Enhancing Financial Resilience of Women Entrepreneurs through Strengthened Digital Financial Literacy
Abstract
This study investigates the impact of digital financial literacy (DFL) on the financial resilience of women entrepreneurs. The research adopts an explanatory approach, drawing on data from 208 women entrepreneurs based in Yogyakarta and Central Java, Indonesia. To test the proposed hypotheses, partial least squares structural equation modeling (PLS-SEM) was employed. The findings indicate that DFL significantly influences financial behavior, with these effects extending to future financial decisions. Enhancing DFL among women entrepreneurs positively affects their financial behavior, ultimately contributing to greater financial resilience. A key contribution of this research lies in its focus on women entrepreneurs, a demographic often overlooked in studies on financial literacy. Additionally, the study distinguishes between spending and saving behaviors by separating current financial actions from those intended for the future. This distinction enables a more nuanced analysis of how different financial behaviors, facilitated by digital financial technologies, affect financial resilience.
Keywords: digital financial literacy, financial resilience, woman entrepreneur
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References
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Chavali, K., Al Samman, H., & Jamil, S. (2021). How Did The Financial Markets Respond to The COVID-19 Pandemic? Empirical Evidence from BRICS Countries. Etikonomi, 20(2), 429–442. https://doi.org/10.15408/etk.v20i2.20339
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Gash, M., & Gray., B. (2016). The Role of Financial Services in Building Household Resilience in Burkina Faso. https://www.cgap.org/sites/default/%0Afiles/researches/documents/Role-of-FS-Burkina-Faso.pdf
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González, A. L., & Macias-Alonso, I. (2023). Resilience, adaptation and strategic engagement: Saudi female entrepreneurs confront Covid-19. International Journal of Gender and Entrepreneurship. https://doi.org/10.1108/IJGE-06-2022-0103
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Hair, J., Hollingsworth, C. L., Randolph, A. B., & Chong, A. Y. L. (2017). An Updated and Expanded Assessment of PLS-SEM in Information Systems Research. Industrial Management and Data Systems, 117(3), 442–458.
Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. (World Bank Policy Research Working Paper 6577).
Harli, F. C., Linawati, N., & Memarista, G. (2015). Pengaruh financial literacy dan faktor sosio-demografi terhadap perilaku konsumtif. FINESTA, 3(1), 58–62.
Hayat, A., & Anwar, M. (2016). Impact of Behavioral Biases on Investment Decision; Moderating Role of Financial Literacy. SSRN Journal. https://doi.org/10.2139/ssrn.2842502
Hechavarria, D., Bullough, A., Brush, C., & Edelman, L. (2019). High-growth women’s Small, entrepreneurship: Fueling social and economic development. Journal of Business Management, 57(1), 5–13.
Henager, R., & Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27(1), 3–19. https://doi.org/10.1891/1052-3073.27.1.3
Hsiao, Y.-J., Lin, S.-J., & Dambaravdan, C. (2016). Financial Literacy, Savings Behavior, and Retirement Planning in Taiwan. 兩岸金融季刊, 4(2), 1–22.
Hung, A. A., Parker, A. M., & Yoong, J. K. (2009). Defining and Measuring Financial Literacy (708; Rand Labor and Population Working Paper).
Hussain, A. H. M. B., Endut, N., Das, S., Chowdhury, M. T. A., Haque, N., Sultana, S., & Ahmed, K. J. (2019). Does financial inclusion increase financial resilience? Evidence from Bangladesh. Development in Practice, 29(6), 798–807. https://doi.org/10.1080/09614524.2019.1607256
Hussain, J., Salia, S., & Karim, A. (2018). Is Knowledge That Powerful? Financial Literacy and Access to Finance: An Analysis of Enterprises in the UK. Ournal of Small Business and Enterprise Development, 25, 985–1003.
Kajtazi, K. (2021). Women Entrepreneurs and the Challenge of Work–Life Balance: Evidence from Kosovo. The Emerald Handbook of Women and Entrepreneurship in Developing Economies, 145–164. https://doi.org/10.1108/978-1-80071-326-020211009
Kass-Hanna, J., Lyons, A. C., & Liu, F. (2021). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 100846. https://doi.org/10.1016/j.ememar.2021.100846
Kass-Hanna, J., Lyons, A. C., & Liu, F. (2022). Building financial resilience through financial and digital literacy in South Asia and Sub-Saharan Africa. Emerging Markets Review, 51, 100846. https://doi.org/10.1016/j.ememar.2021.100846
Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507–528. https://doi.org/10.1111/joca.12510
Lusardi, A. (2008). Financial Literacy: An Essential Tool for Informed Consumer Choice? National Bureau of Economic Statistics (14084). http://www.nber.org/papers/w14084
Mandell, L. (2008). Financial Literacy in High School. In Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs (pp. 257–279). Chicago: University of Chicago Press.
