Unveiling The Power of YouTube in Digital Financial Literacy

Sylviana Maya Damayanti, Dini Lestari

Abstract


Research aims: The importance of digital financial literacy (DFL) as a core component of education is expected to grow in the digital age. Social media platforms have made huge improvements in their ability to support information sharing and the establishment of educational communities. A total of 30 samples were obtained from YouTube video creators in Indonesia, Malaysia, and the Philippines. We compared two models of User Engagement Rate in this study, specifically Commitment 1: Engagement Rate and Commitment 2: Total Engagement. The objective of this study is to investigate the characteristics of social media video content that resulted in greater user interaction on social media platforms, specifically in the context of using YouTube as a platform for digital financial literacy tools.

Design/Methodology/Approach: The present study employed quantitative methodologies, specifically exploratory factor analysis and predictive regression models

Research findings:  The findings indicate that the fluency of videos, vividness level, and content type exerted a substantial influence on user engagement rate when considered in a integrated way, rather than individually. The factors of popularity and virality have a substantial impact on the rates of user engagement.

Theoretical contribution/ Originality: This study represents a pioneering investigation into the potential of YouTube as a catalyst for progress in the realm of financial education, with a specific focus on enhancing digital financial literacy.

Practitioner/Policy implication: Collaboration between content creators, corporate partners, and government entities can be leveraged to produce a very successful and widely shared video, hence creating lucrative potential for monetization.

Research limitation/Implication: This study is limited to three countries located in the South East Asian region, which serve as the residence for content providers.


Keywords


User Engagement; Digital Financial Literacy; Predictive Regression; Social Media; Youtube

References


Agrawal, A., Gupta, A. and Yousaf, A. (2018), “Like it but do not comment: manipulating engagement of sports fans in social media”, International Journal of Sport Management and Marketing, Vol. 18 No. 4, pp. 340-356.

Angelica, A. E., Zen, T. S., & Hasanah, E. N. (2023). The Effect of Financial Contents on Social Media Towards Financial Literacy on Generation Z in Sumatra and Java. Journal of Consumer Studies and Applied Marketing, 1(1), 37–45. https://doi.org/10.58229/jcsam.v1i1.47

Cao, Y., Gong, F., & Zeng, T. (2020). Antecedents and Consequences of Using Social Media for Personal Finance. Journal of Financial Counseling and Planning, 31(1), 162–176. https://doi.org/10.1891/JFCP-18-00049

Chang, H. H., & Chuang, S. S. (2011). Social capital and individual motivations on knowledge sharing: Participant involvement as a moderator. Information & Man- agement, 48(1), 9–18.

Chen, G. M. (2010). Tweet this: A uses and gratifications perspective on how active Twitter use gratifies a need to connect with others. Computers in Human Behavior, 27(2), 755–762.

Chhabra, K. K., & Gupta, P. S. (2023). Impact of Digital Media Platforms on Personal Financial Literacy. IRE 1704796 ICONIC RESEARCH AND ENGINEERING JOURNALS, 6(12), 1195–1205.

Choi, D., Matni, Z., & Shah, C. (2016). What social media data should i use in my research?: A comparative analysis of twitter, youtube, reddit, and the new york times comments. Proceedings of the Association for Information Science and Technology, 53(1), 1–6. https://doi.org/10.1002/pra2.2016.14505301151

Colliander, J., & Dahlén, M. (2011). Following the fashionable friend: The power of social media. Journal of Advertising Research, 51(1), 313–320.

Cvijikj, I.P., Michahelles, F., (2013). Online engagement factors on Facebook brand pages. Soc. Network Anal. Mining 3 (4), 843–861.

De Luca, F., Iaia, L., Mehmood, A., & Vrontis, D. (2022). Can social media improve stakeholder engagement and communication of Sustainable Development Goals? A cross-country analysis. Technological Forecasting and Social Change, 177(July 2021), 121525. https://doi.org/10.1016/j.techfore.2022.121525

Denktas¸-S¸ akar, G., Sürücü, E., (2020). Stakeholder engagement via social media: an analysis of third-party logistics companies. Service Ind. J. 40 (11-12), 866–889.

De Vries, L., Gensler, S., Leeflang, P.S., (2012). Popularity of brand posts on brand fan pages: an investigation of the effects of social media marketing. J. Interact. Mark. 26 (2), 83–91.

