The Moderating Role of Digital Literacy in the Relationships Among Financial Socialization, Locus of Control, and Personal Financial Management Behavior Among Economics Students

This study examines the moderating role of digital literacy in the relationships among financial socialization, locus of control, and personal financial management behavior among economics students at Hanoi University of Natural Resources and Environment. Drawing on the theory of planned behavior, financial socialization theory, locus of control theory, and the digital literacy perspective, the paper proposes an integrated model that incorporates direct, mediating, and moderating effects. Data were collected from 267 valid survey responses from economics students between September 2025 and April 2026. Partial least squares structural equation modeling (PLS-SEM), implemented in SmartPLS 4, was used to assess both the measurement model and the structural model. The findings show that financial socialization has a positive effect on both personal financial management behavior and locus of control. Locus of control also has a positive effect on personal financial management behavior and partially mediates the relationship between financial socialization and personal financial management behavior. Digital literacy does not significantly moderate the direct relationship between financial socialization and personal financial management behavior. However, it positively moderates the relationship between financial socialization and locus of control, as well as the relationship between locus of control and personal financial management behavior. The study clarifies a social-psychological-technological mechanism underlying students' financial behavior and provides implications for personal finance education, digital literacy development, and student support programs in the context of digital finance.