FIRE mindset and digital financial inclusion as determinants of Gen Z financial stability

Article Sidebar

PDF
Published: May 18, 2026
DOI: https://doi.org/10.28932/jmm.v25i2.15136
Keywords:
digital financial inclusion, financial stability, FIRE mindset, self-concept inklusi keuangan digital, konsep diri, mindset FIRE, stabilitas keuangan

Main Article Content

Detak Prapanca
Program Studi Manajemen, Fakultas Bisnis, Hukum, dan Ilmu Sosial, Universitas Muhammadiyah Sidoarjo
Nur Ravita Hanun
Program Studi Manajemen, Fakultas Bisnis, Hukum, dan Ilmu Sosial, Universitas Muhammadiyah Sidoarjo
Putri Ayunda Anggraeni
Program Studi Manajemen, Fakultas Bisnis, Hukum, dan Ilmu Sosial, Universitas Muhammadiyah Sidoarjo
Amelia Fitri Agustin
Program Studi Manajemen, Fakultas Bisnis, Hukum, dan Ilmu Sosial, Universitas Muhammadiyah Sidoarjo

Abstract

This​‍​‌‍​‍‌​‍​‌‍​‍‌ research investigates how the FIRE mindset and digital financial inclusion impact financial stability among Generation Z, with self-concept serving as the mediating variable. The study employed a quantitative survey method and gathered data from 300 digitally active respondents. The data were then analyzed using PLS-SEM. The findings reveal that both the FIRE mindset and digital financial inclusion are significant factors that determine financial stability. Also, self-concept is a direct influencing factor of financial stability. On the contrary, digital financial inclusion neither affects self-concept significantly nor does self-concept mediate the relationships. Hence, the results point out that the behavioral discipline and long-term financial orientation of Generation Z drive their financial stability more than the psychological mediation mechanisms. The paper further explains that for improving financial resilience, financial literacy, digital access, and consistent financial behavior need to be ​‍​‌‍​‍‌​‍​‌‍​‍‌combined.

Downloads

Download data is not yet available.

Article Details

How to Cite
Prapanca, D., Hanun, N. R., Anggraeni, P. A., & Agustin, A. F. (2026). FIRE mindset and digital financial inclusion as determinants of Gen Z financial stability. Jurnal Manajemen Maranatha, 25(2), 217–230. https://doi.org/10.28932/jmm.v25i2.15136
Issue
Vol. 25 No. 2 (2026): Jurnal Manajemen Maranatha
Section
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

References

Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T

Ali, F., Rasoolimanesh, S. M., Sarstedt, M., Ringle, C. M., & Ryu, K. (2018). An assessment of the use of partial least squares structural equation modeling (PLS-SEM) in hospitality research. International Journal of Contemporary Hospitality Management, 30(1), 514-538. https://doi.org/10.1108/IJCHM-10-2016-0568

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228-237. https://doi.org/10.1016/j.jbusres.2017.03.013

Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The global findex database 2021: Financial inclusion, digital payments, and resilience in the age of Covid-19. World Bank Group. http://documents.worldbank.org/curated/en/099818107072234182

Etikan, I. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1). https://doi.org/10.11648/j.ajtas.20160501.11

Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861-1883. https://doi.org/10.1287/mnsc.2013.1849

Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.2307/3151312

Francis, T., & Hoefel, F. (2018). The influence of Gen Z, the first generation of true digital natives, is expanding. Mckinsey.Com. https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies

Gallego-Losada, M. J., Montero-Navarro, A., García-Abajo, E., & Gallego-Losada, R. (2023). Digital financial inclusion: Visualizing the academic literature. Research in International Business and Finance, 64. https://doi.org/10.1016/j.ribaf.2022.101862

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

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, 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., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM). SAGE Publishing. https://www.researchgate.net/publication/354331182

