The findings are particularly relevant as Generation Z increasingly relies on digital financial services. Digital wallets, mobile banking, and other fintech platforms have made financial transactions faster and more accessible. However, easy access to financial technology does not necessarily translate into better saving habits.
The study by Hisan and Sembiring addresses this gap by examining how financial literacy and fintech relate to saving behavior, while also considering digital literacy as a factor that can strengthen those relationships.
Digital Financial Access Does Not Guarantee Better Saving Habits
Generation Z is widely exposed to digital financial services, but the researchers found that many young people still struggle to establish consistent saving habits.
An initial survey involving 30 Generation Z respondents in Cianjur Regency illustrated the problem. Some 83.3 percent of respondents had not saved enough to meet their future financial goals, while 76.7 percent did not save regularly.
At the same time, 90 percent of respondents said digital financial services had not made saving easier, despite the widespread use of e-wallets for everyday transactions. The researchers noted that fintech was often used primarily for payments and other daily financial activities rather than as a tool for building savings.
The findings suggest that providing young people with access to fintech services is only part of the solution. Users also need sufficient financial and digital knowledge to understand financial information, evaluate available services, and use technology for long-term financial planning.
Survey of 161 Generation Z Respondents
Hisan and Sembiring conducted a quantitative field survey involving 161 Generation Z respondents in Cianjur Regency who actively used e-wallets. Data were collected online through Google Forms, with respondents selected using simple random sampling.
The researchers analyzed the responses using SmartPLS 4.0. The analysis examined the relationships between financial literacy, fintech, digital literacy, and saving behavior. Statistical tests were used to determine whether the relationships between these factors were significant.
The descriptive results showed average scores of 2.476 for financial literacy, 2.473 for digital literacy, 2.358 for saving behavior, and 2.237 for fintech. Among these variables, fintech recorded the lowest average score, indicating an area that researchers believe still needs improvement.
Financial Literacy Has a Significant Impact
The strongest direct finding concerned financial literacy.
The analysis produced a path coefficient of 0.289, a t-statistic of 4.206, and a p-value of 0.000. These results indicate a statistically significant positive relationship between financial literacy and saving behavior.
In practical terms, Generation Z respondents with stronger financial knowledge were more likely to manage spending, plan their finances, and set aside money for savings.
By contrast, fintech showed no significant direct effect on saving behavior. Its path coefficient was -0.012, with a t-statistic of 0.102 and a p-value of 0.919.
The result does not mean fintech is useless for saving. Rather, it indicates that simply having access to fintech does not automatically encourage people to save. According to the researchers, digital financial services are frequently used for transfers, online shopping, and payments rather than for savings management.
Financial Literacy and Fintech Matter When Combined
Although fintech did not have a significant direct effect, financial literacy and fintech were jointly associated with saving behavior.
The simultaneous test produced an F-value of 97.34, exceeding the F-table value of 3.05. The model's R² value of 0.552 indicates that financial literacy and fintech together explained 55.2 percent of the variation in saving behavior among the respondents. The remaining 44.8 percent was associated with factors outside the research model.
This result suggests that financial technology can become more meaningful when it is used alongside adequate financial knowledge.
Digital Literacy Strengthens Both Relationships
One of the study's most important contributions is its finding about digital literacy.
Digital literacy significantly strengthened the relationship between financial literacy and saving behavior. The interaction produced a coefficient of 0.270, a t-statistic of 3.472, and a p-value of 0.001.
Digital literacy also strengthened the relationship between fintech and saving behavior, with a coefficient of 0.266, a t-statistic of 2.823, and a p-value of 0.005.
For Generation Z, this means financial knowledge can be applied more effectively when individuals know how to navigate and evaluate digital financial services. Similarly, fintech becomes more useful as a financial management tool when users understand features such as digital savings, budgeting tools, spending trackers, and financial reminders.
Hisan and Sembiring of Universitas Jenderal Achmad Yani therefore emphasize that improving saving behavior requires more than expanding access to financial technology. Their findings support integrating financial education with digital literacy, particularly through schools, universities, government programs, and fintech services.
Implications for Education, Government and Fintech Industry
The findings provide several practical implications.
Educational institutions can strengthen financial education by teaching young people how to budget, control spending, establish emergency funds, and plan long-term financial goals. Government agencies can combine financial literacy programs with digital skills training.
For fintech companies, the findings point toward the importance of developing features specifically designed to encourage saving. The researchers recommend tools such as budgeting systems, automatic savings, and financial reminders that can help users move beyond using fintech solely for transactions.
The researchers also acknowledge that the study focuses specifically on Generation Z in Cianjur Regency. Future research could examine additional factors such as financial attitudes, self-control, financial self-efficacy, lifestyle, and income, as well as broader age groups and geographic areas.
Author Profile
Nisrina Khoirotun Hisan — Universitas Jenderal Achmad Yani, Indonesia. Her research in this article focuses on financial literacy, financial technology, digital literacy, and saving behavior among Generation Z. The article identifies Hisan as the corresponding author. Her academic degree is not stated in the published article.
Ferikawita M. Sembiring — Universitas Jenderal Achmad Yani, Indonesia. Her research interests reflected in this publication include financial literacy, financial technology, digital literacy, and financial behavior. Her academic degree is not stated in the published article.
Research Source
Article Title: The Effect of Financial Literacy and Financial Technology (Fintech) on Saving Behavior, with Digital Literacy as a Moderating Variable, among Generation Z in Cianjur Regency
Authors: Nisrina Khoirotun Hisan and Ferikawita M. Sembiring
Journal: Formosa Journal of Multidisciplinary Research (FJMR)
Publication: Volume 5, No. 8, 2026, pp. 2663–2678
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