Economic Behavior and Utilization of Digital Financial Services Among Generation Z and Millennials in East Nusa Tenggara Province

Teresia Perpetua Kota; Dini  Hariyanti

doi:10.63922/ijebir.v5i05.5188

Teresia Perpetua Kota Universitas Trisakti
Dini Hariyanti Universitas Trisakti

DOI: https://doi.org/10.63922/ijebir.v5i05.5188

Keywords: Economic Behavior, Shift from Cash to Cashless Transactions, Transaction Efficiency and Costs, Digital and Economic Infrastructure, Utilization of Digital Financial Services

Abstract

The utilization of digital financial services continues to grow alongside technological advancements, particularly among Generation Z and Millennials. However, the level of utilization is influenced by various factors related to economic behavior, changes in transaction patterns, transaction efficiency, and digital infrastructure support. This study aims to analyze the effects of economic behavior, the shift from cash to cashless transactions, transaction efficiency and costs, as well as digital and economic infrastructure on the utilization of digital financial services among Generation Z and Millennials in East Nusa Tenggara Province. This study employed a quantitative approach using a survey method. Data were collected through questionnaires distributed to 250 respondents representing Generation Z and Millennials in East Nusa Tenggara Province. The data were analyzed using Structural Equation Modeling (SEM) with the assistance of IBM AMOS 23 software. The results indicate that economic behavior has a positive effect on the utilization of digital financial services, with a coefficient value of 0.263 and a p-value of 0.030. The shift from cash to cashless transactions has a positive effect, with a coefficient value of 0.993 and a p-value of 0.038. Transaction efficiency and costs have a positive effect, with a coefficient value of 0.340 and a p-value of 0.015. Digital and economic infrastructure also has a positive effect, with a coefficient value of 0.232 and a p-value of 0.034. The findings reveal that the utilization of digital financial services among Generation Z and Millennials is influenced by a combination of economic behavior, changing transaction patterns, transaction efficiency, and digital and economic infrastructure support. This study contributes to the development of digital economics and behavioral economics literature, particularly in understanding the utilization of digital financial services in archipelagic regions. The findings are also expected to serve as a reference for governments, financial institutions, and digital service providers in promoting financial inclusion and enhancing the utilization of digital financial services in East Nusa Tenggara Province.

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