Determinants Of Crypto Asset Adoption As A Personal Financial Management Instrument Among Millennial Workers
Keywords:
crypto assets; personal financial management; millennials; UTAUT2; financial literacy; perceived riskAbstract
Millennial workers are at the stage of life in which personal financial management decisions, such as saving, investing, and preparing for retirement, become central, and many of them have begun to include crypto assets in their financial plans. This study examines the determinants of crypto asset adoption as a personal financial management instrument among Indonesian millennial workers. Building on the extended Unified Theory of Acceptance and Use of Technology (UTAUT2), the model includes performance expectancy, effort expectancy, social influence, facilitating conditions, financial literacy, perceived risk, and trust as determinants of behavioral intention, which in turn drives actual use. Data from 368 employed millennials aged 30 to 45 were analyzed with validity and reliability tests, path analysis using regression with robust standard errors, bootstrapped mediation analysis, and a comparison between income groups. Performance expectancy is the strongest determinant of intention (β = 0.283), followed by perceived risk, which has a significant negative effect, social influence, financial literacy, and trust, while effort expectancy and facilitating conditions have no significant effect on intention. The model explains 37.8% of the variance in intention. Intention is the main driver of use (β = 0.387), and facilitating conditions and financial literacy also affect use directly. Most effects on use are transmitted through intention. The findings suggest that millennial workers treat crypto as a financial instrument whose expected benefits, risks, and trustworthiness matter more than its ease of use, and that financial literacy encourages rather than discourages informed adoption.
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