156 2020, XXIII, 2
Finance
DOI: 10.15240/ ul/001/2020-2-011
FINANCIAL CAPABILITY AND TECHNOLOGY
IMPLICATIONS FOR ONLINE SHOPPING
Gen jan Çe a1, Quyen Phu Thi Phan2, A menia And oniceanu3,
Edmond Çe a4
1 Tomas Ba a Uni e si y in Zlin, Facul y o Managemen and Economics, Czech Republic, ORCID: 0000-0002-9324-181X,
[email p o ec ed];
2 The Uni e si y o Danang, Uni e si y o Economics, Facul y o Ma ke ing, Vie nam, ORCID: 0000-0002-4048-1369,
[email p o ec ed];
3 Bucha es Uni e si y o Economic S udies, In e na ional Cen e o Public Managemen , Romania,
[email p o ec ed];
4 Tomas Ba a Uni e si y in Zlin, Facul y o Managemen and Economics, Czech Republic, ORCID: 0000-0003-3546-2101,
[email p o ec ed].
Abs ac : To p omo e online shoppe s’ long- e m in e es , consume s need o ha e he knowledge
and abili y o a oid p oblems wi h i nancial issues. Financial capabili y helps o pu consume s
on he pa h o a sus ainable i nancial u u e. Howe e , p e ious s udies only ocused on i nancial
capabili y in a i nancial con ex . To handle pe sonal i nance sys ema ically and success ully in
an online se ing, his s udy ex ends an enhanced unde s anding o how i nancial capabili y on
online consume beha iou . Based on he da a o 690 esponden s collec ed by a ace- o- ace
om eigh main egions in Albania, his s udy employed p incipal componen s analysis and logis ic
eg ession in o de o in es iga e he e ec o consume s’ i nancial capabili ies and echnology
use on he decision o pu chase online. The ou come o his s udy i s ly iden i i es six dimensions
o i nancial capabili ies, namely, digi al banking usage, i nancial se ice isk, i nancial ad ice,
paymen isk, isk ole ance, and i nancial a i ude. Secondly, he i nding e ealed ha indi iduals
who use sma phones and adminis a e a social media accoun , a e mo e likely o in ol e in
pu chasing h ough online channels. Mo eo e , he decision o pu chase online is mo e p one o
hose indi iduals who mani es high le els in digi al banking usage, i nancial ad ice, p io bank
expe ience and echnology usage, and low le els in a i ude owa ds paymen isk and a i ude
owa ds isk ole ance. This pape o e s use ul insigh s conce ning he de e minan s o online
pu chasing by combining indi iduals’ i nancial capabili y, echnology and social media usage along
wi h i s demog aphic cha ac e is ics. In e m o p ac ical con ibu ion, his s udy p o ides a use ul
model by inco po a ing o measu ing and managing consume s’ i nancial capabili y o enhance
hei in ol emen and o educe hei cogni i e dissonance in he online shopping con ex . This
s udy also con ibu es o he accumula ed knowledge and encou ages consume s o use digi al
banking and consul hei i nancial issues when pu chasing online.
Keywo ds: Financial capabili y, logis ic eg ession, online shopping, p io bank expe ience,
sma phone, social media.
JEL Classi i ca ion: G53, D91.
APA S yle Ci a ion: Çe a, G., Phan, Q. P. T., And oniceanu, A., & Çe a, E. (2020). Financial
Capabili y and Technology Implica ions o Online Shopping. E&M Economics and Managemen ,
23(2), 156–172. h ps://doi.o g/10.15240/ ul/001/2020-2-011
In oduc ion
The In e ne plays a i al ole in ou daily li e
in ha people can easily access ou wo ld and
open in e na ional bo de s. Meanwhile, online
shopping has been widely accep ed as a way o
pu chasing p oduc s and se ices. I p o ides
a dominan al e na i e o adi ional e ail
shopping. Consume s can sea ch o mo e
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in o ma ion and selec o compa e p oduc
and p ice, mo e op ions, con enience. Online
shopping o e s mo e sa is ac ion o consume s
sa e ime (Ka awe awa aks & Wang, 2011).
Howe e , he in es iga ion o online consume
beha iou is ela i ely unde de eloped
(Smi h e al., 2013). Al hough online shopping
beha iou is no a new opic, he unanswe ed
ques ion ha wha de e mines consume s’
willingness o pu chase a p oduc online ha e
a ac ed many esea che s. In his line o
s udy, esea che s iden i i ed ac o s in l uencing
on pu chase beha iou o he consume based
on Theo y Planned Beha io (Ajzen, 1991),
Technology Accep ance Model (Da is, 1989),
S imulus–O ganism–Response (Meh abian
& Russell, 1974). The i s app oach ocused
on he di ec impac on consume beha iou .
