Published: 2026-02-01
Digital Borrowing Behavior Among Students: The Role of Financial Literacy, Lifestyle, and Financial Inclusion in Online Loan Use
DOI: 10.35870/jemsi.v12i1.5919
Abstract
This study aims to analyze the influence of financial literacy, lifestyle, and financial behavior on the use of online loans, with financial inclusion as a moderating variable among university students in Yogyakarta. The increasing use of online lending services among students reflects challenges in personal financial management amid the convenience of financial technology (fintech). This research employed a quantitative approach using a survey method, with questionnaires distributed to 170 student respondents who had previously used online lending services. The data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Square (PLS) method. The results indicate that financial literacy does not have a significant effect on the decision to use online loans, while lifestyle and financial behavior have a positive and significant influence on online loan usage. Moreover, financial inclusion moderates the relationship between financial behavior and online loans, but does not moderate the relationship between financial literacy or lifestyle and online loans. These findings suggest that improving financial literacy alone is insufficient to reduce online loan usage without fostering prudent financial behavior and controlling consumptive lifestyles. This research contributes to the development of financial education policies and strategies to enhance sustainable financial inclusion within higher education institutions.
Keywords
Financial Literacy; Lifestyle; Financial Behavior; Online Loans; Financial Inclusion
Article Information
This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.
-
Issue: Vol. 12 No. 1 (2026)
-
Section: Articles
-
Published: 2026-02-01
-
License: CC BY 4.0
-
Copyright: © 2026 Authors
-
DOI: 10.35870/jemsi.v12i1.5919
AI Research Hub
This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem.
Nur Istiqomah, Islamic University of Indonesia
Departemen of Management, Faculty of Business and Economics, Islamic University of Indonesia, Yogyakarta, Indonesia.
Sutrisno Sutrisno, Islamic University of Indonesia
Departemen of Management, Faculty of Business and Economics, Islamic University of Indonesia, Yogyakarta, Indonesia.
-
Anwar, M. M. (2025). How digital financial literacy and social media usage build saving behavior among Generation Z. Asia-Pacific Journal of Business Administration, 1-26. https://doi.org/10.1108/APJBA-04-2025-0329.
-
Bhat, S. A., Lone, U. M., SivaKumar, A., & Krishna, U. G. (2025). Digital financial literacy and financial well-being–evidence from India. International Journal of Bank Marketing, 43(3), 522-548.
-
Fitriadi, D. C., Jhoansyah, D., & Nurmala, R. (2025). The Influence Of Digital Finance, Financial Literacy, And Financial Inclusion On Debt Behavior Of Millenials. Al-Kharaj: Journal of Islamic Economic and Business, 7(1). https://doi.org/10.24256/kharaj.v7i1.6783.
-
Geriadi, M. A. D., & Dwijayanthi, A. I. A. O. (2024). Understanding Financial Behavior Among Students: A Literature Review on the Risks of Falling into Online Loan Debt. JUSTBEST Journal of Sustainable Business and Management, 4(2), 53-63. https://doi.org/10.52432/justbest.4.2.53-63.
-
Holton, R., & Holton, F. (2025). Mobile Payments, Financial Literacy, and Borrowing Behavior: Evidence from the European Union. Journal of Business and Economic Options, 8(3), 35-47.
-
Kusumawardhani, R., Prihatin, W., Damanik, J. M., & Mubarokah, S. (2025). Digital financial literacy and consumer financia
-
Lie, S., Astuti, D., & Malelak, M. I. (2023). The effect of financial literacy and demographics on the saving behavior of the millennial generation (Doctoral dissertation, Petra Christian University).
-
Maji, S. K., & Laha, A. (2023). Role of financial and digital literacy in determining digital transaction behaviour: evidence from student level survey in West Bengal (India). International Journal of Business Environment, 14(2), 183-210. https://doi.org/10.1504/IJBE.2023.129917.
-
Moenjak, T., Kongprajya, A., & Monchaitrakul, C. (2020). Fintech, financial literacy, and consumer saving and borrowing: The case of Thailand (No. 1100). ADBI Working Paper Series.
-
Muat, S., Mahdzan, N. S., Sukor, M. E. A., Fachrurrozi, & Sari, N. (2025). The role of financial inclusion, financial literacy and digital payment adoption in Indonesian millennials’ financial well-being. International Journal of Bank Marketing, 43(9), 1938-1968. https://doi.org/10.1108/IJBM-01-2024-0022.
-
Nzisa, S. M., & Kithandi, C. K. (2023). Digital Borrowing And Personal Finance Among Students In Selected Christian Universities In Nairobi County–Kenya.
-
Putri, P. D. D., Lestari, B. A. H., & Ridhawati, R. (2024). The Influence Of Financial Literacy, Pocket Money, And Lifestyle On The Financial Behavior Of College Students Who Use Online Shopping Platforms. International Journal Of Asian Business And Management, 3 (1), 59–76. Https://Doi. Org/10.55927/Ijabm. V3i1, 7774.
-
Riwayati, H. E., Rachman, H. A., Pramesworo, S., Yustisia, N., Umar, H., & Siahaan, M. (2025). Unveiling the Dynamics of Financial Literacy and Inclusion in Women Digital Loan Decision Making. Aptisi Transactions on Technopreneurship (ATT), 7(3), 986-998. https://doi.org/10.34306/att.v7i3.788.
-
Varlamova, J., Larionova, N., & Kukushkina, O. (2020). How digital technologies affect consumers' financial behavior. Rivista internazionale di scienze sociali: 3, 2020, 321-344.
-
Yuneline, M. H., & Rosanti, M. F. C. (2023). The role of digital finance, financial literacy, and lifestyle on financial behaviour. Holistica Journal of Business and Public Administration, 14(2), 97-115.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.