The Effect of E-Lifestyle and Financial Literacy on the Consumer Behavior of University Students in Yogyakarta (Accounting and Non-Accounting Majors)

Abstract

This study investigates the determinants of consumptive behavior among university students in Yogyakarta, examining e-lifestyle and financial literacy as primary predictors alongside the moderating role of academic background across Accounting and Non-Accounting Majors. Using cross-sectional survey data from 120 active students across 17 universities in the Special Region of Yogyakarta (2025), Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4.0 was employed to test main effects, while Multigroup Analysis (MGA). The study evaluates whether e-lifestyle, financial literacy, and academic background influence students' consumptive behavior, grounded in the Theory of Planned Behavior (TPB). The findings show that e-lifestyle has a positive and significant effect on consumptive behavior (β = 0.337; t = 3.592; p = 0.000), indicating that deeper immersion in the digital ecosystem amplifies consumption tendencies. Financial literacy demonstrates a significant negative effect (β = -0.540; t = 8.322; p = 0.000) and emerges as the most dominant predictor in the model (f2 = 0.484), underscoring its role as the most effective internal control mechanism against consumptive impulses. The moderation analysis reveals that e-lifestyle has a positive and significant effect among Accounting students (β = 0.593; p = 0.000) but is non-significant among Non-Accounting students (β = -0.037; p = 0.728). Financial literacy, however, exerts a significant negative effect in both groups, with a substantially stronger impact among Non-Accounting students (β = -0.811; t = 23.770) than Accounting students (β = -0.336; t = 3.379). The model explains 39.7% of the variation in consumptive behavior (R2 = 0.397). These results extend agency theory by demonstrating that the quality of financial literacy matters more than its formal source, and contribute to financial socialization theory by showing that self-directed financial learning produces stronger behavioral outcomes than structured curricular exposure. The study suggests that non-Accounting universities should prioritize integrating financial literacy education into their

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programs, while Accounting students require heightened critical awareness of digital stimuli that trigger overconsumption.