Fo example, Wu and Ke (2015) in eg a ed
a model o pe sonali y ai s, pe cei ed isk
and echnology accep ance in online shopping
beha iou . Ano he app oach ocused on he
indi ec impac o a i ude, us on consume s’
pu chase beha iou (Al-Debei, Ak oush,
& Ashou i, 2015; Belás & Gabčo á, 2016;
Oluwa emi & Adebiyi, 2018). Ne e heless,
bo h app oaches ocus on consume s’
beha iou al in en ion as a p edic o o ac ual
pu chase beha iou . This s udy explo es ( he
di ec impac o consume s’ i nancial capabili y
on hei ac ual pu chase decisions) consume s’
ac ual pu chase decisions and i s an eceden s.
Recen ly, i is acknowledged ha wi h he
ise o se ice deli e y, in gene al, and online
shopping, in pa icula , some o he aspec s
(such as secu i y, us and pe cei ed isk)
ha e become key issues o online beha iou
(Kim, Fe in, & Rao, 2008; Mou, Shin, &
Cohen, 2017; Sil a, Pinho, Soa es, & Sá, 2019;
Suchanek & K alo a, 2018). Howe e , he e is
limi ed a en ion ela ing o consume s’ i nancial
ma e s while many cus ome s ha e had e y
li le unde s anding o i nances, how c edi
wo ks and he po en ial i nancial isk (Lusa di
& Mi chell, 2014).
Unlike p e ious esea ch, his s udy ocuses
on he po en ial e ec o consume i nancial
capabili y on hei online pu chase decisions.
Addi ionally, in he i eld o consume i nance,
p e ious s udies ocused on he in l uence o
i nancial capabili y on consume s’ beha iou
owa d i nancial p oduc s/se ice. In his s udy,
we a gue ha cus ome s’ knowledge and
unde s and abou i nancial ma e s play a i al
ole in hei pu chase decision owa ds all
p oduc s, no only owa ds i nancial p oduc s.
The e o e, in he au ho s’ knowledge, his is
he i s s udy ha in es iga es he ela ionship
be ween consume s’ i nancial capabili y on
consume s’ pu chase decisions gene ally in he
online con ex .
Financial capabili y cap u es people’s
knowledge o i nancial ma e s, hei abili y
o manage hei money and o ake con ol o
hei income. Based on Sen’s capabili y heo y
(1993), i nancial capabili y e e s o he abili y
o ac (e.g. people’s knowledge, skills, a i udes,
habi s, mo i a ions, con i dence and sel -
e i cacy), and oppo uni y o ac (e.g. people’s
awa eness o basic i nancial p oduc s hey need
o manage hei money li es) (Colla d, 2019).
P e ious s udies o i nancial capabili y used
specialis su eys (A kinson, McKay, Kempson,
& Colla d, 2006; Kempson, Colla d, & Moo e,
2005; Taylo , 2011). Adop ing Sen’s capabili y
heo y (1993), ou pape ex ends exis ing
knowledge abou he po en ial app oach
o measu ing key componen s o i nancial
capabili y ha ela e o consume s’ knowledge,
a i udes owa d isk and i nancial ma e s,
i nancial managemen using esponses o
su ey ques ions in a bank su ey abou
consume s’ ac ual shopping beha iou . While
mos o he p e ious s udies me ely ocused on
i nancial capabili y in i nancial decision making,
his esea ch makes an impo an con ibu ion
o he cu en li e a u e by ex ending ou
knowledge o i nancial capabili y on consume
online shopping decision making.
In addi ion, o s udy he online shopping
opic, echnology and social media usage ha e
come in o he schola s’ a en ion (Hube , Blu ,
B ock, Backhaus, & Ebe ha d , 2017; Pucci,
Casp ini, Nosi, & Zanni, 2019). To be able o
p edic he e ec s o echnology usage on
online pu chasing, p e ious s udies o en
explo ed he accep ance o echnology (Hube
e al., 2017); and se e al s udies ocused on
speci i c echnologies such as a sma phone
(Vo opano a, 2015), social media (Mikale ,
Giannakos, & Pa eli, 2013). Howe e , less
is known abou he easons ha in l uence
consume s’ ac ual online shopping abou he
wide anges o echnologies a ailable o hem
in hei e e yday li es. This s udy ocuses on
wo ypes o echnologies, namely, sma phone
and social media. Addi ionally, excep o
age, gende , income, occupa ion as con ol
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a iables, his s udy explo es he impac o o he
demog aphic (e.g. p io banking expe ience) on
online shopping. The widesp ead adop ion o he
banking sec o is s ongly linkage in he o e all
online en i onmen (Hamidi, Rad, & Jahany,
2012), cus ome wi h mo e banking expe ience
end o choose he In e ne as a pla o m o
shopping. Howe e , he impac o p io banking
expe ience on ac ual online pu chase has no
been ho oughly in es iga ed. The cu en s udy
also i lls his gap in he li e a u e.
