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FORMOSA NEWS - Cirebon - Financial Literacy and
Mobile Banking Shape Saving Habits of Generation Z in Indonesia. A new study by Rahma Azkia
Wardaya and Nurhana Dhea Parlina from Gunung Jati Swadaya University found
that financial literacy significantly influences saving behavior among
Generation Z in Cirebon City, Indonesia. The research also shows that the
perceived ease of mobile banking services strengthens young people’s
willingness to save money. The study, published in 2026 in
the Asian Journal of Management Analytics, highlights how digital banking
technology is reshaping financial behavior among young Indonesians. The
findings are increasingly relevant as mobile banking, digital payments, and
cashless transactions become part of Generation Z's daily life.
Digital Banking Changes Financial Behavior
Indonesia’s banking sector has experienced rapid digital transformation over the past decade. Mobile banking applications now allow users to transfer money, pay bills, purchase digital products, and save funds directly from smartphones without visiting physical bank branches. Generation Z has become one of the largest user groups of digital financial services because they grew up with smartphones and internet access. However, the researchers warn that technological convenience alone does not automatically lead to good financial decisions. According to the study, the speed and simplicity of digital transactions can increase impulsive or consumptive spending if users lack sufficient financial literacy. Understanding how to manage income, plan expenses, and set financial goals remains essential for long-term financial stability. The researchers define financial literacy as the ability to understand financial concepts, manage personal income, make informed financial decisions, and plan for future economic needs. Meanwhile, perceived ease of mobile banking includes factors such as transaction speed, application accessibility, flexibility of use, and simplicity of app features.
Strong Statistical Relationship Between Literacy and Saving
The study found a strong positive relationship between financial literacy and perceptions of mobile banking convenience. Statistical analysis showed that financial literacy explained approximately 72 percent of users’ perceptions regarding the ease of mobile banking services. Researchers also discovered that financial literacy and perceived mobile banking convenience together explained 83.2 percent of the variations in saving behavior among respondents. This suggests that digital banking technology and financial literacy work together to shape responsible financial habits among young adults.
Several major findings emerged from the research:
Digital Banking Changes Financial Behavior
Indonesia’s banking sector has experienced rapid digital transformation over the past decade. Mobile banking applications now allow users to transfer money, pay bills, purchase digital products, and save funds directly from smartphones without visiting physical bank branches. Generation Z has become one of the largest user groups of digital financial services because they grew up with smartphones and internet access. However, the researchers warn that technological convenience alone does not automatically lead to good financial decisions. According to the study, the speed and simplicity of digital transactions can increase impulsive or consumptive spending if users lack sufficient financial literacy. Understanding how to manage income, plan expenses, and set financial goals remains essential for long-term financial stability. The researchers define financial literacy as the ability to understand financial concepts, manage personal income, make informed financial decisions, and plan for future economic needs. Meanwhile, perceived ease of mobile banking includes factors such as transaction speed, application accessibility, flexibility of use, and simplicity of app features.
Strong Statistical Relationship Between Literacy and Saving
The study found a strong positive relationship between financial literacy and perceptions of mobile banking convenience. Statistical analysis showed that financial literacy explained approximately 72 percent of users’ perceptions regarding the ease of mobile banking services. Researchers also discovered that financial literacy and perceived mobile banking convenience together explained 83.2 percent of the variations in saving behavior among respondents. This suggests that digital banking technology and financial literacy work together to shape responsible financial habits among young adults.
Several major findings emerged from the research:
- Financial literacy positively influences perceptions of mobile banking convenience.
- Financial literacy significantly improves saving behavior among Generation Z.
- Easy-to-use mobile banking services encourage more active saving habits.
- Mobile banking convenience acts as a mediating factor that strengthens the impact of financial literacy on saving behavior.
The findings further reveal that the
perceived convenience of mobile banking has an even stronger influence on
saving behavior than financial literacy alone. This means Generation Z users
are more likely to save regularly when banking applications are simple, fast,
and user-friendly.
