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FORMOSA NEWS - Semarang - Financial literacy alone is not enough to help people control
spending in the digital payment era. A new study by Heni Subekti, Infijarun Ni'am, and Wachidah Fauziyanti from the Semarang College of Economicsfound that social values and behavioral factors have a stronger
influence on financial self-control than digital wallet technology itself. The research, published in 2026 in the Asian Journal of
Management Analytics, examined how financial literacy, social preferences,
digital wallet usage, and financial self-control interact in the daily lives of
digital consumers. The findings are increasingly relevant as Indonesia
experiences rapid growth in cashless transactions and the adoption of financial
technology. Digital wallets are now deeply integrated into daily economic
activities, including online shopping, QRIS payments, transportation, food
delivery, and entertainment services.
Social Values Influence Financial Discipline More Than Technology
One of the study’s most important findings is that social preference has a stronger influence on financial self-control than digital wallet usage itself. Social preference in the research refers to awareness of social norms, concern for the impact of financial decisions on others, and the ability to align behavior with community expectations. Statistical analysis showed that financial literacy strongly influenced both social preference and digital wallet usage. The relationship between financial literacy and social preference recorded a coefficient of 0.411, while the relationship between financial literacy and digital wallet adoption reached 0.427. However, when researchers examined financial self-control, social preference showed the strongest effect. The influence of social preference on financial self-control reached 0.436, while the influence of digital wallet usage was only 0.165. The findings suggest that individuals with stronger social awareness and greater consideration for social responsibility are more likely to manage their finances carefully. Social norms, personal responsibility, and concern for long-term consequences appear to play a larger role in spending discipline than payment technology itself. In contrast, digital wallet usage provides only a limited contribution to improving self-control. Easier transactions may improve efficiency, but they do not automatically encourage wiser financial behavior.
Digital Wallet Convenience Can Encourage Impulsive Spending
The study also found that digital wallet technology may unintentionally contribute to consumptive behavior when users lack strong self-regulation. Researchers explained that instant payment systems, seamless transactions, cashback promotions, and one-click purchasing reduce psychological resistance during spending decisions. Users often make purchases more quickly without carefully evaluating long-term financial consequences. According to the discussion section of the study, the convenience, speed, and accessibility of digital wallets do not substantially improve financial self-control. In some situations, frictionless payment systems may even increase impulsive consumption behavior.
Key findings from the research include:
Social Values Influence Financial Discipline More Than Technology
One of the study’s most important findings is that social preference has a stronger influence on financial self-control than digital wallet usage itself. Social preference in the research refers to awareness of social norms, concern for the impact of financial decisions on others, and the ability to align behavior with community expectations. Statistical analysis showed that financial literacy strongly influenced both social preference and digital wallet usage. The relationship between financial literacy and social preference recorded a coefficient of 0.411, while the relationship between financial literacy and digital wallet adoption reached 0.427. However, when researchers examined financial self-control, social preference showed the strongest effect. The influence of social preference on financial self-control reached 0.436, while the influence of digital wallet usage was only 0.165. The findings suggest that individuals with stronger social awareness and greater consideration for social responsibility are more likely to manage their finances carefully. Social norms, personal responsibility, and concern for long-term consequences appear to play a larger role in spending discipline than payment technology itself. In contrast, digital wallet usage provides only a limited contribution to improving self-control. Easier transactions may improve efficiency, but they do not automatically encourage wiser financial behavior.
Digital Wallet Convenience Can Encourage Impulsive Spending
The study also found that digital wallet technology may unintentionally contribute to consumptive behavior when users lack strong self-regulation. Researchers explained that instant payment systems, seamless transactions, cashback promotions, and one-click purchasing reduce psychological resistance during spending decisions. Users often make purchases more quickly without carefully evaluating long-term financial consequences. According to the discussion section of the study, the convenience, speed, and accessibility of digital wallets do not substantially improve financial self-control. In some situations, frictionless payment systems may even increase impulsive consumption behavior.
Key findings from the research include:
Financial
literacy improves social preference and digital wallet adoption.
- Social preference has the strongest effect on financial self-control.
- Digital wallet usage has only a weak influence on spending discipline.
- Frictionless digital payments may encourage consumptive behavior.
- Social and behavioral factors are more influential than technology in shaping healthy financial habits.
