Sinergi Inklusi dan Literasi Keuangan dalam Memacu Pertumbuhan Ekonomi Indonesia: Analisis Empiris Menggunakan Pendekatan Autoregressive Distributed Lag (ARDL)
DOI:
https://doi.org/10.63822/hjqw9z87Keywords:
financial inclusion, financial literacy, economic growth, ARDL, macroeconomic stabilityAbstract
This study analyzes the dynamics of the relationship between financial inclusion, financial literacy, and Indonesia's economic growth during the 2013–2025 period. With the Indonesia Emas 2045 agenda as context, the study highlights structural issues in the form of the gap between expanding access to financial services (inclusion) and public understanding (literacy). Using a quantitative approach through the Autoregressive Distributed Lag (ARDL) model, the study tests for the existence of long-term cointegration while estimating short-term adjustment mechanisms through error correction. Stationarity tests indicate a combination of degrees of integration I(0) and I(1), making the selection of ARDL (1, 0, 0) relevant. The main results confirm the existence of a cointegration relationship: financial inclusion has a positive and significant impact on GDP in the long run with a coefficient of 0.15, while financial literacy contributes positively, primarily through strengthening more stable consumption behavior. The Error Correction Term (ECT) coefficient of -0.68 indicates a relatively rapid recovery process, with approximately 68% of the deviation from the long-run equilibrium corrected within one year. The research's contribution lies in utilizing the latest post-pandemic data and evaluating the implications of the National Strategy for Financial Inclusion (SNKI). Policy recommendations emphasize a shift from solely focusing on infrastructure expansion to strengthening the capabilities of financial service users, in order to mitigate the risks of predatory inclusion and ensure higher-quality and sustainable growth.
Downloads
References
Adam, M., Hammoudeh, M., Alrawashdeh, R., & Alsulaimy, B. (2024). A Survey on Security, Privacy, Trust, and Architectural Challenges in IoT Systems. IEEE Access, 12, 57128–57149. https://doi.org/10.1109/access.2024.3382709
Adelaja, A., Umeorah, S., Abikoye, B., & Nezianya, M. (2024). Advancing financial inclusion through fintech: Solutions for unbanked and underbanked populations. World Journal of Advanced Research and Reviews, 23(2), 427–438. https://doi.org/10.30574/wjarr.2024.23.2.2379
Afjal, M. (2023). Bridging the financial divide: a bibliometric analysis on the role of digital financial services within FinTech in enhancing financial inclusion and economic development. Humanities and Social Sciences Communications, 10(1). https://doi.org/10.1057/s41599-023-02086-y
Ahanger, A. S., Khan, S. M., Masoodi, F., & Salau, A. O. (2025). Advanced intrusion detection in internet of things using graph attention networks. Scientific Reports, 15(1). https://doi.org/10.1038/s41598-025-94624-8
Alfarizi, M., Widiastuti, T., & Ngatindriatun, N. (2023). Exploration of Technological Challenges and Public Economic Trends Phenomenon in the Sustainable Performance of Indonesian Digital MSMEs on Industrial Era 4.0. Journal of Industrial Integration and Management, 09(01), 65–96. https://doi.org/10.1142/s2424862223500045
Azmeh, C., & Al-Raeei, M. (2024). Exploring the dual relationship between fintech and financial inclusion in developing countries and their impact on economic growth: Supplement or substitute? PloS One, 19(12), e0315174. https://doi.org/10.1371/journal.pone.0315174
Bassey, C. E., Okputu, R. A., Oduneka, A. E., & Imoh, I. K. (2024). FINANCIAL SECTOR REFORMS AND ECONOMIC GROWTH IN NIGERIA. International Journal of Management Studies and Social Science Research, 01, 112–125. https://doi.org/10.56293/ijmsssr.2024.4811
