Roles of Financial Literacy and Digital Financial Literacy in Enhancing MSME Financial Well-Being
Keywords:
financial Literacy, digital financial literacy, financial well-being, micro and small enterprises, PLS-SEM
Abstract
This study examines the effects of financial literacy and digital financial literacy on the financial well-being of micro and small enterprise (MSE) owners. Primary data were collected through surveys administered to MSE owners in Bantul Regency, Special Region of Yogyakarta Province. This research generated a sample through various sampling selection techniques (cluster, purposive, and accidental sampling). A total of 168 respondents were used for data analysis employing Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings reveal that financial knowledge affects financial behaviors and attitudes, while digital financial knowledge affects digital financial behaviors and digital financial attitudes, with digital financial attitudes further impacting digital financial behaviors. In addition, this study also documents that the financial behaviors, digital financial knowledge, and digital financial behavior dimensions affect financial well-being. Micro and small enterprises will arguably make sound judgments, manage financial matters more effectively, and develop sustainable businesses if they have a better understanding of financial management and digital technology.
References
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Bushra, B., & Mir, M. A. (2024). Digital Financial Literacy and Financial Well-Being (1st ed.). IGI Global. https://doi.org/10.4018/979-8-3693-1750-1.ch003
Castro-González, S., & Fernández-López, S. (2020). The Influence of Attitudes to Money on Individual’s Financial Well-Being. Social Indicators Research, 148(3), 747–764. https://doi.org/10.1007/s11205-019-02219-4
CFPB. (2017). Financial Well-Being Scale. https://sjdm.org/dmidi/CFPB_Financial_Well-Being_Scale.html
Chan, S. F., Chau, A. W.-L., & Chan, K. Y.-K. (2012). Financial Knowledge and Aptitudes: Impacts on College Students’ Financial Well-Being. College Student Journal, 46(1), 114–132. https://go.gale.com/ps/i.do?id=GALE%7CA285532025&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=01463934&p=AONE&sw=w&userGroupName=anon%7Eec65853&aty=open-web-entry
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Choi, I., & Kim, W. C. (2023). Enhancing Financial Literacy in South Korea: Integrating AI and Data Visualization to Understand Financial Instruments’ Interdependencies. Societal Impacts, 1(1–2), 100024. https://doi.org/10.1016/j.socimp.2023.100024
Choung, Y., Pak, T.-Y., & Chatterjee, S. (2025). Digital Financial Literacy and Life Satisfaction: Evidence from South Korea. Behavioral Sciences, 15(1), 1. https://doi.org/10.3390/bs15010094
Comerton-Forde, C., de New, J., Salamanca, N., Ribar, D. C., Nicastro, A., & Ross, J. (2020). Measuring Financial Wellbeing with Self-Reported and Bank-Record Data (26/20; Melbourne Institute Working Paper). https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=3547050
Coskun, A., & Dalziel, N. (2020). Mediation Effect of Financial Attitudes on Financial Knowledge and Financial Behaviors. International Journal of Research in Business and Social Science, 9(2), 1–8. https://doi.org/10.20525/ijrbs.v9i2.647
Dzogbenuku, R. K., Amoako, G. K., Kumi, D. K., & Bonsu, G. A. (2022). Digital Payments and Financial Wellbeing of the Rural Poor: The Moderating Role of Age and Gender. Journal of International Consumer Marketing, 34(2), 113–136. https://doi.org/10.1080/08961530.2021.1917468
Farcau, A. (2024). Digitalization and Economic Growth: An Empirical Analysis in European Countries. SSRN. https://doi.org/10.2139/ssrn.4861579
