The Interplay Between Financial Literacy, Online Lending, and Family Financial Well-Being in Indonesia
DOI:
https://doi.org/10.32506/a59n7m09Keywords:
Financial Literacy, Online Lending, Household Financial Conditions, Digital Financial Inclusion, IndonesiaAbstract
The rapid proliferation of online lending (pinjaman online/Pinjol) in Indonesia has transformed household access to credit, yet concerns persist regarding its implications for household financial stability, particularly among financially less literate populations. This study investigates the influence of financial literacy on household financial conditions, examining whether online lending usage decisions mediate this relationship. Using cross-sectional data from the 2022 National Socioeconomic Survey (Susenas) with a sample of 75,000 households representing Indonesia's diverse socioeconomic landscape, this research employs logistic regression and mediation analysis to test the hypothesized relationships. The findings reveal that financial literacy has a significant positive association with household financial conditions, while online lending usage is negatively associated with household financial well-being. Crucially, online lending decisions partially mediate the relationship between financial literacy and household financial conditions, suggesting that financially literate households are less likely to use online loans for consumptive purposes and better positioned to manage credit obligations. These results underscore the importance of financial education as a protective mechanism against the risks associated with digital credit expansion, offering implications for policymakers, financial regulators, and fintech service providers. The study contributes to the growing literature on household finance in developing economies by elucidating the mechanisms through which financial literacy shapes financial outcomes in the context of digital financial inclusion.
Downloads
References
Agarwal, S., Qian, W., & Tan, R. (2020). Financial inclusion and financial technology. In S. Agarwal, W. Qian, & R. Tan (Eds.), Household finance: A functional approach (pp. 307–346). Springer. https://doi.org/10.1007/978-981-15-5526-8_9
Airlangga, T., Sunitiyoso, Y., & Sudrajad, O. Y. (2026). Assessing the impact of digital and fintech lending on poverty alleviation in Indonesia: A soft systems approach. Systems Research and Behavioral Science, 43(4), 1380–1400. https://doi.org/10.1002/sres.70037
Ali, A., & Marisetty, V. B. (2023). Are FinTech lending apps harmful? Evidence from user experience in the Indian market. British Accounting Review, 101269. https://doi.org/10.1016/j.bar.2023.101269
Appiah-Otoo, I., & Song, N. (2021b). Financial inclusion and the role of fintech: Evidence from developing countries. Borsa Istanbul Review, 21(4), 345–357. https://doi.org/10.1016/j.bir.2021.02.002
Arundina, T., & Anto, M. B. H. (2022). Financial literacy and household financial behavior in Indonesia. Economics and Finance in Indonesia, 68(1), 33–49.
Audiya, K., Asiah, S., & Rahmawati, R. (2025). Peningkatan literasi keuangan rumah tangga sebagai strategi pencegahan pinjaman online di lingkungan Desa Lenggahjaya. An-Nizam: Jurnal Manajemen dan Bisnis, 4(3). https://doi.org/10.33558/an-nizam.v4i3.11807
Auliani, N., Salzabil, A. Z., & Rahma, A. (2025). Pengaruh pinjaman online terhadap stabilitas keuangan rumah tangga. Socius: Jurnal Penelitian Ilmu-Ilmu Sosial, 2(4). https://ojs.daarulhuda.or.id/index.php/Socius/article/view/2068
Badan Pusat Statistik. (2022). Survei Sosial Ekonomi Nasional (Susenas) 2022. Jakarta: Badan Pusat Statistik.
Brown, S., & Taylor, K. (2008). Household debt and financial assets: Evidence from Great Britain. Journal of the Royal Statistical Society: Series A, 171(3), 571–594.
Chen, M. A., Wu, Q., & Yang, B. (2019). How valuable is FinTech innovation? Review of Financial Studies, 32(5), 2062–2106. https://doi.org/10.1093/rfs/hhy130
de Roure, C., Pelizzon, L., & Tasca, P. (2021). How does P2P lending fit into the consumer credit market? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2848043
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. https://doi.org/10.1596/978-1-4648-1897-4
Fitri, R., & Trinugroho, I. (2022). Determinants of fintech lending adoption in Indonesia. Journal of Financial Innovation, 8(2), 45–62.
