Abstract
Although there are numerous options for Financial Technology (FinTech) to assist in enhancing financial well-being, financial literacy among Malaysians appears to be low. This leads to the question that this study seeks to answer: Does financial literacy impact the adoption of FinTech? This study seeks to examine the factors influencing consumers’ desire to adopt FinTech in the Klang Valley with a particular focus on the impact of consumers’ financial and digital literacy on the willingness to adopt FinTech using the Technology Acceptance Model (TAM). We employ non-probability sampling to gather 302 data from individuals who have engaged in any form of FinTech. The findings from the Structural Equation Modeling (SEM) indicate that perceived usefulness and ease of use, mediated by attitude, are determinants of consumers’ willingness to adopt FinTech in Malaysia. We discovered a strong correlation between individuals’ intention to use FinTech and their level of financial literacy. The findings of this study would assist financial services marketers, FinTech companies, and policymakers to encourage FinTech adoption in Malaysia.
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Taufiq, M., Chung, T.F., Chrisniyanti, A. (2023). Does Financial Literacy or Digital Literacy Determine a Consumer Use of FinTech?. In: Alareeni, B., Hamdan, A., Khamis, R., Khoury, R.E. (eds) Digitalisation: Opportunities and Challenges for Business. ICBT 2022. Lecture Notes in Networks and Systems, vol 620. Springer, Cham. https://doi.org/10.1007/978-3-031-26953-0_28
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