The study aims to evaluate the relationship between the use of nine financial instruments and the usage of two fintech applications with the four pillars of financial literacy, namely financial knowledge, advanced financial knowledge, financial behaviour, and financial attitude. A mixed-method analysis is conducted, proceeding with primary research through online surveys of 189 respondents and consequently phenomenology-based interviews with select respondents. A series of logistic regression estimates are specified to evaluate the relationships. Financial behaviour is identified as the pillar that explains the usage of the majority of instruments, while financial knowledge and financial attitude have the lowest explanatory power. The study makes important contributions by adapting OECD’s financial literacy construct to evaluate its relationship with different instruments and fintech uses for millennials, a demographic that is a key focus for policymakers, financial services firms, and startups in the post-pandemic digital native world.
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