Abstract
<title>Abstract</title> <p>Digital financial literacy (DFL) has become essential amid the rapid digitalisation of financial services, particularly for vulnerable populations navigating increasingly complex online financial environments. This study examines the level of DFL among Malaysian Generation Z in the Bottom 40% (B40) income group and its relationship with household wealth, while testing demographic moderators within an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework. The research addresses a critical gap in understanding how digital competencies influence financial outcomes among young, financially constrained individuals in a developing Southeast Asian context. A key contribution of this study is the introduction of a new conceptual model that integrates core UTAUT constructs, performance expectancy, effort expectancy, and social influence, with behavioural intention and DFL behaviour, ultimately linking these to household wealth. The model further incorporates education level and work experience as moderators, offering a tailored theoretical lens for examining technology acceptance in the domain of digital financial services among disadvantaged youth. Data were collected via a structured survey of 534 employed Gen Z B40 respondents (aged 18–23 years, with monthly household income ≤ MYR 4,000) across three regional clusters in Peninsular Malaysia (North, Centre, and South) in 2024. Analysis employed descriptive statistics, chi-square tests, Spearman correlations, multiple linear regression, and partial least squares structural equation modelling (PLS-SEM) using SmartPLS 4. Results indicate relatively high DFL levels among the sample, largely attributed to pandemic-driven digital adoption and rising living costs. Contrary to expectations, DFL behaviour exerted a significant negative effect on household wealth. Behavioural intention strongly predicted DFL behaviour; performance expectancy and social influence positively influenced behavioural intention, while effort expectancy did not. Education level and work experience moderated several paths. These findings highlight a disconnect between digital competencies and wealth outcomes among financially constrained youth and underscore the need for complementary practical financial skills, targeted education, and refined policy design under Malaysia’s Vision 2030 and in similar Southeast Asian contexts.</p>