The Effect of Financial Characteristics on Financial Literacy Among Public University Students in Jakarta: The Mediating Role of Financial Technology

Abstract

Financial literacy is essential for university students to make informed financial decisions and achieve long-term financial well-being. A
lack of financial understanding can lead to poor money management and limited economic opportunities. This study investigates the
factors influencing financial literacy among university students in Jakarta, focusing on financial knowledge, attitude, socialization, and
confidence, with financial technology (fintech) as a potential mediator. A total of 500 respondents were surveyed, and the data were
analyzed using Smart PLS, including confirmatory factor analysis, path analysis, and bootstrapping. The results show that financial
knowledge, financial attitudes, financial socialization, and financial confidence significantly influence financial literacy. Financial
knowledge, attitudes, socialization, and confidence also significantly drive fintech adoption and use. Moreover, fintech was found to
mediate the relationship between these individual factors and financial literacy, highlighting its role in enhancing financial behaviors.