Dholakia, U. M., Bagozzi, R. P., & Pearo, L. K. (2004). A social influence model of con- sumer participation in network- and small-group-based virtual communities. International Journal of Research in Marketing, 21(3), 241–263.

Dodson, I., 2016. The Art of Digital Marketing: The Definitive Guide to Creating Strategic, Targeted, and Measurable Online Campaigns. John Wiley & Sons, Hoboken, NJ

Drivas, I. C., Kouis, D., Kyriaki-Manessi, D., & Giannakopoulou, F. (2022). Social Media Analytics and Metrics for Improving Users Engagement. Knowledge, 2(2), 225–242. https://doi.org/10.3390/knowledge2020014

Eighmey, J., & McCord, L. (1998). Adding value in the information age: Uses and gratifications of sites on the World Wide Web. Journal of Business Research, 41(3), 187–194.

Hamid, O. H., & El, A. (2015). The Blurred Line between “ Long ” and “ Short ”: How the Length of Video Lectures Affects the Viewing Behavior of E-Learners. Computer Engineering and Intelligent Systems, 6(3), 32–38.

Hayati, A. F., & Syofyan, R. (2021). Analysis of Student Digital Financial Literacy in the Era of Industrial Revolution 4 . 0. Eighth Padang International …, 192(Piceeba), 180–184. https://www.atlantis-press.com/proceedings/piceeba-8-21/125976324

Ischenko, Natalya (2023) Financial Literacy in Southeast Asia is set to match industry growthhttps://e27.co/financial-literacy-in-southeast-asia-is-set-to-match-industry-growth-20230726/

Jhonson, B., Andriani, R., Noviana, I., & Tamara, D. (2023). THE INFLUENCE OF DIGITAL FINANCIAL LITERACY ON FINANCIAL WELL-BEING THROUGH SPENDING, SAVING, AND INVESTMENT BEHAVIOR IN INDONESIA. Journal of Business Studies and Management Review, 6(2), 157–168.

Khan, M. L. (2017). Social media engagement: What motivates user participation and consumption on YouTube? Computers in Human Behavior, 66, 236–247. https://doi.org/10.1016/j.chb.2016.09.024

Keller, P.A. and Lehmann, D.R. (2008), “Designing effective health communications: a meta-analysis”, Journal of Public Policy&Marketing, Vol. 27No. 2, pp. 117-130.

Kelman, H. C. (1958). Compliance, identification, and internalization: Three pro- cesses

Lee, C.T. and Hsieh, S.H. (2019), “Engaging consumers in mobile instant messaging: the role of cute branded emoticons”, Journal ofProduct&BrandManagement, Vol. 28 No No. 7, pp. 849-863.

Loibl, C., & Hira, TK (2005). Self-Directed Financial Learning and Financial Satisfaction. Financial Counseling and Planning, 16, 11–21

Mariani, M. (2019), “Big-data and analytics in tourism and hospitality: a perspective article”, Tourism Review,Vol. 75 No. 1, pp. 299-303.

Marvaniya, N. M. (2023). A Study of Conceptual Framework and Need of Digital Financial Literacy in India. Journal of Research in Business and Management, 11(3), 261–264.

Mcshane, L., Pancer, E., & Poole, M. (2019). The Influence of B to B Social Media Message Features on Brand Engagement : A Fluency Perspective The Influence of B to B Social Media Message Features on Brand Engagement : Journal of Business-to-Business Marketing, 26(01), 1–18. https://doi.org/10.1080/1051712X.2019.1565132

Ngai, E. W. T., Tao, S. S. C., & Moon, K. K. L. (2015). Social media research : Theories , constructs , and conceptual frameworks. International Journal of Information Management, 35(1), 33–44. https://doi.org/10.1016/j.ijinfomgt.2014.09.004

Nisbett, R.E. and Ross, L. (1980), Human Inference: Strategies and Shortcomings of Social Judgment, Prentice-Hall, EnglewoodCliffs, NJ.

Normawati, R., Rahayu, S., & Worokinasih, S. (2021). Financial Knowledge, Digital Financial Knowledge, Financial Attitude, Financial Behaviour and Financial Satisfaction on Millennials. ICLSSEE, January 2021. https://doi.org/10.4108/eai.6-3-2021.2305967

Pancer, E., and M. Poole. (2016). The popularity and virality of political social media: Hashtags, mentions, and links pre- dict likes and retweets of 2016 US presidential nominees’ tweets. Social Influence, 11(4), 259–270.