Fu he mo e, mos o he s udies in online
shopping pi o ed on he de eloped coun ies’
ma ke s. Ve y limi ed esea ch has been
conduc ed in he con ex o in es iga ing online
consume beha iou ac oss ansi ion coun ies.
Obli iously, di e en online ac o s in l uence
online consume s’ beha iou depending on
he en i onmen o di e en egions. Albania
is one o he ansi ion coun ies and Albania
consume s a e mo e l exible. A epo o
In o ma ion and Communica ion Technology
(ICT) in Albania (2019) showed ha online
pu chases a e ca ied ou by 10.1% o he
popula ion aged 16–74 yea s old. Howe e ,
i is in e es ing ha mo e han 90% o he
ansac ion in Albania wi ness cash ansac ion
and a big chunk o he popula ion does no ha e
a bank accoun . This leads a doub ha a low
c edi ca d usage in Albania is he unde lying
eason o a low online pu chasing powe . This
s udy a gues ha consume s may be mo i a ed
online shopping by hei i nancial knowledge
and abili ies in a oiding p oblems wi h i nancial
issues. Fo hese easons, i is aluable o ocus
on he analysis o online consume s in Albania
unde he impac o i nancial capabili ies.
Based on he abo e gaps, his s udy
ocused on wo main objec i es. Fi s , wi h
he Sen’s capabili y heo y (1993), his s udy
iden i i es a iables in he bank su ey o
online consume s ha a e ele an o h ee
key con ibu o y ac o s in i nancial capabili y –
knowledge, a i ude, and money managemen .
Then, his s udy in es iga es he e ec o hese
dimensions on online shopping. Secondly, his
s udy examines he impac s o echnology
usage (e.g. social media, sma phone) and
p io bank expe ience on consume s’ ac ual
shopping beha iou in a ansi ion coun y
con ex , e.g. Albanian.
This s udy makes signi i can con ibu ions
o he ex an li e a u e. Fi s ly, his s udy
con ibu es o he li e a u e o online consume
beha iou by explo ing he po en ial ole o
i nancial capabili y, echnology usage, and p io
bank expe ience on ac ual shopping beha iou .
This s udy also con ibu es o he li e a u e
o i nancial capabili y by using a unique se
o a iables o measu e i nancial capabili y.
This can be in o ma i e o online endo s
o de elop e ec i e i nancial s a egies o
help ackle consume i nancial ma e s when
shopping online.
Nex pa o his pape is dedica ed o he
li e a u e e iew and hypo heses de elopmen .
Fu he pa desc ibes da a collec ion, a iable
measu emen and he used me hod. The
esul s a e analysed and in e p e ed unde
he sec ion named ‘ esul s’. Then, ou i ndings
a e discussed. A he end o he pape , he
conclusions a e p esen ed.
1. Theo e ical Backg ound
Consume s always i nd ou hei bes decisions
gi en ha hey ha e a limi ed budge o money.
While pu chasing p oduc s/se ice om a shop,
consume s ha e o spend bo h money and ime.
Wi h he phenomenon o In e ne shopping
oday, he ime cos has almos elimina ed.
Howe e , as uly s a ed ha no hing comes
wi hou a cos in business. When consume s
ha e unlimi ed choice, hey spend a lo o ime
wi hou making any i nal decision. The bigges
eason is ha he e is no “ ouch and eel
ac o ” in an online shopping con ex , he e o e,
consume s a e based on he p ice in hei
pu chase. Meanwhile, hey eel no sa e when
pu chasing p oduc s ia c edi ca ds (Bilgihan
& Kandampully, 2016). Gene ally, mos s udies
poin ed ou ha i nancial issues ( i nancial isk,
how o use a c edi ca d, how o spend money
o pu chase among unlimi ed choice) always
a e consume s’ issues when pu chasing online.
Financial capabili y is a ela i ely new
cons uc eme ged in he las decade.