McKinsey. (2018). Recover together, recover stronger”: McKinsey supports sustainable, inclusive growth for women and business at G20. McKinsey and Company. https://www.mckinsey.com/id/our-insights
Moore, D., Niazi, Z., Rouse, R., & Kramer, B. (2019). Building resilience through financial inclusion: A review of existing evidence and knowledge gaps. Financial Inclusion Program, Innovations for Poverty Action. https://www.ifpri.org/publication/building-resilience-through-financial-inclusion-review-existing-evidence-and-knowledge
Morgan, P., & Trinh, L. Q. (2019a). Determinants and Impacts of Financial Literacy in the Lao PDR.
Morgan, P., & Trinh, L. Q. (2019b). Fintech and financial literacy in the Lao PDR.
Morrow, B. H. (2008). Community resilience: A social justice perspective.
Muzaffar, H. (2023). Pandemic silver lining: how the COVID-19 pandemic helped women to beat the “gender stereotypes pandemic” in entrepreneurship. Gender in Management, 38(1), 76–92. https://doi.org/10.1108/GM-10-2021-0316
Norris, F. H. (2010). Behavioral science perspectives on resilience.
OECD. (2017). Ensuring Financial Education and Consumer Protection for all in the Digital Age.
OJK. (2019). Survei Nasional Literasi dan Inklusi Keuangan 2019. www.ojk.go.id.
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
Pan, L. S., Pezzuti, T., Lu, W., & Pechmann, C. C. (2019). Hyperopia and Frugality: Different Motivational Drivers and yet Similar Effects on Consumer Spending.”. Journal of Business Research, 95, 347–356.
Prasad, P. H., Meghwal, D., & Damaya, V. (2018). Digital Financial Literacy : a Study of Households of Udaipur. Journal of Business and Management, 5(1), 201–2019. https://doi.org/10.3126/jbm.v5i0.27385
Rahayu, R., Juita, V., & Rahman, A. (2023). Digital Financial Literacy, Financial Behaviour, and Financial Well-being of Women’s in Indonesia (Issue Icelbi 2022). Atlantis Press International BV. https://doi.org/10.2991/978-94-6463-350-4_54
Salignac, F., Marjolin, A., Reeve, R., & Muir, K. (2019). Conceptualizing and Measuring Financial Resilience: A Multidimensional Framework. Social Indicators Research, 145(1), 17–38. https://doi.org/10.1007/s11205-019-02100-4
Saunders, M., Lewis, P., & Thornhill, A. (2007). Principles and practices of structural equation modelling 4th edition. In Methodology in the social sciences.
Selda, N., & Nyhus, E. K. (2022). Financial Vulnerability, Financial Literacy, and the Use of Digital Payment Technologies. Journal of Consumer Policy, 45(2), 281–306. https://doi.org/10.1007/s10603-022-09512-9
Setiawan, M., Effendi, N., Santoso, T., Dewi, V. I., & Sapulette, M. S. (2020). Digital Financial Literacy, Current Behavior of Saving and Spending and Its Future Foresight. Economics Innovation New Technology, 1–19. https://doi.org/10.1080/10438599.2020.1799142
Setiyani, R., & Solichatun, I. (2019). Financial Well-being of College Students: An Empirical Study on Mediation Effect of Financial Behavior. KnE Social Sciences, 3(11), 451. https://doi.org/10.18502/kss.v3i11.4026
Simba, A., Martins Ogundana, O., Braune, E., & Dana, L. P. (2023). Community financing in entrepreneurship: A focus on women entrepreneurs in the developing world. Journal of Business Research, 163(October 2022). https://doi.org/10.1016/j.jbusres.2023.113962
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal Factors, Financial Literacy, and Stock Market Participation. International Journal of Bank Marketing, 35(5), 818–841.
Suwana, F., & Lily, L. (2020). Literacy., Empowering Indonesian women through building digital media. Kasetsart Journal of Social Sciences, 38(3), 212–217.
Tony, N., & Desai, K. (2020). Impact of digital financial literacy on digital financial inclusion. International Journal of Scientific & Technology Research, 9(1), 1911–1915.
Van Praag, C. Mirjam, & Peter, H. V. (2007). What is the Value of Entrepreneurship ? A Review of Recent Research.
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Published
2024-10-11
How to Cite
SARI, Ratna Candra et al.
Enhancing Financial Resilience of Women Entrepreneurs through Strengthened Digital Financial Literacy.
Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 19, n. 2, oct. 2024.
ISSN 2303-1018.
Available at: <https://ojs.unud.ac.id/index.php/jiab/article/view/113473>. Date accessed: 05 nov. 2024.
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Articles
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