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Abstract

This study aims to analyze the influence of digital financial literacy and herding behavior on financial behavior, as well as to examine the role of financial self-efficacy as a moderating variable. The study sample consisted of economics education students from State University of Malang and State University of Surabaya. Data were collected using questionnaires. A quantitative approach was employed, utilizing multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that digital financial literacy has a positive and significant effect on financial behavior, whereas herding behavior has a negative and significant effect. Moderation analysis reveals that financial self-efficacy strengthens the impact of digital financial literacy on financial behavior and weakens the impact of herding behavior on financial behavior. These findings suggest that enhancing digital financial literacy can foster better financial behavior, while the tendency to follow others' financial decisions can diminish the quality of financial behavior.

Keywords

Digital Financial herding behavior financial self-efficacy

How to Cite

Citation Format
Kumala, R. D., Djatmika, E. T., & Hardaningrum, T. W. (2026). Peran Financial self-efficacy dalam Memoderasi Literasi Keuangan Digital, Herding behavior, dan Perilaku Keuangan Mahasiswa . LANCAH: Jurnal Inovasi Dan Tren, 4(2), 1546-1563. https://doi.org/10.35870/ljit.v4i2.8917

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Author Biographies

Restanti Devi Kumala, State University of Malang

Pendidikan Ekonomi, Fakultas Ekonomi dan Bisnis, Universitas Negeri Malang, Indonesia

Ery Tri Djatmika, State University of Malang

Pendidikan Ekonomi, Fakultas Ekonomi dan Bisnis, Universitas Negeri Malang, Indonesia

Tri Wahyu Hardaningrum, State University of Malang

Pendidikan Ekonomi, Fakultas Ekonomi dan Bisnis, Universitas Negeri Malang, Indonesia

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Copyright (c) 2026 Restanti Devi Kumala, Ery Tri Djatmika, Tri Wahyu Hardaningrum

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