Financial Literacy and Consumer Behavior Dynamics in Digital Lending Platforms: A Structural Equation Modeling Approach in Vietnam's Emerging Fintech Ecosystem

This research examines the complex relationship between financial literacy and consumer behaviour within Vietnam's rapidly evolving digital lending ecosystem. Despite substantial growth in financial technology platforms across Southeast Asia, theoretical understanding of how financial literacy influences consumer decision-making within these novel contexts remains underdeveloped. Employing a multidimensional conceptualisation of financial literacy encompassing knowledge, skills, and attitudes, this study develops and empirically tests a comprehensive structural model of consumer behaviour in digital lending environments. Primary data were collected from 427 Vietnamese consumers with experience using digital lending platforms. Structural equation modeling with partial least squares (PLS-SEM) approach revealed significant direct relationships between financial literacy dimensions and consumer trust, perceived value, and platform engagement. Furthermore, risk perception demonstrated significant moderating effects on these relationships, with effects varying across demographic segments. Complementary fuzzy-set Qualitative Comparative Analysis (fsQCA) identified multiple configurational pathways to high platform engagement. These findings contribute to theoretical knowledge at the intersection of financial behaviour, technology acceptance, and consumer decision-making while offering practical implications for fintech developers, financial educators, and regulatory authorities in emerging economies.