<![CDATA[Financial technology has widened young people’s access to digital financial services, yet broader access does not automatically lead to better personal financial management. This study examines a sample-specific indication of the digital financial inclusion paradox by testing financial literacy, fintech-based financial inclusion, and lifestyle as determinants of personal financial management among Gen Z and Millennial fintech users in Yogyakarta and Semarang. Using a quantitative cross-sectional design, data were collected from 200 respondents selected through purposive sampling and analyzed using SEM-PLS with SmartPLS 3. The results show that financial literacy had no significant effect on personal financial management (β = 0.003; t = 0.030; p = 0.976). Fintech-based financial inclusion had a significant negative effect (β = -0.186; t = 2.677; p = 0.007), whereas lifestyle had a significant positive effect (β = 0.173; t = 2.105; p = 0.035). The model explained only 7.1% of the variance in personal financial management, indicating limited explanatory power. Supplementary Multi-Group Analysis showed no significant path differences between Gen Z and Millennials; however, this result should be interpreted cautiously because measurement invariance was not fully established. Overall, the findings provide preliminary and sample-specific evidence that fintech access may not strengthen personal financial management when it is not supported by behavioral control, digital financial literacy, and awareness of digital credit risks.]]>
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