitah, H., & Melati, I. S. (2020). Financial education, financial literacy, and fi-nancial Behaviour: What does really matter? Management Science Letters, 2715–2720. https://doi.org/10.5267/j.msl.2020.4.039
Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese house-holds. Journal of Banking & Finance, 156, 107005. https://doi.org/10.1016/j.jbankfin.2023.107005
Yuneline, M. H., & Rosanti, M. F. C. (2023). The Role of Digital Finance, Financial Literacy, and Lifestyle on Financial Behaviour. HOLISTICA – Journal of Business and Public Administration, 14(2), 97–115. https://doi.org/10.2478/hjbpa-2023-0018
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Technology and Society Perspectives (TACIT)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