Foster, B., Sukono, S., & Johansyah, M. D. (2022). Analysis of the Effect of Financial Literacy, Practicality and Consumer Lifestyle on the Use of Chip‐Based Electronic Money Using SEM. Sustainability, 14(1), 32. https://doi.org/10.3390/su14010032
Gong, S., Sun, Z., Wang, B., & Yu, Z. (2024). Could Digital Literacy Contribute to the Improvement of Green Production Efficiency in Agriculture? Sage Open, 1–18. https://doi.org/10.1177/21582440241232
Grable, J. E., & Rabbani, A. (2023). The Moderating Effect of Financial Knowledge on Financial Risk Tolerance. Journal Risk Financial Management, 16(2), 1–18. https://doi.org/doi.org/10.3390/jrfm16020137
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate Data Analysis (8th ed.). CENGAGE. https://eli.johogo.com/Class/CCU/SEM/_Multivariate%20Data%20Analysis_Hair.pdf
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.). Sage Publications. https://doi.org/10.1007/978-3-030-80519-7
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) with R. Springer. https://doi.org/10.1007/978-3-030-80519-7
Hendri, G., Heru, S. S., & Billy, S. Y. (2022). The Effect of Financial Literacy, Financial Attitudes, and Parental Income on Financial Management Behaviors of Students in Yogyakarta. Russian Journal of Agricultural and Socio-Economic Sciences, 132(12), 99–103. https://doi.org/10.18551/rjoas.2022-12.13
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, 1–15. https://doi.org/10.1016/j.ssaho.2025.101307
Jhonson, B., Andriani, R., Noviana, I., & Tamara, D. (2023). The Influence of Digital Financial Literacy on Financial Well-Being Through Spending, Saving, and Investment Behaviors in Indonesia. Journal of Business Studies and Management Review, 6(2), 157–168. https://doi.org/10.22437/jbsmr.v6i2.24793
Jia, W., Collins, A., & Liu, W. (2023). Digitalization and Economic Growth in The New Classical and New Structural Economics Perspectives. Digital Economy and Sustainable Development, 1(5), 1–14. https://doi.org/10.1007/s44265-023-00007-0
Kadin. (2025). UMKM Indonesia. Kadin Indonesia. https://kadin.id/data-dan-statistik/umkm-indonesia/
Kim, O. V. T., Thuy, T. T. N., Khanh, L. Do, Thanh, M. P. T., Thi, Q. N., & Minh, T. N. T. (2025). The Impact of Financial Literacy on Saving Behaviors of The Elderly People: The Mediating Role of Digital Financial Literacy. Humanities and Social Sciences Letters, 13(1), 45–55. https://doi.org/10.18488/73.v13i1.3974
Lihan, I., Husna, N., Saputra, R. A., & Almardia, A. (2024). The Effect of Financial Knowledge and Financial Attitudes on Financial Behaviors of Generation Y in Indonesia. 7th International Conference of Economics, Business, and Entrepreneurship. https://doi.org/10.4108/eai.4-9-2024.2354030
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
Masitoh, N., Badriatin, T., Rosyadi, A., & Rahmawati, M. (2024). Financial Literacy, Financial Behaviors, and Financial Attitudes Toward Invesment Decision. Banku: Jurnal Perbankan Dan Keuangan, 5(1), 24–33. https://doi.org/10.37058/banku.v5i1.10037
Moko, W., Sudiro, A., & Kurniasari, I. (2022). The Effect of Financial Knowledge, Financial Attitudes, and Personality on Financial Management Behaviors. International Journal of Research in Business and Social Science, 11(9), 184–192. https://doi.org/10.20525/ijrbs.v11i9.2210
Muat, S., Fachrurrozi, & Sari, N. (2024). How Do Digital Financial Literacy, Financial Behaviors, and Skills Affect Financial Well-Being? An Exploratory Study on Gen Z. Integrated Journal of Business and Economics, 8(1), 728–744. https://doi.org/10.33019/ijbe.v8i1.851
Netemeyer, R. G., Lynch, J. G., Lichtenstein, D. R., & Dobolyi, D. (2024). Financial Education Effects on Financial Behaviors and Well-Being: the Mediating Roles of Improved Objective and Subjective Financial Knowledge and Parallels in Physical Health. Journal of Public Policy and Marketing, 43(4), 254–275. https://doi.org/10.1177/074391562412281