Ben Belgacem, S., Younsi, M., Bechtini, M., Alzuman, A., & Khalfaoui, R. (2024). Do Financial Development, Institutional Quality and Natural Resources Matter the Outward FDI of G7 Countries? A Panel Gravity Model Approach. Sustainability, 16(6), 2237. https://doi.org/10.3390/su16062237
Binsuwadan, J., Elhaj, M., Bousrih, J., Mabrouk, F., & Alofaysan, H. (2024). The Relationship between Financial Inclusion and Women’s Financial Worries: Evidence from Saudi Arabia. Sustainability, 16(19), 8317. https://doi.org/10.3390/su16198317
Destiani, R. D., & Mufiidah, A. N. (2024). Era Baru Ekonomi Digital: Studi Komprehensif tentang Teknologi dan Pasar. ADI Bisnis Digital Interdisiplin Jurnal, 5(1), 47–50. https://doi.org/10.34306/abdi.v5i1.1095
Döttling, R., & Ratnovski, L. (2022). Monetary policy and intangible investment. Journal of Monetary Economics, 134, 53–72. https://doi.org/10.1016/j.jmoneco.2022.11.001
Dumitrescu, B. A., Enciu, A., Hândoreanu, C. A., Obreja, C., & Blaga, F. (2022). Macroeconomic Determinants of Household Debt in OECD Countries. Sustainability, 14(7), 3977. https://doi.org/10.3390/su14073977
Fawzy, D., Moussa, S., & Badr, N. (2021). The Spatiotemporal Data Fusion (STDF) Approach: IoT-Based Data Fusion Using Big Data Analytics. Sensors (Basel, Switzerland), 21(21), 7035. https://doi.org/10.3390/s21217035
Fawzy, D., Moussa, S. M., & Badr, N. L. (2022). The Internet of Things and Architectures of Big Data Analytics: Challenges of Intersection at Different Domains. IEEE Access, 10, 4969–4992. https://doi.org/10.1109/access.2022.3140409
Haag, L., & Brahm, T. (2025). The Gender Gap in Economic and Financial Literacy: A Review and Research Agenda. International Journal of Consumer Studies, 49(2). https://doi.org/10.1111/ijcs.70031
Habibi, A., Sofyan, S., & Mukminin, A. (2023). Factors affecting digital technology access in vocational education. Scientific Reports, 13(1). https://doi.org/10.1038/s41598-023-32755-6
Hakim, I. M., Singgih, M. L., & Gunarta, I. K. (2023). Critical Success Factors for Internet of Things (IoT) Implementation in Automotive Companies, Indonesia. Sustainability, 15(4), 2909. https://doi.org/10.3390/su15042909
Hao, Z., Zhao, Z., Pan, Z., Tang, D., Zhao, M., & Zhang, H. (2025). Spatial Effects of Financial Agglomeration and Green Technological Innovation on Carbon Emissions. Sustainability, 17(6), 2746. https://doi.org/10.3390/su17062746
Hasan, M. M., & Lu, Z. (2023). Nexus among financial inclusion and sustainability in Asia: role of banking sector. Environmental Science and Pollution Research, 30(22), 62481–62493. https://doi.org/10.1007/s11356-023-26028-y
Jiang, J., Zhu, S., & Wang, W. (2022). Carbon Emissions, Economic Growth, Urbanization, and Foreign Trade in China: Empirical Evidence from ARDL Models. Sustainability, 14(15), 9396. https://doi.org/10.3390/su14159396
Kahveci, E., & Gurgur, T. (2025). Digital Payments and Sustainable Economic Growth: Transmission Mechanisms and Evidence from an Emerging Economy, Turkey. Journal of Theoretical and Applied Electronic Commerce Research, 20(2), 142. https://doi.org/10.3390/jtaer20020142
Khan, M. A., Haddad, H., Odeh, M., Haider, A., & Khan, M. A. (2022). Institutions, Culture, or Interaction: What Determines the Financial Market Development in Emerging Markets? Sustainability, 14(23), 15883. https://doi.org/10.3390/su142315883
Litavcová, E., & Chovancová, J. (2021). Economic Development, CO2 Emissions and Energy Use Nexus-Evidence from the Danube Region Countries. Energies, 14(11), 3165. https://doi.org/10.3390/en14113165
Matuka, A., & Asafo, S. S. (2021). Effects of Services on Economic Growth in Albania: An ARDL Approach. The Journal of International Trade & Economic Development, 30(6), 856–881. https://doi.org/10.1080/09638199.2021.1910723
Metcalfe, S., Broström, A., & Mckelvey, M. (2024). On knowledge and economic transformation: Joseph Schumpeter and Alfred Marshall on the theory of restless capitalism. Industry and Innovation, 32(2), 229–242. https://doi.org/10.1080/13662716.2024.2376318
