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Do Financial Knowledge and e-Payment Awareness Affect Saving and Spending Behavior? The Mediating Role of Financial Risk Tolerance

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 27 No. 2 (2025) · pp. 149–173

DOI
10.22146/gamaijb.83409
ISSN
2338-7238, 1411-1128
Published
2025-05-28
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This study investigates the role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on saving and spending behavior. A total of 400 questionnaires were distributed, with 396 completed by respondents and used for analysis. This research employs partial least squares-based structural equation modeling (PLS-SEM) to validate and estimate the proposed research models, with Smart- PLS software analyzing the data and estimating the relationships between its latent variables. Our study’s estimation provides evidence of the positive and significant role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on spending and saving behavior. This study also reveals differences in the level of financial risk tolerance between male and female participants. Furthermore, the analysis results indicate that most younger people have a risk tolerance level (i.e., risk profile) that falls into the medium (i.e., risk-averse) category in terms of risk speculation, invest- ment risk, and financial risk evaluation.

Keywords

Collaboration network of the authors

4 authors · 6 co-authorship links · 5 across different organisations

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  • Padjadjaran University
  • Parahyangan Catholic University
  • Australian National University
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Okt 2026, last seen 1 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Do Financial Knowledge and e-Payment Awareness Affect Saving and Spending Behavior? The Mediating Role of Financial Risk Tolerance</dc:title>
	<dc:creator>Dewi, Vera Intanie</dc:creator>
	<dc:creator>Effendi, Nury</dc:creator>
	<dc:creator>Ervani, Eva</dc:creator>
	<dc:creator>Sapulette, Militcyano Samuel</dc:creator>
	<dc:subject xml:lang="en-US">Finance; Economics; Business; Management</dc:subject>
	<dc:subject xml:lang="en-US">Financial knowledge; financial risk tolerance, e-payment, spending behavior, saving behavior</dc:subject>
	<dc:subject xml:lang="en-US">G20, G41, G51, G53</dc:subject>
	<dc:description xml:lang="en-US">This study investigates the role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on saving and spending behavior. A total of 400 questionnaires were distributed, with 396 completed by respondents and used for analysis. This research employs partial least squares-based structural equation modeling (PLS-SEM) to validate and estimate the proposed research models, with Smart- PLS software analyzing the data and estimating the relationships between its latent variables. Our study’s estimation provides evidence of the positive and significant role of financial risk tolerance in mediating the impact of financial knowledge and e-payment awareness on spending and saving behavior. This study also reveals differences in the level of financial risk tolerance between male and female participants. Furthermore, the analysis results indicate that most younger people have a risk tolerance level (i.e., risk profile) that falls into the medium (i.e., risk-averse) category in terms of risk speculation, invest- ment risk, and financial risk evaluation.</dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2025-05-28</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/83409</dc:identifier>
	<dc:identifier>10.22146/gamaijb.83409</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 27, No 2 (2025): May-August; 149-173</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/83409/41707</dc:relation>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/downloadSuppFile/83409/26065</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Gadjah Mada International Journal of Business</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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