Analysis of Digital Financial Literacy, Digital Financial Inclusion, and Digital ZISWAF on Financial Planning Among Muslim Families in Jabodetabek
Keywords:
Digital Financial Literacy; Digital Financial Inclusion; Digital ZISWAF; Islamic Financial Planning; Muslim Families.
Abstract
This study examines the effects of digital financial literacy, digital financial inclusion, and digital ZISWAF on financial planning among Muslim families in Jabodetabek. A quantitative approach was employed using online questionnaires, with data analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS software. The results indicate that digital financial literacy (β = 0.192; p = 0.334) and digital financial inclusion (β = 0.141; p = 0.517) have positive but insignificant effects on financial planning. Conversely, digital ZISWAF demonstrates a positive and significant effect (β = 0.562; p < 0.001). The model explains 66.9% of the variance in family financial planning. These findings highlight the importance of integrating Islamic social finance instruments into digital financial management. The study provides practical implications for financial institutions, policymakers, and Muslim families in strengthening sustainable, responsible, and Sharia-compliant household financial planning practices in the digital era.
References
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Kasdi, A., & Saifudin. (2020). Resilience of Muslim families in the pandemic era: Indonesian millennial Muslim community's response against COVID-19. EurAsian Journal of Biosciences, 19(1), 3224–3233.
National Committee for Islamic Finance (KNKS). (2019). National strategy for developing educational materials to improve Islamic financial literacy and inclusion.
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Lyons, A. C., & Kass-Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. Financial Planning Review, 4(2), 1–19. https://doi.org/10.1002/cfp2.1113
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Muntahasar, Hasnita, N., & Yulindawati. (2021). The influence of knowledge and education on digital financial literacy among residents of Banda Aceh City. Global Journal of Islamic Banking and Finance, 3(2), 146–157.
United Nations. (2016). Digital financial inclusion. Inter-Agency Task Force on Financing for Development, Issue Brief Series.
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Navickas, M., Gudaitis, T., & Krajnakova, E. (2014). Influence of financial literacy on management of personal finances in a young household. Business: Theory and Practice, 15(1), 32–40. https://doi.org/10.3846/btp.2014.04
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Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Rusdianasari, F. (2018). The role of financial technology in financial inclusion and financial system stability in Indonesia. Jurnal Ekonomi Kuantitatif Terapan, 11(2), 244–253.
Saal, M., Starnes, S., & Rehermann, T. (2016). Digital market banks. In Sixth Annual Conference on Policy Challenges for the Financial Sector: Finance in Flux—The Transformation of the Financial Sector.
Sari, D. K., Suziana, S., & Games, D. (2020). An evaluation of social media advertising for Muslim millennial parents. Journal of Islamic Marketing, 12(9), 1835–1853. https://doi.org/10.1108/JIMA-02-2020-0055
Scott, S. V., Van Reenen, J., & Zachariadis, M. (2017). The long-term effect of digital innovation on bank performance: An empirical study of SWIFT adoption in financial services. Research Policy, 46(5), 984–1004. https://doi.org/10.1016/j.respol.2017.03.010
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Wahid, N. (2021). The effect of Islamic financial planning on income zakat payments among employees of PT Telkom Indonesia Tbk using structural equation modeling (SEM) [Thesis, Tazkia Institute of Islamic Economics].
Wahyuni, A. (2018). Inheritance systems from Islamic perspectives and legal regulations in Indonesia. SALAM: Jurnal Sosial dan Budaya Syar-i, 5(2), 147–160. https://doi.org/10.15408/sjsbs.v5i2.9412
Wresch, W., & Fraser, S. (2011). Persistent barriers to e-commerce in developing countries. Journal of Global Information Management, 19(3), 30–44. https://doi.org/10.4018/jgim.2011070102
Yunita, P. (2021). Developing a modern zakat management. AZKA International Journal of Zakat & Social Finance, 2(1), 139–156.