Frisancho, V. (2020). The impact of financial education on financial literacy and behavior: Evidence from a large-scale experiment. Inter-American Development Bank Working Paper.
Frisancho, V. (2023). Financial education and financial behavior: Long-term evidence from a large-scale experiment. Journal of Financial Economics.
Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: International development in the fintech era. New Political Economy, 22(4), 423–436. https://doi.org/10.1080/13563467.2017.1259298
Gathergood, J. (2012). Self-control, financial literacy and consumer over-indebtedness. Journal of Economic Psychology, 33(3), 590–602.
Jameaba, M.-S. (2022). Digitalization, emerging technologies, and financial stability: Challenges and opportunities for the Indonesian banking industry and beyond. Qeios. https://doi.org/10.32388/7W7U6V
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291.
Khoirunurrofik, & Putra, A. M. (2023). The impact of household credit on welfare in Indonesia. Journal of Southeast Asian Economics, 40(1).
LPEM FEB UI. (2024). Literasi keuangan dan perilaku pengguna pinjaman online di Indonesia. Jakarta: LPEM FEB UI.
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
Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics and Finance, 14(4), 332–368.
Marlina, L., Yani, I., Romadlona, F., Sudiyanti, S., & Kahar, K. (2026). Digital financial literacy for online lending safety and fraud prevention. PENADIMAS: Jurnal Pengabdian kepada Masyarakat, 4(2). https://jim.unisma.ac.id/index.php/PENADIMAS/article/view/29622
Mullainathan, S., & Shafir, E. (2013). Scarcity: Why having too little means so much. Times Books.
Otoritas Jasa Keuangan. (2022). Survei Nasional Literasi dan Inklusi Keuangan 2022. Jakarta: OJK.
Otoritas Jasa Keuangan. (2023). Statistik fintech lending periode 2018-2022. Jakarta: OJK.
Shi, L., & Lim, T. (2023). Household financial literacy: A literature analysis and review. Advances in Economics, Business and Management Research, 239, 435–442.
Simanjuntak, M., & Aisyah, S. (2025). Strategi kebijakan edukasi digital untuk pencegahan pinjaman online. Agro-Maritim: Jurnal Ilmu Keluarga dan Konsumen. https://doi.org/10.29244/agro-maritim.0702.1250-1253
Subaki, A. D., et al. (2025). Digital financial literacy training for Generation Z students. Journal of Community Service and Engagement.
Sunarti, E., Ajrania, S., Pranadji, D. K., Siswanto, A., Hambari, Musthofa, & Istighfarani, S. (2024). Keinginan keluarga menghentikan pinjaman bank emok: Potret tekanan ekonomi, manajemen keuangan, dukungan sosial, dan lingkungan keluarga. Jurnal Ilmu Keluarga dan Konsumen, 17(3), 247–262. https://doi.org/10.24156/jikk.2024.17.3.247
Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206.
Wahyudi, R. (2025). Financial literacy moderation in the relationship between financial distress and online loan usage. Indonesian Journal of Financial Economics.
Widia Sofyan, V. R., Mulya Syaripa, Z., Ervansyah, H., Anshari Lubis, M., Ikbar Barnabas, M., & Nurhayani, R. (2026). Peningkatan literasi keuangan masyarakat dalam menghadapi bahaya pinjaman online. Jurnal Pengabdian Kepada Masyarakat Nusantara, 7(1). https://doi.org/10.55338/jpkmn.v7i1.6998
Xu, L., & Zia, B. (2012). Financial literacy around the world: An overview of the evidence with practical suggestions for the way forward. World Bank Policy Research Working Paper, (6107).
Yuniarti, R., & Septiyaningsih, R. (2023). Digital financial literacy and Gen Z behavior towards online loans. Jurnal Ekonomi dan Bisnis.
Yudaruddin, R., Nugroho, B. A., Mardiany, M., Fitrian, Z., Hapsari, P., Fitrianto, Y., & Santi, E. N. (2024). Liquidity and credit risk in Indonesia: The role of fintech development. Sage Open, 14(2), 21582440241245248. https://doi.org/10.1177/21582440241245248
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Dzarin Gifarian Khaulani Hafidz
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
