The Role of Financial Literacy in Moderating the Effects of UTAUT and UTAUT2 Constructs on Generation Z's Behavioral Intention to Use Financial Technology
Keywords:
Financial Technology, UTAUT2, Behavioral Intention, Financial Literacy, Generation Z
Abstract
The rapid growth of Financial Technology (FinTech) has increased its adoption
among Generation Z. This study aims to examine the effects of UTAUT and UTAUT2
constructs on Behavioral Intention to Use FinTech, with financial literacy as a
moderating variable. A quantitative approach was employed using data collected
from 165 Generation Z students at the University of Lampung through purposive
sampling. Data were analyzed using PLS-SEM with SmartPLS 4. The results show
that performance expectancy, hedonic motivation, price value (negative direction),
and habit significantly influence Behavioral Intention to Use FinTech, while effort
expectancy, social influence, and facilitating conditions do not. In addition, financial
literacy moderates the relationships between facilitating conditions and behavioral
intention, and between hedonic motivation and behavioral intention. These findings
highlight the importance of technological factors and financial literacy in encouraging
FinTech adoption among Generation Z.
References
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fund/unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT). International Journal of Engineering and Technology (UAE), 7(2), 110–118.
Adinda, I., et al. (2024). Exploring mobile banking adoption in Indonesia using
UTAUT2: A consumer perspective approach. Journal of Economics, Finance and Management Studies, 7(7), 4612–4621.
Ahlia, I. S., et al. (2025). Implications of the Unified Theory of Acceptance and Use of
Technology 2 (UTAUT2) model on cryptocurrency investment intentions among Generation Z in Jayapura City with financial literacy as a moderator.
Alomari, A. S. A., & Abdullah, N. L. (2023). Factors influencing the behavioral
intention to use cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business & Management, 10(1).
Amnas, M. B., et al. (2023). Understanding the determinants of FinTech adoption: Integrating UTAUT2 with trust theoretic model.
Bemby, F. A. W., & Qomariyah, A. (2023). Does financial literacy matter in cashless payment usage? Jurnal Ekonomi dan Bisnis, 25(2), 117–128.
Cahyadi, H., et al. (2024). Exploring the dynamics of FinTech usage behavior
moderated by customer characteristics in Indonesia. International Journal of Innovative Research and Scientific Studies, 7(3), 997–1008. https://doi.org/10.53894/ijirss.v7i3.2993
Chen, C. F., et al. (2023). Factors influencing continuation intention of using FinTech from users' perspectives: Testing the Unified Theory of Acceptance and Use of Technology (UTAUT2). International Journal of Technology, 14(6), 1277–1287.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340.
Gomber, P., et al. (2018). On the FinTech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.
Hafifah, L. L., et al. (2022). Intention dan user behavior pada FinTech ShopeePay menggunakan model Unified Theory of Acceptance and Use of Technology (UTAUT). Jurnal Akuntansi Bisnis, 15(2), 102–117. https://doi.org/10.30813/jab.v15i2.3574
Hair, J. F., Hult, G. T. M., Ringle, C. M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer.
Hamzah, A., & Sukma, N. (2021). Determinasi financial technology dengan pendekatan Unified Theory of Acceptance and Use of Technology II, 11(1), 1–14.
Liminan, C. C., & Keni. (2021). Price value in financial technology adoption.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Maharani, Y. (2021). Minat Generasi Z menggunakan kembali transaksi mobile payment: Pendekatan model UTAUT2. Jurnal Administrasi Bisnis, 7, 140–154. https://doi.org/10.31289/jab.v7i2.5641
Mansyur, A., et al. (2022). The adoption of Sharia FinTech among millennials in Indonesia: Moderating effect of Islamic financial literacy on UTAUT2, 12(4), 1329–1343. https://doi.org/10.6007/IJARBSS/v12-i4/13035
Modaso, P. V., et al. (2025). Hedonic motivation, price value, and habits in e-wallet adoption: Extended UTAUT2 testing on Generation Z consumers in Manado, 5(3), 399–408.
Ningrum, K. H., et al. (2024). Analysis of the role of financial literacy in moderating financial self-efficacy and social influence on intention to use cashless payment in Generation Z Surabaya, 5(2), 8467–8479.
Nugraha, B. S., & Cahyono, A. D. (2025). Analysis of FinTech application acceptance using the hedonic motivation system adoption model.
Nugraha, D. P., et al. (2024). Role of financial literacy and saving habits on FinTech adoption post COVID-19, 23(1), 63–80.
OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. OECD Publishing.
Pian, S. (2025). Analisis perilaku pengguna FinTech berdasarkan model UTAUT: Studi kasus pada mahasiswa Universitas XYZ, 9(2), 158–167.
Safitri, D., et al. (2024). Analisis behavioral intention mobile banking dengan model UTAUT2, 4, 571–587.
Saraswati, K. G., et al. (2023). Determinants of use behavior in utilizing FinTech investment management for Generation Z. Jurnal Ilmiah Akuntansi, 8(1), 28–49.
Stone, J., et al. (2025). Financial technology adoption behavior in West Kalimantan: Examining the role of financial literacy, 3, 1210–1232.
Syakinah, F. (2024). Factors influencing Generation Z's intention in adopting Islamic FinTech payment. Journal of Islamic Economics, 5(1), 70–89.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478.
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: Extending the Unified Theory of Acceptance and Use of Technology. MIS Quarterly, 36(1), 157–178.
Wardani, V. K., et al. (2024). Investigating variables influencing students' intention to use QRIS: Financial literacy as a moderating variable.
Wati, T. A. (2025). Peranan faktor kebiasaan dan kepercayaan konsumen terhadap niat untuk terus menggunakan produk FinTech e-wallet, 1, 215–225.
