Financial Literacy and Digital Savings Behavior of Gen Z in the Fintech Era: A Systematic Literature Review

Abstract

Objective: This study aims to analyze the role of financial literacy and financial technology (fintech) in shaping the savings mindset and economic behavior of Generation Z in the digital age. Research Design & Methods: This study employs a Systematic Literature Review (SLR) approach to scientific articles published between 2020 and 2024, focusing on financial literacy, fintech, and Generation Z's saving behavior. Data were analyzed by reviewing patterns of findings, research gaps, and the theoretical and practical relevance of the available literature. Findings: The study results indicate that financial literacy is a cognitive and affective foundation for enhancing understanding, awareness, and healthy financial decision-making among Generation Z. On the other hand, fintech functions as a facilitator through interactive, transparent digital services equipped with practical gamification features that encourage savings discipline. The synergy between the two has been proven to strengthen sustainable saving behavior, reduce dependence on high-cost loans, and improve long-term financial resilience. Implications & Recommendations: The findings emphasize the need to integrate financial literacy programs with digital fintech solutions relevant to Generation Z's lifestyle. Stakeholders, including educational institutions, financial institutions, and the government, need to collaborate in designing interactive and technology-based financial education programs to improve the effectiveness and sustainability of saving behavior. Contribution & Value Added:  This research offers a conceptual framework emphasizing the synergy between financial literacy and fintech in shaping Generation Z's saving habits. The added value of this study lies in presenting the latest evidence from the literature that can be used as a basis for developing policy strategies and digital financial product innovations.