The Influence of Financial Literacy and Digital Payment Experience on Millennials’ Saving Intention through Financial Self-Efficacy Evidence from General Bank Savings Products in North Toraja Regency
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Abstract
This study aims to analyze the effects of financial literacy and digital payment experience on millennials’ saving intention toward general bank savings products, with financial self-efficacy as an intervening variable in North Toraja Regency. This study employed a quantitative approach using an explanatory research design and a cross-sectional survey. Data were collected through questionnaires distributed to millennials in North Toraja Regency who met the predetermined research criteria. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) to examine both the direct and indirect relationships among the variables. The results show that: (1) financial literacy has a positive and significant effect on millennials’ financial self-efficacy in North Toraja Regency; (2) digital payment experience has a positive but insignificant effect on millennials’ financial self-efficacy; (3) financial literacy has a positive but insignificant direct effect on millennials’ saving intention toward general bank savings products; (4) digital payment experience has a positive and significant effect on millennials’ saving intention toward general bank savings products in North Toraja Regency; (5) financial self-efficacy has a positive and significant effect on millennials’ saving intention toward general bank savings products in North Toraja Regency; (6) financial literacy has a positive and significant indirect effect on millennials’ saving intention through financial self-efficacy; and (7) digital payment experience has a positive but insignificant indirect effect on millennials’ saving intention through financial self-efficacy.
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