Peran Literasi Keuangan dalam Memoderasi Hubungan Gaya Hidup dan Paparan Iklan Digital terhadap Keputusan Pinjaman Online pada Mahasiswa FEB dan FT Universitas Dian Nuswantoro

Bunay Achmada Azan; Usman Usman; Ariati Anomsari; Diana Puspitasari

doi:10.58192/ebismen.v5i2.4516

Authors

Bunay Achmada Azan Universitas Dian Nuswantoro
Usman Usman Universitas Dian Nuswantoro
Ariati Anomsari Universitas Dian Nuswantoro
Diana Puspitasari Universitas Dian Nuswantoro

DOI:

https://doi.org/10.58192/ebismen.v5i2.4516

Keywords:

Online Loan, Lifestyle, Digital Advertising Exposure, Financial Lliteracy, PLS-SEM

Abstract

Online lending has increased among university students. This study examines the influence of lifestyle and digital advertising exposure on decisions to use online loans, with financial literacy positioned as a moderating variable, while also comparing patterns between students of the Faculty of Economics and Business (FEB) and the Faculty of Engineering (FT). A quantitative explanatory–comparative design was applied using survey data from 215 respondents, analyzed through Partial Least Squares Structural Equation Modeling. The results indicate that digital advertising exposure has a positive and significant effect on online loan usage decisions (β = 0.799; p < 0.001), while lifestyle and financial literacy do not show significant direct effects. Financial literacy is found to weaken the influence of digital advertising exposure on online loan decisions, indicating its role as a protective factor against persuasive digital promotion. Furthermore, the MGA results reveal significant differences in the moderating effect of financial literacy between FEB and FT students. These findings indicate that persuasive external factors play a dominant role in shaping student financial behavior within the digital financial ecosystem.

References

Abdallah, W., Tfaily, F., & Harraf, A. (2024). The impact of digital financial literacy on financial behavior: Customers’ perspective. Competitiveness Review, 35(2), 347–370. https://doi.org/10.1108/CR-11-2023-0297

Ajzen, I. (1991). Constructing a theory of planned behavior questionnaire. University of Massachusetts Amherst.

Asif, M., & Sarwar, F. (2025). Impact of customer relationship management, financial literacy and social influence on online banking adoption: The moderating role of personal innovativeness. Asia-Pacific Journal of Business Administration, 17(3), 744–764. https://doi.org/10.1108/APJBA-04-2024-0232

Bhat, S. A., Lone, U. M., SivaKumar, A., & Krishna, U. M. G. (2024). Digital financial literacy and financial well-being: Evidence from India. International Journal of Bank Marketing, 43(3), 522–548. https://doi.org/10.1108/IJBM-05-2024-0320

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). Sage Publications.

Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research: Updated guidelines. Industrial Management & Data Systems, 116(1), 2–20. https://doi.org/10.1108/IMDS-09-2015-0382

Kline, R. B. (2023). Principles and practice of structural equation modeling (5th ed.). Guilford Press.

Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.

Lee, T. (David), Huhmann, B. A., & Yun, T. W. (2020). Readability of Korean-language advertising disclosures moderates knowledge effects. International Journal of Bank Marketing, 38(7), 1421–1440. https://doi.org/10.1108/IJBM-03-2020-0090

Li, Z., Chatterjee, S., & Moorman, D. (2024). Exploring the interplay of materialism, financial socialization, financial capability, and credit card debt. International Journal of Bank Marketing, 42(7), 2099–2116. https://doi.org/10.1108/IJBM-02-2024-0106

Lusardi, A., & Mitchell, O. S. (2020). Financial literacy and economic outcomes: Evidence and policy implications. Journal of Economic Literature, 52(1), 5–44.

Mitra, A., & De, A. (2025). Empowering financial choices: How financial literacy and behavioral bias shape access to financial products and services. International Journal of Accounting & Information Management. Advance online publication. https://doi.org/10.1108/IJAIM-10-2024-0412

Muttaqin, I., & Nuryanti, L. (2023). Online loan phenomenon among students: Micro and macro psychological analysis (Fenomena pinjaman online di kalangan mahasiswa: Analisis psikologi mikro dan makro). Jurnal Pemikiran dan Penelitian Psikologi, 18(2), 171–184.

Otoritas Jasa Keuangan. (2025). Statistik fintech lending. Otoritas Jasa Keuangan. https://www.instagram.com/p/DTSgZlplDDG/

Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205

Rea, L. M., & Parker, R. A. (2014). Designing and conducting survey research: A comprehensive guide (4th ed.). Jossey-Bass.

Rey-Ares, L., Fernández-López, S., & Álvarez-Espiño, M. (2024). The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: Evidence from Spain. International Journal of Bank Marketing, 42(6), 1388–1413. https://doi.org/10.1108/IJBM-03-2023-0169

Sekaran, U., & Bougie, R. (2020). Research methods for business: A skill-building approach (8th ed.). Wiley.

Tran, V. D. (2022). Consumer impulse buying behavior: The role of confidence as moderating effect. Heliyon, 8(6), e09672.

https://doi.org/10.1016/j.heliyon.2022.e09672

World Bank. (2022). Digital finance. World Bank.

https://www.worldbank.org/ext/en/topic/financial-sector/financial-inclusion