Financial Literacy and Digital Consumer Decision-Making Nexus: A PLS-SEM Analysis of Behavioural Dynamics in Vietnam's Emerging Peer-to-Peer Lending Ecosystem

Abstract

This research investigates the complex interrelationship between financial literacy and consumer decision-making behaviour within Vietnam's rapidly evolving peer-to-peer (P2P) lending ecosystem. Whilst financial technology has transformed access to credit markets globally, the specific dynamics within emerging economies with nascent financial infrastructures remain underexplored. Through a multidimensional conceptual framework integrating financial capability theory, technology acceptance paradigms, and behavioural economics, this study examines how varying dimensions of financial literacy influence decision-making processes on digital lending platforms. Employing a structured survey methodology with 427 Vietnamese P2P platform users, this research applies partial least squares structural equation modelling (PLS-SEM) supplemented by fuzzy-set qualitative comparative analysis (fsQCA) to elucidate complex causal relationships. The findings reveal financial literacy demonstrates significant direct effects on risk perception, trust formation, and platform adoption decisions, with differential impacts across demographic segments. Moreover, financial self-efficacy emerges as a crucial moderating variable, reconfiguring the relationship between financial knowledge and behavioural outcomes. The research contributes to theoretical advancement through an integrated conceptual model whilst providing practical insights for financial technology providers, regulatory authorities, and financial literacy advocates within Vietnam's distinctive socioeconomic context.