OECD. (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. https://www.oecd.org/en/publications/oecd-infe-2023-international-survey-of-adult-financial-literacy_56003a32-en.html
OJK. (2023). POJK Nomor 3 Tahun 2023. https://share.google/mLKtFPSidiuwQFbm2
Philippas, N. D., & Avdoulas, C. (2020). Financial Literacy and Financial Well-Being Among Generation-Z University Students: Evidence from Greece. The European Journal of Finance, 26(4–5), 360–381. https://doi.org/10.1080/1351847X.2019.1701512
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(52), 1–18. https://doi.org/10.1186/s43093-021-00099-0
Ratnawati, R., Rokhman, M. T. N., Rochayatun, S., Meldona, M., & Rahayu, Y. N. (2023). Financial Attitudes and Financial Performance of Export MSMEs: Financial Well-Being as a Mediating. International Journal of Applied Economics, Finance and Accounting, 16(1), 77–85. https://doi.org/10.33094/ijaefa.v16i1.901
Rizaty, M. A. (2023). Survei: Indeks Kesejahteraan Finansial Warga RI 53,1% pada 2023. Data Indonesia. https://dataindonesia.id/keuangan/detail/survei-indeks-kesejahteraan-finansial-warga-ri-531-pada-2023
Sidakui Bantul. (2024). Summary Data Usaha Mikro Bantul. Sidakui (Sistem Informasi Data Perdagangan, Koperasi, UKM Dan Industri) Kabuapten Bantul. https://sidakui.bantulkab.go.id/publik/usahamikro.php
Sinani, M. (2021). Financial Well-Being, Theoretical Concepts. International Journal of Social Science and Education Research Studies, 1(3), 82–89. https://ijssers.org/single-view/?id=6674&pid=6650
Tie, S. C., & Nizam, I. (2015). Determinants of Financial Well-Being for Generation Y in Malaysia. International Journal of Accounting, Business and Management, 3(2), 1–18. https://doi.org/10.24924/ijabm/2015.11/v3.iss2/11.28
Andreou, P. C., & Anyfantaki, S. (2021). Financial Literacy and Its Influence on Internet Banking Behaviors. European Management Journal, 39(5), 658–674. https://doi.org/10.1016/j.emj.2020.12.001
APJII. (2024). APJII Jumlah Pengguna Internet Indonesia Tembus 221 Juta Orang. APJII. https://apjii.or.id/berita/d/apjii-jumlah-pengguna-internet-indonesia-tembus-221-juta-orang
Badan Pemeriksa Keuangan. (2008). UU No. 20 Tahun 2008 tentang UMKM. JDIH BPK. https://peraturan.bpk.go.id/Details/39653/uu-no-20-tahun-2008
Bapperida DIY. (2025). UMKM DIY. UMKM DIY. https://bapperida.jogjaprov.go.id/dataku/data_dasar/index/107-umkm
BPS. (2024a). Profil Industri Mikro dan Kecil 2023. https://www.bps.go.id/id/publication/2024/09/18/52d85cbe9de005b6f5d69f95/profil-industri-mikro-dan-kecil-2023.html
BPS. (2024b). Jumlah Perusahaan Industri Skala Mikro dan Kecil Menurut Provinsi (Unit), 2023. BPS. https://www.bps.go.id/id/statistics-table/2/NDQwIzI=/jumlah-perusahaan-industri-skala-mikro-dan-kecil-menurut-provinsi--unit-.html
BPS. (2025). Statistik E-Commerce 2023. https://www.bps.go.id/id/publication/2025/01/30/d52af11843aee401403ecfa6/statistik-e-commerce-2023.html
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
Bushra, B., & Mir, M. A. (2024). Digital Financial Literacy and Financial Well-Being (1st ed.). IGI Global. https://doi.org/10.4018/979-8-3693-1750-1.ch003
Castro-González, S., & Fernández-López, S. (2020). The Influence of Attitudes to Money on Individual’s Financial Well-Being. Social Indicators Research, 148(3), 747–764. https://doi.org/10.1007/s11205-019-02219-4
CFPB. (2017). Financial Well-Being Scale. https://sjdm.org/dmidi/CFPB_Financial_Well-Being_Scale.html
Chan, S. F., Chau, A. W.-L., & Chan, K. Y.-K. (2012). Financial Knowledge and Aptitudes: Impacts on College Students’ Financial Well-Being. College Student Journal, 46(1), 114–132. https://go.gale.com/ps/i.do?id=GALE%7CA285532025&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=01463934&p=AONE&sw=w&userGroupName=anon%7Eec65853&aty=open-web-entry