Acco ding o Sen’s capabili y heo y (1993),
i nancial capabili y e e s o people’s abili y wi h
he igh so s o knowledge, skills, a i ude,
habi s, mo i a ion, as well as hei oppo uni y
owa d accessing he basic i nancial p oduc s
and se ice ha a e equipped o manage
hei i nancial ma e s. Simila i y, Taylo (2011)
de i ned ha i nancial capabili y e e s o
people’s knowledge o manage and ake con ol
o hei i nances. This concep men ions making
app op ia e i nancial decisions, unde s anding
how o con ol c edi and deb , and iden i ying
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p oduc s and se ices ha a e app op ia e
(Xiao, Chen, & Chen, 2014). Howe e , Despa d
and Chowa (2014) poin ed ou ha he concep
o i nancial capabili y and i nancial li e acy
a e o en unde s ood in e changeably. While
Hus on (2010) de i ned i nancial li e acy as
he desc ip ion o i nancial knowledge, McKay
(2011) desc ibed ha i nancial capabili y
ocuses on i nancial beha iou and e l ec s o
pu ing i nancial knowledge in o ac ion, which
is linked wi h Hus on’s (2010) de i ni ion. In i s
glance, bo h o de i ni ion, i nancial capabili y
and i nancial li e acy a e simila ways (Çe a &
Tuzi, 2019; Nguyen & Rozsa, 2019; Shk a chuk
& Sla ’yuk, 2019). Howe e , She aden (2013)
indica ed ha i nancial li e acy assumes ha
indi iduals all ha e equal chances o enhance
i nancial knowledge and skills, bu he i nancial
capabili y assumes ha no all may ha e he
same chances. Addi ionally, i nancial capabili y
is o med h ough in e ac ion wi h and eedback
om he en i onmen . In he online con ex ,
consume s’ i nancial knowledge and skills
a e shaped in online communi ies. The e o e,
based on Sen’s capabili y heo y (1993), he
concep o i nancial capabili y ha is de i ned
as consume s’ knowledge, a i ude and hei
i nancial managemen in his s udy.
Some schola s ha e de eloped he
concep ual model and empi ical es s o
i nancial capabili y. The i s s udy o i nancial
capabili y was conduc ed by he Financial
Se ices Au ho i y (FSA) in he UK (A kinson
e al., 2006). This esea ch iden i i ed i e
di e en cons uc s o i nancial capabili y, such
as: (1) making ends mee : educe p oblems
in i nancial obliga ions, (2) managing money:
keeping ack wi h con ol an o e iew o
expenses, (3) planning ahead: being u u e-
o ien ed, (4) selec ing p oduc s, e.g. deciding
easonably in i nancial ma e s, and (5) s aying
in o med, e.g. sea ching in o ma ion abou
i nancial p oduc s. All ac o s we e desc ibed
closely wi h i nancial beha iou s. Then, Taylo
(2011) de eloped a measu emen o i nancial
capabili y based on a combina ion o beha iou
and ou come cons uc s. Speci i cally, he
explo ed se en a iables in i nancial capabili y.
The e a e ou s a emen s o i nancial
ou comes, such as (1) di i cul ies in spending
accommoda ion, (2) bo owing o mee ing
housing paymen s, (3) make cu back, (4) ound
you sel o wo mon hs behind wi h you en /
mo gage, (6) Would you say ha you a e be e
o , wo se o o abou he same i nancially
han you we e a yea ago? Addi ionally, he e
a e wo s a emen s o i nancial beha iou s,
such as: (5) how well would you say you a e
managing i nancially hese days, and (7) “sa e
any amoun o you income”. Fu he mo e, Xiao
e al. (2014) measu ed i nancial capabili y wi h
h ee cons uc s, pe cei ed i nancial capabili y,
i nancial li e acy, and i nancial beha iou .
Despa d and Chowa (2014) examined i nancial
li e acy and i nancial inclusion as a combina ion
o i nancial capabili y. The s udy is o ex end
exis ing knowledge abou po en ial ways
o measu ing key componen s o i nancial
capabili y ha ela ed o consume s’ knowledge
and unde s anding o i nancial ma e s, including
hei abili y o ake con ol abou i nances, hei
a i ude o i nancial isk (Taylo , 2011), hei
knowledge abou i nancial p o ide s, as well
as i nancial counsello s (in o mal sou ce, e.g.
amily, iends, newspape ; and o mal sou ce,
e.g., i nancial ad iso , banke ) ha hey use
o gain i nancial knowledge (Vy yan, Blue, &
B imble, 2014).
Consume s oday a e inc easing he
use o online and digi al en i onmen s o
shopping and making i nancial ansac ions
unde an unce ain y en i onmen . The
inc ease in In e ne access and he g ow h
o In e ne banking ha e led o a d ama ic
ise in pu chasing goods and se ices on
he In e ne (MCEETYA, 2011). Consume s
a e esponsible o making decisions in he
online con ex . They need o enhance hei
capabili ies in sol ing hei i nancial issues
and plan o needs and wan s. Lam and Lam
(2017) a gued ha consume s ha a e mo e
likely o ake con ol o hei i nancial si ua ion
e l ec hei buying beha iou and expendi u es.
Du oy, Go se and Lejoyeux (2014) no ed ha
schola s should ocus on consume s’ i nancial
beha iou in online consume beha iou
because o di e en In e ne - ela ed beha iou s
and o l
ine shopping. Shopping on he In e ne
is highly isky ega ding he paymen p ocess
ia e-banking. Cus ome may ace secu i y
and p i acy p oblems on he In e ne . These
isks may inc ease because consume s a e
conce ned abou he secu i y o ansmi ing
c edi ca d in o ma ion h ough he In e ne .