Patmanthara, S., Febiharsa, D., & Dwiyanto, F. A. (2019). Social Media as a Learning Media: A Comparative Analysis of Youtube, WhatsApp, Facebook and Instagram Utillization. ICEEIE 2019 - International Conference on Electrical, Electronics and Information Engineering: Emerging Innovative Technology for Sustainable Future, 183–186. https://doi.org/10.1109/ICEEIE47180.2019.8981441

Portes, A. (1998). Social capital: Its origins and applications in modern sociology. Annual Review of Sociology, 24, 1–24

Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205

Ravikumar, T., Suresha, B., Prakash, N., Vazirani, K., & Krishna, T. A. (2022). Digital financial literacy among adults in India: measurement and validation. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2132631

Revelle, W. (1979). Hierarchical Cluster Analysis and the Internal Structure of Tests. Multivar. Behav. Res, 14, 57–74.

Ridho, W. F. (2022). Comparison of Social Media as a Platform for Financial Literacy Source. JAMB (Jurnal Aplikasi Manajemen Dan Bisnis), 3(1), 1–14.

Rizon, R., Anastasia, N., & Evelyn, E. (2021). the Influence of Demography, Social Media, Risk Attitude, and Overconfidence on the Financial Literacy of Users Social Media in Surabaya. International Journal of Financial and Investment Studies (IJFIS), 2(1), 10–19. https://doi.org/10.9744/ijfis.2.1.10-19

Shahbaznezhad, H., Dolan, R., & Rashidirad, M. (2021). The Role of Social Media Content Format and Platform in Users’ Engagement Behavior. Journal of Interactive Marketing, 53,47–65. https://doi.org/10.1016/j.intmar.2020.05.001

Surucu-balci, E., Balci, G., & Fai, K. (2019). Social Media Engagement of Stakeholders: A Decision Tree Approach in Container Shipping. Computers in Industry, 115. https://doi.org/10.1016/j.compind.2019.103152

Trunfio, M., & Rossi, S. (2021). Conceptualising and measuring social media engagement: A systematic literature review. Italian Journal of Marketing, 2021(3), 267–292. https://doi.org/10.1007/s43039-021-00035-8

Ursachi, G.; Horodnic, I.A.; Zait, A. (2015) How Reliable Are Measurement Scales? External Factors with Indirect Influence on Reliability Estimators. Procedia Econ. Fin. , 20, 679–686.

Viglia, G., Pera, R., Bign´e, E., (2018). The determinants of stakeholder engagement in digital platforms. J. Bus. Res. 89, 404–410. https://doi.org/10.1016/j. jbusres.2017.12.029.

Voorveld, H. A., Van Noort, G., Muntinga, D. G., & Bronner, F. (2018). Engagement with social media and social media advertising: The differentiating role of platform type. Journal of Advertising, 47(1), 38–54

Xu, Q. A., Chang, V., & Jayne, C. (2022). A systematic review of social media-based sentiment analysis: Emerging trends and challenges. Decision Analytics Journal, 3(May), 100073. https://doi.org/10.1016/j.dajour.2022.100073

Yanto, H., Ismail, N., Kiswanto, K., Rahim, N. M., & Baroroh, N. (2021). The roles of peers and social media in building financial literacy among the millennial generation: A case of indonesian economics and business students. Cogent Social Sciences, 7(1). https://doi.org/10.1080/23311886.2021.1947579

Yousaf, A., Amin, I., Jaziri, D., & Mishra, A. (2021). Effect of message orientation/vividness on consumer engagement for travel brands on social networking sites. Journal of Product and Brand Management, 30(1), 44–57. https://doi.org/10.1108/JPBM-08-2019-2546

Zachlod, C., Samuel, O., Ochsner, A., & Werthmüller, S. (2022). Analytics of social media data – State of characteristics and application. Journal of Business Research, 144(January), 1064–1076. https://doi.org/10.1016/j.jbusres.2022.02.016.




DOI: https://doi.org/10.18196/jai.v25i2.20677

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Office:
Ruang Jurnal Fakultas Ekonomi dan Bisnis UMY
Gedung Ki Bagus Hadikusuma (E4) Lantai 2, Kampus Terpadu Universitas Muhammadiyah Yogyakarta,
Jalan Brawijaya (Lingkar Selatan), Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia, 55183
Website: journal.umy.ac.id/index.php/ai - E-mail: jai@umy.ac.id

Journal of Accounting and Investment is licensed under Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License

View My Stats