Chin, W. W. (1998). The Partial Least Squares Approach for Structural Equation Modeling. In G. A. Marcoulides (Ed.), Modern methods for business research (pp. 295–336) (1st ed.). Lawrence Erlbaum Associates Publishers. https://psycnet.apa.org/record/1998-07269-010
Choi, I., & Kim, W. C. (2023). Enhancing Financial Literacy in South Korea: Integrating AI and Data Visualization to Understand Financial Instruments’ Interdependencies. Societal Impacts, 1(1–2), 100024. https://doi.org/10.1016/j.socimp.2023.100024
Choung, Y., Pak, T.-Y., & Chatterjee, S. (2025). Digital Financial Literacy and Life Satisfaction: Evidence from South Korea. Behavioral Sciences, 15(1), 1. https://doi.org/10.3390/bs15010094
Comerton-Forde, C., de New, J., Salamanca, N., Ribar, D. C., Nicastro, A., & Ross, J. (2020). Measuring Financial Wellbeing with Self-Reported and Bank-Record Data (26/20; Melbourne Institute Working Paper). https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=3547050
Coskun, A., & Dalziel, N. (2020). Mediation Effect of Financial Attitudes on Financial Knowledge and Financial Behaviors. International Journal of Research in Business and Social Science, 9(2), 1–8. https://doi.org/10.20525/ijrbs.v9i2.647
Dzogbenuku, R. K., Amoako, G. K., Kumi, D. K., & Bonsu, G. A. (2022). Digital Payments and Financial Wellbeing of the Rural Poor: The Moderating Role of Age and Gender. Journal of International Consumer Marketing, 34(2), 113–136. https://doi.org/10.1080/08961530.2021.1917468
Farcau, A. (2024). Digitalization and Economic Growth: An Empirical Analysis in European Countries. SSRN. https://doi.org/10.2139/ssrn.4861579
Foster, B., Sukono, S., & Johansyah, M. D. (2022). Analysis of the Effect of Financial Literacy, Practicality and Consumer Lifestyle on the Use of Chip‐Based Electronic Money Using SEM. Sustainability, 14(1), 32. https://doi.org/10.3390/su14010032
Gong, S., Sun, Z., Wang, B., & Yu, Z. (2024). Could Digital Literacy Contribute to the Improvement of Green Production Efficiency in Agriculture? Sage Open, 1–18. https://doi.org/10.1177/21582440241232
Grable, J. E., & Rabbani, A. (2023). The Moderating Effect of Financial Knowledge on Financial Risk Tolerance. Journal Risk Financial Management, 16(2), 1–18. https://doi.org/doi.org/10.3390/jrfm16020137
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate Data Analysis (8th ed.). CENGAGE. https://eli.johogo.com/Class/CCU/SEM/_Multivariate%20Data%20Analysis_Hair.pdf
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.). Sage Publications. https://doi.org/10.1007/978-3-030-80519-7
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) with R. Springer. https://doi.org/10.1007/978-3-030-80519-7
Hendri, G., Heru, S. S., & Billy, S. Y. (2022). The Effect of Financial Literacy, Financial Attitudes, and Parental Income on Financial Management Behaviors of Students in Yogyakarta. Russian Journal of Agricultural and Socio-Economic Sciences, 132(12), 99–103. https://doi.org/10.18551/rjoas.2022-12.13
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, 1–15. https://doi.org/10.1016/j.ssaho.2025.101307
Jhonson, B., Andriani, R., Noviana, I., & Tamara, D. (2023). The Influence of Digital Financial Literacy on Financial Well-Being Through Spending, Saving, and Investment Behaviors in Indonesia. Journal of Business Studies and Management Review, 6(2), 157–168. https://doi.org/10.22437/jbsmr.v6i2.24793
Jia, W., Collins, A., & Liu, W. (2023). Digitalization and Economic Growth in The New Classical and New Structural Economics Perspectives. Digital Economy and Sustainable Development, 1(5), 1–14. https://doi.org/10.1007/s44265-023-00007-0