Tafsir Al-Qur'an Online. (n.d.). Online Qur'anic interpretation. https://tafsirweb.com
Tafsir Al-Qur'an Ibn Kathir Online. (n.d.). Online Qur'anic exegesis by Ibn Kathir. http://www.ibnukatsironline.com
Financial Services Authority (OJK). (2022). Press release on the 2022 National Survey of Financial Literacy and Inclusion.
Ahmed, H. (2016). Inclusive Islamic financial planning: A conceptual framework. https://doi.org/10.1108/IMEFM-01-2015-0006
Antonio, M. S., Laela, S. F., & Al Ghifari, D. M. (2020). Optimizing zakat collection in the digital era: Muzakki's perception. Jurnal Dinamika Akuntansi dan Bisnis, 7(2), 235–254. https://doi.org/10.24815/jdab.v7i2.16597
Azizah, U. S. Al, & Mulyono, H. (2020). Dataset on determinants of intention and investment behaviour amongst young Indonesian millennials. Data in Brief, 32, 106083. https://doi.org/10.1016/j.dib.2020.106083
Barbesino, P., Camerani, R., & Gaudino, A. (2005). Digital finance in Europe: Competitive dynamics and online behaviour. Journal of Financial Services Marketing, 9(4), 329–343. https://doi.org/10.1057/palgrave.fsm.4770164
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49. https://doi.org/10.1007/s10887-007-9010-6
Cheah, J. H., Thurasamy, R., Memon, M. A., Chuah, F., & Ting, H. (2020). Multigroup analysis using SmartPLS: Step-by-step guidelines for business research. Asian Journal of Business Research, 10(3), I–XIX. https://doi.org/10.14707/ajbr.200087
Chieffe, N., & Rakes, G. K. (1999). An integrated model for financial planning. Financial Services Review, 8, 261–268.
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern methods for business research (pp. 295–358). Lawrence Erlbaum Associates.
Chin, W. W., & Dibbern, J. (2010). An introduction to a permutation based procedure for multi-group PLS analysis: Results of tests of differences on simulated data and a cross cultural analysis of the sourcing of information system services between Germany and the USA. In V. Esposito Vinzi, W. W. Chin, J. Henseler, & H. Wang (Eds.), Handbook of partial least squares: Concepts, methods and applications (pp. 171–193). Springer. https://doi.org/10.1007/978-3-540-32827-8
Dewi, V. I., Febrian, E., Effendi, N., & Anwar, M. (2020). Financial literacy among the millennial generation: Relationships between knowledge, skills, attitude, and behavior. Australasian Accounting, Business and Finance Journal, 14(4), 24–37. https://doi.org/10.14453/aabfj.v14i4.3
Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Global Partnership for Financial Inclusion (GPFI). (2016). G20 high-level principles for digital financial inclusion.
GSMA. (2018). State of the industry report on mobile money.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Editorial: Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long Range Planning, 46, 1–12. https://doi.org/10.1016/j.lrp.2013.01.001
Hair, J. F., Risher, J. J., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hair, J. F., Jr., 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.
Hair, J. F., Jr., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current policy issues (ADBI Working Paper No. 259). Asian Development Bank Institute.
Hartono, W., & Dewantoro, A. W. (2021). Factor analysis of millennials' stock investment intention in Surabaya: Is accounting knowledge used as fundamental analysis? International Journal of Accounting, Finance and Business, 6, 165–180.
Hubbard, M. (2018). What is digital pedagogy and why does it matter? Loyola Marymount University Library. https://librarynews.lmu.edu/2018/03/what-is-digital-pedagogy-and-why-does-it-matter/
Hung, A., Parker, A. M., & Yoong, J. (2011). Defining and measuring financial literacy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1498674
Kasdi, A., & Saifudin. (2020). Resilience of Muslim families in the pandemic era: Indonesian millennial Muslim community's response against COVID-19. EurAsian Journal of Biosciences, 19(1), 3224–3233.
