Does Fintech Literation Affect Cashless Society And Individual Shopping Culture?

Heri Ispriyahadi, Lela Nurlaela Wati, Wanda Saputra, Hidayat Darwis, Zaenudin Zaenudin



This research examined the impact of financial technology literacy on the phenomenon of cashless society and the changes of individual spending culture in the millennial generation.  Respondents in this study were the millennial generation, particularly those born and grew up amid the technology advances. They live in such different Indonesia cities as Jakarta, Bogor, Tangerang (Jabodetabek). This study employed the Structural Equation Modelling (SEM) to perform the data analysis. The result showed a significant positive effect of fintech literacy on a cashless society, fintech literacy on the individual shopping culture changes, cashless society on the personal shopping culture changes, and fintech literacy on the individual shopping culture changes through cash less society. The results also show an increased cashless society the millennial fully understand the financial technology literacy. This condition will affect the change of the individual spending culture. The increased cashless society phenomenon will affect the culture individual spending changes. The results are beneficial for the government’s financial technology policy, and the fintech companies can make use of it as the evaluation material and as a motivation to innovate the fintech based business.


Fintech literacy, Cashless society, Individual shopping culture, The millennial generation

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