Kadin. (2025). UMKM Indonesia. Kadin Indonesia. https://kadin.id/data-dan-statistik/umkm-indonesia/
Kim, O. V. T., Thuy, T. T. N., Khanh, L. Do, Thanh, M. P. T., Thi, Q. N., & Minh, T. N. T. (2025). The Impact of Financial Literacy on Saving Behaviors of The Elderly People: The Mediating Role of Digital Financial Literacy. Humanities and Social Sciences Letters, 13(1), 45–55. https://doi.org/10.18488/73.v13i1.3974
Lihan, I., Husna, N., Saputra, R. A., & Almardia, A. (2024). The Effect of Financial Knowledge and Financial Attitudes on Financial Behaviors of Generation Y in Indonesia. 7th International Conference of Economics, Business, and Entrepreneurship. https://doi.org/10.4108/eai.4-9-2024.2354030
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
Masitoh, N., Badriatin, T., Rosyadi, A., & Rahmawati, M. (2024). Financial Literacy, Financial Behaviors, and Financial Attitudes Toward Invesment Decision. Banku: Jurnal Perbankan Dan Keuangan, 5(1), 24–33. https://doi.org/10.37058/banku.v5i1.10037
Moko, W., Sudiro, A., & Kurniasari, I. (2022). The Effect of Financial Knowledge, Financial Attitudes, and Personality on Financial Management Behaviors. International Journal of Research in Business and Social Science, 11(9), 184–192. https://doi.org/10.20525/ijrbs.v11i9.2210
Muat, S., Fachrurrozi, & Sari, N. (2024). How Do Digital Financial Literacy, Financial Behaviors, and Skills Affect Financial Well-Being? An Exploratory Study on Gen Z. Integrated Journal of Business and Economics, 8(1), 728–744. https://doi.org/10.33019/ijbe.v8i1.851
Netemeyer, R. G., Lynch, J. G., Lichtenstein, D. R., & Dobolyi, D. (2024). Financial Education Effects on Financial Behaviors and Well-Being: the Mediating Roles of Improved Objective and Subjective Financial Knowledge and Parallels in Physical Health. Journal of Public Policy and Marketing, 43(4), 254–275. https://doi.org/10.1177/074391562412281
OECD. (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. https://www.oecd.org/en/publications/oecd-infe-2023-international-survey-of-adult-financial-literacy_56003a32-en.html
OJK. (2023). POJK Nomor 3 Tahun 2023. https://share.google/mLKtFPSidiuwQFbm2
Philippas, N. D., & Avdoulas, C. (2020). Financial Literacy and Financial Well-Being Among Generation-Z University Students: Evidence from Greece. The European Journal of Finance, 26(4–5), 360–381. https://doi.org/10.1080/1351847X.2019.1701512
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(52), 1–18. https://doi.org/10.1186/s43093-021-00099-0
Ratnawati, R., Rokhman, M. T. N., Rochayatun, S., Meldona, M., & Rahayu, Y. N. (2023). Financial Attitudes and Financial Performance of Export MSMEs: Financial Well-Being as a Mediating. International Journal of Applied Economics, Finance and Accounting, 16(1), 77–85. https://doi.org/10.33094/ijaefa.v16i1.901
Rizaty, M. A. (2023). Survei: Indeks Kesejahteraan Finansial Warga RI 53,1% pada 2023. Data Indonesia. https://dataindonesia.id/keuangan/detail/survei-indeks-kesejahteraan-finansial-warga-ri-531-pada-2023
Sidakui Bantul. (2024). Summary Data Usaha Mikro Bantul. Sidakui (Sistem Informasi Data Perdagangan, Koperasi, UKM Dan Industri) Kabuapten Bantul. https://sidakui.bantulkab.go.id/publik/usahamikro.php
Sinani, M. (2021). Financial Well-Being, Theoretical Concepts. International Journal of Social Science and Education Research Studies, 1(3), 82–89. https://ijssers.org/single-view/?id=6674&pid=6650
Tie, S. C., & Nizam, I. (2015). Determinants of Financial Well-Being for Generation Y in Malaysia. International Journal of Accounting, Business and Management, 3(2), 1–18. https://doi.org/10.24924/ijabm/2015.11/v3.iss2/11.28
Published
2026/04/17
Section
Original Scientific Paper
