The purpose of this study is to investigate how university students’ financial management behavior (FMB) is impacted by their financial literacy and their fear of missing out (FOMO). A structured questionnaire was given to 247 Universitas Kristen Maranatha undergraduate accounting students in order to gather primary data using a quantitative technique. Structural Equation Modeling-Partial Least Squares (SEM-PLS) was used to examine the data. The results show that financial management behavior is considerably and favorably impacted by financial literacy. People who are more financially literate are better able to properly manage their income, expenses, savings, and assets. In contrast, it was discovered that FOMO had a detrimental, albeit insignificant, impact on financial management behavior, with higher levels of FOMO generally resulting in a decline in financial management skills. The study’s generalizability is limited because it only includes a certain sample of undergraduate accounting students. Furthermore, it ignores other possible influencing factors and just examines financial literacy and FOMO as drivers of FMB. This study advances our knowledge of how financial behavior is influenced by the interaction between financial literacy and FOMO, particularly when it comes to digital payment methods like Buy Now Pay Later (BNPL). Integrating FOMO as a psychological component affecting financial decisions is innovative. For a more thorough examination, future research should broaden the focus to include more variables and a variety of demographics.
Keywords: Financial Literacy, FOMO, Financial Management Behavior
