Financial Literacy, Locus of Control, and FinTech Affect Students Finance Behavior

Abstract

The increasing availability of digital financial services has changed the way individuals manage their personal finances, particularly among university students who are in the early stages of financial independence. However, the convenience of accessing financial technology is often not accompanied by adequate financial literacy and self-control, leading to poor financial decision-making. The purpose of this research is to examine the effect of financial literacy and locus of control, and financial technology on the financial behavior of accounting students at Universitas Mercu Buana Yogyakarta. A quantitative approach with an associative–causal design was employed, involving 82 participants chosen using purposive sampling techniques. Data were gathered through questionnaires and analyzed employing multiple linear regression analysis. The findings reveal that financial literacy and locus of control have a positive and significant effect on financial behavior, while financial technology has no significant effect. These results highlight the dominant role of cognitive and psychological factors over technological factors in shaping financial behavior. Future research is advised to extend the sample and include additional behavioral variables to enhance understanding of students’ financial management practices in the digital age.