THE INFLUENCE OF E-WALLET UTILIZATION AND FINANCIAL LITERACY ON PERSONAL FINANCIAL MANAGEMENT: AN EMPIRICAL INVESTIGATION OF COMMUNITY HOUSEHOLDS IN MEDAN

Sofyan Dani Lubis, Lukman Hakim Siregar, Facrul Rozi

Abstract


The rapid proliferation of digital financial technology (Fintech) and mobile electronic wallets (e-wallets) has transformed everyday consumer transaction mechanisms in emerging economies, presenting both operational efficiencies and behavioral spending challenges. This empirical study examines the simultaneous and partial effects of e-wallet utilization and financial literacy on personal financial management among productive-age community residents in Neighborhood 2, Amplas Urban Village, Medan City, Indonesia. Utilizing an explanatory quantitative survey design, empirical data were collected through structured Likert-scale questionnaires administered to a representative sample of 70 e-wallet users (selected via purposive sampling and calibrated using the Slovin formula from a target population of 232 residents aged 18–50). Measurement instruments were validated using Pearson Product-Moment correlation (all 30 items valid at p < 0.05) and Cronbach's Alpha reliability testing (e-wallet α = 0.716; financial literacy α = 0.663; personal financial management α = 0.782). Classical assumption diagnostics confirmed residual normality (Kolmogorov-Smirnov Z = 0.779, p = 0.578) and the absence of multicollinearity (Tolerance = 0.802, VIF = 1.246). Multiple linear regression analysis yielded the empirical model: Y = -0.161 + 0.141X₁ + 0.901X₂ + e. Partial hypothesis testing (t-test) revealed that e-wallet utilization does not exert a statistically significant effect on personal financial management (t-count = 1.463 < t-table = 1.996; p = 0.148 > 0.05), indicating that digital payment instruments primarily serve as transactional facilitators rather than disciplined budgeting mechanisms. Conversely, financial literacy exerts a positive and statistically significant influence on personal financial management (t-count = 7.415 > t-table = 1.996; p < 0.001), underscoring cognitive financial competence as the decisive driver of budgeting discipline, cash flow control, and savings allocation. Simultaneously, the ANOVA F-test confirmed that e-wallet usage and financial literacy jointly exert a highly significant effect on personal financial management (F-count = 41.611 > F-table = 3.134; p < 0.001). The coefficient of determination (R² = 0.554; Adjusted R² = 0.541; Pearson R = 0.744) demonstrates that 55.4% of the variance in personal financial management is explained by the joint predictors, with 44.6% governed by unmodeled exogenous factors such as household income levels and lifestyle orientation. These findings substantiate Behavioral Finance Theory, demonstrating that while Fintech offers transactional ease, cognitive financial literacy is essential to counteract impulse spending and ensure sound household wealth governance


Keywords


E-Wallet, Financial Literacy, Personal Financial Management, Financial Technology, Cashless Society, Behavioral Finance

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DOI: https://doi.org/10.46576/prosundhar.v6i0.626

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