Assessing Financial Well-Being in Free Trade Zone Regions: Evidence from Multi-Group Analysis

Badriatul Mawadah, Jacelyn Jacelyn, Isnaini Nuzula Agustin , Izzatul Jannah — Fri, 30 Oct 2026 00:00:00 +0000

This study examines the direct and indirect influence of digital financial literacy on financial well-being through financial health and personal financial management behavior as mediating variables, while also comparing the relationships across poor and vulnerable poor, lower-middle, middle, and upper-income groups. The study gathered data from 312 respondents, representing 7 regencies/cities in the Riau Islands Province and analyzed using the Partial Least Squares Multi Group Analysis (PLS-MGA). Digital financial literacy does not directly affect financial well-being. However, it positively influences financial health and personal financial management behavior, which subsequently improves financial well-being. Furthermore, the Multi-Group Analysis (MGA) reveals that most relationships are consistent across expenditure groups, except for the relationship between digital financial literacy and financial well-being. The lower-middle expenditure group shows a negative effect, whereas the poor and vulnerable group as well as the middle and upper group show positive effects. The unequal distribution of respondents across regions may reduce the generalizability of the findings. This study enriches digital financial literacy research by highlighting the mediating roles of financial health and personal financial management behavior. Policymakers should promote digital financial education programs that strengthen financial planning, saving, and financial management behavior, especially for lower-middle expenditure groups. Strengthening digital financial literacy and financial management practices may improve financial resilience, reduce financial vulnerability, and support long-term community welfare. This study provides evidence that digital financial literacy influences financial well-being indirectly through financial health and personal financial management behavior while uncovering differences among expenditure-based economic groups through multi-group analysis.

Economic Contribution Of Tourism Activities To The Community Livelihood Structure: A Case Study Of Ciwaluh Village, Indonesia

Fri, 30 Oct 2026 00:00:00 +0000

Rural tourism development is expected to improve community welfare through employment absorption and increased income. Although Kampung Ciwaluh tourism has developed over the past five years and has experienced an increase in visitors, scholarly empirical evidence remains limited regarding how rural tourism functions as a complementary livelihood strategy within agrarian household income structures. This study aimed to evaluate the economic impact of tourism activities on the local community by analyzing the livelihood structure. Data on expenditure and income were collected between May and July 2024 through a comprehensive census covering all 133 households in Kampung Ciwaluh. The collected data were analyzed using descriptive statistical methods, specifically focusing on the livelihood structure. The results showed that most residents supplement income through gardening activities. Coffee and cardamom were the primary plantation commodities cultivated by the community. On average, household income was predominantly contributed by the head of the family. Household expenditure was allocated mainly to food consumption, accounting for 46 percent of overall spending. Regarding the economic role of tourism, the findings reveal a dual pattern: at the aggregate village level, tourism contributes 0.4% to total community income, reflecting its emerging and secondary status. However, among participating households directly engaged in tourism enterprises, tourism contributes an average of 38% to their monthly household income, serving as a vital complementary livelihood source. This study contributes to the literature on rural livelihood diversification by illustrating the nuanced role of small-scale ecotourism as a supplementary rather than transformative livelihood component in mountain-adjacent rural communities.

Economics, Business, Accounting & Society Review

Assessing Financial Well-Being in Free Trade Zone Regions: Evidence from Multi-Group Analysis

Economic Contribution Of Tourism Activities To The Community Livelihood Structure: A Case Study Of Ciwaluh Village, Indonesia