Yuliana, P. D., & Aprianingsih, A. (2022). Factors involved in adopting mobile banking for Sharia banking sector using UTAUT2. Jurnal Keuangan dan Perbankan, 26(1), 184–207. https://doi.org/10.26905/jkdp.v26i1.6858
fund/unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT). International Journal of Engineering and Technology (UAE), 7(2), 110–118.
Adinda, I., et al. (2024). Exploring mobile banking adoption in Indonesia using
UTAUT2: A consumer perspective approach. Journal of Economics, Finance and Management Studies, 7(7), 4612–4621.
Ahlia, I. S., et al. (2025). Implications of the Unified Theory of Acceptance and Use of
Technology 2 (UTAUT2) model on cryptocurrency investment intentions among Generation Z in Jayapura City with financial literacy as a moderator.
Alomari, A. S. A., & Abdullah, N. L. (2023). Factors influencing the behavioral
intention to use cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business & Management, 10(1).
Amnas, M. B., et al. (2023). Understanding the determinants of FinTech adoption: Integrating UTAUT2 with trust theoretic model.
Bemby, F. A. W., & Qomariyah, A. (2023). Does financial literacy matter in cashless payment usage? Jurnal Ekonomi dan Bisnis, 25(2), 117–128.
Cahyadi, H., et al. (2024). Exploring the dynamics of FinTech usage behavior
moderated by customer characteristics in Indonesia. International Journal of Innovative Research and Scientific Studies, 7(3), 997–1008. https://doi.org/10.53894/ijirss.v7i3.2993
Chen, C. F., et al. (2023). Factors influencing continuation intention of using FinTech from users' perspectives: Testing the Unified Theory of Acceptance and Use of Technology (UTAUT2). International Journal of Technology, 14(6), 1277–1287.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340.
Gomber, P., et al. (2018). On the FinTech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.
Hafifah, L. L., et al. (2022). Intention dan user behavior pada FinTech ShopeePay menggunakan model Unified Theory of Acceptance and Use of Technology (UTAUT). Jurnal Akuntansi Bisnis, 15(2), 102–117. https://doi.org/10.30813/jab.v15i2.3574
Hair, J. F., Hult, G. T. M., Ringle, C. M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer.
Hamzah, A., & Sukma, N. (2021). Determinasi financial technology dengan pendekatan Unified Theory of Acceptance and Use of Technology II, 11(1), 1–14.
Liminan, C. C., & Keni. (2021). Price value in financial technology adoption.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Maharani, Y. (2021). Minat Generasi Z menggunakan kembali transaksi mobile payment: Pendekatan model UTAUT2. Jurnal Administrasi Bisnis, 7, 140–154. https://doi.org/10.31289/jab.v7i2.5641
Mansyur, A., et al. (2022). The adoption of Sharia FinTech among millennials in Indonesia: Moderating effect of Islamic financial literacy on UTAUT2, 12(4), 1329–1343. https://doi.org/10.6007/IJARBSS/v12-i4/13035
Modaso, P. V., et al. (2025). Hedonic motivation, price value, and habits in e-wallet adoption: Extended UTAUT2 testing on Generation Z consumers in Manado, 5(3), 399–408.
Ningrum, K. H., et al. (2024). Analysis of the role of financial literacy in moderating financial self-efficacy and social influence on intention to use cashless payment in Generation Z Surabaya, 5(2), 8467–8479.
Nugraha, B. S., & Cahyono, A. D. (2025). Analysis of FinTech application acceptance using the hedonic motivation system adoption model.
Nugraha, D. P., et al. (2024). Role of financial literacy and saving habits on FinTech adoption post COVID-19, 23(1), 63–80.
OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. OECD Publishing.
Pian, S. (2025). Analisis perilaku pengguna FinTech berdasarkan model UTAUT: Studi kasus pada mahasiswa Universitas XYZ, 9(2), 158–167.
Safitri, D., et al. (2024). Analisis behavioral intention mobile banking dengan model UTAUT2, 4, 571–587.
Saraswati, K. G., et al. (2023). Determinants of use behavior in utilizing FinTech investment management for Generation Z. Jurnal Ilmiah Akuntansi, 8(1), 28–49.
Stone, J., et al. (2025). Financial technology adoption behavior in West Kalimantan: Examining the role of financial literacy, 3, 1210–1232.
Syakinah, F. (2024). Factors influencing Generation Z's intention in adopting Islamic FinTech payment. Journal of Islamic Economics, 5(1), 70–89.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478.
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: Extending the Unified Theory of Acceptance and Use of Technology. MIS Quarterly, 36(1), 157–178.
Wardani, V. K., et al. (2024). Investigating variables influencing students' intention to use QRIS: Financial literacy as a moderating variable.
Wati, T. A. (2025). Peranan faktor kebiasaan dan kepercayaan konsumen terhadap niat untuk terus menggunakan produk FinTech e-wallet, 1, 215–225.
Yuliana, P. D., & Aprianingsih, A. (2022). Factors involved in adopting mobile banking for Sharia banking sector using UTAUT2. Jurnal Keuangan dan Perbankan, 26(1), 184–207. https://doi.org/10.26905/jkdp.v26i1.6858
Published
2026-06-21
How to Cite
Aulia Putri, D., & Febrianto, I. (2026). The Role of Financial Literacy in Moderating the Effects of UTAUT and UTAUT2 Constructs on Generation Z’s Behavioral Intention to Use Financial Technology. International Journal of Economics, Business and Innovation Research, 5(04), 2061-2070. https://doi.org/10.63922/ijebir.v5i04.4498
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