Financial Literacy, Lifestyle, and Education in Prudent Online Borrowing Decisions: The Mediating Role of Self-Control

Fricy O Rumintjap; Supramono Supramono; Ardiani Ika Sulistyawati

doi:10.61255/jeemba.v4i5.1645

Authors

Fricy O Rumintjap Master of management Program, Postgraduate Program, Universitas Semarang, Semarang
Supramono Supramono Master of management Program, Postgraduate Program, Universitas Semarang
Ardiani Ika Sulistyawati Master of Management Program, Postgraduate Program, Universitas Semarang

DOI:

https://doi.org/10.61255/jeemba.v4i5.1645

Keywords:

Financial Literacy, Lifestyle, Perceived Financial Value of Education, Self-Control, Prudent Online Borrowing

Abstract

Purpose – The rapid growth of digital lending raises concerns about borrowing decision quality. This study examines how financial literacy, consumption-oriented lifestyle, and perceived financial value of education relate to prudent online borrowing decisions through self-control, focusing on platform legality, borrowing costs, and repayment capacity.

Design/methodology/approach – Data from 133 employees across eight branches of an education services company were analyzed using PLS-SEM (SmartPLS 3.0). Analyses included discriminant validity, criterion contamination, common method bias, and PLSpredict assessments, alongside 5,000-resample bootstrapping with percentile confidence intervals for direct, indirect, and total effects.

Finding/Results – Financial literacy and consumption-oriented lifestyle show significant positive direct and indirect relationships with prudent borrowing decisions through self-control (complementary partial mediation). The perceived financial value of education shows a small significant indirect effect (indirect-only mediation). The model explains 61.3% of the variance with satisfactory predictive performance, while self-control's moderating effect on the lifestyle relationship is unsupported.

Originality/Value – This study advances digital consumer finance research by distinguishing borrowing propensity from borrowing decision quality and identifying self-control as a psychological mechanism linking financial knowledge, lifestyle orientations, and educational value perceptions to prudent borrowing. The findings provide insights for workplace financial education, consumer protection initiatives, and responsible digital lending practices.

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