Addi ionally, o gain i nancial knowledge,
mos consume s base on a la ge amoun o
in o ma ion and ad ice consul an s, consis ing
o in o mal sou ces (i.e. amily, iends) o
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o mal sou ces (i.e. i nancial ad iso s o
banke s) be o e conduc ing hei pu chasing
decisions (MCEETYA, 2011). Based on he
abo e discussion, he hypo hesis is:
H1: Consume s’ i nancial capabili y a ec s
online shopping.
A majo conce n among all in e ne
consume s is ha hey mus ace a highe
isk han adi ional shopping i hey a e using
s olen c edi ca ds o audulen epudia ion o
he online pu chase. Banks mus adjus hei
p io i ies o espond o his ans o ma ional shi
in he way consume s do hei banking, gi en
ha he use can economize on ime and e o .
Al hough cus ome s can selec he cash on
deli e y (COD) in online pu chasing; howe e ,
Hamidi e al. (2012) indica ed ha e-banking has
p ominen ly impac ed consume s’ pu chasing
beha iou . He explained ha cus ome s can
use online banking o making ansac ions
by debi ca d o c edi ca d, e en when hey
ha e no eady cash as long as hey ha e hei
mobile line linked o hei bank accoun (Belás,
Cipo o á, & Demjan, 2014; Negash, Meso, &
Wi edu, 2011). The e is no doub abou he ole
o e-banking ha is g ea ly a ec ing consume s’
pu chase decisions. Consume s who ha e
expe ience in he online paymen p ocess ha e
splendidly inc eased he way people pay o
hei bills. Based on he abo e discussion, we
a gue ha cus ome s who ha e expe ience in
bank usage a e much mo e com o able wi h
online banking in online shopping. The e o e,
we hypo hesize ha :
H2: Indi iduals’ p io bank expe ience
posi i ely in l uences online shopping.
Social media and sma phone change bo h
he way consume s in e ac and consume
in o ma ion and how companies communica e
wi h consume s and deli e hei se ices.
When consume s ha e begun using In e ne -
enabled mul i-de ices and social ne wo king
si es, he e has been a conside able inc ease
and ans e in online shopping beha iou
(Wagne , Sch amm-Klein, & S einmann, 2013).
Fi s o all, he phenomenon o social media
has undamen ally changed how many people,
communi ies and companies communica e
and in e ac . Kaplan and Haenlein (2010)
de i ned social media as “a g oup o In e ne -
based applica ions ha build on he ideological
and echnological ounda ions o Web 2.0,
and allow he c ea ion and exchange o use
gene a ed con en ”. In he a ea o business,
social media has opened up a new a ea o
elec ic comme ce, called social comme ce,
which changes he manne we de i ne online
shopping. Social comme ce is o med on
di e en ypes o social media, such as
Facebook, Ins ag am, You ube, and Twi e .
Social media ha e undamen ally changed he
consume decision p ocess when i p o ides
pe sonalized se ice and p oduc deli e y
based on consume p e e ences, in e es , and
in e ac ions wi h o he consume s and iends
(Gib eel, AlO aibi, & Al mann, 2018). P e ious
s udies indica ed ha one o he easons why
consume s go shopping is due o he enjoymen
which he social in e ac ion p o ides (Mikale
e al., 2013). When use s log on he social
media pla o m, hey ha e he oppo uni y o
explo e he b and pages, commen s, sha es
a pho o, o expe ience (La oche, Habibi,
& Richa d, 2013). Fo ins ance, consume
e iews a e widely a ailable o p oduc s and
se ices on he social media pla o m, helps
consume s in hei pu chasing decisions (Pan
& Chiou, 2011).
A he same ime, sma phones a e also
he p edominan d i e o g ow h o mobile
e-comme ce ansac ions. Mo e han a hi d
o all e-comme ce ansac ions a e pe o med
ia mobile de ices nowadays (CRITEO,
2018). Consume s use a sma phone
o pu chase p oduc and se ices o e
a wi eless elecommunica ion ne wo k
(Hube e al., 2017). Consume s can pe o m
a pu chase online using hei mobile de ice.
A epo indica ed ha consume s who ha e
sma phones a e mo e likely o shopping han
o he s who don’ use a sma phone (Shech e ,
2017). In ac , consume s can access he
se ice h ough he e- e aile s om a compu e
o by using hei mobile phones o download
ee apps (called as m-comme ce), which o e s
he same unc ionali ies as he websi e. They
can pu chase p oduc s h ough he mobile app
and hen collec hem in he closes s o e. On
he o he hand, consume s a e b owsing and
buying ac oss all channels and mo e ac i e
on mobile de ices han e e (CRITEO, 2018).
