<![CDATA[This research investigates the determinants of financial well-being among Micro, Small, and Medium Enterprise (MSME) owners in Indonesia, specifically analyzing the impact of financial literacy and financial technology. Additionally, the study explores the potential of financial performance to serve as a moderating variable within this framework. Adopting a quantitative methodology, the study analyzed primary data collected from MSME practitioners using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test both direct paths and moderating effects. The empirical results indicate that neither financial literacy nor financial technology possesses a significant direct influence on financial well-being. In contrast, self-control was identified as the most dominant factor in enhancing the financial status of entrepreneurs. While financial performance demonstrates a significant direct correlation with financial well-being, it does not function as a moderator in the relationship between literacy, technology, and well-being. Instead, performance acts as an independent predictor rather than a reinforcing mechanism. These findings underscore a notable "knowledge–action gap," where possessing financial expertise and technological access does not automatically yield positive financial outcomes in the absence of disciplined behavior. By highlighting the primacy of psychological attributes—specifically self-control—over purely cognitive or technical factors, this study contributes a fresh perspective to the literature. Practically, it suggests that policymakers and financial educators should pivot toward behavioral interventions and the cultivation of financial discipline to effectively bolster the long-term financial health of MSMEs.]]>
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