Mobile Banking Becomes a Financial Education Tool
The study suggests that mobile banking applications are no longer just transaction tools. Digital banking platforms may also serve as informal financial education systems that help young users monitor expenses, organize savings, and build better money-management habits. The research that financially literate individuals tend to feel more confident using digital financial services and demonstrate healthier saving behavior. The research from Gunung Jati Swadaya University also indicates that accessible financial technology can encourage financial discipline among young consumers. The authors note that banks and financial technology companies could benefit from designing simpler, more intuitive applications for younger users. Features such as automated savings, expense tracking, and user-friendly interfaces may help increase long-term financial engagement. The research also carries implications for policymakers and educators. Financial literacy education may need to be strengthened in schools and universities to ensure that young people not only adopt digital financial technologies but also understand how to use them responsibly. As Indonesia continues expanding its digital economy, the ability to combine technological skills with financial knowledge is expected to become increasingly important. Researchers believe that strengthening financial literacy among Generation Z could contribute to healthier personal finance management and broader economic resilience.
Broader Relevance for Indonesia’s Digital Economy
The findings support previous studies showing that digital financial literacy plays a major role in shaping financial decision-making among younger generations. In countries experiencing rapid digitalization, financial behavior is increasingly influenced by mobile applications and online financial ecosystems. The study also highlights how mobile banking adoption may contribute to financial inclusion by making banking services more accessible to younger populations. Easier access to savings tools and digital financial management could help reduce barriers for first-time banking users. Despite the strong findings, the researchers acknowledge that saving behavior is influenced by multiple factors beyond financial literacy and the convenience of mobile banking. Income levels, lifestyle, self-control, and trust in technology may also affect how individuals manage money. Future studies are expected to explore these additional variables using larger samples and broader regional coverage across Indonesia.
Author Profiles
Rahma Azkia Wardaya is a researcher from Gunung Jati Swadaya University specializing in financial literacy, consumer behavior, and digital financial transformation.
Nurhana Dhea Parlina is an academic researcher at Gunung Jati Swadaya University whose research focuses on financial management, youth financial behavior, and digital banking adoption.
Source
Mobile Banking Becomes a Financial Education Tool
The study suggests that mobile banking applications are no longer just transaction tools. Digital banking platforms may also serve as informal financial education systems that help young users monitor expenses, organize savings, and build better money-management habits. The research that financially literate individuals tend to feel more confident using digital financial services and demonstrate healthier saving behavior. The research from Gunung Jati Swadaya University also indicates that accessible financial technology can encourage financial discipline among young consumers. The authors note that banks and financial technology companies could benefit from designing simpler, more intuitive applications for younger users. Features such as automated savings, expense tracking, and user-friendly interfaces may help increase long-term financial engagement. The research also carries implications for policymakers and educators. Financial literacy education may need to be strengthened in schools and universities to ensure that young people not only adopt digital financial technologies but also understand how to use them responsibly. As Indonesia continues expanding its digital economy, the ability to combine technological skills with financial knowledge is expected to become increasingly important. Researchers believe that strengthening financial literacy among Generation Z could contribute to healthier personal finance management and broader economic resilience.
Broader Relevance for Indonesia’s Digital Economy
The findings support previous studies showing that digital financial literacy plays a major role in shaping financial decision-making among younger generations. In countries experiencing rapid digitalization, financial behavior is increasingly influenced by mobile applications and online financial ecosystems. The study also highlights how mobile banking adoption may contribute to financial inclusion by making banking services more accessible to younger populations. Easier access to savings tools and digital financial management could help reduce barriers for first-time banking users. Despite the strong findings, the researchers acknowledge that saving behavior is influenced by multiple factors beyond financial literacy and the convenience of mobile banking. Income levels, lifestyle, self-control, and trust in technology may also affect how individuals manage money. Future studies are expected to explore these additional variables using larger samples and broader regional coverage across Indonesia.
Author Profiles
Rahma Azkia Wardaya is a researcher from Gunung Jati Swadaya University specializing in financial literacy, consumer behavior, and digital financial transformation.
Nurhana Dhea Parlina is an academic researcher at Gunung Jati Swadaya University whose research focuses on financial management, youth financial behavior, and digital banking adoption.
Source
Rahma Azkia Wardaya, Nurhana Dhea Parlina (2026). The Impact of Financial Literacy on Saving Behavior in Generation Z in Cirebon City, with Perceived Mobile Banking Service Ease as a Mediating Variable. Asian Journal of Management Analytics, Vol. 5, No. 2, Tahun 2026. Hal 381-396.
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