Mujiatun, S., Trianto, B., Cahyono, E. F., & Rahmayati, R. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance: Evidence from Halal Tourism in Indonesia. Sustainability, 15(13), 9868. https://doi.org/10.3390/su15139868
Nassani, A. A., Imran, M., Khan, S., Zaman, K., Khan, H. U. R., & Haffar, M. (2025). Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies. Financial Innovation, 11(1). https://doi.org/10.1186/s40854-024-00733-0
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208
Peng, H., & Qiu, Y. (2023). Impact of Financial Agglomeration on Regional Economic Growth in China: A Spatial Correlation Perspective. Sage Open, 13(3). https://doi.org/10.1177/21582440231196347
Qur’Anisa, Z., Herawati, M., Lisvi, L., Putri, M., & Feriyanto, O. (2024). Peran Fintech Dalam Meningkatkan Akses Keuangan Di Era Digital. GEMILANG: Jurnal Manajemen Dan Akuntansi, 4(3), 99–114. https://doi.org/10.56910/gemilang.v4i3.1573
Rostamkalaei, A., Riding, A., & Saridakis, G. (2024). Does financial knowledge affect borrower discouragement among various social categories? Evidence from the United States. Journal of Consumer Affairs. https://doi.org/10.1111/joca.12612
Sapino, F., Haer, T., Saiz-Santiago, P., & Pérez-Blanco, C. D. (2023). A multi-agent cellular automata model to explore water trading potential under information transaction costs. Journal of Hydrology, 618, 129195. https://doi.org/10.1016/j.jhydrol.2023.129195
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021). User Innovativeness and Fintech Adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 188. https://doi.org/10.3390/joitmc7030188
Simatupang, D., Sulaeman, I., Moonen, N., Maulana, R., Baharuddin, S., Suryani, A., Popovic, J., & Leferink, F. (2021). Remote Microgrids for Energy Access in Indonesia—Part II: PV Microgrids and a Technology Outlook. Energies, 14(21), 6901. https://doi.org/10.3390/en14216901
Sumarni, Y. (2020). Pandemi Covid-19: Tantangan Ekonomi dan Bisnis. Al-Intaj : Jurnal Ekonomi Dan Perbankan Syariah, 6(2), 46. https://doi.org/10.29300/aij.v6i2.3358
Taleb, T. S. T., Hashim, N., Ahmad, S., & Abu Bakar, L. J. (2024). Human capital and micro-business performance: the effective roles of bricolage and technology adoption in times of crises. European Journal of Innovation Management, 28(8), 3747–3770. https://doi.org/10.1108/ejim-03-2024-0262
Tidjani, C., & Madouri, A. (2024). Fintech, financial inclusion, and sustainable development in the African region. Frontiers in Applied Mathematics and Statistics, 10. https://doi.org/10.3389/fams.2024.1276218
Tiga, E. K. I., Marimpan, L. S., Mau, A. E., & Rammang, N. (2024). Assessing Agroforestry Impact on Household Income: A Study of the Bu’u Bei Community Forest (HKm) in Tina Bani Village, Ende, Indonesia. Jurnal Wasian, 11(2), 01–15. https://doi.org/10.62142/5jw1by08
Van Thiel, D., Elliott, K., Goedee, J., & Leenders, R. (2024). Responsible access to credit for sole-traders and micro-organizations under unstable market conditions with psychometrics. The European Journal of Finance, ahead-of-print(ahead-of-print), 1–33. https://doi.org/10.1080/1351847x.2024.2357569
Xu, S., & Jiang, K. (2024). Knowledge creates value: the role of financial literacy in entrepreneurial behavior. Humanities and Social Sciences Communications, 11(1). https://doi.org/10.1057/s41599-024-03201-3
Zhao, G., Yuan, Y., & Zhang, Y. (2025). Exploring the Mechanism and Path of Financial Literacy’s Impact on Consumption of Middle-aged and Elderly Rural Residents: Micro-evidence from CHFS Data. International Review of Economics and Finance, 97, 103776. https://doi.org/10.1016/j.iref.2024.103776
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Yasrizal Yasrizal, Sailal Arimi, Aglis Andhita Hatmawan (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