Based on he line o a gumen , we hypo hesize
ha :
H3: Consume s who ha e social media
accoun ha e highe chances o pu chase
online.
H4: Indi iduals who use a sma phone ha e
highe chances o pu chase online.
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2. Resea ch Me hodology
The uni o analysis in he cu en esea ch
is an indi idual who uses o has ied online
shopping. The da a used in his a icle we e
collec ed by a ace- o- ace in e iew su ey,
which was conduc ed in eigh main egions
in Albania du ing sp ing 2018. Random ou e
and las bi hday me hod we e applied in he
p ocess o he esponden ’s selec ion. Only 690
esponden s ou o all success ul in e iews
o he su ey we e conside ed o u he da a
p ocessing.
Online shopping was he dependen
a iable employed in his esea ch measu ed
as a single-i em: I use o ha e ied online
shopping. I akes wo possible alues: 1 = yes,
o 0 = no, making i a dicho omous a iable.
The measu emen ype o his a iable limi s he
s a is ical me hod ha should be pe o med o
explo e he de e minan s o indi iduals’ online
pu chase decision. Hal o he esponden s
(52.2%) used o ha e ied online shopping.
P io bank expe ience was measu ed
as he numbe o yea s one was a clien o
a bank (ca ego ical a iable: less han 1 yea ;
1–2 yea s; 3–5 yea s; 5–10 yea s, and o e
10 yea s). The cu en esea ch employed
wo main se s o independen a iables:
echnology use and indi iduals’ i nancial
capabili y. Technology use was co e ed by wo
a iables, which a e ela ed o he ac whe he
an indi idual has o no a sma phone and
social media accoun . Simila o he dependen
a iable, hese a iables had wo possibili ies:
1 = yes, 0 = o he wise. Mo e han eigh y pe
cen o esponden s we e epo ed o possess
a sma phone (89%) and adminis a e a social
media accoun (85%).
Indi idual’s i nancial capabili y was
measu ed using six een s a emen s ela ed
o peoples’ knowledge, a i ude, and money
managemen , which we e de i ned by Sen’s
capabili y heo y (1993). Indi iduals we e asked
o gi e hei pe cep ion o hese s a emen s
(see Tab. 1). The s a emen s’ esponds
we e o mula ed as i e-poin Like ype
scale (1 = no a all, 5 = ully ag ee). Fac o
analysis was used o educe his huge numbe
o ac o s. The p incipal componen analysis
helped summa ise indi idual’s pe cep ions
abou six een s a emen s in o a smalle numbe
o unde lying ac o s. We ha e kep ac o s
wi h eigen alues highe han one. The o a ed
componen ma ix is epo ed in Tab. 1. Six
ac o s eme ge om he pe o med ac o
analysis, which explained 58.5% o he a iance
in he sample. The i s ac o combines
s a emen s ela ed o c edi ca ds and online
banking, which we called digi al banking usage,
which co esponds wi h Mbama e al.’s (2018,
p. 434) de i ni ion, ha includes “elec onic
banking se ices ia digi al de ices (e.g.
-banking, e-banking, m-banking, con ac less
ca d (e.g. ap and go), ATM and poin -o -
sale) […] o in e ace wi h banks”. Mo eo e ,
i is consis en wi h wha She aden (2013)
claims ha i nancially capable indi iduals ha e
access o bene i cial i nancial p oduc s and
se ices, besides o he cha ac e is ics. Thus,
i is expec ed ha indi iduals who ha e highe
digi al banking usage o ha e highe chances
o pu chase online (H1a). The second ac o
combines h ee i ems abou he a i ude owa ds
i nancial se ice isk, which is consis en wi h he
Es elami and De Maeye ’s (2010) discussion
ha bank accoun use s mani es a ce ain
le el o isk dealing wi h i nancial se ices.
Indi iduals who pe cei ed lowe i nancial
se ices isk a e expec ed o ge in ol ed in
online shopping ac i i y (H1b). The hi d ac o
combines esponses abou he need o consul
on aking i nancial decisions, which we named
i nancial ad ice, as elabo a ed by p io s udies
(Calcagno & Mon icone, 2015; K ame , 2016;
Ma sden, Zick, & Maye , 2011). Indi iduals
who consul o seek o ad ice on i nancial
ma e s ha e highe chances o pu chase ia
online channels (H1c). The ou h ac o is
a combina ion o wo i ems which poin s a he
isk o using he bank o pay bills. The e o e,
his ac o is called a i ude owa ds paymen
isk. People who pe cei e high paymen isk
a e less p one o high- isk paymen me hods
(Ho e & Ka imo , 2016). As a esul , a nega i e
associa ion is expec ed be ween paymen isk
and online shopping (H1d). The i h ac o
combines wo s a emen s and we named i
a i ude owa ds isk ole ance, which goes in
line wi h Joo and G able’s (2004) scale. The
highe he le el o his componen , he lowe he
chances indi iduals in ol e in online pu chase
ac i i y (H1e). Finally, he six h unde lying ac o
is a combina ion o wo i ems, and i is called
i nancial a i ude. A s udy used a simila bu
la ge scale o es he in l uence o i nancial
a i ude on compulsi e buying (Pham, Yap, &
Dowling, 2012). Online shopping is expec ed
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162 2020, XXIII, 2
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o be posi i ely a ec ed by indi iduals’ i nancial
a i ude (H1 ).
