The role of financial inclusion and digital financial literacy in mediating the influence of financial technology use on stock investment decisions

Herdiana, Baiq Nana Dwi and Prajawati, Maretha Ika ORCID: https://orcid.org/0000-0002-3084-4031 (2026) The role of financial inclusion and digital financial literacy in mediating the influence of financial technology use on stock investment decisions. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9 (1). pp. 9633-9649. ISSN 2621-606X

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Abstract

This research investigates the impact of Financial Technology (FinTech) usage on stock investment decisions among Generation Z Stockbit users in Malang City, with financial inclusion and digital financial literacy serving as mediating variables. A quantitative approach was employed with 102 respondents selected through purposive sampling, and the data were analyzed using PLS-SEM (SmartPLS 3.0). The results show that FinTech use has no significant direct effect on investment decisions. However, FinTech strongly increases financial inclusion and digital financial literacy, both of which contribute significantly to strengthening investment decisions. Indirect testing confirms that inclusion and literacy function as effective mediating mechanisms in optimizing fintech’s role in investment decision-making. This research affirms the behavioral relevance of TPB and TAM in digital investing and highlights the need for literacy reinforcement to maximize fintech impact. Broader sampling is recommended for future research to improve generalizability.

Item Type:	Journal Article
Keywords:	Financial Technology, Financial Inclusion, Digital Financial Literacy, Stock Investment Decision
Subjects:	14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Maretha Ika Prajawati
Date Deposited:	27 Jul 2026 11:21

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