Analysis of Factors of Sustainable Financial Consumerism Among Indonesian University Students

Abstract

This study examines how financial capability and digital influence shape sustainable financial consumerism among Indonesian university students, with financial decision-making as a mediating factor. Using data from 432 undergraduate students at ten universities in Central Java and analyzed through PLS-SEM, the results show that both financial capability and exposure to influencers positively influence financial decision-making and sustainable financial behavior. Financial decision-making significantly mediates this relationship, highlighting informed judgment as a key mechanism linking knowledge and social influence to responsible finance. Theoretically, this study integrates financial capability and digital influence within the framework of sustainability in a developing economy. Practically, it emphasizes the need to strengthen decision-making competencies in financial education, implement ethical standards for influencers, and promote sustainable financial access to foster a financially capable and sustainability-oriented younger generation.