Gi en ha he demog aphic a iables o
age, gende , educa ion, and income ha e been
ound o ha e a signi i can e ec on consume s’
online pu chasing beha iou (Nase i & Ellio ,
2011; Oe zen & Odeke ken-Sch öde , 2019;
P asad & Sha ma, 2016; Punj, 2011). These
demog aphic a iables we e included as
con ol a iables in he analysis o a oid
po en ial causal in l uence on online shopping
beha iou . Conside ing he iden i i ed linkages
in he li e a u e e iew and he esul o he
ac o analysis, a concep ual amewo k can be
amed as i is illus a ed in Fig. 1.
I em and componen 1 2 3456
Digi al banking usage
I like ying new ends in banking – e.g. in e ne banking,
mobile paymen s, paying by c edi ca ds in he s o e e c.
.814
I use online banking whene e I ha e he chance and
oppo uni y o use
.734
I p oac i ely seek o he in o ma ion ega ding di e en banking
p oduc s & se ices
.636
I canno imagine my li e wi hou banking .515
A i ude owa ds i nancial se ice isk
I eel ha banks do no in o m he cus ome s well abou all he
de ails and cos s o bank p oduc s/se ices
.812
Banks wan o exploi you, hey hink only abou hei p o i .751
I ha e some imes p oblems o unde s and he de ails o banking
p oduc s and bank language in gene al
.642
Financial ad ice
Spending oo much money makes me eel guil y .688
I consul my i nancial ma e s wi h a i nancial ad iso o banke .654
I consul my i nancial ma e s wi h amily, iend e c. .625
A i ude owa ds paymen isk
I p e e o isi he b anch pe sonally when I wan o do some
bank ansac ion
.705
I don’ pay my u ili ies h ough banks as I us only s amped
eceip s abou paymen om u ili ies hemsel es
.676
A i ude owa ds isk ole ance
I keep my money a home a he han in he bank .705
My ela ionship wi h he bank is “only ge ing my sala y” h ough
ATMs
.690
Financial a i ude
I’m ying no o ha e any deb s .864
I always keep some sa ings o unp edic able u u e expenses .624
Sou ce: own
No e: Ro a ion me hod: Va imax wi h Kaise no maliza ion. Ro a ion con e ged in 6 i e a ions; Kaise ’s measu e o
sampling adequacy = .686; Va iance explained = 58.546%; Co ela ion ma ix’s de e minan = .136; Coe i cien loading
displayed > |.34|.
Tab. 1: P incipal componen analysis: he o a ed componen ma ix
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As men ioned ea lie , he na u e o he
dependen a iable limi s he use o he
s a is ical me hod. Wi h his in mind, logis ic
eg ession was pe o med o in es iga e he
e ec o consume ’s i nancial capabili ies and
echnology use on he decision o pu chase
online (Hosme , Lemeshow, & S u di an , 2013;
Tabachnick & Fidell, 2013). All he analyses
shown he e a e pe o med using compu e
s a is ical packing SPSS, e sion 23.
3. Resea ch Resul s
To ha e a be e iew o he e ec o di e en
ac o s on ou dependen a iable, ou logis ic
eg essions we e pe o med. In all cases,
he dependen a iable was online shopping
(Yes/No). The i s one (Model 1, baseline
model), includes only con ol a iables, which
we e gende , age, income le el and occupa ion
o he esponden . The second model includes
wo ac o s ela ed o echnology use, which a e
ha ing a sma phone and using social media.
The esul s o hese wo logis ic eg essions
a e shown in Tab. 2. Model 3 and 4 in end o
in es iga e he e ec o consume ’s i nancial
capabili ies and p io bank expe ience on
online shopping. Thei esul s a e summa ized
in Tab. 3.
The baseline model demons a ed ha
besides gende , all o he con olled a iables
ha e a s a is ically signi i can in l uence on
online pu chase decision (see Tab. 2). Olde
indi iduals had ewe chances o ge in ol ed in
online shopping, as he odds a io was epo ed
less han one, χ2 = 44.23, OR = 0.947, p < 0.01.