The study highlights that financial discipline is shaped not
only by knowledge or technology but also by behavioral attitudes and social
environments.
Behavioral Theory Explains Digital Financial Habits
Researchers used the Theory of Planned Behavior (TPB) framework to explain how financial literacy, social norms, and technology influence financial behavior. Under this theory, human behavior is shaped by attitudes, social norms, and perceived behavioral control. Financial literacy was positioned as a factor influencing individuals’ understanding and management of money. Social preference represented the role of social norms, while digital wallet usage represented practical behavioral implementation in financial transactions. The results showed that social norms remain more influential than technology-related convenience when forming disciplined financial behavior. This indicates that social values still play a dominant role in shaping financial responsibility in the digital era.
Implications for Education and Financial Technology Industry
The findings have important implications for educators, fintech companies, and policymakers in Indonesia’s growing digital economy. Researchers argue that financial literacy programs should move beyond teaching basic financial concepts and transaction skills. Educational programs may also need to focus on behavioral discipline, emotional spending control, and responsible use of financial technology. The research team also recommend that digital wallet providers introduce stronger spending management tools, such as transaction limits, budgeting reminders, automatic spending reports, and in-app financial education features. Collaboration between educational institutions, fintech companies, and government agencies is considered essential for building a healthier digital financial ecosystem. Researchers believe that financial inclusion should be accompanied by efforts to strengthen financial responsibility and behavioral awareness. The study also opens opportunities for further research into factors such as social media influence, impulsive buying behavior, digital lifestyle patterns, and emotional self-regulation in the context of digital financial technology.
Author Profiles
Behavioral Theory Explains Digital Financial Habits
Researchers used the Theory of Planned Behavior (TPB) framework to explain how financial literacy, social norms, and technology influence financial behavior. Under this theory, human behavior is shaped by attitudes, social norms, and perceived behavioral control. Financial literacy was positioned as a factor influencing individuals’ understanding and management of money. Social preference represented the role of social norms, while digital wallet usage represented practical behavioral implementation in financial transactions. The results showed that social norms remain more influential than technology-related convenience when forming disciplined financial behavior. This indicates that social values still play a dominant role in shaping financial responsibility in the digital era.
Implications for Education and Financial Technology Industry
The findings have important implications for educators, fintech companies, and policymakers in Indonesia’s growing digital economy. Researchers argue that financial literacy programs should move beyond teaching basic financial concepts and transaction skills. Educational programs may also need to focus on behavioral discipline, emotional spending control, and responsible use of financial technology. The research team also recommend that digital wallet providers introduce stronger spending management tools, such as transaction limits, budgeting reminders, automatic spending reports, and in-app financial education features. Collaboration between educational institutions, fintech companies, and government agencies is considered essential for building a healthier digital financial ecosystem. Researchers believe that financial inclusion should be accompanied by efforts to strengthen financial responsibility and behavioral awareness. The study also opens opportunities for further research into factors such as social media influence, impulsive buying behavior, digital lifestyle patterns, and emotional self-regulation in the context of digital financial technology.
Author Profiles
Heni Subekti, from the Semarang School of Economics, is a researcher in the field of financial behavior and financial literacy.
Infijarun Ni'am from the Semarang School of Economics is an academic who researches financial literacy, the economic behavior of the younger generation, and the influence of social norms on financial decisions.
Wachidah Fauziyanti from the Semarang School of Economics focuses her research on financial technology, the transformation of digital payments, and the development of sustainable financial behavior.
Sources
Heni Subekti, Infijarun Ni'am, Wachidah Fauziyanti (2026). Beyond Digital Payments: The Role of Financial Literacy and Social Preferences in Shaping Financial Self-Control. Asian Journal of Management Analytics. Vol. 5, No. 2, Tahun 2026.
DOI: https://doi.org/10.55927/ajma.v5i2.16474
URL: https://journal.formosapublisher.org/index.php/ajma
Sources
Heni Subekti, Infijarun Ni'am, Wachidah Fauziyanti (2026). Beyond Digital Payments: The Role of Financial Literacy and Social Preferences in Shaping Financial Self-Control. Asian Journal of Management Analytics. Vol. 5, No. 2, Tahun 2026.
DOI: https://doi.org/10.55927/ajma.v5i2.16474
URL: https://journal.formosapublisher.org/index.php/ajma
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