Hasan, R., Ashfaq, M., Parveen, T., & Gunardi, A. (2023). Financial inclusion: Does digital financial literacy matter for women entrepreneurs? International Journal of Social Economics, 50(8), 1085-1104. https://doi.org/10.1108/IJSE-04-2022-0277

Hauff, J. C., Carlander, A., Gärling, T., & Nicolini, G. (2020). Retirement financial behaviour: How important is being financially literate? Journal of Consumer Policy, 43(3), 543-564. https://doi.org/10.1007/s10603-019-09444-x

Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research. Industrial Management and Data Systems, 116(1), 2-20. https://doi.org/10.1108/IMDS-09-2015-0382

Lusardi, A., & Mitchell, O. S. (2010). Implications for retirement well-being of financial literacy and planning. Pension Research Council WP 2010-26. https://doi.org/10.2139/ssrn.1695146

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5

Markus, H., & Wurf, E. (1987). The dynamic self-concept: A social psychological perspective. Annual Review of Psychology, 38(1), 299-337. https://doi.org/10.1146/annurev.ps.38.020187.001503

Marsh, H. W., & Craven, R. G. (2006). Reciprocal effects of self-concept and performance from a multidimensional perspective: Beyond seductive pleasure and unidimensional perspectives. Perspectives on Psychological Science, 1(2), 133-163. https://doi.org/10.1111/j.1745-6916.2006.00010.x

Marsh, H. W., & Martin, A. J. (2011). Academic self-concept and academic achievement: Relations and causal ordering. British Journal of Educational Psychology, 81(1), 59-77. https://doi.org/10.1348/000709910X503501

Marsh, H. W., & Shavelson, R. (1985). Self-concept: Its multifaceted, hierarchical structure. Educational Psychologist, 20(3), 107-123. https://doi.org/10.1207/s15326985ep2003_1

Morgan, P., & Pontines, V. (2014). Financial stability and financial inclusion. ADBI Working Paper 488. https://doi.org/10.2139/ssrn.2464018

Morgan, P. J., & Trinh, L. Q. (2017). Determinants and impacts of financial literacy in Cambodia and Vietnam. ADBI Working Paper 754. https://www.adb.org/sites/default/files/publication/325076/adbi-wp754.pdf

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

Podsakoff, P. M., MacKenzie, S. B., & Podsakoff, N. P. (2012). Sources of method bias in social science research and recommendations on how to control it. Annual Review of Psychology, 63, 539-569. https://doi.org/10.1146/annurev-psych-120710-100452

Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879-891. https://doi.org/10.3758/BRM.40.3.879

Sarstedt, M., Ringle, C. M., & Hair, J. F. (2021). Partial least squares structural equation modeling. Handbook of Market Research, 587-632. https://doi.org/10.1007/978-3-319-57413-4_15

Sirgy, M. J. (1982). Self-concept in consumer behavior: A critical review. Journal of Consumer Research, 9(3), 287-300. https://doi.org/10.1086/208924

Tang, N., Baker, A., & Peter, P. C. (2015). Investigating the disconnect between financial knowledge and behavior: The role of parental influence and psychological characteristics in responsible financial behaviors among young adults. Journal of Consumer Affairs, 49(2), 376-406. https://doi.org/10.1111/joca.12069

Taylor, N., & Davies, W. (2021). The financialization of anti-capitalism? The case of the ‘Financial Independence Retire Early’ community. Journal of Cultural Economy, 14(6), 694-710. https://doi.org/10.1080/17530350.2021.1891951

Wood, S. (2013). Generation Z as consumers: Trends and innovation. Journal of Consumer Behaviour, 12(6), 453-463. https://doi.org/10.1002/cb.1402

Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Consumer Studies, 41(5), 545-555. https://doi.org/10.1111/ijcs.12348

Yue, P., Korkmaz, A. G., Yin, Z., & Zhou, H. (2022). The rise of digital finance: Financial inclusion or debt trap? Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2021.102604

Zhao, X., Lynch, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of Consumer Research, 37(2), 197-206. https://doi.org/10.1086/651257