National Committee for Islamic Finance (KNKS). (2019). National strategy for developing educational materials to improve Islamic financial literacy and inclusion.
Ministry of Communication and Informatics & Bank Indonesia. (2022). Supporting the acceleration of economic recovery: Digital finance as a domestic player platform.
Lyons, A. C., & Kass-Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. Financial Planning Review, 4(2), 1–19. https://doi.org/10.1002/cfp2.1113
Manyika, J., Lund, S., Singer, M., White, O., & Berry, C. (2016). Digital finance for all: Powering inclusive growth in emerging economies. McKinsey Global Institute.
Muntahasar, Hasnita, N., & Yulindawati. (2021). The influence of knowledge and education on digital financial literacy among residents of Banda Aceh City. Global Journal of Islamic Banking and Finance, 3(2), 146–157.
United Nations. (2016). Digital financial inclusion. Inter-Agency Task Force on Financing for Development, Issue Brief Series.
Naumenkova, S., Mishchenko, S., & Dorofeiev, D. (2019). Digital financial inclusion: Evidence from Ukraine. Investment Management and Financial Innovations, 16(3), 194–205. https://doi.org/10.21511/imfi.16(3).2019.18
Navickas, M., Gudaitis, T., & Krajnakova, E. (2014). Influence of financial literacy on management of personal finances in a young household. Business: Theory and Practice, 15(1), 32–40. https://doi.org/10.3846/btp.2014.04
Financial Services Authority (OJK). (2022). Indonesian banking industry profile report: First quarter of 2022.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Rusdianasari, F. (2018). The role of financial technology in financial inclusion and financial system stability in Indonesia. Jurnal Ekonomi Kuantitatif Terapan, 11(2), 244–253.
Saal, M., Starnes, S., & Rehermann, T. (2016). Digital market banks. In Sixth Annual Conference on Policy Challenges for the Financial Sector: Finance in Flux—The Transformation of the Financial Sector.
Sari, D. K., Suziana, S., & Games, D. (2020). An evaluation of social media advertising for Muslim millennial parents. Journal of Islamic Marketing, 12(9), 1835–1853. https://doi.org/10.1108/JIMA-02-2020-0055
Scott, S. V., Van Reenen, J., & Zachariadis, M. (2017). The long-term effect of digital innovation on bank performance: An empirical study of SWIFT adoption in financial services. Research Policy, 46(5), 984–1004. https://doi.org/10.1016/j.respol.2017.03.010
Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
Wahid, N. (2021). The effect of Islamic financial planning on income zakat payments among employees of PT Telkom Indonesia Tbk using structural equation modeling (SEM) [Thesis, Tazkia Institute of Islamic Economics].
Wahyuni, A. (2018). Inheritance systems from Islamic perspectives and legal regulations in Indonesia. SALAM: Jurnal Sosial dan Budaya Syar-i, 5(2), 147–160. https://doi.org/10.15408/sjsbs.v5i2.9412
Wresch, W., & Fraser, S. (2011). Persistent barriers to e-commerce in developing countries. Journal of Global Information Management, 19(3), 30–44. https://doi.org/10.4018/jgim.2011070102
Yunita, P. (2021). Developing a modern zakat management. AZKA International Journal of Zakat & Social Finance, 2(1), 139–156.
Tafsir Al-Qur'an Online. (n.d.). Online Qur'anic interpretation. https://tafsirweb.com
Tafsir Al-Qur'an Ibn Kathir Online. (n.d.). Online Qur'anic exegesis by Ibn Kathir. http://www.ibnukatsironline.com
Published
2026-10-11
How to Cite
Nuroniah, E., Firdaus, A., & Taufiq Possumah, B. (2026). Analysis of Digital Financial Literacy, Digital Financial Inclusion, and Digital ZISWAF on Financial Planning Among Muslim Families in Jabodetabek. International Journal of Education, Vocational and Social Science , 5(04), 2861-2880. https://doi.org/10.63922/ijevss.v5i04.6919
Contact Person +6282139474255
Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