As he indi idual’s income le el inc eases, he
highe a e he odds a ios he/she pu chased
online. When compa ed o he highes income
le el, he income le els we e s a is ically
signi i can , indica ing ha income p edic ed
one’s online pu chase decision, o example,
he hi d le el, χ2 = 7.195, OR = 0.181, p < 0.01.
Re e ing o an indi idual’s occupa ion, esul s
showed ha manage s o sel -employed had
highe chances o pu chase online, χ2 = 6.769,
OR = 4.367, p < 0.01. Simila esul s a e
ound e en o hose wo king as specialis s,
χ2 = 5.299, OR = 3.525, p < 0.05. The e o e,
occupa ion s a is ically p edic ed online
shopping, χ2 = 19.19, p < 0.01.
Model 2 explo es he ela ionship o online
shopping wi h echnology use by including in
he analysis o he wo new a iables: ha ing
a sma phone and using social media (see
Tab. 2). This logis ic eg ession e ealed ha
bo h a iables p edic ed an indi idual’s online
pu chase decision. Possessing a sma phone
(χ2 = 5.604, OR = 4.773, p < 0.05) and using
social media (χ2 = 17.61, OR = 9.564, p < 0.01)
inc eased he chances ha an indi idual
Fig. 1: Concep ual amewo k
Sou ce: own
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164 2020, XXIII, 2
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pu chase h ough online channel. As a esul ,
H3 and H4 we e suppo ed. Conce ning con ol
a iables, Model 2 showed simila esul s wi h
he baseline model. Mo eo e , Model 2 included
educa ion le el as an ex a con ol a iable,
which was ound o be signi i can , χ2 = 6.737,
p < 0.10. Thus, he highe he educa ion le el,
he highe we e he odds an indi idual o
pu chase online.
As men ioned ea lie , Model 3 and 4
a e pe o med o in es iga e he e ec o
indi iduals’ i nancial capabili y and expe ience
as a bank clien on online shopping. Thei
esul s a e shown in Tab. 3. Model 3 is an
Model 1 (baseline) Model 2 ( echnology use)
B SE OR Wald B SE OR Wald
Cons an 2.387 0.885 10.88 7.275 *** -2.097 1.223 0.123 2.940 *
Gende -0.030 0.177 0.970 .0280 0.066 0.190 1.068 0.123
Age -0.054 0.008 0.947 44.23 *** -0.021 0.010 0.979 4.653 **
Income 9.870 7.364
Less han 15,000 ALL -2.209 0.809 0.110 7.458 *** -1.937 0.866 0.144 4.998 **
15,000–23,999 ALL -1.950 0.666 0.142 8.576 *** -1.565 0.724 0.209 4.666 **
24,000–39,999 ALL -1.709 0.637 0.181 7.195 *** -1.587 0.687 0.205 5.328 **
40,000–59,999 ALL -1.575 0.633 0.207 6.189 ** -1.655 0.677 0.191 5.971 **
60,000–78,999 ALL -1.588 0.691 0.204 5.286 ** -1.840 0.733 0.159 6.296 **
79,000–100,000 ALL -1.692 0.811 0.184 4.355 ** -1.874 0.840 0.154 4.979 **
Occupa ion 19.19 *** 9.880 **
Manage o sel -employed 1.474 0.567 4.367 6.769 *** 1.036 0.620 2.818 2.786 *
Specialis 1.260 0.547 3.525 5.299 ** 1.012 0.608 2.751 2.775 *
Unquali i ed wo ke 0.236 0.590 1.266 0.161 0.166 0.657 1.181 0.064
Educa ion 6.737 *
Elemen a y -1.672 0.805 0.188 4.314 **
Voca ional -0.033 0.462 0.968 0.005
Seconda y -0.408 0.220 0.665 3.421 *
Technology use
Sma phone 1.563 0.660 4.773 5.604 **
Social ne wo k 2.258 0.538 9.564 17.61 ***
Model es /s a is ic χ2d Sig. χ2d Sig.
Omnibus es 86.76 11 0.000 151.6 16 0.000
Hosme & Lemeshow es 10.54 8 0.229 5.715 8 0.679
-2Log likelihood 762.5 697.7
Cox & Snell R20.132 0.218
Nagelke ke R20.176 0.292
Obse a ions 615 615
Sou ce: own
No e: *, **, and *** s and o 90%, 95% and 99% signi i cance le el. Le els o income a e compa ed o Income abo e
100,000 ALL (1 EUR = 126.89 ALL, 10 h May 2018), occupa ion ca ego ies a e compa ed o O he ca ego y, educa ion
le els a e compa ed o he uni e si y one.
Tab. 2: Logis ic eg essions’ esul s: he e ec o echnology use on online pu chase
decision
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