An exploration of millennial switching behavior related to purchasing decisions toward fintech: Behavioral accounting perspective
Keywords:
Behavioral Accounting, Fintech, Switching Behavior, Mental Accounting, Purchasing DecisionAbstract
This study aims to explore the dynamics of millennial financial behavior change in the context of switching behavior towards fintech services, focusing on how it affects purchasing decisions from a behavioral accounting perspective. This study employs a qualitative approach with a phenomenological method to understand individuals' subjective experiences during the transition to fintech. Data were collected through semi-structured interviews with five millennial informants who actively use fintech services in the Gemitir Garden Cafe area, Denpasar. Thematic analysis was conducted to identify patterns of behavior and decision-making biases. The findings reveal that millennial switching behavior is shaped by behavioral biases such as mental accounting, automation bias, loss aversion, and present bias. Social influence from peers and digital media also plays a role in shaping their financial preferences. Although fintech provides features like automatic budgeting and digital financial reports, purchasing decisions remain influenced by emotional and social factors, blurring the line between needs and wants.
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