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Financial stress (FS) has become a critical issue influencing financial behavior (FB), particularly in the context of Indonesia’s evolving financial environment. This study examines the effects of current money management stress (CMMS) and expected future financial security (EFFS) on FS and its subsequent impact on FB. Additionally, digital knowledge (DK) was assessed as a moderating factor, while age and gender were explored as moderators of financial decision-making patterns. The study utilizes partial least squares structural equation modeling (PLS-SEM) to analyze responses from 514 participants in Jakarta, Surabaya, and Yogyakarta, ensuring a diverse representation of urban financial consumers. The findings confirm that CMMS significantly increases FS, reinforcing the role of immediate financial pressure in shaping financial well-being. While EFFS positively influences FB, it does not significantly reduce FS, suggesting that long-term financial optimism does not necessarily alleviate short-term financial anxiety. The study also finds that FS negatively affects FB, indicating that individuals under stress are more likely to engage in suboptimal financial decisions. Although DK significantly improves FB, it does not directly reduce FS, highlighting the importance of integrating financial education with digital literacy. The moderating effects of age and gender reveal that younger individuals and women experience stronger negative impacts of FS on FB, emphasizing the need for targeted financial education and policy interventions. This study contributes to a deeper understanding of financial well-being among urban financial consumers.
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